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Section Two The Canadian Statesman, Bowmanville, March 24, 1976 5 Minister Agrees to eet Over Port Granby Dump Council Has Other Plans Gpe,' Ebony Finished Steel Brackets & Standards Brackets: Standards: 6" . ...... .780 24" .... 8 . . 88¢ 36".. 10" ...........99¢ 48" 121, I Iý 1. 5 0 .. .. A decision of Newcastle Council Mar. 15 may cause them to lose face in the eyes of provincial environment minis- ter George Kerr. Council had requested of the minister that he arrange a suitable time at which they could meet with him over their concerns with waste from the Eldorado Nuclear Plant in Port Hope being dumped at the Port Granby site which lies within 'the Town of Newcastle boundaries. Mayor Rickard advised council Monday that he received word from the minis- ter that the meeting could be held in Toronto at 10 a.m. on. Friday' Council felt that there would be some difficulty as there is personnel committee meeting scheduled here for 1:30 p.m. Coun. ,Kirk Entwisle stres- sed feelings of importance on the matter considering the March 10 spill along High- way 2 just west of Welcome. He reported to council that the cleanup was a rather major undertaking in which the shoulders of the roadway were dug out and replaced, adding that it was "all dumped at Port Granby". As a result of inability to agree with the suggested time to meet with the minister in Toronto, council settled on the decision to invite one of his staff to attend a meeting of council here for discussion of the matter. It was felt that a member of the staff would be invited as council did hot believe the miinister himself would have time to attend a meeting here. Coun. Ken Lyall suggested council's action can only leave one to conclude that any of their requests to the minister in the future will not be given the same response, since it was their request to meet with the top man and they now settle for a regular member of the ministry staff. Adding comment to his concern, Coun. Entwisle re- called that council had been assured by Eldorado and the AECB that the material was of no high danger. He then questioned why such concern was taken in cleaning up the Highway 2 spill. Your Spouse May Help Reduce Your Tax Bill 1.45 2.19 2.89 3.59 12" x 12" Cork Tile Self-adhesive cork tiles in natural dark brown. Four 1/ " thick tiles per package. 77 LPkg. of 4 8"W 10"W 12"W i - a - i -, 24"L ,4.69 5.491- 36"L 6.49 7.49 8.69 1 10.99 48"L 8.59 9.49 10.491 There's good news in the 1975 income tax provisions for some taxpayers whose spouses have small or no incomes. A taxpayer is now allowed to take over the "unused" por- tions of certain deductions available to a spouse, and thus lighten the family tax load. Five types of deductions may be transferred under certain circumstances. They are the age exemption; pen- sion income deduction; dis- ability deduction; education deduction; and interest and dividend income deduction. The age exemption, for example, is an exemption of $1174 which may be claimed by persons 65 years of age or over. If your spouse is eligible and uses none or only part of the age exemption to reduce taxable income to zero, you (the taxpayer) can transfer the unused, or left-over por- tion to your own return and use it to reduce your own taxable income. Space to calculate the "un- used" portion of this and other transferrable deductions is provided on your income tax return. And remember, spouse can mean either male or female. Similarly, if a spouse is entitled to claim the disability, education or pension income deductions, the unused portion of these deductions may be transferred to the taxpayer if they are not required by the spouse in reducing taxable income to zero. The pension income de- duction of $1,000 will be available to a large number of taxpayers in 1975. If your spouse receives pension in- come and has no taxable income, a portion of the deduction may be available for your use. (Income not eligible for the deduction includes Old Age Security, Guaranteed Income Supple- ment, Canada or Quebec Pension Plans, or retiring allowances or death benefits). You may already be fam- iliar with the transfer of the disability and education de- ductions. They were permit- ted last year. New for the 1975 taxation year is the ability to transfer the age exemption, pension income deduction and the interest and dividend income deduction. Your in- come tax return provides instructions for calculating 14"W the transfers. The interest income de 13.49 "Foil-look" Mirror Tile Plain silver background with your choice of Chrome or Gold Foi 5 Silver or Gold Swirl design. 12-12" x 12" tiles per kit. 1kg.f12 duction was first introduced in 1974. It has now been expand- ed to include the taxable amount of dividends received from Canadian corporations, and the transfer feature added. The maximum interest and dividend incorne deduction is $1,000. Interest must come from Canadian sources and includes interest from bank, credit union, or trust company deposits, bonds, mortgages, notes and the income element of certain types of annuity payments. Canadian source interest income received through a trust, or from a life insurance company's segregated fund also qualifies, as does the income to be reported on the disposition of a life insurance policy. Income that does not qualify includes payments under reg- istered retirement savings plans, deferred profit sharing plans and income averaging annuity contracts, and the income element of annuity payments that qualify for the $1,000 pension income de- duction. (In some circum- stances annuity payments under regîstered retirement savings plans and deferred profit sharing plans may qualify for the $1,000 pension income deduction). The calculation of your own interest income deduction is straightforward. If, for exam- ple, you have $500 of interest income from eligible sources, you deduct $500 in calculating your taxable income for the year. If you have more than $1,000 of eligible interest, you deduct the maximum which is $1,000. Now examine your spouse's income. Suppose this is $2,000, of which $1,200 is eligible for the interest income deduction. First your spouse deducts the basic exemption (to which everyone is entitled) of $1,878, which leaves $122. Your spouse is next entitled to a deduction of $1,000 from eligible interest and dividend, income, but needs only $122 of this deduction to reduce tax- able incoie to zero. There- fore, the balance ($878) may be transferred to your own return for use in calculating your taxable income. The income tax guide ex- plains all these transfers and shows how best to proceed. There may be something for you in the fine print. Italkedtomy Gold Medali anker and started earning higher interest on my savings. Good thngs happenwith a Gold Medal Banker.Let'stalk. The First Canadian Bank Bankof Montreal 2 King St. West Bowmanville 623-4411 decoi in