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Orono WeeeklyTieWdsay Times, Wednesday, September 29,1993 -1 SALLY STAPLES associate broker 623-6000 24 hour pager REIMAX CORNERSTONE REALTY LTD.,, REALTOR HUGE VERY PRIVATE COUNTRY LOT 75x 200' backing onto open fieldsl Lovely brick bungalow with four bedrooms and fully finished Jbasement. REPRODUCTION Approximately 2100 sq. ft., 4 bedroom home - premium lot backing onto greenbelt on a quiet court! PERFECT FOR FIRST TIME BUVERSI Huge, private, hedged lot in Bowmanville - cornes with detached garage with hydro. EXCELLENT 60 WMAN VILLE LOCATION Walk to al amenities from this 3 bedroom 2 storey main floor family room, fireplace and rec room. 2.3 ACRES WITH WOODS & STREAM Spaclous, 3, bedrooms, vinyl sided, bungalow with double detached garage - country feeling right in town! Going into business - how will you Structure, your Company? By Derek de Gannes, CA (MC) - If you are going into, business for yourself, you've un- doubtedly researched extemnal fac- tors, sucb as potential markets, competition, suppliers, customers, and sources of financing. But what about internal matters, such as how wîll you structure your company? As any chartered accountant wil remind you, itfs important to con- sider the financial, legal, and tax consequences of choosing to oper- ate as a sole propnectorship, a part- nershîp, or a corporation. Due to first time couts, many new businesses experience losses or make only minimal profits in the first year of operation. If you ex- pect that your business might be among them, consider operating the business as a sole.proprietor- ship (you alone are the principal) orpartnership (in which there is more than one principal). Either way, reasonable business losses can be applied against other non- business sources of income for in- corne tax purposes, thus reducing the over all aiount of tax you pay. If you opt to incorporate, your corporation exists as an entity in its own right for legal and tax pur- poses. This means you must file a separate corporate income tax re- tumn in addition to yýour own per- sonal tax retumn. Salary, bonuses, dividends, and mnterest received from the corporation are recorded as income on your personal tax return. Business losses, however, cannot be written off against per- sonal income given the separate identity. Regardless of which structure you choose, bear in mind that you may opt for a non-calendar year end for the business, that is, a year end other than December 3 1. Doing so can, in the case of a sole propri- etorship or partnership, resuit in a one-year deferral of tax on such incomne. Say you st.arted the unincorporated business on Apiril 1, 1993, and the business is profit- able. Let's assume you pick January 31, 1994 as your first year end. You do not have to report the resuits of thaï first profitable pe- riod, and potentially pay tax on your profits, until you file your 1994 personal income tax retum. Timing of the first year end can also reduce your instalments of tax on income flot subject to the nor- mal withholding at source. By de- laying the year end and reporting of business income, your tax base, the amount on which subsequent year instalments are calculated, is reduced accordingly. Exposure to liabiity is another factor to consîder when structur- ration is distinct from its owner, creditors are limited to pursuing corporate assets to satisfy dlaims, unless you have given personal guarantees. Personal assets, how- ever, are flot protected, in the case of a sole proprietorship or partner- ship. If you intend to operate as a sole proprietorship and use a business name, you may have to regîister your company with the Ministry of Consumer and Commercial Relations in Ontario - and the appropriate ministry in otherprov- inces. Itfs also prudent to conduct a search of your business naine through the Ministry to ensure that no one else is using iL. There is a fée for both services. Moneycare is genieral financial advice by Canadas chartered acceuntants. Derek de Gannes is a tax manager with Hill & Ceom- pany. Hallowe'en-Treats, flot tears (NC)-The moon is fulm-do you heur the werewolves bowling? The house at the end of the street iSsoe rickety and creepy-is that person who lives there a vampire? You pr9bably don't have to worry about encountering any supernatural beings this Hallowe'en. But don't be tricked into forgetting that lots of real danger lurks out there. October 31 can be a scary time for the unaware. The following tips from the experts at St' John Ambulance wiIl help ward Off most evil omens. (And if you are worried about the neighbourhood vampires, try wearing a ring of garlic around your neck!) 1For moms and dads This Hallowe'en, make sure the kids can see and be seen. Masks or any other gear should allow your littie monster full vision. Make sure that al of your little Trolls and Bart Simpsons wear visible costumes, preferably with reflective patches. The costume should fit or else your little Batman may have his wings clipped when he trips over his cape. Don't let your toddlers terrorize alone. Smali children should always be accompanried by an adu It. Foggy, cold and rainy weather can create an eerie atmosphere. But if your littie ones have wet clothing in this sort of weather, they are prone to hypothermia. Convince them that even the toughest wrestling stars and prettiest mermaids protect themselves from the elements. Make sure they wear warrn c lothes or rain gear over their costumes. Before you let your kîds go trick or treating, sit them down and give them these pointers: " Visit only the houses of people you know. Make sure you know where the nearest block parent is or where you can go i n an emergency., " When crossing the street, watch for cars and bikes. - Walk, Don't run. FIRST AID AND SAFETY TiPs *Bring a flashlight if you're planning to spook on an unlit street. 1 *Finally, bring ail of your goodies home. Don't eat anything until an adult has made sure it' s okay to eat. When your kids come home, go through their goody bag. Throw out al prepared food and candies with suspicious-looking holes or cuts in the wrappers. Shice apples open and check for pins, razor blades and other sharp objects. For everybody Nobody escapes Hallowe'en. If you're out in your car, watch for little goblins and witches that dart out from between parked cars. If you welcome a visit from the neighbourhood ghosts, make sure that your yard, walkway and house are well-lit and free from hazards. A pumpkin in the window will beckon the spirits, but be careful not to place the candle too close to the curtains. A monster bash Instead of waiting for the little monsters to come and get you, why plot invite them in? Throw a, Hallowe'en neighbourhood block party. It's a safe and fun alternative to al out trick or treating. Organize games and give out prizes for costumes. And be sure that everyone brings lots of treats. A neighbourhood monster bash is guaranteed to be a ghoul time. Your oniy worry as a parent will be the next trip to the dentist! St. John Ambulance teaches first aid and health promotion courses that emphasize injury prevention. For more information, contact your local St. John Ambulance office. The volunteers and staff at St. John Ambulance wish evervone a safe and happy Hallowe'en. Michael Spooner and Sheila Stephens Spooner ROSE - ARBOR -ANTIQUES EARLY CANADIAN PINE- OIL LAMPS - PRIMITIVES OPEN APRIL TO DECEMBER HOURS: Saturday, Sunday and Holidays - 10:00 a.m. to 5:00 p.m. ALSO BY APPOINTMENT OR BY CHANCE (416) 983-9091 6179 Andrews Rd. R.R. 1, Kendal, Ont. LOA IE0 4.8 km. east of Hwy. 115/35 on Clarke 6th Conc. JONESî Cali me to buy or seli.. Orono and area's real estate rep. Krystyna Jones Z> 983m-013 ReaIty-Net ASSOCIATES (DURHAM)lnc. 1060 SIMCOE ST. N. #103- OSHAWA TEL:416)721-2112 JUST1 ON PI GANARASKA LEATHERCRAFT 9-1- lteLthr Phone ahead or by chance 3847 Wilcox Rd., Orono LOB 1MO (416) 983-9540 .. .... ..... . .......... 401 =-VISA .j b«â%