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Tax laws encourage profitable hobby farms By Donald Sbaugluieaay Farming for fun can even bo more fun for the hobby lot if there is a prospect of profit And he will have to up some pretty persuasive arguments about potential tv if the tax innpectors come calhng Many pot en Us pari time farmers believe they can run their so called farm for fun and simply write off all their costs against income from other sources In effect they think they can pay for their land barn horse lawn tractor and pick Dollar Sense offers general financial advice by members of The Institute of Chartered Accountants of Ontario up truck for a fraction of their real cost However the real world and SO per cent of the next IS Thus if he loses in the first year is deductible The encourage hobby farmer other can be carried to make a prof in his forward for five years and year of operation in order offset To be deductible any loss must be shown to be a loss from a bus nesa In many part time farming situat ions the tax department has been successful in arguing that losses are not business related because there is reasonable expectation of earning net Experience has shown that hobby farmers who concentrate on rata live stock horses or cattle stand a much better chance of persusd tax that they will make future profits it takes years to improve blood The lobb farmer who claims he will make a bundle someday by grow and healthy than waiting for drill results from an Arctic oil well EXTRA October ID Will meet with only skepticism A hobby farm is not great tax shelter but it a respectable one and a lot more enjoyable If your cars out of shop you get rid of It right What your body s out of shape not made that and the government has seen ft to rest net people from doing exactly that To do this the government has decided that where farming is not the principal source of income the farmer will be permitted only to deduct from his taxable income the first 500 of expenses NEW at Georgetown Tire Sales Get Improved storing control end long tin Wheel Alignment Here what we do Adjust camber caster and toe in to manufacturer a specifications Adjust tor bars Inspect front end suspension springs hocks and a a ass Phone for appointment now Doctor SHC Li A Family Physician wishes to announce the opening of his business on October at St Suite Square Georgetown Ontario His practice also includes Obstetrics Pediatrics For An Appointment Call 8778630 CUSTOM Free Estimates Fully OCTOBER SPECIAL ALL FABRICS offer expires November 1st Wide Range of Fabrics Shop at home Service Complete Repairs Recovering Reflnishlng Phone Georgetown Georgetown Tire Sales Ltd 26GuetphSt Georgetown 8771535 AUCTION SALE YARD or GARAGE SALE YOU CAN ADVERTISE IT IN the HER ALP Home Newspaper of Haitian HiIIb AND THE FOR ONE LOW PRICE MAYBE EVEN LESS THAN YOURE PAYING NOW WE COVER HALTON HILLS LIKE A BLANKET EVERY WEDNESDAY FRIDAY Team up with the Twice Weekly Team 8778822 CONTINUES SWIVEL CHAIRS Valued from to Now at ONE LOW PRICE ON ALL APPLIANCES WE PAY THE TAX Due to Hems sold as is small exceptions to the above advertisement Special savings on all 5 7 piece Dining Room Suite HOURS Mon Wad 9 Than 9 Saturday FURNITURE AND APPLIANCE FREE DELIVERY TERMS AVAILABLE 334 it 7 Georgetown