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www.oakvillebeaver.com The Oakville Beaver, Friday April 20, 2007 - 25 Happy 101 Controlled burn at Iroquois Woods today Subject to weather conditions, the Town of Oakville's Parks and Open Space Department, Forestry Section will do a prescribed or "controlled" burn in Iroquois Shoreline Woods (ISW) Park today -- starting at 11 a.m. The project is expected to take most of the day to complete. and the park will be temporarily closed during the prescribed burn. Notices have been posted at entrances to ISW Park advising users about the project. "A prescribed burn is a deliberately set and carefully controlled low fire that consumes dried leaves and invasive exotic shrubs, but does not harm larger trees," said John McNeil, Manager of Forestry and Cemetery Services with the Town. "This is the Town's third in a series of prescribed burns planned for ISW Park over the next several years to sustain Oakville's white and red oak woodlands that were impacted by Oak Decline in 2003," said McNeil. The smoke from the burn will not affect surrounding neighbourhoods. It is possible however, that some smoke may reach residential areas near the park. People with asthma or sensitivity to poison ivy or smoke may wish to limit their exposure to smoke by keeping windows closed or leaving the immediate area around ISW Park on the day of the burn. Lands & Forests Consulting Ltd., a company with extensive provincial fire fighting and prescribed burning experience with several other municipalities, will plan and carry out the prescribed burn with a qualified crew. Town staff from the Forestry Section will assist with the burn, and the Oakville Fire Department will be on site in a standby capacity. Large woody debris on the ground may remain smouldering after the burn. Staff will patrol the area until all debris is extinguished. For more information about the prescribed burn, please call the Town's Forestry Division at 905-8456601, ext. 3395 or visit www.oakville.ca. MONEYWISE New tax breaks for eligible students If you were a post-secondary student in 2006, you may be eligible for new tax credits and exemptions. "The 2006 federal budget introduced a new non-refundable textbook tax credit of $65 per month for eligible full-time students and $20 per month for eligible part-time students," says Rolland Vaive, an Ottawa Chartered Accountant specializing in tax. "This is in addition to the existing non-refundable federal tax credits for eligible tuition fees and education amounts." Federal non-refundable tax credits reduce your federal income tax. However, if the total of these credits is more than your federal tax, you do not get a refund for the difference. You may claim a federal credit of 15.25 per cent of your eligible tuition fees, plus a combined education/textbook credit equal to 15.25 per cent of $465 per month if you are a full-time student and $140 per month if you are a part-time student. You must have paid at least $100 in tuition fees to claim the tuition fee tax credit. You are the only one who can claim these tax credits, even if someone else paid these expenses. "If you don't need the total amount of these credits to reduce your federal income tax to zero, the unused portion - up to $5,000 federally ­ can be transferred to your spouse, parent or grandparent, or to your spouse's parent or grandparent," explains Vaive. You can also carry forward unused credits to a future year, but these can be claimed only by you, not transferred to another person. "The 2006 federal budget also introduced a full exemption from taxation on all scholarship, fellowship or bursary income for students," says Chartered Accountant George Vandebeek, a tax partner with BDO Dunwoody LLP in Markham. "Previously, only the first $3,000 of such income was exempt, so if you have a large scholarship this could be a significant saving." Another 2006 federal budget change that will benefit some students is the new non-refundable tax credit for transit users. "You can claim the cost of monthly public transit passes purchased after June 30, 2006," explains Vandebeek. In addition to the new measures, you can claim a federal tax credit for any interest you pay on a student loan, providing it is a loan under the Canada Student Loans Act, the Canada Student Financial Assistance Act or similar provincial law. Unclaimed amounts can be carried forward for up to five years. Even if you have no taxable income, Vaive suggests you file a tax return. "You may be eligible for the Goods and Services Tax (GST) rebate, a property tax rebate or a sales tax rebate," he explains. There are also Ontario tax credits available for eligible students. If you wish to find out about them, or if you have any questions about student-related tax measures, talk to a Chartered Accountant. "A CA will make sure you're getting all the credits and deductions you're entitled to," says Vandebeek. "A CA can also help you deal with the complexities of transferring unused credits." For further information, contact a Chartered Accountant. - News Canada LIESA KORTMANN / OAKVILLE BEAVER HAPPY BIRTHDAY: Loretta Kane and Audrey Tomsett celebrated the 101st birthday of their mother, Norah Kane, at the Northridge Long Term Care Centre last Saturday. Peace of Mind ... ... the most Valuable Service we Provide Anton Tucker CFP, FMA, FCSI 905.901.3429 anton@tridelta.ca www.tridelta.ca OAKVILLE NORTH YORK MISSISSAUGA THORNHILL Tim Trian, CFA - Portfolio Manager Laura Trian, C.A., CFP CIM - Investment Advisor , 200-2908 South Sheridan Way, Oakville Tel: 905-829-0600 Visit us at http://teamtrian.dundeewealth.com