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Page 8 THE HERALD Wednesday March 1989 Tough times lie ahead for federal politicians The International Monetary Fund may have succeeded In doing what Finance Minister Michael Wilson and all the economists in Canada have not scaring us into acquiescing to big- government spending cuts In a confidential report the IMF prepares each year for member countries the international agency says Mr Wilson must cut the federal budget deficit by a stagger ing billion this year Mr Wilsons budget is due next month The deficit is running at roughly billion a year so billion would be a cut too painful to con template But if Ottawa does not get its house in order the Canadian Your Business Diane Thornton Newt Service dollar will tumble on world curren cy markets and interest rates will soar making the deficit even larger in future the IMF says Theres a message behind the IMF report says Carl Beigie economics professor at the Univer sity of Toronto and chief economist for investment dealer McLean Mc Carthy Ltd in Toronto The message is to the Canadian public who have been sleep walking to an even greater extent than the US public and to Michael Wilson who keeps saying that everything is on course Its not on course Mr says The IMF is saying you havent done enough you have to take really dramatic moves right now BOLD MOVE This is a relatively bold state ment for the IMF Mr Beigie notes although economists have been urging the federal govern ment to cut spending for some Be your own boss this summer Chamber Made Many students are now creating their own summer jobs in many different fields through the Student Venture Capital Program This government program sponsored in part by the Royal Bank of Canada and the Ontario Chamber of Com merce offers interestfree loans of up to 3000 to assist students in starting their own business The loan can be used as startup working capital for your own small business To be eligible applicants must meet the following criteria must be a fulltime student must be over 15 years old the business must operate between April 1 and Sept 30 and the business must be controlled by the student How do you get started on being your own boss Well the first step Is to come up with an idea 8770109 8770109 Simon CHARTERED ACCOUNTANT something that you understand or have some knowledge of Talk to friends neighbors parents con tact the Chamber of Commerce community colleges and univer sities and the Ontario Ministry of Industry This will assist you in coming up with an idea Make sure it is one that you feel comfortable with and that you like You now have the idea Next step is to investigate if there is a need for your product or service what competition you will have and what price you will need to charge to make a profit Determine your advertising strategy so you can reach your potential market Last but not least will you need employees and if so is help available in your area As an employer you are responsible for payroll deductions such as income tax Canada Pension Plan and Unemployment Insurance and you will need to protect your workers with Workers Compensation There are many ranch businesses that students operate Before signing a contract it is ad visable to contact a lawyer for his or her opinion You are now ready to fill out your application which can be picked up from the Chamber Of fice The Chamber will also assist you with the application and will review your business plan The Chamber makes a recommenda tion whether the loan should be ap proved This summer why not be your boss The experience will last a lifetime For further information please call the Chamber of Com merce at 8777119 Phone 4168770109 132 Main Street South Georgetown Ontario I The Partners of HELS0N K0G0N ASHBEE SCHALJ0 Barristers and Solicitors are pleased to announce that R PAUL MILLMAN has joined the firm in the practice of law ASHBEE Mill Street Georgetown Ontario L7G 2C6 Telephone Toronto Frederick A Helson C Allan Kogon David J Ashbee John E Schaljo Rush R PauLMHman time While he agrees with the thrust of the report Mr Beigie does not agree that Mr Wilson must cut billion now The IMF is overstating its posi tion he says Id give them a minus Even so Mr Wilson likely will use the IMF report as ammunition when he begins preparing his budget In the past the finance minister has faced opposition to spending cuts from his colleagues and Prime Minister Brian Mulroney who fear the wrath of the Canadian people Mr Wilsons budget forecasts are optimistic the international economic watchdog says Canadas deficit will persist at billion until 199394 rather than dropping to billion the finance departments number The IMF forecasts that the na tional debt will climb to 417 billion per cent of national output by Mr Wilsons numbers pro ject it at 57 per cent of output BROAD CUTS URGED Federal transfer payments to the provinces agricultural sub sidies unemployment insurance and regional development incen tives are a few of the areas targeted by the agency It also urg ed the government to raise taxes by broadening the tax base and do ing away with tax breaks to resource companies and small businesses If the government fails to take its advice the IMF warns Canada will end up with a lower exchange rate sharply higher interest rates and a large drop in stock market prices Growth will stall and private investment will dry up This grim news must be taken with a grain of salt Even so tough times are ahead for people and sec tors dependent on government spending universities health care the CBC Tough times are ahead for federal politicians too as they begin to tighten the fiscal screws Come budget time Mr Mulroney and Mr Wilson will not be popular men OFFICE MAGIC FOR ALL YOUR OFFICE A STATIONERY 136C St Georgetown Communications Inc a Street Georgetown Ontario HOURS MondayFriday 900 am 530 pm Saturday 930 am 100 pm No 3 FREE Mn MjtcfNu removable tape 3995doz roiieiOMmlclraniparenttapa 33m RING BINDERS Stiff suede vinyl cover ring Spine 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