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The Canadien Champion, Tuesday, February 20, 2007 Ai 5 Is your home a tax write-off? "If your home doubles as your office, you may qualify to deduct the maintenance costs, provided you meet one of two tests set by the government,11 says Chartered Accountant John Wonfor, nation- ai tax partner, BDO Dunwoody LLP, National Office in Toronto. "Vour home office must be your principal place of business, or it must be used exclusively for business purposes on a regular and continuous basis for meeting clients, customers or patients. "As long as you work primarily out of your home office (defined as more than 50 per cent 0f the time), you don't have to use your home office exclusively for busi- ness purposes to qualify for home office expense deductions. The office can be combined with per- sonal living space. When doing this, you would pro-rate the expenses related to your home office according to how much it's used for business and how much for personal," explains Wonfor. "A business Ioss cannot be cre- ated by claiming home office expenses. The undeducted amount of expenses con be car- ried forward indefinitely and can be subtracted from future income that is made from that same business," For further information about taxes, Mouns" Dekousor, CF Cerflfed Financial Planner debrouwer@b4ickflnancial.com contact a Chartered Accountant. - News Canada The right advlsor makes a significant difference Looking for an advisor who you can count on to be there throughout your life events? Marnage, children, retiremnent - whatever life bring you we wîiI aore through it together. As professionals, we are committed ta being there for you. Cali us today for yeur compIlmontary review. TAX DEDUCTIBLE MORIGAGE SEMINARS r AE TM LOCIs±iON Feb. 22nd 7 p.mn Milton Sports Centre Fe b. 2 4th 10 a.mn Milton Sports Centre "If you are an employed tradesperson, you may be eligible for some new federal tax incen- tives," says Chartered Accountant Giancarlo Di Malo, senior manag- er, PricewaterhouseCoopers LLP n Windsor. According ta Di Malo, com- mencing January 1, 2007, an annual taxable $1,000 cash grant will be offered to apprentices in the first two years of a qualifying apprenticeship. Skilled trades are among the eligible apprentice- ship programs to qualify for the Ontario Apprenticeship Training Tax Credit. "Tradespeople who acquire eligible tools afier May 1, 2006 for employment may deduct the cost exceeding $1,000 annually (indlexed after 2007), Up to a maximum deduction of $500 per year. To qualify for the tradespeo- pie's tools deduction, an employ- er must certify that the employee s required to have the tools as a condition of, and for use in, the employment," says Di Malo. "As an additional benefit, the employee will be eligible for a rebate of the GST paid on the Prime Restaurants, one of Canada's Ieading casual dining chains and recognlzed as one of Canada'$ Best Menag.d Companles Platlnum Membeir is seeklng potential investors and franchisees for planned expansion in MILTON LON DON ST. THOMAS KITCHENER Plaise contact J1. F..I.y at i-soo-361-311Il Ext 206 portion of the purchase price of the tools that qualify for the deduction." Apprentice vehicle mechan- ics con dlaim both the new tradespeople's tools deduction and the apprentice vehicle mechanics' tools deduction, which allows a deduction for the total cost of eligible new t0015 acquired in a year that exceeds a threshold. For further information about taxes, contact a Chartered Accountant. - News Canada R.R.S.P. DEADmINE The R.R.S.R. Advantages offered by Bob Lee & Kim Mitchell A Retiremont Financial Spocialist office with 1132"1 yoars of exporionco and the coffoo's nover boon botter! " Personalized ongoing consultations " R.R.S.P. loans available at "prime" with deferred payments " Appointments available Saturdays For More Information Please Contact Us At: (905) 878-5786 Kim Mitchell, RT Bob Lee klm@robertleInsurance.com CALL FOR NO OBLIGTION CONFIDENTW CONSULTATION BSC.,BBA., EPC bob@robertIelnsurance.com 245 Commercial St. Milton, Ontario. LOT 2J3 Fax: (905) 878-3692 Incentiivel.ns for employed tradespersons Cassandra flimpaca, CFP Certified Financial Planfier thompson@bickfinancaI.cOm " Security of investments up to (100% fund guarantees) " Competitive segregated and mutual funds lic with M.n1ieenMe " Competitive G.I.C. interest rates KNOW MORE - CARE MORE - DO MORE 1