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____________________________________________________________________________ \ \FN11 I b- Use it or lose it! Capital Gains Tax Exemption and the average Canadian taxpayer Many Canadians may think they are flot affected by the removal of the $ 100,000 Capital Gains Tax Exemption in the 1994 Federal Budget. Think again! If you own a cottage or resort property, revenue proper- ty, antiques, coin or stanip col- lections, art collections or even an unincorporated small busi- ness or traditional stocks and bonds, your 1994 tax return wîll contain important financial deci- sions. Experts predict as many as 3 - 4 million Canadian tax- payers may be eligible to take advantage of the lifetime $ 100,000 exemption before it disappears. However, in order to include profits from these familiar investments. in a 1994 tax return, you must take special steps. The government has said these assets need not be sold in order to dlaim the exemption this year. A tax form can be filed with a 1994 return that lists the increase in value as of bud- get day that can be claimed as a capital gain. "Most people will need some assistance and guidance to understand the full implications of this special tax form," says Don Merreil of H&R Block Canada, Inc. "In the case of a resort property, the appraisal value on February 22nd, 1994 plus the cost of any improve- ments must be used to deter- mine the capital gain from the purchase price. If the asset was purchased before 1972 it be- comes more complicated." Claiming capital gains means increased net income and this may impact other areas of the tax return which could create Buyer brokerage (NC)-Starting in January, ail real cstate sales people must dîsclose whether they are representing the seller (vendor) or the buyer. This represents a major change in the way real estate sales have been conducted. Why? Iu the past, al sales people and their brokers worked for the seller. A sales person and broker who worked with a hoyer were, in actual fact, sub-agents for the listing broker. What that meant was that the sales person and broker were paid by the seller and owed their allegiance to the seller. Their responsibilities to the boyer wcrc to provide information of al material facts concerning individual properties and market conditions i.e. "a duty of care". While I don't believe that buyers were improperly serviced by this method, there was certainly confusion tax liabilities or affect benefits such as The Guaranteed Income Supplement, Child Tax Benefit and Provincial Tax Credits. Before preparing your 1994 tait return, or to be prepared, a visît or a call to H&R Block will help you to understand how this 1994 budget change may impact on your personal tait return. Al staff at H&R Block offices are knowledgeable, or have access to the specîfic rules to make your 1994 talc retura simple and inexpensive, while achieving the maximum capital gains benefits before it's too late. Throughout Canada, H&R Block has over 400 permanent offices and over 1,000 offices during the tait returu season. At each of these offices experts are ready to prepare tax returns încluding Capital Gains Tax Exemptions with the H&R Block guarantee. Each year, H&R Block processes approxi- mately 2 million returns for Canadians, making them the leading experts and specialists in this field. "A 1994 tax return holds great importance for many Canadians. Expert advice will be in greater demand and, at H&R Block, we are ready to meet Canadian tait- payers' needs," says Don Merrell. Capitalize on expert advice but plan today for the additional information that may be re- ýuired to prepare a 1994 tait return. Seminars are being held in most Canadian cities with specific locations, dates and times currently available. Dont leave it to chance or the last minute! at times by boyers and even some real estate people over their responsibilities. By requiring disclosure, buyers now have two choices. First, they can con- tinue to deal with the sales person knowing full well that they are au agent or sub-agent of the seller. Or, they can request a sales person who will strictly represent their interests as a buyer broker. If one chooses to hire a sales person as a buyer broker then two things happen. First, onue must sigu a commtrt whcreby onue cau ouly buy a property through that irdividual for a period of tume. The search process is then more restrictive than before wheu boyers were free to move arouud. Secoudly, iu theory, the buyer is hiable to pay the buyer broker their commission îustead of the seller. Iu realîty, buyers will re- cover the commission they pay through au adjustment in the purchase price because the seller will be payiug less commission, Bone-building beverac MiIk vs. pop (NC)-What we drink depends on our 9.5%. Dai personal tastes and preferences as weIl 250 niL iý as on our lifestyle and age. The Canadian consumpt Usage Panel (or CUP as it is commonly replaced1 known) is the only comprehensive teenager, database of beverage consumption by teenage gi individuals. The sample of approxi- genetical mately 4,000 individuals across ail age the times groups is selected to be representative boys and1 of the Canadian population. On a typical day, the average Canadian consumes eight drinks. Each drink is about 225 mL or 8 ounces. 0f these, 2 drinks are water (16 ounces); 1 1/2 drinks (12 ounces), coffee; 1-1/4 (10 ounces), of both milk and juice; 3/4 drink (6 ounces), of both soft drink and tea; and 1/2 drink (4 ounces) of either wine or spirits. Milk is consumed on a daily basis by 6 out of ten people. However one person in 5 drinks no milk whatsoever. With încreasing age, the number of individuals who drink milk daily steadily decreases-83% of those under 20 years of age versus 38% over 40. Whatever the age, maies drink more milk than femnales. Children under 6years drink the most milk at 24 ounces and aduits over 50 drink the least at 4 ounces. Milk is cousumed almost exclusively in the home at mealtimes. Outside the home, whether it be at school, at work or at the office, milk consumption drops dramatically. Coffee, water or soft drinks become the beverage of choice. American survey data suggest that soft drinks may be replacing milk at mealtimes in the diets of teena2ers: The more soft drinks consumned, the less mlk. Soft drink consomrption appears to have the greatest negative impact on the adequacy of calcium intake. Boys who did flot consume soft drinks had diets that provided about 20% more calcium than the recommended dietary intake whereas those who consumed soft drinks had as much as 10% less. The calcium intake of even those girls who did not consume soft drinks was only 75% of the recommended dietary intake. High users of soft drinks consumed only 59% of the calcium recommeuded in coutrast to 66% of low users. Teenage girls who drank milk also i-ci considerably higher intakes of the vitamins and minerais for which mlk > is a good source. These include Vitamin A, riboflavin, Vitamin B,2, folate, coaciumad Insu a el s F pasiumadman- masw1la Data froni Agriculture CanadaG indicate that soft drink consumption has increased by 49% since 1974. In contrast c milk consomrption bas decreased by kh, To receive a free copy of the 'Six Most Important Decisions You Can Make When Sellin g Your Property " send a stamped self-addressed envelope to: Jamnie Johnston, President, Famnily Realty Corporation, One Yorkdale Road, Suite 201, North York, M6A 3A1. aily milk consumrption at about is almost identical to soft drink tion. If milk continues to be by sofi drinks in the diets of s, particularly in those of girls, boues might flot reach their 1potential for growth, during swhen calcium needs of both 1girls are at their highest levels. SEVN URHAM REGION SINCE 14 FUNERAL SERVICES PRE-ARRANGED & PREPAID '<Wfere oerofessiona([Etiquette is Important» Funieral Directors Paul R. Morris Robert E. Williams Gary M. Conway Doug R. Rutherford ANSWERING YOUR CALL 24 HOURS 623-5480 4 DIVISION ST. 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