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wp "3 Se oy Cittaen - Vocsdon, January 23, 1996 TAX & INVESTMENT ARVICE TAX TIPS from H&R Block With the unstable em- ployment environment of the last few years, many people have moved to start or look for new jobs. Here are a few pointer to keep in mind if you have, or are contemplating moving due to work. You must move at least 40km closer to a new place of employment. This used to be 40km 'as the crow flies', however a recent court case has ruled that the 'shortest normal route available', should be used to establish the 40km criteria. The fact of whether you have a job to go to or are searching for a job has also | been clarified. It has been ruled by the courts that you must either have started a job in your new location or at least have "one to go to before you can claim moving expenses. If you moved first to look for, and then found em- ployment in the new location, your moving expenses can not be claimed. This also carries over to post secondary education students. They can now only claim their move to their College / University location from any grant or bursary they received and not from a part tinfe job they mal have whilst attending school. They can still however claim the move to a summer job provided they received confirmation of employment prior to the move. Be sure to keep all the receipts pertaining to the move in case Revenue Canada requests them. PERSONAL YOUR GENE RAL INSURANCE NEEDS FORDER - INSURANCE BROKERS INC. ATTENTION TO ALL Xs PARKS (CH No 5 YEAR 1/4 ) % refund you're entitled to. Is Preparing Your h Tax Retum a Hassle? Come to H&R Block. We'll get you the maximum Because it's your money. 174 PERRY ST., PORT PERRY 0985-9803 FRR BLOCK eco vr ea PENNY &'ASSOC.: ACCOUNTING SERVICES Betty Penny, Principal tant © Computerized Accounting Training, (Accpac PRs, Simply Business Visions Quickbooks & Lotus) Patrick Forlune, Assoc. Accountant ~ ® Management Consulting 180 MARY ST, PORT PERRY ONTARIO L9L1C4 Phone (905) 985-0712 Tol Free 1-800-699-6190 Fax (905) 985-9461 Part-time Controbenhip ® Personal & Comopate Taxes ® Temporary Bookkeeper © Now Business Setups ® Moble Service © Competitive SHEPHERD & POWELL Remember if you had to sell a house at your old location and purchased a house at the new loca- tion, all real estate commissions and transfer taxes (other than GST) can be claimed as part of the expenses. All expenses claimed 'are restricted to the income received from employ- ment at the new location. If they can not all be claimed in the year of the move, the excess can be carried « forward and claimed the next year. (This article submitted compliments of H&R Block, Port Perry.) BANK ON IT by: Betty Penny Just starting out in the collar-less economy, or 'completing a successful first year and looking forward to additional growth? Odds are you might be neglecting one vital element that can make your home-based business flourish, Besides gusto, you should be cultivating your local banker. A lot of negative press . has, in the past, made the small business person wary of banks. At one time they were reluctant to help any small business let alone finance a home-based operation. But there is a new bottom line. AltHough banigs aren't into risk their approach to small business lending "'has changed. How to get in on the action? Here are a few tips to bank on. The Banker As Cus- tomer: You have to sell yourself, why should the banker? You have to invest some equity into the business through personal savings or see capital borrowed from friends or family. Collateral: If equip- ment, land or inventory isn't available, banks will also accept a personal residence, stocks, bonds or insurance policies to secure a business loan. A m Chartered Accountants | Accounting, Income Tax, fleck lal Manning & Consulting Services SMALL BUSINESS n B® FARMS ® INDIVIDUALS Tax RETURNS PREPARED FREE INITIAL CONSULTATION P I, C Personal Income Tax Return Preparation 'E-Flling' at No Extra Charge Assistance In filing Government Forms and Returns New Business Planning and Startup Experienced, Courteous Staff Evening and Weekend Appointments available carvi DAVID R. POWELL, s.comm., MBA. CA. 250 Queen Street, Port Perry 985-9791 (Next fo the Big 'V") personal guarantee from a spouse or business partner also ranks as collateral. Do, Your Homework: Prepare a sound business plan that includes cash flow and market analysis. All banks have educational material to help entrepreneurs prepare such a plan. Letters of recommendation and testimonials from clients should be part of the package. Professional Input: When your plan is complete have your accountant review - you want this plan as professional as possible. Or go one step further and take your accountant along with you. Go Shopping: Use guides supplied by the banks to make inforined choices about what type of bor- rowing might suit you best. There gare many venture loans to choose from, many of which can be guaranteed by the provincial or federal government. While snooping around, pay attention td who offers the . best interest rates and charges. Be Honest: Never lie to your banker. Hiding facts will hurt both your personal and professional credibility. Remember that iyou are about to build a professional relationship with this person therefore trust is essential. Comfort Zone; In building a trust you must also be comfortable with your banker's approach. If your loan is rejected you must feel that you can ask why and get a straight answer. Ask if the bank can offer alternatives or advice - show that you have staying power. If bd still feel the need for the bank isn't there, borrow money that you don't need and pay it back to establish a track record for when you do need it. Continue, to educate yourself: know what resources banks have available to assist your -business in other ways. Fortunately the major financial institutions realize what we have always known: the driving force in a. recovering economy is small business. So take advantage of the times: banking the right way can help your business with the bottom line. | Stay tuned for my next column, 'Hope Beyond The Bank'. «(This article was submitted compliments of | | Betty Penny & Associates, | Port Perry.) Property tax reform By Paul Pagneulo One area of municipal government reform which is long overdue and a high priority with taxpayers is the property tax assessment system. Speculation is running high that the GTA Task Force, chaired by Anne Golden, will be recom- mending to the province that governments in the greater Toronto area should implement a new, so-called "improved" _ version of market value assessment. The "Son of MYA" would be based on the British Columbia model, reassesses market values annually. And one can be sure that if Actual Market Value or AMV is accepted as the solution for the GTA, it won't be long before it becomes the provincewide cure-all. . But wait a minute! Why would a government that is trying to cut costs bring in a new property tax assess- ment system that will be significantly more expensive to administer? Using the B.C. costs as an indicatar, under AMV the per capita costs in Ontario for assessments would sky-. which' rocket by 87%, from $9.67 to over $16. And with annual assessment reviews, the number of appeals and related costa won't go down but up. If Harris wants to save big . bucks and at the same time bring in a new system which is easy to understand, easy to administer, fairly distributed, transparent, and more closely related to the cost of services used by weach property and class, what the province should be considering is the Unit- Assessment system. The system is based on the square footage of the building and land with different mill rates applied to both with further distinctions fer usage. By using different mill rates to adjust for the various uses of the property, such as farming, the need for property tax rebates and all the dead weight related bureaucracy is eliminated. Taxation policy would be tied solely to the mill rate and not the d value. simply call up a munici- pality and ask for the applicable 'mill rates to determine the tax com peti-- tiveness of their local town, region or school board. With square footage and usage being the sole criteria for determining assess- ments,the province could save as much as $130 million in administrative and equipment costs. There would be virtually no need for appeals. And the small army of provincial assessors scarching for new plumbing and skylights and peering into windows, to determing a market value using complex formulae and subjective judgement, would® vanish, The data would only need to be entered into the billing system once. Updates would be required dnly in the event a building permit is taken out to increase the size of the building, or when use of the property is 'officially changed. Simple, straightforward, ve and fair. What Identical properties would have identical assessments regardless of where in Ontario they are located. Property owners gould more could you ask for Premier Harris? ("Let's Talk Taxes" is a feature service of the Ontario Taxpayers Federation.) (UXBRIDGE) (PORT PERRY) IT'S TIME FOR Bowl for Millions GENTENNIAL LANES in Porf Perry UXBRIDGE BOWLING LANES Big Brothers and Big Sister of North Durham .. need you to get out your bowling shoes 0) or pledge someone who is bowling! Saturday, February 17th, 1996 HELP US - HELP the CHILDREN Saturday, February 10th, 1996+ One Week at Sea Crest Surf & Racket Club GLIDI ROCKER ERIE RIS (014 i hI ® CELEBRITY DAY featuring Local Dignitaries a at Centennial Langs, Port Perry SATURDAY, FEBRUARY 17th - 1 00 PM SPREL For more information call Bob (905) 852-3201 or Dawn 985-0585