The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

18 - PORT PERRY STAR - Tuesday, February 8,1994 "Scugog's Community Newspaper of Choice" | SHEPHERD ¢ POWELL | Chartered Accountants -- e Accounting for farms & small businesses e Tax return preparation e "E-filing" at no extra charge e Personal financial planning 3 27 per cent is available of the first $250 of charitable dona- tions ma ar. The credit rises co GL, 46 per cent of ations over that amount. As a result, the credit will usually be maximized if ei- ther you or your spouse claims the credit for charitable dona- tions made by both of you. Since the credit is non-refundable, it will only be of benefit if the spouse claiming it would other- wise be taxable. The amount of donations which can be claimed is limited to 20 per cent of your net income. Excess donations can be carried forward for a pe- come. Again, this is a non- refundable credit, so it will only be beneficial if the claimant would otherwise be taxable. You can claim medical expenses that were paid for yourself, your spouse, and certain individuals who are dependent on you for support. The legislative defini- tion of what expenses are allow- able for the credit is quite com- plex, but sdbme guidance can be bound on page 32 of the 1993 General Income Tax Guide, which is included with your 1993 tax return package. A note for snowbirds: insurance premi- they have cohabited throughout the preceding 12 months, or (b) they are parents of the same child. The second change is a one-year reinstatement of the investment tax credit for unin- corporated businesses. In gen- eral terms, this is a non- refundable credit of 10 per cent of amounts spent on "qualified small business property," which would include new machinery and equipment used in manu- facturing or processing, farm- ing, construction, or transporta- tion. 0 Experienced staff riod of up to five years. ums on out-of-country health R Soup oy os ) : io andy Keller o e Personal, confidential service The federal political contribu. Surance are eligible for the Van Camp & Koller i, : tion tax credit is 75 per cent of Finally. t yak lat: Chartered Accountants, ° New business planning and start-up the first $100 of .contributions ing ha Nersonal DO Port Perry FREE INITIAL CONSULTATION ee ERR ---- David R. Powell, B. Comm, MBA, C.A. 50 per cent of the next $450, and 33-1/3 per cent of the next $600. As a result, it may make sense to have your spouse claim some of your federal political contri- butions in order to maximize your combined credits. As with the charitable contributions ble. Forder-Parks Insurance Brokers Inc. LEN HN ON 5 YEAR Personal attention to all of your % | (oo), AIX e0 0] \} Bl roll Range Of Accounting oe N ' ACCOUNTING or Managed Busines our tax cr ed ils | Owner Managed Businesses. ax A mize y : od 3:47 (of 39 « Bedford Simply, Accpac Plus | Tle & Lotus Training This article will highlight the year are eligible for a credit which are new for 1993 are " e Convenient On-site Service some ways in which you can of approximately 27 per cent of noteworthy. For the first time, a | e New Business Setup maximize the tax credits you medical expenses in excess of spousal credit will be available e Business Consultations claim on your personal tax re- the lesser. of $1,614 and three to common-law Spouses. fl wo in- : turn and some changes in the percentofnetincome. Sincethe dividuals of the opposite sex BETTY PENNY : Financ) Sisrints rules for personal i for credit is reduced as net income will be considered to be spouses ! 08 5-071 2 NGOMG Ix © 1993. increases, it generally makes for income tax purposes when * Strictly Confidential Service A tax credit of approximately sense toclaimiton the returnof they are cohabiting in a conju- the spouse with the lower in- gal relationship and either (a) Lynda Van Schaik, B.Comm., C.A. credit, this credit is non. general insurance needs. | RR a a i yeandable, and so it will only 34 Water St., Port Perry, Ontario L9L 12 4 e of benefit if the spouse claim- ps OUF DUST Fate 250 Queen Street, Port Perry ing it would otherwise be taxa- | 855-3471 Subject 10 change without notice { 985-9791 Medical expenses covering any 12 month period ending in_ Van Camp & Keller Chartered Accountants How to break the GIC hahit. I year 3 year J year Industrial Mortgage Securities Fund SIE ( Tap : , 10 yea inception Sa ---- Our experience shows that many Canadians purchase GICs largely out of habit. Why? They've been told there are two types of investments: Those that are guaranteed and those that are risky. They've simply never had a higher yiclding, GIC alternative like Industrial Mortgage Securities Fund explained to them. With interest rates at close to a cyclical low, there has never been a better | time for you to consider a better alternative - one that could be habit forming for the right reasons. | For more information on Industrial Mortgage Securities Fund and other = | | Income tax planning and return preparation. Personal tax returns electronically filed. Preparation of government returns (T4's, TS's) Financial, estate and retirement planning income building investment opportunities from Mackenzie, please call me today at the number below. | The Industrial Group of Funds BOB GOW (905) 434-7156 « 1-800-267-1522 | RICHARDSON GREENSHIELDS A AA Nea 4S aaa Investment advisors to Canadian enterprise and enterprising Canadians L'11 Simcoe Street North, Oshawa, Ontario L1H 7M9 Important information about the offering is contained in the Fund's simplified prospectus. Investors should obtain a copy and read it before investing. Unlike GICs. unit value and imvestment return for mutual funds will fluctuate The indicated rates of return to . December 31.1993 are the historical annual compounded total returns. including changes in unit value and reinvestment of all distributions. and do not take into account sales redemption or optional charges payable by an investor which would have reduced returns Past performance is not necessarily indicative of future fund returns. From March 11993 at least 50% of the Fund's portfolio will he mortgage backed securities: before that date government bonds comprised the major portion of the portfolio I Individuals, corporations, small businesses, farms AAI os SA 204 Casimir St., Port Perry, Ontario LOL 1137 Telephone (905) 985-9725