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

12+ "WEEKEND STAR" What are the tax benefits of working from home? Many - self-employed Canadians now work out of their homes, and if you are among that rapidly burgeoning population, you are probably aware that you can deduct a portion of your home office expenses. While it can be a bonus to deduct some of your household expenses, you must be sure to follow the specific rules that have been set out by Canada Customs and Revenue Agency or CCRA, more commonly known as Revenue Canada. Here are some rules for determining home office expenses: e Expenses must relate to work space that is either your principal place of business or used exclusively for the purpose of earn- ing income from the business. For the sec- ond criterion to apply, the space must also be used on a regular and continuous basis contest rules and regulations. There are 220,000% Millionaires in Canada. Care to make it 220,001? Scratch and Match for the chance to win $1,000,000 until April 30th, 2001. *Approximate figure based on 1997 Emst & Young survey. **No purchase necessary. Contest _ open to Canadian residents who have reached the age of majority in their province of residence. Contest closes April 30th, 2001. Makin entries must be received by May | 4th. See in-store for full H&R BLOCK 174 Perry St., Port Perry (905) 985-9803 109 Brock St. W. Uxbridge (905) 852-7409 for meeting clients, customers or patients. Setting up a computer and a filing cabinet in a corner of the living room may NOT entitle you to claim home office expenses. Be sure to check with your professional tax adviser. Home office expenses can only be deducted from the business car- ried on in the home and cannot be used to create a business loss. Eligible expenses that you cannot use in the year they are incurred can be carried forward to subsequent years ER -- and deducted from income generated from the business at that time. In general, it's not a good idea to claim depreciation on the portion of your home used for business pur- poses, as there may be tax implications if you ever sell your home. By not claiming depreciation, your entire house may be regarded as your prin- cipal residence-that way any gain realized on the eventual sale of your house may be tax-free. ~SCUGOG FINANCIAL _ SE-- 1 01 110 [0 UJ 0 OO IT'S WORTH THE DRIVE TO PORT PERRY! EGUARANT.EEDZINVESTMENT.S wary ® Annual Rates e GIC RRSP __ 1 YEAR........... 4.350%............ 4.350% 2 YEAR.......... 4.600%............ 4.600% 3 YEAR.......... 4.800%............ 4.750% 4 YEAR.......... 5.050%............ 4.900% 5 YEAR.......... 5.250%............ 5.200% 1 YEAR CASHABLE cccecess 4.100% AFTER 120 DAYS MINIMUM $1,000. Rates Effective 28/33/01 - Subject to change without notice. 250 Queen Street, Port Perry 985-3832 (next to Shoppers Drug Mart) ASSOCIATED WITH 1-888-595-4413 Serving Scugog for over 25 years _ SHEPHERD & POWELL, -- RY 191 IROL TOA NAY I FRIDAY, MARCH 30, 2001 Be a part of this informative page and call 985-7383 to advertise. ...if you are planning a large charitable bequest in your will, there are significant taxes to be saved by gifting that money earlier? IBDO BDO Dunwoody LLP Chartered Accountant and Consultants Lindsay (705) 324-3579 Uxbridge (905) 852-9714 | Want to know more about government services for you? * Looking for a new job e Starting your own business * Getting access to the Internet * Taking parental leave * Planning your retirement * Making your home energy efficient Learn more about the hundreds of services available. Call us and talk to an agent in person. Visit our Web site. Or drop by the Service Canada Access Centre nearest you. Cana St