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You owned capital property on February 22, 1994. Can you still claim the $100,000 capital gains exemption? Yes. If you owned capital property on February 22, 1994. and if you have not used all of your $100,000 capital gains exemption, there is a special election available to you. By filing this election, you can report a capital gain (even though you did not actually sell your property) and claim a capital gains exemption. Youâ€"can make the election by filing an election form with your 1994 income tax return. This form will be available at your Revenue Canada income tax office later in the year. â€" ADVER The property you own is used only for your personal use. Does this change affect you? Some personal use properties do increase in value. For instance, if you own a cottage and later sell it, you may end up with a capital gain. In this situation, you may be affected by this change. Will this change affect my principal residence? No. You do not have to report a capital gain when you sell your home if you used the home solely as your principal residence throughout all the years that you owned it. Your principal residence is usually the home in which you and your family live. You probably will not be affected if you use the property you own for your personal use or enjoyment. When you sell personal use property, such as a car or furniture, you usually do not end up with a capital gain. This is because this type of property generally does not increase in value over the years. The following fact sheet from Revenue Canada explains how you can still claim an exemption for up to $100.000 of unrealized capital gains as of budget day (February 22, 1994). What is the capital gains exemption? It is an exemption that you can claim against capital gains. By claiming an exemption, you can reduce your taxable income in the year you have a capital gain. What is Changing? The $100,000 lifetime capital gains exempuon is no longer available for capital property sold after February 22. 1994. Do you own capital property? Most people do! A home and other properties that you own for your personal use and enjoyment, such as furniture and automobiles, are capital properties. Other common types of capital property are: cottages stocks and bonds mutual funds rental properties land. jewellery art, coin and stamp collections When you sell this type of property for more than what it cost you, you usually end up with a capital gain. You report the capital gain on your income tax return in the year you sell the property. The Canad|an careful, cancer patients, a newâ€"bom / â€"fi Red Cross Soolety infant. We need your help to make the Hopedale Mall clinics a success! Please make the time. .. for someone it may mean a lifetime! $100,000 capital gains exemption Q A s Located at 3rd Line and Rebecca in Oakville * Telephone 827â€"0229 MONDAY TO FRIDAY 9:30 A.M. TO 9:00 P.M.; SATURDAY 9:30 A.M. TO 6:00 P.M. *SUNDAY 12 NOON TO 5:00 P.M. (*Not All Stores May Be Open) Did you know that every 20 seconds someone in Canada needs blood? And that "someone" could be a friend, neighbour or relative very dear to you. The Red Cross needs to collect 800 units of blood every weekday to ensure that the needs of the Central Ontario patients are met â€" accident victims, barefoot kids who aren‘t careful, cancer patients, a newâ€"bom infant. We need your help to make the Hopedale Mall clinics a success! plus the cost of any additions or improvements you made to the property up to and including February 22, 1994. What is fair market value (FMV)? FMV is generally the highest dollar value that your property would bring in an open and unrestricted market between a willing buyer and a willing seller who are acting independently of each other. What can you do now? You can begin to prepare for the election right away. You can start by making a list of the capital properties that you owned on February 22, 1994, and determining the fair market value of each property on that date. This will make it easier for you when it comes time to file an election. When you later sell your property, add the capital gain that you reported for purposes of the election to the cost of your property. This will reduce any gain in the year of the sale and ‘vill decrease the tax that you would otherwise have to pay. What information do you need to file an election? You will need to know the adjusted cost base of the property and its fair market value on February 22, 1994. What is the adjusted cost based (ACB)? The ACB of a property is usually its: original cost (including expenses you paid to buy it, such as commissions and legal fees) For most capital properties, you can elect to report the gain that accrued to February 22, 1994. For real estate such as cottages and rental properties you can only elect to report the portion of the gain that applies to the period before March 1992. Dan Cooper is an awardâ€" winning Associate Broker with Countrywide Town Centre Realty Inc. and can be reached at 338â€"6550. How does the election work? When you file an election, you will be treated as having sold your property on February 22, 1994, and to have immediately reacquired it. This will allow you to report an accrued capital gain and to claim the capital gains exemption on your 1994 income tax return. * DEPENDABLE _ x WE THINK GREEN * QUALITY x FAST FUSSY Our Goal ... Lorraine Farrow, coordinator of the Home Emergency Lifeline Program (H.E.L.P.) of Halton, accepts $1,270 cheque from members of the ‘Oakville Seniors Helping Seniors‘ group. The money will go to purchase a Lifeline communicator and one year‘s sponsorship for two Oakville residents. H.E.L.P. is an Oakville Trafalgar Memorial Hospital Charitable Corporation program serving seniors and disabled residents of Oakville and Halton. Since the service‘s inception in 1990, over 1,000 people have benefitted from the security and peace of mind Lifeline provides Certa ProPainters For A Free Estimate Serving Oakville Since 1986 David Wilkins C In Oakville: Coronation Park and Bronte Park West; in Burlington: Beachway Park and McDonald Park; in Milton: Kelso Conservation Area; and in Halton Hills (Fairy Lake, Acton): Prospect Park (old and new beach). All lines are available 24 hours a day, 7 days a week, with the followâ€" ing areas being tested. The Halton Regional Health Department has its Beach Hot Line. in operation at 825â€"6111. Each ticket includes a tour of the beautifully restored Chisholm Family Home... Erchless. Space is limited, so get your tickets early to avoid disappointment. For more information, call the Oakville Museum at 845â€"3541. Old Oakville walking tour on Aug. 21st These tours are two hours long and cost $10 per person with proâ€" ceeds going to the Erchless Restoration Fund. Each tour leaves the Oakville Museum at 2 p.m. Great weekend to try Beach Hotline The Oakville Museum will host its next Walking Tour of Old Oakville in Sun. Aug. 21st with guide Dick Marshall. The series continues in the fall on Sun. Sept. 18th; and Sunday, Oct. 16th. How SUITE it is! Raised bdrm. bung. with 2â€" bdrm, inâ€"law suite. Near Sheridan Col., Oak. Place highâ€" Oak. Place highnâ€" wcys Hurryl DE SE les Rep. (416 329 5332. orth Service Rd. $186,900 TWO BDRM. INâ€"LAW SWEET!