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balance sheet y r t budget hps home buyers by george denier home ownership is a major goal of most canadian families and thanks to mea sures announced in finance minister marc lalondes april 19 budget that goal has become a little easier for many people to attain v the budget proposed significant changes to registered home ownership savings plan rhosp the minister has opened the rhosp rules quite liberally with the intention at least in part of assisting the recovery of the construction industry from april 20 19s3 individuals acquir ing a newly constructed home on or before dec 31 1984 will be able to claim an ex panded rhosp deduction in the year of home construction under the present rules individuals are restricted to an annual deduction of 1000 per year for a contribution to a rhosp up to an accumulated total of 10000 for the above noted period an additional top- pingup deduction will be allowed in the year of the home acquisition equal to the amount by which 10000 exceeds the tax deductible rhosp contributions made and claimed by the individual in prior years in other words if you have not made the 10000 maximum rhosp contribution by the time you acquire your home you may effectively contribute the amount of any shortfall in that year and then withdraw the funds from the rhosp in order to facilitate the purchase of the home this rule will apply only for the 1983 and 1984 taxation years and only where the funds withdrawn from the plan are used in the year or within 60 days after the end of the year to purchase a new owneroccupied home either alone or with qualifying new home furnishings as described below in addition the following conditions must be met 1 the home must be occupied by the tax payer after april 19 1983 and within 60 days after the end of the year 2 no toppingup rhosp deductions may be claimed by another person in re spect of the same home 3 no grant is paid under the canadian home ownership stimulation plan the 3000 grant in respect of the home and 4 neither the taxpayer nor his spouse previously owned a dwelling after 1981 for this purpose a new home means a housing unit in canada that was not used for any purpose other than display before it was acquired by the taxpayer it should be noted the the budget docu ments indicate that the home purchase need not be closed on or before dec 31 1984 apparently it will be sufficient that the taxpayer has completed a written offer to purchase the home on or before dec 31 1984 with the date of closing and occupan cy no later than feb 28 1985 homes for which a purchase agreement was entered into prior to april 20 1983 will also qualify for this temporary tax incen tive provision if the offer to purchase was signed prior to that date but the date of closing was not before april 20 1983 home furnishings other changes to the rhosp rules will help many people with purchases of home furnishings for iheremainer of 1983 but not for 19s4 individuals who had accumu lated funds in a rhosp plan and were be neficiaries under such a plan on april 18 1983 will be permitted to withdraw part or all of those funds on a taxfree basis after april 19 1983 providing that the funds withdrawn are used to purchase qualifying new home furnishings for the taxpayers own use in canada to obtain this taxfree treatment for the withdrawl of such funds it is also neces sary that the taxpayer not claim as a de duction in computing his income for 1983 any contribution to such a rhosp plan af ter april 19 1983 to qualify the furnishings must be new and must be purchased between april 20 1983 and dec 31 1983 inclusive goods purchased on or before april 19 1983 but delivered after that date will also qualify for this special treatment as well goods purchased on or before dec 31 1983 but delivered thereafter will qualify providing delivery is on or before feb 29 1984 qualifying furnishings will include if new the following 1 furniture for use in the home 2 appliances for use in the home which are refrigerators and freezers washers and dryers dishwashers stoves and ovens vacuum cleaners floor polishers and rug shampooers 3 curtains drapes blinds and interior window shutters and 4 rugs and carpets including underpad- ding not included in qualifying furnishings and appliances will be musical instru ments home entertainment equipment such as games tables video games com puters televisions and stereos clocks out- door furniture humidifiers de- humidifiers air cleaners and conditioners listed personal property such as prints paintings sculptures etc appliances for outdoor use and any appliances costing less than 100 each to obtain this special tax treatment tax- ypayers will be required to include copies of the sales receipts with their 1983 tax re turns v the budget also makes note that in the event that the amount of the funds with drawn from the rhosp exceeds the amount of the qualifying purchases the ex cess will be included in income for tax pur poses in the year of withdrawal an un likely event for more information on these and other proposals in the april 19 budget write to the balance sheet care of this newspaper editors note george denier ca is a resident of markham and tax partner in the north york office of thome riddell chartered accountants rmsou on the classifieds mr mc of unlonvola says good response sold everything 2942200 6402100 15 words 70 wednesday june 8 1983 mc7 stouuville c7fugnment zrnmt ilnd jiptciulhti at work guaranteed brakes balancing suspensions front ends mcchancal repairs steeuig now located at 330 main w ouaurymomtat behind stouffvffle rental reasonable pocesa ttwtlkx vehicle inspection station 6401988 service directory ads get results call today 2942200 or 6402100 van conversions by terra van built in markham customized to your specifications full camper type or luxury touring coaches on your van or ours sold exclusively by f the trailer wr- ranch ltd r hwy 7 east of 404 w 4777251 professional business trades service directory free estimates town and country painting pointing and wallpapering phone 6406937 randy hathaway f rfridpswadnndntisair gnwonm randys refrigeration w afpllance service sales pahtc repairs rr n 3 stouffvtlle tl hathaway bros painting paper hanging airless spray interior exterior pratt lambert commercial industrial 32 years in business 115 main st w stouffville 6403075 6404134 fafttf houri tgr renovations classic wainscottjng superior workmanship excellent prices showroom2827801 holden 4fe paint and wallpaper ltd 2 washington street markham ontario i l3p 2hj 2942235 concrete work waterproofing stonework interlocking brick rpagnek developments ltd since 1345 2944670 kewt painting decorating commercial ruldantlat industrial phone paul kerr 640 6106 free estimates gage plumbing drain repairs alterations bammeottoishtqoftis 4 new construction plugged ora1ns 2946235 ken smurthwaite heating ltd r i cqpditontrnrcudtigt work custom sheet metal stoul i wtue mfl1428 gill window cleaning co specialists for residential homes guaranteed satisfaction please call 6406661 custom- carpet installations repairs call bill 2942244 drywall taping plaster repairs spray texture ceranrnc tfe exterior stucco carpentry rec rooms kitchens 2946440 bills painting ffpf fcilimairt intfnoi elffio bill frecivdv 2945415 king excavating complete excavating and grading service we supply sand gravel top soil limestone aged manure culvert pipe 18525485 rr 1 uxbridge scon lane home improvements complete renovations home repairs painting decks fencing 6405948 8526766 painting wallcovering 30 years experience f quality service 8811005 v poger pavdn cedar hill paving residential industrial asphalt interlocking stone paving pressure treated ties 8811827 bm bang ay construction ltd residential v industrial commercial i 6405832 stoumwe 6401495 insurance holman insurance brokers ltd personal service t for home ownersautomobile retail stores light industry contact ruth perlmutter i x or frank holman- 4985233 c buying or sellih6 turn to the classifieds artisan painters interior exterior top quality at best prices 2942061 free estimates ssi bronzbro appliance service specializing in all makes of refrigerators stoves washers dryers freqjets central air conditioners microwave ovens garbage compactors central vacuums after hour service at same rates call 4778409 student power painters interior and exterior fully insured free estimates john procenko 2941879 bus 2940473 res serving markham for 6 years als appliance service fcpain to ill m of washirs dryrs fridgts ttovts tc 6402637 lloyd baker h sons ltd building contractors additions alterations custom buildinq call 294 0542 handyman complete household repairs renovations plumbing electrical additions divwall itoors tiling bathrooms kitchens a specially call ron 640 5477 farm service horses and cattle ptcverl up promptly for orect ltne call long d stance and ash tpr call woodvilie 704332421 ed pec0ni son ltd woodmlle ont licence no 324037 coxworth construction additions renovations rec rooms sun decks kevin 2943866 for rurnace oil oil burner service 24 how imrgmkf matnarofuiis umonyiui 4771145 residential roofing competitive rates free estimates 6405310 north eastern exterior services aluminum siding cleaning eavestrough cleaning asphalt sealing pool maintenance lawn maintenance 4753617 fnntimmss allan marks plumbing repairs alterations nojobtoosmal 4774330 9211341 legemaate painting and wallpapering 8875470 sutherlands aluminum alpan building products 2944075 johnheaton painting contractor high quality decorating fully guaranteed airless spray completely insured 6404338 free estimates renovations additions alterations carpentry a specialty custom building o mccrossan sons ltd 2946141 11 tmi ci k ktkuvxu t v service ltd 444921936 enelonoh complete tree care total landscaping wood retaining walls interlocking stone work brian speers 2911749 88130997 handyman with truck spring cleanups reliable reasonable rates 7311473 goodwood masonry stonework brick block specializing in fireplaces chimneys v repair 6401299 markham accounting services ltd services in your office or ours will pick up deliver 8847203 you design furniture win umi toitt iibm hk room bits cuuom itcmi free uirutn can siae 2945319 alter 6pm roger heath carpentry basement speoaest ackftionscorejes terovationss repairs rreeesbmates csi evenings 2915707 3950 livingdiningroom and hall carpets steam cleaned or ehester- field 2 chairs same price 4757919 or 6695810 youngs carpet care fencing residential specialist free quotations flann fencing g flann 2823564 ceramic tile new repairs conwlete bathroom renovations un burgess 2946440 bookkeeping and accounting service for small businesses 8895683 auto body work private shop custom collision reasonable rates 7311473 sand murray brown uevjners builder custom ftoodotkint alterations repairs 8875576 martin brown painting wallpapering contractor days 4389393 evenings 6404514 m arkham im 1 h q i aids cleans homes and apartments 2949871 tight houselttpog weekly or beekty dycks eavestroughing alum galy troughing roofing alum siding free estimates phone 6401 496 four season aluminum sales est 1961 replacement windows siding 8 fascia soffit doors windows ajcan at 81 craig glenn goading rrj stouffville i eavestroughs awnings q phone 6405103 yorkland building sys residential renovations interiorsdrywall taping ceilings partitions exteriorspine siding roofing trough chimney repairs cabanas decks patios landscaping free estimates 2941966 18953586 barker roofing and siding ltd 6404966 lalcan building iproducts m lltftxl repairs reroofing siding soffits free estimates serving the community since 7555 ppmhh c r flooninc w 1 rl carpot and vinyl it e i sales and installation j i for vinyl flooring by armstrong domco gafmannington professionally installed call glenn jackson 6402284 robt slack 6404843