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p 28 weekender april 30 1994 stux wmkch save lousei ut i xiwn direct central air conditioners furnaces gas fireplaces from from inserts from cuarantebdiowest manufactured by anahnog air conditioning lot a lexxox intenutiooil co cash carry sale installation extra air conditioning heating inc 431 nugget ave unit 14 scarborough ontario 2986874 2987051 the bestprogram with the bestprice and the best results come in let us do our best for you join today for only fi4tttfmf j per week wer expires may 894 4 markham newmarket bradford er v 49sihuv7units llll da id drive 101 holland st 1 m p k i 47716999 83640u 7753344 zssh children can still give income earners a tax break also locations in pickering whitby oshawa yffo maintenance v have you spent a few minutes or more searching to find where you claim your children as a tax deduction on your tax return well dont waste any more time a major change on this years return is the elimination of children as a tax deduction oh theyre still valuable but now the deduction the child tax credit and the old family allowance benefits have been lumped together under the child tax benefit program which began in january 1993 dependents over the age of 18 who live in canada can be claimed though provided they are your child or grandchild parent grandparent brother sister aunt uncle niece or nephew they must be physically or mentally infirm and must not have earned more than 4273 in net income children under age 19 at the end of 1993 are beneficial when claiming the gst credit provid ed they arent married or a par ent and lived with you or were supported by you in 1993 they increase the amount of income you can earn before you are denied a gst credit unfortunately for some spouses can be more beneficial as a tax deduction this year unfortunately because there were fewer jobs available last year this year though marks the first year that you can claim a commonlaw spouse as a dependent if you live with a person who is the parent of your child or if you lived with anybody of the opposite sex for at least twelve months you can now claim that person as a spousal deduction worth 5380 provided his or her net income did not exceed 538 between 538 and 5918 the deduction is gradually reduced until its eliminated this change also means you can your money brian costello name your spouse as beneficia ry on your rrsp and other assets when you die assets can be transferred tax free to your spouse it also makes for a more level playing field when it comes to income splitting those who lived together but werent mar ried were allowed to transfer money back and forth without worrying about attribution rules while those who were married were restricted now those who live together will no longer be able to own a house and a tax free cottage they also are not allowed to claim a child as the equivalent to spousal deduction parents often open savings accounts and buy investments like canada savings bonds and term deposits for their children the t5 slips usually arrive in the parents name in trust this is the childs income if it was legitimately the childs money that was originally invested you should report it as the childs income not yours as the tax liability will be much less if there is any tax payable at all however if you gave the money to your child you must report the income earned as yours many most parents dont realize that even if you give a ton of money to your child or grandchild for that matter that much of the income can be taxed in their names for example if you gave 10000 to a child and he or she earned 10 per cent you would have to pay tax on the 1000 earned each year the 10000 might earn another 10000 that is taxable in the childs name however each time the 1000 is reinvested the compounded earnings from then on will be taxed in the childs name bookkeeping is important but effectively the second gen eration of compounding is taxed if at all at the childs lower tax rate as its really the reinvesting of tax paid income the second value to giving money to a child has to do with capital gains until this years budget the first 100000 in capital gains was tax free effective february capital gains are now taxed at seventy- five per cent of our normal tax rate however children normally arent taxable thats the key if you give money to a child no matter how much and he or she invests it there is no attri bution back to you if the money produces a capital gain for long term planning then giv ing money to a child to invest in capital gains type investments is a natural many parents may feel that with the elimination of child tax deductions that the equiva lent to married deduction no longer exists not so if you were single divorced separated or widowed at any time last year may still be able to claim a relative under 18 who lived with you and depended on you as if he or she were a spouse however if you are now going to claim a commonlaw spouse as a tax deduction you cant expect to get both in fact this one rule may well cause taxpayers to think about whether or not they want to declare that they are common law spouses losing the equivalent to mar ried deduction may encourage them to continue using the nor mal personal expenses deduc tions religion greek orthodox congregation look forward to church construction st panteleimon greek ortho dox church of markham will be wrapping up its holy week ser vices this saturday with two markham missionary church major mackenzie half mile east of mocowan winston thurton senior pastor john hamilton associate pastor sunday may 1st 930 am family christian education hour 1055 am morning service communion celebration pastor hamilton speaking 630 pm evening service strange answer to prayer pastor thurton speaking wednesday 700 pjn awana childrens club uft bible study art prayer ftbie study youtt always welcome at lunkhauusaonary 2945081 hmtonikthxauuuualtisascbool 4 evening services this is not a misprint the greek orthodox church year is built on the julian calendar still used by many orthodox religions and easter sunday is may 1 tonight at 1030 pm there will be a compline service followed at midnight by the lighting of the paschal candle and the paschal divine liturgy the service will grace church anglican 19 parkway avenue 2943184 parkway runs east from hwy 48 3 stoplights north of hwy 7 sunday worship 800 am 915 am with full church school 1100 am scoutguide church parade all welcome a be held at the st andrews pres byterian church at 143 main street in markham this is an exciting year for the st panteleimon congregation they will no longer be borrowing space as their new church is scheduled to open in the next cou ple of months browns corners united church on highway 7 between woodbine and the 404 is celebrating their 152nd anniversary tomorrow may 1 the 1030 service will fea ture special music and guest speaker rev gordon schmidt coordinator spiritual and reli- markham baptist church 110 church street 2945830 opposite markham district high school 945 bible school for all ages 1 1 00 worship celebration nursery toddler care activities for ages 49 actnhfihibaptktfadantioncixjrcti gious care at markham stouf- fville hospital all are welcome to a light lunch after the service the choir of central united church in unionville is present ing their annual spring musical on friday may 6 this years pre sentation is listen to the music and features singing by both solo performers and the choir tickets are available from the church office at 4740183 for 8 for adults and 5 for children proceeds will benefit church projects and all are invited st philipsonthehill in unionville is hosting a special seniors service on wednesday may 11 at 11 am the service is held in honor and appreciation of senior citizens and will feature ridley williams honorary assis tant at st philips and pastoral central united church 131 main st unlonvilu 4740183 services 930 am 11 00 am the centre of love rev don parr care coordinator at union villa all local seniors are invited to attend the service and the free lunch afterward the church is wheelchair accessible i a further information can be obtained by calling 4771991 the acw of grace church is holding its near famous semi annual rummage sale on may 7 from 9 am noon grace church is located at 19 parkway avenue there are more people meeting in small groups today than at any other time in the history of ameri- ca how can you make sure your small groups ministry continues to grow dale galloway will show you how in a dynamic oneday seminar addressing the topic how to create a caring church with lay pastors and small groups on may 18 for more information call 18009999578 if your church is planning activ ities in the upcoming weeks be sure to publicize them in this space call the page coordina tor vivian walker at 4794806