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r pm wuekewpeoecet8eieto2w4 r t 5 stajx dr michael pollak dds general cosm dentistry special interest in cosmetic dentistry bleaching bonding implants porcelain veneers tax allowance abuse hurts everyone emergency care general dentistry childrens dentistry convenient location extended hours sunkist plaza hwy 48 16th ave markham 4722454 free dental consultation ottawa has decided to start hitting tax savings devices long before they bring down the next budget taxpayers should realize that what they did to some sectors of the financial community a week ago is a signal they are prepared to strike at any time rather than waiting until they change the tax laws through the normal course a budget one industry source went so far as to call it legisla tion by news release first what happened then what it means to the rest of us a lot of us never consider that rev enue canada has two agendas we automatically think they want to beat up on us by increas ing taxes all the time in reality though they also take some of that money and redirect it into areas of the economy they feel will create substantial growth stimulate the economy and cre ate jobs one of the areas they chose to stimulate was the computer soft ware business it was a good decision after all we will all have a computer some day and we are all affected by them your money brian costello already they werent so much interested in the hardware side or box as its called but more in the software side the side of the industry where the programs are written there are so many rapid changes taking place that the software industry had difficulty keeping up as a result ottawa allowed them an accelerated write off in their developmental costs in fact they gave them a concession to allow for 100 per cent depreciation or capital cost alowance as its called in the industry that was a fair offer however some promoters found a way to accelerate that gener ous allowance or should it be termed abuse as usual in this case a few abusers have now made it more come to the pickering indoor flea market where christmas shopping is fun for the whole family visit saute at the christmas carnival over 500 vendors free narking antiques collectable crafts gift idea csbusmas houbst swajwy dee 4 ii is 9 i fruty dee st mmmhgm mtaum noea lotso ntrmji dee s4 9 hwnb dee s 9 vendor iaqalrleti 90s 427074 metro east trade centre broek road 401 in pickering uhcofkiiscikcis dr steven kranc is pleased to announce the opening of his family dental practice convenient hours accepting new patients same day emergency care freezing without needles electronic anasthesia all dental insurance accepted v k a 4 free cosmetic consultation r ashgrove medical centre 6633 highway 7 east suite 106 markham free parking 4719669 mbt mbt m mbt mbt mbt mbt mbt mbt mbt mbt mbt youre invited to the markham board of trades proudly sponsored by midland walwyn and featuring comedian allan gould december 15 1994 12 noon sheraton parkway hotel hwy 7 and leslie bring your staff or guests draw prizes mbt members 3000 plus gst 3210 nonmembers 3500 plus gst 3745 special table price 8 per table 22000 plus gst 23540 reservations and advance payment required to register please call the markham board of trade right away 905 4740730 mbt mbt mbt mbt mbt mbt mbt mbt mbt m87 mbt mbt vtjffjfffffi difficult for those who offered legitimate deals to raise money for legitimate software some reports have suggested that all software limited part nerships have been wiped out this has created great fears in the eyes of many investors how ever this just is not the case all software limited partnerships have not been cancelled the ones that are being cancelled are the bad ones this type of tax savings device has been most attractive to high income individuals if you invested 50000 you could get as much as 150000 in tax deductions an individual in the highest tax bracket would save 75000 in taxes half again what they invested effectively they made 50 per cent on their money to get this type of tax relief revenue canada requires that you meet the at risk require ments effective its like invest ing in a business if you borrow 150000 to buy a rental proper ty you can write off the interest you pay against the income you earn in addition you are allowed to write off the other expenses you incur in operating the property the same should be the case with any other busi ness however in this case some promoters chose to play with the numbers they might take an inexpensive software program that didnt necessarily have a futre mark the value up and sell it to investors at a high price that seemed to offer a high tax write off if the software never made it the investor got the tax savings but revenue canada never made any money unless of course the promoter paid tax the rationale behind these deals was to generate cash for the legitimate production of software you dont have to read far in the business pages to see the success recorded by the big names in the computer software business when it is done prop erly it can mean huge profits and huge rewards to revenue cana da a pox upon those who chose to cross the line and hurt the legitimate businesses that were growing and creating jobs because of the proper use of the existing legislation to ease the fears of investors here are the rules deals entered into prior to dec 1 1994 are okay you will get the tax deduc tions promised however if the deal is no good you will eventually have a prob lem when revenue canada audits the company if the deal is a sham you shouldnt be enti tled to the deductions if you invested in a coventure or joint venture prior to dec 1 you are probably out of luck you will be denied tax relief and will probably have difficulty getting back your money if you invested in a software deal that doesnt pay the interest on your note by the end of janu ary of each following year you will probably have difficulties so check with your financial planner to make sure that will happen otherwise the entire amount of the note you signed can become taxable on the surface it might seem that this is an all encompassing tax change without changing the legislation it is however all it does is get rid of a bunch of junk without hurting the legitimate software deals that are helping to expand the siness and create