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st money talks letter to the editor recently we sold our home in stouffville and plan a move to london ontario this summer we had the distinct pleasure of listing our home with gallo real estate in particular with joe gallo and norma card we were so impressed with the professionalism courtesy and respect they showed our family joe gallo also helped us in many ways with our dealings in londongoing out of his way with assisting us in a private sale and making sure that everything went smoothly there as well he even helped make arrangements to contact movers for us that were reputable gallo real estate personnel were always friendly and helpful if we had any questions or concerns they truly treated us like we were part of a family we are very grateful for the way they handled everything from start to finish and how they made everything go so smoothly and efficiently we can only hope that should we ever be in a position of moving again that we are fortunate enough to find anyone else that is comparable to gallo real estate sincerely gord jackie del degan to some of your tax questions q this year i suffered a capital loss on the sale of some shares apparently i can carry this loss back three years and apply it against capital gains i reported in 1993 is this a good idea a it depends on whether your 1993 gains were sheltered by the capital gains deduction which was in effect at that time you should never carry back a capital loss and apply it against capital gains for which you have already claimed a capital gains deduction besides wasting your capital loss by applying it to gains which have already been sheltered from tax this strategy would cre ate an unpaid balance for the interim period on which you would be required to pay interest another factor to consider is your 1993 marginal tax rate if 1993 was a lowtax year and you anticipate future gains in a hightax year you may want to save the gains for future years rather than carrying them back q i was forced to sell my house at a loss when my you cannot claim a loss on the sale of your principal residence bufybu can claim expenses relat ed to the sale if your mortgages are paid off before rnatu rity employer transferred me to a different city can i claim this as a moving expense a no you cannot claim a loss on the sale of your principal residence however you can claim expenses related to the sale such as real estate commis sions legal fees advertising and mortgage penalties if your mortgages are paid off before maturity you can also claim any legal fees and land transfer tax but not gst incurred on the pur chase of your new resi dence q i withdrew money for my rrsp in october 1996 to buy a home i have been told that because of this i cannot make a rrsp con tribution to reduce my taxes for 1996 is this true a no under the rules for firsttime home buyers you are only prohibited from deducting rrsp con tributions made in the 90 days immediately pre ceding your home buyers withdrawal and then only if the balance remaining in your rrsp after the with drawal is less than the amount you contributed during that period outside the 90day period there are no restrictions other than the usual rrsp limita tions this article was submitted by helen davis and hr block mon i cant remember the last time i did a return when my tax situation became more complicated i decided to take my taxes to hsr block what i ike is the fact that i can count on hr block to be there whenever i need them because they provide yearround service hr block its the right thing to do aua 20 freel lane stouffville behind go station 6422927 under new management 65 brock st uxbridge 8527409 make rrsp house calls donna painter when it comes to doing something as important as planning your financial future it makes sense you should be where youre most comfortable either at your home or your office which is where i come in ill help you plan everything from reducing your taxes to wealth building investments to a comfortable retirement all at the place most convenient for you why because youre worth more just call me at gssm investors if group yoimwhwmmokk 9057378966 9056493417 ivmfh 1 vcwi ln income tax returns personal business efile reasonable rates personal professional service allan w eagar cma seniors discount 6401499 k k tlliutltlullllllhllllltluitlijjhthllimmuihinmltlm it brian costello sound financial advice is just a callaway ron gerryj ca branch manager brian costello and the financial planning group make an appointment today with ron for a free confidential review management i outperforming gics impact of global investments i asset allocation strategies tax planning p retirement 1 planning reducing taxes making mortgages tax deductible tax shelters fl self directed 1 rrsps 1 self directed rrifs 1 reducing effects j of inflation call ron for the best conservative alternatives to gics csbs 37 sandiford dr suite 204 financial stouffville 0ntl4a 7x5 planning group 905 6428371