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Tax changes ffctfarmers We recently received a letter from Mr. Doug Miles, our area coordinator anid farm management specialist in Toronto, indicating that some estate taxes as well as other taxes affecting farmers bave been cbanged and these received Royal Assent on July l 2 tb of this year. Effective January 1, 1977 tbe annual Gif t Tax Exemption per daner has been doubled from tbe previaus $5,000 ta $10,000. Tbe annual exempt- ion per doner- has been increased from $25,000 ta $50:000 under the Gif t Tax Act. This means, that any persan can give ta any other pèrson up ta $10,000 a year withaut attracting gift tax, and at the same time, can give ta any number of people up ta $50,000 without attract- ing gift tax. In addition, the Succession Duty Act received Royal Assent also on July l2tb, and the effective date for changes in this Act is April 20, 1977. The minimum sîze of an estate subject ta Duty bas now been increased from $250,000'to $300,000. In, addit- ion in arder ta avoid any double taxation, income tax payable on Capital Gains will be considered as a credit towards Succession, Duty rather than simply a debt of the estate. One otber.change in provin- cial taxation which affects farmers is with ýegards ta tbe Land Speculation Acts. Chan- ges in this Act, become effective April 20 of 1977. Instead of the-previous 10 per cent per year reduction in taxable value, the reduction is five-sixths of a per cent per month making part years eligible; this was flot so in-the past. The main change, bowever, relates to the calcul- ation of the months required for the reduction ta accur. Now the transferor may dlaim any months in which be, or his spouse, farms, the land. This should overcome the probiemrs involved in renting out due to illness or widowbood provided that the transferor or bis spouse bad farmed for a total of 120 months. For furtber information on Record Level The 1977 Ontario winter wheat harvest bas been compilted with a near-record production volume beîng est- ablished. Mr. Irving Kleiman, R.R.'1, Simcoe, chairman of tbe Ontario Wbeat Producers Marketing Board, said yields per acre over most of the province's 35 counties reacb- ed levels miucb bigb2r than carliier anticipated and in some instances 'establisbed record (llevels. Uce said it would appear fromi early reports that tbe average yield per acre will be in excess of 50 busbels per ,acre, reacbing as igb as 100 bushels per acre in some areas. Tbe estimated barvested acreage for 1977 .crop bas been placed at 590,000,. some 70,000 acres more tban last year. The board chairman said the total crop will probably exceed 29 million bushels, or 789 250 tonne, which will be the largest volume reacbed' since 1950 at 30 million bushels. Mr. Kiman said the mé-- reased volume is reflected in. producer sales recorded to date by tbe board, wbich are approximately 24 million bus- hels or 653 000 tonne, up about 136 000 tonne over the same period last year,. The marketing board has fet' the pressures of the increased volume in moving stocks into export position and terminal storage. Mr. Kleiman said storage space is being utilized from Georgian Bay facilities, tbr- ougb the St. Lawrence Sea- way and east coast elevators, wîtb about 443 000 tonne or 16,000,000 bushels in store at the present time, He said most of the country elevator storage facilities are also. being taxed at the present time. Export sales ta date,total over 272 000 tonne or 10,000,- 000 bushels, with some con-ý tracts calling for September, October and November delîv- eries. Mr. Kleiman said export prices are at depressed levels at the present time, whicb in terms of prîce at the farm would be sligbtly over $2.00 per-Ushe-,or-abut-$-.4 &- per Orono Weekly Times, Wednesday. Atgfust 3lst, 1977-5 t above-mentioned chan- yer, or get in toucb with the furtber details of bow these farmers should contact agricultural office in Bow- changes might affect your thPlr accountant, their law- manville and you can obtaîn farming opeýraýion. %GWER F01R GUER 4 YEéRS. s'.- r ROLPH Dominion HARDWARE Orono, Ontario Pin 840 Notie You on ly have 3 weeks to take advantage of ROOF ING SUPPLI ES at their prelsent price Shinglesý Tar Paper RoIled Roofing Nails Buy before September l5th or pay more Oroso Fuel & Lunaber Ltd. Lumnber & Building Supplies - Fujeî01! 311 Furnaces 983-9167 Station St. &ý Hwy. 11.5, Oconci Orono Amateur AthIetic Association Hoeckey Reg istration Sept. 1, 1977 Orono Town Hall1 6:30 p. m. -9:0Op.m. $30.00