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Many friends & relatives of Frank their 50th Wedding Anniversary in & Muriel Hoskin, helped celebrate the United Church Hall on May 24, 1987. | Festival | of Arts on the I "| ANOTHER EXCITING FEATURE OF FESTIVAL DAYS | Saturday, July 11th 9 a.m. to 4 p.m. PALMER PARK - Water St., Port Perry 1 Paintings --.Folk_Art -- Leather Work -- Pottery Silk Painting -- Weaving -- Stained Glass Jewellery and More oo WOOD CARVING DISPLAY AND SALE IN THE LATCHAM CENTRE Bahamas Festival Days PANCAKE BREAKFAST Festival Tent - Lakefront SATURDAY, JULY 11th 9:00 AM to 12:00 Noon TICKETS: 99¢ each now available at: Port Perry Star & Emmerson Insurance in Port Perry Brigid Pyke, president of the On- tario Federation of Agriculture, welcomed the retention of the $500,000 capital gains exemption for farmers, but said other provisions announced by Finance Minister Michael Wilson will un- necessarily complicate farmers' business & tax practices. "Farming is highly capital inten- sive, & farm property is usually the only retirement fund a farmer has. So there are very good reasons why the proceeds from the sale of farm property are given special tax treat- ment. However, the benefits of this capital gains exemption are blunted "by the existence of a minimum tax, & there was no signal from Mr. Wilson that this is going to change," said Pyke. The OFA president pointéd out that the tax reform proposal sets new restrictions on the definition of Fiddlers Mark July 18, on your calendar for an old tyme Fiddle Contest, being held at Blackstock, Ontario. Since 1987 is the centennial year for the Travellers by Lee Wilbur Nonquon Vacations Fastball Team are still playing ball. The Travellers participated in the Clare- mont Legion Tournament 2 weeks ago and came away as champion- ship runner-ups. Losing to Clare- "mont Juniors by a score of 2-1. Non- quon still managed to bring home $250.00 for prize money. In league play, Nonquon had a bad outing against River Valley from Uxbridge losing by a score of PORT PERRY STAR -- Tuesday, July 7, 1987 -- 29 farm property that would qualify for the exemption. Farm property ac- quired today would have to be held at least two years, and gross income from farm operations has to be greater than net income from other sources in order for the property to be classified a farm asset. Pyke further objected to the an- nouncement that farmers are going to have tofile taxes on a 'simplified accrual" system. "To a farmer," said Pyke, "that's a contradiction in terms. It may be simplified for Revenue Canada, but not for us." Ninety-two percent of Canadian farmers presently file under the -cash.-accounting method. 'I'm suspicious that this may be the start of the Government's move to veer the calculation of farm taxes toward a solely accrual basis." The Ontario Federation of Agriculture and the Canadian naming of the village of Blackstock, the Blackstock Agricultural Socie- ty is sponsoring this contest as one of the community's celebrations. take $250 7-1. Nonquon is starting to come together and play some good baseball. With more dedication and effort, things will come together well, : Nonquon plays mostly on Tuesday nights at 8:30. They play at home Tuesday against Brougham. Come out and support Nonquon and In- termediate Fastball. A vote of thanks are given to Dave & Marg Waite - our sponsors. o re-live those gr o re-unite with S Farmers get few breaks Federation of Agriculture presented a proposal to the Finance Depart- ment that would have met these two objectives, but the Wilson statement did not capitalize on the farm organization's recommendations. "This white paper does not in- troduce any more certainty into tax planning for dual-income farmers, nor does it change until 1992 the re- quirement that farmers meet a very subjective 'reasonable expectation of profit' criterion that we've found a problem for so many years," As for the possibility of a national sales tax -- and the alternative of developing a business transfer tax or a value added tax -- the leader of Ontario's largest farm organiza- tion said farmers will have to pay strict attention to the implications of greatly increased taxes on their inputs and how this will affect the supermarket prices consumers face. in Blackstock It is anticipated that this will be one of the major events of the sum- mer. The action commences at 7:30 p.m. at the Blackstock Recreational Centre, with a variety of classes for young and not so young, along with additional entertainment for your enjoyment. Cash prizes will be awarded the lucky contestants. This year promises to be an event- ful season with many centennial ac- tivities planned, including the Blackstock Fair, August 29 with its centennial theme. Included will be an antique parade, displays and contests, along with many other community groups presentations. Plan to make a trip to Blackstock this year for some good old fashion- ed community entertainment and enjoyment. ome old friends.