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MONDAY EVENING DECEMBER 4 SALE TIME: 7:00 P.M. Monthly Saddle Horse & Tack Auction Lindsay Community Sale Barn R.R. 2, Lindsay, Ont. Tack - 7:00 p.m. Horses - 8:00 p-m. Sale managed & sold by Carl Hickson Auctions, Reaboro, Ont. For consignments call Sale Barn 324-2774. Carl Hickson Auctioneer, 705-324-9959 -- Car 749-7084. THURSDAY, NOVEMBER 30 SALE TIME: 6:00 P.M. Modern Furniture & Appliances & Antiques Orval McLean Auction Center, Lindsay Property of MABEL ANDER- SON, Bobcaygeon & RONALD SMITH, Lindsay (giving up housekeeping), refrigerators, ranges, dishwasher, wringer washer, dryers, microwave, air conditioner, dehumidifier, dining room svite, antique carved Pirie en XJ X37 \s/ v ' 198 essl bn Nes) [Ese] ' sss Ga J Ege) foes) Good [Rea sessssssessss Bb 3 ree 3 FEE Te UPR 33 PECs sss TT sos ole s TUFF; : « THVT ALILILIIILA This article courtesy Standard Trust - Port Perry Branch sf 4 bedroom suite, oak bow front TURN china cabinet, excellent carved ) Sherlock Manning piano, Wurlitzer electric organ, modern bedroom suites, queen size bed, ARS washboards, washstand, chrome suite, colour TVs, pine chester- field suite, pine coffee & end INTO (1 tables, drum set, antique pictures > frames, fireside bench, rattan able & chairs, cane rocking Thinking of trading that chair, Boston rocker, Ginger- old car in for a newer bread clock, carved tables, dain- y iron table & chairs, parlour model? chair, bookshelf, parlour tables, 2 Why not put some cash School desks, stereo, antique resser, small appliances, Into your pocket by housewares, photocopier, card selling It through the stand, jack in pulpit collection, glass, china, crystal, tools. Par- tial list. Don't miss this in- PORT PERRY teresting sale. Call now to consign STAR to our snowmobile sale Sat. Dec. 2. Orval McLean Auctions (705) "w ; " 324-2783 Orval & Barry McLean, CLASSIFIEDS Auctioneers. y VIII ITO IIIT IIIII IIIT IIIN, Naa NAN ANN NNN NN A I HTT TTT TTT TTT TT TTT TTI TTT TT TEI ELLE ELLA THE COST OF TAX REFORM investment income deduction -- affected virtually every Canadian worker. This is the deduction that allowed most Canadians to ignore the in- terest they received on their bank accounts or GICs or even Canada Sav- ings Bonds when they filled out their tax returns. Until the end of 1987, up to $1,000 of Canadian interest and dividends could be received tax-free. But that changed last year. For example, if you earn $200 of interest in your savings or chequing account in 1989, it is taxable. That means you could pay about $80 tax on that interest - $80 that you did not have to pay in 1987. This assumes that you are in the middle tax bracket (income above $27,500) so that your combined federal and provincial tax rate is about 40 percent. If you bought, say, $5,000 of Canada Savings Bonds last year, the $510 of interest (10.2 percent on $5,000) is fully taxable. This means that your tax bill will be $204 higher than you may have expected (40 percent of $510). All interest income that you receive in 1989 is taxable, including in- terest on term deposits, on T-Bills or other Government or corporate bonds, on the mortgage you may have taken back when you sold your house, and the interest you earn on your mutual fund investments. Even the interest paid by the Government on the tax refund that you were late in receiving is taxable. : Possible Reporting Woes And to add to your woes, you may not receive a T5 slip for smaller amounts of interest earned. The T5 is the slip you would file with your tax return reporting the amount of interest income earned. T5"s are not required to be issued if the interest earned is below a certain amount ($100 earlier this year). While this may be an inconvenience, it makes 8anse, since the financial institution would probably have to reduce its interest rates to ac- commodate the cost of issuing T5's for every cent of interest. Even many active accounts earn only a few dollars of interest each year. Thus, to obey the law, you may have to add up your interest income from your bank statements or pass books and include it in your income tax return. There are fairly severe penalties for not reporting this interest and paying the appropriate amount of tax. And bear in mind that ignorance of the tax law is no excuse for not reporting the interest. If both you and your spouse are earning interest income, you will be hit doubly hard by the new regime. Suppose that each of you earn $1,000 of interest and your tax rate is $40 percent. You could be paying as much as $800 extra tax in 1988 (40 percent of $1,000 plus $1,000). Spouse Also Taxable Even if your spouse is not taxable because his or her income is too low, you will be affected. For example, assume that your Spouse earns $1,600, $1,000 of which is Interest income. In 1987, you could transfer the $1,000 investment income deduction to your tax return and there would, in effect, be no tax on that interest income. Commencing in 1988, there was no deduction to transfer. The mar- ried status tax credit to which you are entitled will be reduced because your spouse has earned more than $500 in this case, $1,000 more. This means that your tax credit will be reduced by approximately $260 (26 percent tax rate times $1,000), which is the same thing as increasing your tax payable by $260. Thus, the $1,000 of interest your non-taxable spouse earns |s ef- fectively taxed. . You don't have to sit back and meekly accept this new tax on your income. There are several ways of rearranging your financial affairs to reduce or even eliminate the impact of the tax. These techniques should also improve your overall financial health. They will be discussed in my next-column. To get lower tax rates :n 1988 and a more equitable tax system, we . ..had to give up some of our tax breaks. One -- the elimination of the $1 ,000 PORT PERRY STAR REAL ESTATE -- Tuesday, November 28, 1989 -- 13 Lions host seniors club A large crowd attended the Senior Citizens Meeting Wednes- day November 22, at Latcham Hall. President Bill Harper opened thé meeting and O'Canada was sung. In the absence of Edna, Win Philip presided at the piano. Mary Cannon read the minutes of the last meeting and Clara Warren gave the Treasurers Report. Both were accepted as Read and Several Business items were discussed and held. Roy reported that a good number attended the Line Danc- Martha Camilla Samells entered into rest suddenly at the Port Perry Hospital on Saturday, November 18, 1989. ""Camie" as she was known to her family and friends, was born August 2, 1926 in Parry Sound. She was the daughter of Effie and Christopher Hounsell. She spent her first 9 years in Capreol, Ontario and moved back to Parry Sound at age 9. Camie finished elementary school in Parry Sound. She moved and liv- ed in Kitchener for the next few years and attended high school in Kitchener and also worked there a short time. Camie then moved back to Parry Sound where she worked until moving to Oshawa in 1953. She started to work in General Motors in 1954. In 1960, Camie met William George Samells. They married July 28, 1962. Together they resid- ed on a farm on Scugog Island. Caniie continued to work in General Motors until January 1964. She & George had two children, Linda Marie and William David. They continued to reside on NEED 1 PHOTOCOPIES? | We can do them for you! Letter, Legal & Ledger. Reduced & Enlarged. PORT PERRY STAR 235 Queen Street 985-7383 ing last Tuesday at Borelia Co-Op. It will be held at the Latcham Centre next Tuesday 10 a.m.- 12. Com- out and have some fun. Bill Harper thanked the members who helped clean the kitchen and dishes at the Centre last week. Our Club is inviting anyone 55 years and over to join with us. People seem to think 65 years is the age but not so. Come out any Wednesday afternoon and join. Again, anyone over 55 yeas of age will be welcomed. Also, if anyone would like to do some knitting for the Club, bring the saleslip to the Treasurer and Samells Scugog Island until her death. Funeral service was held at the Wagg Funeral Home in Port Perry on November 22, 1989. In- terment Pine Grove Cemetery. Rev. Lynne Belfry-Graham officiated. The many memorial donations and floral arrangements were gratefully appreciated. you will be reimbursed for the wool. On behalf of the Club, Bill presented a donation to Port Perry Hospital Cummunity Care and Central Seven, which was gratefully accepted. The Christmas Euchre will be Saturday December 9, also Wednesday December 20. Come and enjoy some Euchre, you may be a winner. There are still some Tickets for sale for Florida in March. Choir practise is every Wednesday, but will miss Archie as he's in the Hospital. Hope he will soon be feeling better. Also get well wishes to all members who are not well and lets hope for better health ahead. : Good luck to Muriel Richard, Marg Tomchishon, Dorothy . Robichaud, Marie Smith and Mel Wybrow who held the lucky Win- tario tickets. Someday we may have a winner. The meeting closed with Prayer. On behalf of our Club, a big thank you to the Port Perry Lions Club who hosted a Wine and Cheese Social Hour after the meeting. Look at the size of those onions. Fred Olsen of Prince Al- bert grew the spanish onions in his backyard garden. Each measured 17 inches in circumference. One weighed in at 2 pounds 7 ounces, while the smaller onion weighed 2 pounds 4 ounces.