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PORT PERRY NERNERD STAR" FRIDAY, MARCH 3 2000 - 21 By Karen Davis Scugog Island Correspondent Bruce Gerrow is trying to form a junior orchestra. All young musicians are invited to attend a meeting on Friday, March 31 at 7 p.m. at S.1.U.C. All instruments welcome. April 15 is a date you won't want to miss. The Grace U.C.W.'s hot luncheon will "be held at 11:30 am. at S.LU.C. and the Head UC. Ww S craft sale will be held at the Island Hall from noon to 3 p.m. United Church The Orchestra provided special music at our Lent lif service on Sunday moming. Jessica and David Foster extinguished the third Lenton candle. The Mons and Tots will meet on Wednesday, March 29 at 9:30 a.m. at SiLuc .- The Needs Assessment Committee will "meet at 7:30 p.m. on Wednesday, March 29 at the home of Tom Rennick. The choir will meet at the church at 7 p.m. on Thursday, March 30. The guest speakers for our worship ser- vice on Sunday, April 2 will be Pat Beach, chair of stewardship Musicians: A Junior orchestra is being formed... meeting's tonight! Presbytery, and Ruth Geddes, chair of Stewardship Presbyterial U.C.W. The Grace U.C.W. will be be hosting the birthday party at the villa on Tuesday, April 4 at 2 p.m. The Grace U.C.W. will meet at the home of Pat Taylor on Wednesday, April 5 at 7:30 p.m. Call 985-8871 with news for next week's Oshawa bulletin. Don't miss deduction opportunities Are you paying more than your share of taxes? You may be if you are missing these business or personal tax deductions. Business Deductions Home Office If you have a home office as your primary office space, you are eligi- ble for a home office deduction of mortgage interest, insurance, taxes and utilities against busi- ness income. To figure the out appro- priate amount, determine the percentage used for business by measuring the area used and dividing it into the total area of the house to come up with a percentage. Entertainment When taking your cus- tomer or potential client to discuss business, you are allowed to take 50 per cent as a tax deduction. Make sure you keep the receipt and record the date and the name of the customer for your records. Bartering Bartering is an accept- able way to pay for prod- ucts or services -per- formed, so long as the transactions are recorded. For example, in return for a service you provide, your client gives you a new air conditioning unit for your business premises. Your work was valued at $1,500 and the air condi- tioning unit at $1,800. You must still report the income even if the ser- vices are paid for in prop- erty. Therefore the fair market value of $1,800 must be included in your income. Y2K write-offs Acquisitions of Y2K compatible computer soft- ware and hardware will qualify for a 100 per cent write-off if purchased before Oct. 31, 1999 to replace property that was not Y2K compliant. Employment Expenses The CCA limit for auto- mobiles is $26,000 plus® taxes and the maximum monthly claim for lease is $650. Losses If your proprietorship incurs a loss in the current year, and you have no other income, or the loss exceeds your net income, you can carry it back three years to recover prior taxes or forward seven 'years to offset income in the future years. Personal Deductions GST To qualify for a GST tax credit quarterly refund, your maximum family income must be at $25,921 or under. Where the com- bined threshold exceeds this amount, there is a reduction of $5 for every $100 over $25,921. RRSPs The maximum allow- able RRSP deduction (including prior years unused RRSP contribu- tions) for 1999 is $13,500. n 1999, RRSP lifelong Learning allows tax-free borrowing to fund full-time education for the taxpayer up to a maximum of $20,000. RRSPs can also be withdrawn towards the first purchase of a home under the Home Buyers Plan. Both plans have repay- ment terms. Moving Expenses You can deduct moving expenses against income eamed if you move to be within 40 kilometers closer of a new work.or business location. Make sure you keep receipts of these . expenses. Amending A Prior Years Return You can, for the most part, go back three years to amend a personal tax return if missed peisonal credits or other informa- tion on the original return. CaNE PaVay ¥ SCUGOG FE SERVIC a Aheti NORE Under the new fairness package, you can go back up to 10 years. Revenue Canada may assess or reassess returns to pay refunds to taxpayer or apply this refund to amount owing for any tax years back to 1989, provid- ed that these amounts were allowed. Courtesy of, Betty Penny, Penny & Associates Inc., Port Perry hh Ql 1 QF AR | J INANCI ES INC. plazas * Annual Rates © GIC RESP -1YEAR..............5.650%. 2 YEAR.............. 6.150% 3 YEAR.............. 6.300% 4YEAR.............. 6.250% 5.625% 6.150% 6.300% 6.250% 5 YEAR.......... +...6.350%......6.350% AFTER 120 120 DAYS S MINIMUM $1,000. L000. Palo Elctin 132800 - Subject fo change without nofice. 250 Queen St Street, Port Pe Perry 985-3832 ent to Shoppers Drug Mai) ASSOCIATED WiTH 1-888-595-4413 Serving Scugog for over 25 years _ SHEPHERD & POWELL CHARTERED ACCOUNTAN [S Van Camp & Keller Chartered Accountants, LLP Income tax planning and return preparation. Personal tax returns electronically filed. Financial, estate and retirement planning. Personal Tax Returns are being processed now. OFFICE HOURS UNTIL MAY 1: Monday to Friday 8-6, Saturday 9-1 204 Casimir St., Port Perry Telephone: (905) 985-9725 Toll Free:1-800-215-3852 "+ and more DID YOU KNOW... --.if you move for a new job there are costs that you may be able to deduct? ae: (905) 852-97 4. Helping Clients Succeed Chartered Accountants and Consultants Ifyou own a business, it only makes sense ~ totalk to us at H&R Block. Our tax assodiatés can answer questions about: * Meal and entertainment expenses * Gain/losses from the sale of property = Business use of the We have the experience and the tools to fight for every dollar...and every cent that's yours. Call or drop by: 174 Perry Street, Port Perry (905) 985-9803 HR BLOCK EEE a ------ LATE INTAXES? AFRAID OF NUMBERS? WE CAN Hep! PENNY & AssocIATES INc. ~award winning~ "Accounting & Business Management Consultants" Www.pennyinc.com 905.985.0712 vFree E-File v/Free Newsletter vWe accept Visa EM a 1d a ET a