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8e2 economist suntribune september 11 1985 look into tax reduction programs markham mayor carole bell cuts the ribbon as gary grededinger executive vicepresident left and richard de- ttbarn assist during the opening cere monies of nascor systems on riviera dr in markham last week nascor is a subsidiary of cano structures inc a company that produces lightweight structural components designed for in sulating homes and businesses by john kane one of the most common ways of reduc ing tax is by increasing your deductions through investment in registered retire ment and home ownership savings plans there are also a number of other exemp tions you may be able to employ and in each case certain steps to maximize the amount deductible for instance to get the most from your rrsp you could contribute the maximum amount this may be advantageous even if you have to borrow funds on which the interest would not be deductible also if you have rrsp loans that were negotiated before novem ber 13 1981 you could consider taking the cash you would have used to pay them and using it to make your 1984 contribution this could maximize your deduction for interest expense the maximum contribu tion is in most cases the lesser of 5500 or 20 percent of your earned income if you belong to an employer pension plan or de ferred profit sharing plan the limit is generally reduced to 3500 less your con tribution to the rpp in the year step up to perfqipnc thettjtal banking account that steps u p you r ben efits as your balance grows performance plus is a personal chequing plus savings plus investment account designed specifically for people who want a substantial return on their deposit dollars the big plus is that as your account balance increases so do your benefitsincluding higher interest rates a number of free banking services pus many other convenient features performance plus is the only account you need if you are an active saver or investorits the one account with all the pluses built right in contribute to your spouses plan instead of your own to accomplish income splitting oh retirement this should also be consi dered if you have passed your71st birthday and your spouse has not transfer other eligible income such as qualified retirement allowances and some deferred profitsharing payments to the plan old age security and canada pen sion plan benefits are also acceptable if youre eligible for rhosps ensure that you and other eligible family members make the maximum contribu tion 1000 by december 31 1984 have eligible family members make rhosp contributions that will lower their net incomes enough for you to be able to claim them as dependents u youre going to buy a newlybuilt own eroccupied home do it before march 2 1985 so that you are eligible for the special topup deduction there are many other deductions which can only be claimed in the year in which they are paid make sure that all payments are made before december 31 1984 if you plan to claim for any of the following rpp contributions for voluntary cur rent and past service investment counsel fees moving expenses political contributions alimony or separation payments child care expenses regarding political contributions you may be able to maximize credit by having your spouse make half of the donation if youre making a contribution to a provin cial political campaign you should review the provinces tax policy to determine if a credit exists there medical expenses for any 12 month period ending in the year may be deducted if they exceed three percent of net income in line with this you should check if any unused expenses from 1983 can be de ducted in 1984 and save receipts you can not deduct this year for possible use next year tuition fees are deductible for any 12 month period beginning in the year theyre deductible only by students but if the fees re being deducted on a calendar year basis you can have eligible family members pay them before december 31 1984 this may reduce their net income sufficiently to allow you to continue to claim them as dependents or if you have already been doing so to increase the amount you can claim last februarys federal budget prop osed some amendments regarding marital separation agreement payments if you have or will be negotiating such an agree ment you should review its terms to deter mine if the proposals affect the deductibil ity of your payments you should also re view existing and proposed legislation to make sure you will be entitled to the max imum deduction the rules which apply to each of these taxsaving options vary according to per sonal circumstance and eligibility only a complete review of your own situation can show you how to get the most from them it goes without sayng that complete support ing documentation for any deduction is essential to computing and verifying your tax return editors note john kane ca is a resident of union ville and a partner in the toronto office of thome riddell char tered accountants chequing 14999 performance plus is a daily interest chequing account savings iooo4999 you step up to free chequing at savings account rates investment 5000 you step up to free chequing plus term deposit rates and more for further information on the full range of performance plus benefits contact your local branch of continental bank continental bank of canada the dingman creek art association is pleased to present f he 1985 fmet n etiva a major juried fine arts exhibition show and sale thursday september 1 2 1 985 preview opening night 7 to 10 pm sold out 10 am to 9 pm 10 am to 9 pm ipamtpim friday september 13 1985 saturday septembers 1985 sunday september 1 5 1 985 admission 250 at the door in lambeth ontario exit no 177 north of hwy no 401 just west of london at the lambeth arena beattie street west dont miss this exciting fine arts adventure zbamktih2czaz were one of canadas foremost moving companies we have almost 60 years experience in providing problem free local and out of town moves we understand moving is a lot more than packing boxes and loading trucks its caring from start to finish caring about your furniture your personal treasures about you and your family thats why our friendly professionals provide so many personal services we consult with you belore the move well be there even when its all over with representative offices across canada and the us were always there to provide dependable followup service and were flexible together well customdesign a move that best suits your particular needs and budget our frequent service to most cities promise a prompt move scheduled to your convenience when its time to move across town or across the country go with tippetrichardson the friendly movers who care call your local tippetrichardson office today for more information about your move the phone number is 2911158 tr tippetrichardson limited v y tim tiictully movers member of allied van lines offices in toronto hamrfton kitchener london north bay ottawa 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