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stfljx wkiyyp taking time now can save taxes in the future now that tax season is done you might want to spend a few minutes going back over your tax return fll bet you can save a few dollars on last years return now that the pres sure is off and i know that you can save a lot of money in the future by taking a few minutes now to use last years tax return to help you save taxes in future years this chore is made even easier if you used a computer software pro gram when you completed your return or now that the pressure is off you might want to pick up a soft ware package and enter last years return now that the deadline has passed you should be able to get a great deal on this type of software one definite should be to reassess your mix on investment income all interest is totally taxable the capi tal gains deduction has now been eliminated dividends qualify for the dividend tax credit however with the 100000 capital gains hol iday now gone we have to use dif ferent calculations when we do this reassessment the computer makes it an easy chore capital gains will still be a hot item even though the 100000 deduction is gone only 75 per cent of any capital gains are taxable as an exercise look at the interest income you declared on line 121 of your return calculate 25 per cent of it and deduct that amount from your taxable income then you can use the tables to see how much tax you would have saved had you earned the same amount of capital gains dont forget also that while inter est must be declared as earned every year even if you didnt get the money capital gains can be com pounded into the future as long as you wish until you sell the invest ments or die there is no tax on cap ital gains its this longterm com pounding that will make capital gains an attractive alternative in future years many people though need a regu lar income thats one of the reasons why they choose interest bearing investments the other reason of course is the guarantee that often accompanies term deposit type investments if you need a regular income novs the time to compare what your tax bill would have been had you earned a similar amount of dividends rather than interest you see dividends from canadian stocks a n d mutual funds qualify for the dividend tax credit it is a reduction in the tax you pay on this type of income because the com pany that issued the divi dends already paid some tax the key thing to remember is that this is not a tax deduction it is an outright tax reduction if you owe ottawa 100 and you have a 100 divi dend tax credit you owe no tax at all in fact if you owe ottawa nothing in most cases you also owe the province nothing a taxpayer who has only one source of income that is he or she has no salary no pension no govern ment benefits can earn as much as 23000 in tax free dividends each year by combining your per sonal deduction and the dividend tax credit you will wipe out your federal tax once you owe nothing your money brian costello to ottawa in most cases you owe nothing to the province either but nows the time to make the compari son the big stumbling block for most is that you have to gross up the dividends you earned before declar ing them on your return for example if you earned 560 worth of divi dends you must declare 700 on your return its natural to balk at that thought however in this case you get a dividend tax credit of 9333 against your federal tax bill and of course that reduces the base on which you pay provincial taxes the other consideration of course is safety of your money well interest rates are falling while dividend yields are rising but ifs the high qualify compa nies that are increasing their yields if you buy a term deposit from a bank you should compare the aftertax yield on your interest to the aftertax yield on the banks divi dend paying shares you might be in for a surprise novs the logical time to do this assessment or have a financial planner do it for you attache bags to the first 500 registered free pancake breakfast to all participants registration 9m am 1 100 am show time 1100 am 500 pm judging 12 noon sharp registration fee- tor more information can men fri brtvwn 9 in k 5 pn fw ptftfilro 416 291 u ojmyia90519s6i doug petal 90s mtm all proceeds to mawgiamtranltt for the dlsablld cltawtablfrjundatlon sponsors include economist s5n makkvlllc trophies will be awarded for the following categories best pitwar era c best classic car beslpostwareracar tfethxk bestcustomcar test 2ss sports car best tale model tojp best foreign car peoples choi vintage motorcycles awards presentation 400 pm special award of250 for best club participation markville bfi 141 don valley north lexus toyota athlete of the week themarkhamwaxers jennifer skinner jennifer skinner niled the waves at this years markham aquatic clubs annual invitational swim meet the 10year old markham resident who swims for the markham aquatic club outscorcd all 385 competitors ranging in ages from 10 to 19 skinner swam her way to tour gold medals three silvers and two bronze when shes not swimming skinner also takes to the ice where she performs for the markham jhundcr minor atom selects hockey team don valley north lexus toyota 3120 steeles ave e 404pkl 4750722 playground all victors victorias play free on victoria day may 22 daily play hours for children under 7 years hours mon 930 am 230 pm tues fri 930 am 430 pm sat sun 930 12 noon register for our summer craft programs peanut parties available weekends evenings trmtwnheritacb community soyeaxsopjwlorhockelt waxer jratryouts may 7 430630 pm may 8 445645 pm double rinks arena hwy 7 jane contact stephen spott head coach general manager 416 6181422 for details don bremner president 9054774359 r indoor free parking 16thave 3 5970 16th ave at hwy 48 markham heritage centre 9052946705 1off first jour ol play vith his ad ksserl the markham thunder minor novice selects would like to thank the following sponsors k for the 199495 season ttj dt sylvia houghton remax all stars doncastlng reflnishing labetek consulting truck equipment charles dutil manac mcdougall sons manufacturing blnns designers p dr stewart a hansen presidential plumbing petal n bows armari samuel holland equipment bell mobility linda killackey remax all stars j