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New matters
re:-TAXES —

contributed by-Cortified General
7 Accountant Association of B. G.. :

— file —- is the. ‘Revenue

Canada name for an electronic .
filing process which has been ©
expanded |
. Tesidents’ 1991 returns. If you
decide to E-file, your return will

include “B.C.

go. ‘directly. from. your: CGA’s

- computer to’ the Revenue Canada:

Taxation “Computer | ‘over a

a telephone line. ~

‘oFederal. ‘surtax — the 3%
- surtax on high incomes has been
The

raised to 5% for 1991.
threshold above which it applics.

has been lowered from $15, 000° :

to $12, 500.

B.C. Temporary’ Suriax, - a aa
there is a new 10% surtax on.
B.C. tax -in excess of $9,000 -
applicable to the 1991 through —
1994

taxation _years. It is.
reduced by a $50 non-refundable
tax credit for each dependent.

*New "measures — for. the
disabled — |

a)the disability tax credit has .

been increased to $700;

b)attendant care costs of up to.

$5,000 not deductible against
employment income, qualify for
the medical expense tax credit.
c)home modifications, designed
to provide access to the home,
‘or rooms within it,

mobility restrictions . but ‘not

‘confined to a wheelchair, qualify |

-for the medical ‘expense tax
credit,

d)businesses are how allowed a
100% write off in the year of —

installation for modifications to
their premises designed to

accommodate disabled persons, —

whether customers or employees.
e)recipients of lump sum C.P.P.

disability benefits may spread
the amount over the years to.
which it relates as opposed to |

reporting the, whole amount in
the year of receipt.

to ‘the -
persons with permanent, severe.

RRSP. CONTRIBUTIONS
_ MADE EASIER |

Ask) your “RRSP. Specialists about
| . the AGGUMULATOR Retirement
At _Investment C ertifi cate. . -

»

| eankot Montreal
- Wer re ‘Paying Attention _

a - 1666. ‘Lakelse. Avenue ~ =
! Bs, .. Terrace, BC a
met! 038: 1131 ee ee

oa

‘We can help y you choose the RRSP
that’s right for you,"

"The Mutual Group has'a full Hi range of Registered
Retirement Savings Plari Investments. Letus help —
you make the choice that’s best for your needs.

 Skeena Mall —

Terrace

ph. 635-2387 . uw The Mutual Group.
Lemania ne Canclil . Facing Tomorrow
tnvesico Ine. two of The Mutuat Group: a Together

L

Borrower beware...- :
more to mortgage costs than meets the eye |

| “contributed by the Society of Notarles Public”

- Purchasing a home usually means arranging a new mortgage. As
you consider your mortgage options, don’t overlook the. added
.]--costs that can: amount to a surprising sum for the unprepared. °
~ Prospective borrowers should make themselves aware of a number
of costs that are associated with obtaining a mortgage — “collective :
~ dy they can add wp ‘to thousands of dollars. 7

ou For: personal service, call: ‘OF drop: In and. $60 us.Poo a}:

Ta Slips
By what date should one have received all T-4  alips from
employers? :
If you don’t have a T-4 slip by the second week in March,
contact that employer. immediately.

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py yyy yy ove. 2
oo

a

‘Notarial or egal fees — the cost to have: a Notary Public or

lawyer prepare and register the mortgage varies depending on the

_| amount of the mortgage. Expect to pay between $100 and $450 in. .
ad addition to the fee for conveying title. — the higher the mortgage

amount, the higher the fee.

f

-Notarial or ‘legal disbursements — in addition to ite feels, you'll .
pay certain disbursements such as title search and title agent fees .
“as well as the registration fee to file the mortgage. (and any title -

transfer), in the Land Title. Office.

Application and/or apprattal fee — lenders usually collect a fee:
to process the application for a morigage to cover * credit checks, :

property appraisal, etc.

we

- Surveyor’s fee — most lenders require a certificate from; a B. C..
Land Surveyor to confirm that all buildings are within the-lot: —
boundaries. An existing survey certificate from a previous mortgage *
on. the property may reduce the cost, but one. may not be available, - .

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Tax holdback - —_ lenders’ may withhold ; a portion of the , mortgage | ;

funds to be applied to the following. year’s property taxes.

- Interest adjustments - — some lenders hold back part of the |
mortgage funds to pay interest from the date the money is loaned
_ to the actual start date of the mortgage (interest. adjustment date). .

Broker fees — although n not noimally used in mainstream residen-

tial mortgaging, a mortgage broker may be hired to find a lender
and will charge fees for services. You may also owe a finder’ 8 fee
- to the person who referred you to the-broker.

Mortgage insurance fee — if the mortgage amount is greater than —
75% of the property value, then a repayment insurance fee is

charged of up to 2 3% of the mortgage amount.

CARLYLE SHEPHERD & CO
_ CHARTERED ACCOUNTANTS

"The Tax Professionals’ "

e e Financial Planning» |
@ Income Tax Planning |
_@ Income Tax Returns Prepared -
-@GST Planning/Recoveries

_.In Terrace, contact:
JOHN G. McMYNN cA.
ERNIE DUSDAL CMA.
2nd floor: :

“4544 Lakelse Ave., Terrace:
a Phone 635-6126 |