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PAGE 4 TERRACE BAY NEWS AUGUST 16, 1972 NORTHERN AFFAIRS HELPS #7 Ontario's Property Tax Credit Plan: Ontario has a new Property Tax Credit Plan which will lighten the tax burden on most residents of the province. It replaces the old Residential Property Tax Reducation system which was in effect through the past four years. In this year of transition from one plan to the other, municipal tax bills are rising and many people do not understand why. The answer is that the increase re- sults in part from the winding up of the old plan. But-for most Ontario residents, at income tax time next spring, new tax deducations or refunds will more than make up for the extra money that is paid out now in municipal taxes. The new plan means that the majority of the people in the province paying property taxes or rent-event if they only rent a room in a home-will receive more money back than they would have under the old plan. A number of middle-income earners will receive roughly the same amount under the new plan as they did under the old plan, and higher- income earners will receive less. The obvious difference to most people is that they have to put out more money due to higher municipal tax bills this year, and they won't get their offsetting benefit until they file their 1972 income tax returns early in 1973. It is important for municipal taxpay- ers to understand that the provincial government, in adopting this new and better tax relief system, is responsible for the largest portion of the increases in most 1972 municipal tax bills. It was not possible to give local municipal councils any alternative to including in 1972 tax bills the amount formerly paid by the province. Ontario's property tax credit plan will work through the personal income tax system administered by the federal government. The tax credit benefit will be paid out in the form of an income tax refund or a reduction from income tax otherwise payable. To get this benefit, therefore, every taxpayer must fill out an annual income tax return = including a special extra page for calculating the Ontario property fax credit - and submit it to the Department of National Revenue. : Each person filing a tax return must calculate the value of the tax credit he is entitled to, and must sign a declaration of the amount of property tax or rent he actually paid in 1972. To prevent abuses, taxpayers must also be prepared to substantitate this declaration, upon request by the Department of National Revenue, by submitting a tax receipt or a rent receipt. For the 1972 tax year, any genuine receipt or cancelled cheque will be sufficient evidence. In subsequent years, standardized official receipts will be provided for this purpase. - J.L. Scott, Northern Affairs Officer. RECREATION NEWS Playground Programme Ends This Week: A reminder that all children who have been attend- ing Playground that the programme will end this Friday, August 18th. Part of the wind-up ceremonies will take place on Thursday evening, August 17th, at 7:00 p.m. in the Terrace Bay Campus auditorium. This will be Play- ground entertainment night and anyone attending will be able to see at first hand what has been happening in the Playground programme this past summer. In addition to the display of crafts, the Playground staff have lined up a good evening of entertainment. Admission is free so we hope that you will be planning on attending Playground Enter- tainment Night. Annual North Shore Swim Meet This Saturday: The Terrace Bay competitive swim team will be travelling to Marathon this Saturday, August 19th, to compete in the annual North Shore Swim Meet. Our local swim team has been practising regularly with the hope of bringing back the North Shore trophy. All swimmers will be transported to the Meet by bus. There is room for spectators; if you are interested in going as a spectator, be sure to call the Recreation Office and leave your name. A nominal fee of $1.00 will be charged per spectator. Swim Awards Night, August 31st: A special wind-up programme for the Swim Pool will be held on Thursday, August 31st, at 6:30 p.m. in the Curling Lounge. Presentation of Red Cross and Royal Life Saving badges and crests, along with swim meet ribbons, will take place. All swimmers are urged to keep this evening free. The highlight of the Swim Awards Night will be the presentation of the Duriez Trophy. This trophy is presented annu- ally to the swimmer who has shown improvement in areas such as swimming ability, contribution to swim team, improvement in skills, etc. Coming Events = page 5