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JANUARY 16, I974 TERRACE BAY NEWS PAGE 5 Industrial Development Bank opens Northern Ontario District Office The Industrial Development Bank recently opened its North- ern Ontario District Office in Sault Ste. Marie to assist in im- proving its service in the region. The IDB branch offices in North- ern Ontario at Kenora, Sault Ste. Marie, Sudbury, Thunder Bay and Timmins will report to the . Supervisor of the new office, Mr. ~ W. H. Jay, who was previously .. Assistant Supervisor of the Ontario Regional Office, Toronto. DB 'makes term loans to busi- nesses which are unable to ob- tain their required financing from other lenders on reasonable terms and conditions. IDB lends to practically every type of business and in Northern Ontario it has loans to manufacturers, tourist industry, wholesale and retail trades, agricultural businesses, and many others. It currently has over $35 million out in loans to some 1,000 Mr. Grossman continued: "We expect that two out of three Ontario taxfilers will share in these tax credits. Many pensioners, for example will get somewhere between $126 and $300, depending on their particular circumstan- ces." Eligible residents must fill in certain pages of the federal income tax return and the purple Ontario Tax Credit Form attached inside the tax package, in order to claim - even if they have no taxable income. "I strongly urge senior citizens, welfare recipients and other residents who are not waiting for T4 or TS slips to complete and mail an income tax return as early as possible," Mr. customers in Northern Ontario. LEGION BINGO TERRACE BAY' Monday, January 2Ist - 7:30 P.M. JACKPOT ~- $65.00 SORRY NO MINORS ALLOWED ~ PUBLIC WELCOME PENSIONERS SHOULD FILE NOW FOR ONTARIO'S TAX CREDITS Pensioners and taxpayers who are not wait- ing for T4 or T5 slips should file now for their fair share of Ontario's tax credits, Revenue Minister Allan Grossman has advised. Mr. Grossman told a Toronto meeting of senior citizens that residents who have no taxable income stand to benefit most from On- tario's Tax Credit System and should claim their tax credits before the rush of federal income tax returns begins. "This year's tax credit program, which is integrated with the income tax system admin- istered by the federal government, has been expanded," Mr. Grossman explained. "We have added a sales tax credit and a pensioner tax credit to the property tax credit. It is estimated that about $300 mil- lion in benefits will be paid to Ontario res- idents to bring greater fairness to the pro- vincial tax system," he said. Grossman said. Residents who have not re -ceived an income tax return in the mail should pick one up at.the Post Office. Mr. Grossman said citizens requiring help in claiming their tax credits should contact either the nearest federal district tax office or telephone the Ontario Tax Credit Informa- tion Centre. The Centre can be reached, free of charge, by dialing "0" and asking the operator for ZENITH 8-2000. Residents within the Metropol- itan Toronto local-calling area should dial 965-8470. The three tax credits are related to tax- able income. The claimant must deduct one per cent of taxable income from his total credits to determine his net credit. The property tax credit is designed to off- set the burden of municipal taxes for home- owners, tenants, roomers and boarders. The sales tax credit, equal to one per cent of total personal exemptions, provides relief from the retail sales tax, particularly for senior citizens and low-income earners with large families. The pensioner tax credit provides addition- al tax relief for senior citizens and is equal to $I00 for a single persioner or a married couple. Traffic Accident Accidents are caused by those who drive in high with their brains in neutral!