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"It‘s not that easy, but it is moving in the right direction," he said. M oo neruiet Price Waterhouse in Kitchener, believes it will be a few years before people get used to all the tax credits. With expanded listings and more tables, it would seem easier, lggt Brad Lund, a tax manager at P n eeeananity New things about this form, according to Carmel Bunte, an accountant at Bunte and Bunte in Waterloo, are: an accrual form for Canada Savings Bonds; the Goods and Services tax credit applicaâ€" tion has been expanded to fill a complete page; all tax credit forms now include tables which indicate whether or not you are likely to receive that particular credit; the medical expense schedâ€" ule has been expanded to allow more listing room; and the disaâ€" bility claim has been increased. cCona 4 6 -’,’I:“\\\“' ’ T es ; e | Believe it or not The 1991 T1 income tax form has just come out, and though it may seem more compact, it will be‘Just as taxing to fill out. Brad Lund, a tax manager at Price Waterhouse‘s Kitchener office, says investing time in your personal tax strategy can help you minimize your taxes, both shortâ€"term and longâ€"term. Therefore, Lund offers the following tax tips, selected from the Price Waterhouse Personal Tax Strategy 1991. Automobiles â€" taxable benefits If your emplayer provides you with an automobile, you are oonsi%red to have two fypes of taxable benefits: a standby charge (which reflects your access to the car) and an operating expense benefit (if your employer pays all or part of these expenses). _ Effective, January 1, 1991, original cost and lease payments do not include the GST or any provincial sales taxes. TIPâ€"The standby charge is calculated on the original cost of the car and does not decrease as the value of the car declines with age. After a few years, it may be cheaper to eliminate the standby charge by buying the car from your employer. The standby charge is mlculaieddlrff;e_fitly depend: ing on whether the employer owns the car or the car is leased. Develop_ a strategy to reduce your taxes A reimbursement of reasonable moving costs by your employer is not considered a taxable benefit. On the other hand, you cannot deduct costs that the employer reimburses. TIPâ€"If you started work at a new job in Canada that involved moving within Canada to a home at least 40 km closer to your new work location, the interest Elfgible mt;ving expenses include travelling’com for you and your family, including a reasonable amount for meals and lodging; moving and storing costs for your household effects; the costs of cancelling a lease or selling the old home; and legal costs of purchasing a new home. Eligible expenses are deductible ?)fily from income earned at the new location. Amounts not deducted in one year may be carried forward to the next year. _ Eligible moving expenses incurred in connection with beginning employment or fullâ€"time postâ€"seconâ€" dary education at a new location in Canada are deductible if your new residence is at least 40 km closer to your new work or school location and if the expenses are not reimbursed by your employer. . Moving expenses THE ULTIMATE DRIVING EXPERIENCE. THE NEW CHOICE FOR THE CONNOISSEUR. PRICED FROM $38,800. Motors T H E N E W B M W 3 2 5is C O U P EP WATERLOO CHRONICLE, WEDNESDAY o o en e o o en escE The capital gains exemption available in any year is reduced by the amount of any allowable business investment losses and allowable capital losses from other years that are claimed in that particular year In addition, an exemption claimed in the year is reduced by any CNIL that is accumulated. TIPâ€"Each family member is entitiled to his or her capital gains exemption. To mutiply the exemption begin a program to rearrange ownership of capital properties. Corporations and trusts do not qualify, although capital gains flowed to beneficiaries from a trust are eligible for the exemption. If you are aresident in Canada only part of the year, you may still claim the exemption if you were a resident of Canada throughout the immediately preceding year or the following year se m e oi s en mennmtie A lifetime $100,000 capital gains exemption ($75,000 of taxable gains) is available to individuals on almost all capital gains, net of allowable losses for the year and allowable business investment losses (ABILs w}’x‘ether realized in Canada or elsewhere benefit on the first $25,000 of a housing loan will be taxâ€"free. This exemption is available for the first five years of the loan.Capital gains exemption Arre un esd T E Bâ€"K MOTORS 485 King St. North Waterloo, Ont. N2J 225 (519) 885â€"5090 "People are frustrated They would rather just have somebody care of it for them ~ Even though Revenue Canada is working to make the tax form less complex, Lund sard the trend over the past five vears has been that people are not doing their own returns, and he said he sees the trend continuing "It‘s the direction things are going these days." Lund said. "Everything is going to electron ic. It saves time on both ends. Another new feature this year is that Revenue Canada is experâ€" menting with direct deposit of refund in western Canada. If people want their refunds, GST credit or child tax credit prepayâ€" ments deposited directly into their bank account, they are to give Revenue Canada details of their bank account on a new form called TIâ€"DO JANUARY 29. 1992 â€" PAGE 9