President Avrum opened the meeting and read the land recognition.
Gerd led us in the National Anthem.
Avrum gave a toast to King, Canada, and Rotary.
12 Members were Present, and Basil’s guest, Dorothy Evans
Barry introduced our speaker today, and our President, Avrum, gave us some tax tips.
· He explained what a ‘Bare Trust’ and that for the first time (tax year 2023) a T3 Income Tax form will have to be filed.
· Avrum explained that the difference between a tax credit and a tax deduction is that tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. A tax credit valued at $1,000, for instance, lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your income is subject to taxes.
· If you are receiving a pension, you can claim a pension credit of $2,000. Couples can do a pension income split, which may result in tax savings for the two of them.
· If you are self-employed, there are many deductions, including any expenses you incur relating to your business. If you work from home and have a ‘home office,’ you can claim the proportionate amount for items such as heating, property taxes, mortgage interest, internet, etc.
Basil thanked Avrum for a very informative presentation.
Announcements:
Gordon advised there will be Pub Night on Thursday, the 21st, at Southsides.
Avrum advised that a committee was being formed to organize the fall fundraiser (Dinner and Dance at Centennial College). He asked anyone interested in being on the committee to let him know.
Sergeant-at-Arms.
Frank was our SAA and just asked for happy bucks.
Dhanni was happy to be back after her long vacation.
Frank enjoyed going to the TFC game with Basil (especially as they won!).
Barry enjoyed his week in Ottawa with his grandchildren.
Danny had been with his granddaughter, who told him she knew a lot of words, so he gave her an example – “onomatopoeia,” and she surprised him by knowing what it meant!
Arthur was happy that he is going to Florida at the end of next week.
There being no further business, President Avrum closed the meeting.
Announcements: 
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