旼컴컴컴컴컴컴컴� 컴캑 Capital Gains 쳐컴컴컴컴컴컴컴컴컴컴컴컴컴컴컴컴컴컴� 읕컴컴컴컴컴컴컴� The big tax issue for 1994 is the $100,000 Capital Gains Exemption. We have covered this subject in previous newsletters. We know that many of you will be affected by the change, and cannot stress its importance too strongly. Many of you will not want to tackle the calculations alone. If you want professional advice, get it now! If you wait until tax season, your advisors may not have the time to give your situation the attention it deserves. Your 1994 tax return will be your last opportunity to claim this valuable deduction. You may think it does not apply to you. Run this list through your mind to see if you own any of the following assets:  a cottage  land  a rental property  stocks, bonds, or mutual funds  investments you have inherited  company shares bought by payroll  stock options If you do, take time before December 31 to check out whether you should be claiming capital gains this year. The first and most important question. Has the asset gone up in value since you acquired it? If the answer is yes, you have a capital gain and may find it beneficial to claim the exemption. If the answer is no, you don't have a capital gain, and therefore cannot use the expemtion. If you do have capital gains, for each asset you own, you will need both the acquisition cost and its value as of February 22, 1994. You will need to know if you have a balance in your Cumulative Net Investment Loss (CNIL) account, and whether you have claimed any or all of your Capital Gains Exemption in previous years. Crystallizing the gains may increase your tax liability, trigger the clawback of OAS or UIC, and/or reduce other refundable credits. Projecting your 1994 tax return, both with and without the gains, will allow you to evaluate the pros and cons of claiming the exemption before it disappears.