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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 1, 1972, Lethbridge, Alberta Solurdpy, April 1, W7J HERAID 27 The lax column >v. Gift tax plan unwise, unfair By I. II. ASI'ER Canada's provincial law-mak- ers got llitir lirst look (his week at the new tax and succes- sion duty legislation Iliey inlrncl to cimcl, retroactive to January 1. All provinces, except Alber- ta, arc expected to impose Hie new gilt tax, while the succes- sion duty legislation will only lie enacted by the (our Maritime provinces, and Manitoba. Quebec, Ontario and Brilisb Colombia will retain their own succession duty systems for (he- time being, and Allwrta intends to stay out of (he field entirely, Because ol tlic Albeita move it may be only a matter of lime belorc B.C., Ontario and Quebec rethink Ilicir positions. Ontario treasurer Dnrcy McKcongli has implied Itiat on several occa- siCHls. The new unilonn Gift Tax Act now being debated for sixxmd reading in tlie Manitoba legisla- ture, is, presumably, the model all nine provinces will adopt. If don't raise revenue perhaps a few million dollars across the entire country. Their purpose is to prevent ]ieoplc from giving away their assets during their lifetime, so llial when they clie- tlieir estates will lie larger and Die clcalli taxes greater. Tins only works it the taxpay- er is prepared to die where lie lives. If not, he might spend his productive years in Sasknlche- then move lo Alberta afler retirement, in w h i c li case there will be no death taxes exempt gifts cannot exceed 000 In any one year. It will bo interesting to see if all partici- iwting provinces stay within those limils. Tax rates begin at 15 per cent and escalate to 50 per cent GUIs made by non residents to people within a province will cj only bo taxable when they lake the form of real estate. So he assets between themselves with- out tax consequence. WOHK SET BACK The new lax on gifts from husband to wife sets I'nek mnny years the work of those con- cerned improving the his of women within our so- One advance is made for wo- men in common law marriages. o levied on Ins demise. L when they learn thai most oFleiusive aspect o[ j lharc is growing disrespect both the gift tax act is that it is ret- roaclivc. N'ot only thai, but it provides that the government, nol Ihe legislature, can at any time in the future make regula- tions ur.dcr the act retroactive- ly. Regardless of Hie protesta- tions of provincial finance min- isters, retroactive taxation can not bo condoned. NEW LAW The scheme of the new law is {airly straightforward: all gifts thal is so, the should be made by a resident in the prov- [or the law and the law-malting profession These few changes in thcm- self conslitulc a major reversal of tile trend toward cnlighlment in tax legislation. Tho federal gift tax law since I9C8 'now abolishc'd) had permitkd taxpayer lo make an unlimited lax free gift lo a wife, one had to be a legal wife, the new def- inition includes one with whom I the taxpayer has lived for at least five veers and tiny nckl _ out to the general public as his wife. It's a bit restrictive, bul j definite progress Thore is a startling provision which requires every p o r s o n has made any pifts at all Bond prices Supplied by Alrai !i-V' Dolierty McCuaig Limited GOVERNMENT OF CANADA DOUDS jjpli T2 saw lUOlo'Rell Tel. '75 117.75 S..-PI. Oct. .Jill. Sec nil Jut. Sept. "if, 107.m 1.1 4Q.C1J i.: l, '7-j ioo 5u "if J. 75 IG2.50 Kn.I.'i; lnlfr p I, '9.' ftl.OO il'i It! M3SM.-V PV- PROVIHCIAL GOVERNMENT OF CANAOA GUARftNTEtD DONDS or all under rejected ami re p I a c e d wilh j ince are taxable. Gifls of up to something of better quality. to a spouse, plus gifts of; the wife coi Some comment on gift tax i or lo individuals arp j lion of fa theory is in order. Gift taxes I exempt but the (otal value of nnd wife More important, the old law fi- nally had the fiscal equality of women, In recognition of the fact that if tlicy each I of or not the fjift.s nrp taxable. The old fcclei-al law re- quired returns to he filed only if Ihey were taxable. "nett msine-ss manager Thr retireinont of F.. R. nedy. Saskatchewan. came to 'cdj Iladlcy as business man-! Lcthbridge in 1946, attended ontribuies lo 111" crea- Wo arc tllus confroilted with ager of The Herald and the ap- j business college in Lcthbridgc imily asscls husband lllD spectacle of cv poinlment of Kenneth R. End Hci.aU slaff in were free lo transfer i 1W7 as office boy. He has been Weaker trend evident By PETKF. Canadian Press A lack of trading and investor enthusiasm combined to force prices on most Canadian stock markets lower for the fourlh consecutive week in slow trad- ing Uiis week. The market's downward trend has ficcn by analysts as a "period of consolidation" rjler several monlli.s of consis- tar gains. Observera raid the lack of trading indicates that investors have not lost confidence in Hie market, but simply have taken lo lha sidelines, content lo re- main out of the market until Hie trend ends. At Toronlo, prices were lower III? Christmas pros e n t s, the birthday gifts IK'S made and such. If this is a drafting over- sight, a quick repudiation from j government will be welcome, j but if it is intentional, one can four serious on tlie Toronlo "switching issues" as investors j assume that millions of Cnna- maj-ket. Tata I volume was 6.98 continual to lake selected posi- dian taxpayers who don't, read file annually the details of j nounccd by Cleo Mowers, pub. lishcr, and T. H. Adams, gen- eral manager, Mr. Radley, born in England, came lo IjCthbridgc as an in- million shares, down from 11.15 million a werk earlier. All Canadian and U.S. mar- kets arc closed today observing Good Friday. Gold issues recorded the only advances during the week. Ob- servers atlributed Ihe gain to a higher foreign exchange value for the Canadian dollar arid in- creased trading and higher prices for gold on international bullion markets. At Toronto, the gold index .07 poinls, closing Fri- day at 177.M. 57.4 million shares, down 15.7 er features of the plan, which per cent from dip M.I million will be dealt with in a subse- tradcd On Wai industrial blue-chip Street, Ihe Dow Jones average of 30 key issues dropped 1.58 for tlirec of Uic four trading ses- sions, posting fractional ad- vances in a session of "bar- gain-buying" Friday. The Toronto Mock market's BKan.i., industrial index, major indica- (or of market trends, fell 1.119 points to 197.7-1 Friday. At Now York, prices were generally unchanged for the second consecutive week in light trading. On the Montreal and Cana- dian stock marker, the compos- ite index fell 2.C4 points during ilia week, 1M.77. Combined volume on Ihe two exchanges was 4.82 million shares, compared with 5.18 mil- lion last week. Trading was light during all points to 940.70. Volume on Ihe closing Friday at IN EDMONTON Stay At the RIVIERA THE HO1EI WITH MORE TO OFFER AND WE NOW HAVE COtORED TV for Your Convenience In Making Resetvnlloni CALt AND ASK FOR LONG DISTANCE ZEmlh 0-7255 al no cosi lo you IVIERA MOTOR HOTEI, J359 Cnlgorv Troil Edmonlon, Albeiln (403) 434.3431 Telex; 037.7510 New York market was 55.78 million shares, down from M.20 million a week earlier. Base metal Issues plunged lower as investors re- acted to an announcement major copper producers that they will comply with a federal government request to dslay any renegotiations of copper conlracts with Japanese cus- tomers until April 30. A spokes- man for the federal government said it appears there may be n concerted and monopolistic ef- fort by Japanese smellers, lo change existing legal arrange- monls wilh Canadian producers. During the week, the Toronto market's base index lost 1.15 points, closing Friday at 9C.BG. Western oils dropped Qbscrvcrs said large amount of alcly there lower. HAY REALTY LTD. APPOINTMENT DON MacDONALD Mr. Homihon, Manager of MAY REALTY LTD. is plcai- ed lo announce liiai Don 0 on a Id has joinod fho Rosi- cfcnliol and Commercial Dcpl. as a Coniuhnnt. Don has successfully complcled Ihe Lethhridgc Real Eilofc Board exams ond ii lookinp lo Ihe opportunely of meeting and serving fha public. Call him for oss-ijloncc in ihp sals or purchase of Real Eilote in 'pressiori of cDniarni; 51 Holy perse Fr.ahhr. hosrdirg IBdlU 31 Pat .13 Legal wro 35 French 37Craflgvhil Indian 4! Rod SHADES O.-EDISOW-INTOY- LANR 80X FORONtLDHENUSES CYIIN- DER RECORDS THAT PLAY 30M1N. FMLtSlC. SELECTIONSARE BYASLLDING NEEDLE- LIFTING HAVING INCOME TAX PROBLEMS Wliy Not Come To Us? EXPERIENCE COUNTS FOR PERSONAL OR SMALl BUSINESS RETURNS L. HOWARD BUSINESS SERVICES No, 5 MatcalF 303 5lh S. Phone 328-3966 for oppolntmeni 7 Pro'-'d 62 64 Pol hrrb fi5 Ail 66 FlMhy fn., Gt) Spir.ierf 70 Dark 71 poui 72 md (ralhsred 14 Eng'iih 75 A me ri ran V 1 ttlge 79 EM-Jva 15 flevaip IGProl.l l A'abar .1? Cubt R1 Oh'j i D u B4 Dnrjma 25 CucWIr 03 World I II agem V el low 9? Traden D4 Dried L 97 Trial Sti Chceri 100 About 101 Drah hont 102 French Ladies' 104 Kind c( lire 105 Final leave 107 Indian weight 108 Biing fonh VOling ;09 Lflliei 11 1 Bnnif 1 I? Crjrr.p.n; DOWN fli-'fr mug J1 Pf-jriLSil d-l Diagram I fiSS Fcorrh Ifi, In- Alien D. ACItOSS ill; 20 S- H. H. Smith Ltd. Customs Broker COUTTS fhon. GPrrtjrn.nino Hi" Valiran H ArO'P 13 B'hl-rj' rarr? 14 IndiMfi 17 Noted IB Pfiii-ra! 71 i ?4 Thr wupn- ?r. Relln.T.lilh J7 .lacoh'i 2S flora: M Al'fcrrdlv Conkmg 4U t I OL-.iir 4? Ammal horn A Hmdu cfM J name IS Konsn HflU lEia'tv Fi1 SrJ hfifVD fpiiiva! 51 On nfqa (Oli O'l DOWN 1 Homer Thin F.Tan'l rtofl .1 Pp-ifl' 5 Vessel 6 holy psnnd B Ppri an QUSS, IF, D 9 Lai in '.c.-h 37 11" 4; n i-.r..e 3? 1C D .IDSilsn S.I 43 f'nor nlqhn pprmrli f U Y P T O G H A M -S F 1. A M O R F C n M r: O R fJ II F I. A F E) It A I) H 1 f; H s r, R i- o o M r: R F n M s o o r G j r, L M n 2. F. L T H Y F. X T I E X 0 N O or LAM TJ'EKK'S QUHAWRYM C, E X X O V T O7Z GUX O 7, 1, N (1 O q F. I. N TIBY GUX r, r X 7 X O Q U By E-thfr Nnill 3. M U D CRT, C R P E T) Y MUD u n p p i ir w T MID w 11 op r i ii unoppinnY Men t I' Cr T 0 A T R n 0 T Ff o n r. s J r M F o N A N II r, i: n T N G R ,I .1 H I t. n AD PA IXIK .I.-.HP 1, Irrilahlf Fvmphnny ronnlnrtor maHf wrv fare his flis'o plover 2. fine the poor ha I rhftk pirl fl mre tip. She hfli clr'.rn TCI! Ion pc-nplc to 1 1972 by Y. r.d. Ire, V.'orld flights fieierved ;