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Lethbridge Herald Newspaper Archives

- Page 42

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Lethbridge Herald, The (Newspaper) - April 1, 1972, Lethbridge, Alberta The lax column Gift tax plan unwise, unfair By I. 11. ASPER Canada's provincial law-mak- ers got tlicir first look (his week at ths new gift tax and succes- sion duty legislation they intend to cnoc', retroactive to January 1. All provinces, except Aliier- ta, are cxpecleti to impose the new gift tax, while the succes- sion tiuty legislation will only lw enacted by the four Maritime provinces, Saskatchewan and Manitoba. Quebec, Ontario and British Columbia will retain their own succession duty systems for I ho time being, and Alberta intends to slay out of the field entirely, Because of (lie Alberta move it may be only a matter of time before B.C., Ontario and QiEbcc rethink Ilicir positions. Ontario treasurer Darcy McKcongh has implied that on several occa- sions. The new uniform CM ft Tax Ac( now being debated for second reading in the Manitoba legisla- ture, is, presumably, the model all nine provinces will adopt. If that is so, the model should be rejected and re p 1 a c e d with something of better quality. Some comment on gift tax theory is in order. Gift taxes don't raise revenue perhaps a few million dollars across the entire country. Tlieir purpose is to prevent [icople from giving away their assets during their lifetime, so that when they die. their estates will lie larger and the clcalh taxes greater. exempt gifts cannot exceed 000 in. any one year. It will ho interesting to sec if all parlici- provinces stay within those limils. Tax rates begin at 15 per cent and escalate to 50 per cent. Gifts made by non residents This only works if the taxpay- 1 to people within a province will er is prepared to die where lw only be taxable when they tako lives. If not, he might spend liis I the form of real estate. So he productive years in Saskntche- makes yon a cash gift which wan, then move to Alberta after retirement, in which case isn't taxable, and yon can then buy his cottage with the money. there will be no death taxes And are genuinely levied on his demise. piw.vded when they leam that The most offensive aspect o[ i Ibere Ls growing disrespect both the gift tax act is Ibat it Ls ret- i [or the law and the law-making reactive. Not only that, but it profession, provides lhat the government, These few changes in them not the legislature, can at any time in the future make regula- tions nr.der the act retroactive- ly. Regardless of the protesta- tions of provincial finance min- isters, retroactive taxation can not be condoned. LAW The scheme of the new law is fairly straightforward: all gifts made by a resident in the prov- ince are taxable. Gifts of up to Saturday, April 1, W7S UTHBRIDGt HSRAID 27 self constitute a major reversal of the trend toward enlightinent in tax legislation. The federal gift tax law since 1968 (now j abolished) had permitted a; taxpayer to make an unlimited j number of tax free gifts if they assets between themselves with- out tax consequence. XVOHK SET HACK The new tax on gifts from husband to wife sets hnck many years the work of those con- cerned with improving the sta- tus of women within our so- ciety. One advance is made for wo- men in common law marriages. They arc given (lie same tax status as wives. That is, while under lire definition of a lax free gift to a wife, one had to he a legal wife, tile new def- inition includes one with whom the taxpayer has lived for at Radley Retil'CS least five yecrs and has held i out to the general public as his wife. It's a bit restrictive, but definite progress, There is a startling provision which requires every person who has made any gifts at :i Bond prices Supplied by Alran Doherty McCnaig Limited B'C' Tel GOVERNMENT OF CANADA BONDS fJpll 'ry.j qiL Vt'.r Sept. 1, '72 SI3.WI 100.10'Bell I'1-'1- 5'2% Oct. 1, '7rt 23 Flcnvsr 17 Noted wi-ilir.: 29 Until crjiloq. 31 j 18 Pnlirirs! 32 Short isvirrt TVEKK'S SPmun f.lirv 9 Latin vo.-h L .1? Quasi at SI fSriint) T remark: 43 Prior nigh! i f: K Y P T O G It A M S i F i. A M o R F i; n M c: n p. c, M F r, i. A F H n A s r, R f o OM r: R r n M s G o ir J G L H f! Bv 2. E L 1 H Y F, X T I E X 0 N O Q U 0 N A T A K V M QUHAWRYW O7Z GUX FIOJ G K XX O V T O 7, W 1. N' O O Q Y. I. S G I" X s. Mti D r, R r. G R r, E n Y M u n w n o p p i n TIBY GUX 1 X O Q U y Esthfr MiiopruiDY Mrn c, R r. Rv India M. Ppcny 4 f n I n A D o n v, s J r n E o N A n r. o AD i T R n 0 T H N I) F, i: P C N G R ,1 .1 K I PA .lonpi Ust Wcrk'sCryploRTam. 1. Irritahlf fynipliony ronrlnrtor WTV farf pbvrr blr" jour 2. Hue the poor ttal rliftk girl ft ntre lip. She hM clO'.rn rot Ion ppnplc to pi i1 1972 by o Y. Inc- World fiishts Reserved ;