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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 2, 1970, Lethbridge, Alberta i, 1WO UTHMUOOi HBUUD Elimination Of Estate Tax Receiving Growing Support By I. H. respect to the tax treat- ec There appears to be growing support for the proposition that it the Government's capital Ux proposal is adopted then estate tax should be elim-Baled. Many professional commutators are now advocating thk trade-off. Its acceptability appeared evident from corridor comment from tax practitioners at last week's of death benefits paid in- W der an accident insurance ta ey. Cautiousness has led maay li advisers to the concbuioa that a an accident policy is like We h insurance policy if the de- 11 ceased paid the i late tax will be levied. c This creates complications for the would be estate planner. Whenever he travels' and buys f ence of tbe Canadian Tax insurance at the air- port be must go through the It will likely be some steps of getting c before the Government declares its final position on the matter, and in the premium money from his family and so on, if he wants the proceeds to escape Ux. taxpayers must continue to plan their affairs on tbe basis of exfeting tax rules. In the field of estate planning, a recent judgment of the Tax Appeal Board has once fears ef the overly cautious were calmed somewhat in 1964 when tbe Tax Appeal Board made its first rubac on the subject. One of the victims of the St. Tbereae Air Canada crash had an accidental death estate tax f law. The policy. which was collected Beard's ruiuig win Iw 1 the fatal accident. His inc to those who buy accident tors argued that tbe proceeds weren't taxable on The present estate tax law death because the Estate- Tax DrovkJeTin general terms that Act speaks cdy of taxing when one dies Ux must he instance proceeds and an ac-" _ ____ i nftumMV that passes to someone as a not the same ttnog. resunoThis death. The law The Tax Appeal Boari I then, res SeTgoes on to spell out in speaUag through R.S W. some dlt a i 1 juTwhat the p h r a se "property passing" uooerstandrng ot in various circum- ing the executors were If Parliament had. intended ac Since" 1959, when the Estate oriental death insurance pro- TaxArt was introduced, the be woukltave courts have given many inter- sari so, but.m no event couM of the Uw as it an- the Revenue Department suc- poec B specific circumstances, oeed by saying that such a For msUnceTit is well estah- icy was akin to a Me insurance fished that as regards life in- policy. proceeds collected on fully upheld when the Tax Depart- ment appealed to Exche- quer Court. That should have ent judge. Board Member, J. 0. Wettoo, Q.C. ruled that tfat es- Ute tax must be paid. IB the- light of tbe previous Board ciaoD which was upheld by the higher Court, the taxpayer might have succeeded on a fur ther appeal, but due to thi ill ness of the beneficiary, no fur- ther appeal was launched. This left the state of the law some- what obscured by two conflict- ing decisions. 1 A few weeks ago another case on Uie subject came before tbe Tax Appeal Board. A young doctor was killed k a car acei-. dent. He had three accident pol- icies totalling Hk ec-1 tate argued that no estate tax atould be pail Tbe Govern- ment, rernng oa its aucceat in 1968 case, brought the ease. to tbe Appeal Board where once again, Acting Chair m a n Fordham, who bad decided the original 19M case, ruled that I the law was now clear, that the I Board was wrong in Ks 19M de- rision, and the policy proceeds were Ux free. 1 The apparent conflict in ju- dicial reasoning indicates how daTi-ult it is to interpret tax law witt any'certainty. When two learned tax judges with many yean of experience in deciphering the meaning of the law are able to ghre diametri- cally opposite judgments in I taxed if the "deceased owned ment Wealed to policy himself. It is also now well settled ended the issue, that one doesn't wish to pay However, m esUte tax on the life insurance, ment attacked again, be simply arranges that the to tax toficyis owned by someone ance benefits, but Has, tim else say a trust for his wife the Crown lawyers relied on snd'chiKren. The family head different sectioc of Je law- may make cash gifts to his to- one wiiciihad never been ]uth beneficiaries who use dally interpreted in Canada, to pay tbe-pre- That case also came before I _ rn__. Vail 4-K um the butths The law hasn't been as clear itime ft was heard by a difier cases itith essentially the same! facts, what reliance can a tax- payer pbce on the advice and pinions given him by his pro- essnoal advisers. Such a sitoatioa does not speak well for the quality of he present law. Good law must clear, certain and unambi- >uous if it is to be respected. It is obviously incumbent on he Government to introduce an amendment to the Estate Tax Act clarifying once and for all whether or- not .accident insur- ance proceeds are taxibte. Until Government acts; the unnecessary uncertainty thai has been" with us for over six years, will remain. (Mr. Asper is a Winnipeg MMtMmiM 416 WHi Presents The Bishop Method of Sewing Construction Meet Mrs. M. E. Miller In Our Store TONIGHT From 7 p.m. to 9 p.m. and TOMORROW p.m. to p.m. Mrs. Miller will in our store to answer regarding ttw starting on April 6th Mrs Wilier ii a graduate of the Southern Alberta of Technology m Clothing and and hot had over eighteen years of teoehing In addition, Mrs. Miller taktn mony couraei in the Bjshop Method of Clothing Consrrurtion, >he the only Canadian to hold membership in Bishop Council. Mrs. Miller just returned from Tacpmo Washington where the was assistant. M rtie nationafly. known expert in the Bishop Method. REGISTER NOW! 8 TWO-HOUR SESSIONS, ONE DAY A WEEK ONLY CLASSES BEGIN APRIL 6 AT BAKER'S FABRICS LETHBRIDGE AU INSnWCTrONS GIVW ON THI FABWOUS KRNMA SfWMG MACHMB BASIC BISHOP NO. 1 TwwaWy AfHI 7 a.m. p.m, p.m. April p.m, p.m. April I a.m. p.m. CUP THIS FORM AND COMPUTE MAIL OR DROP OFF AT BAKER'S FABRIC CENTRE LETHBRIDGE NAME ADDRESS CITY TRIPHONI L COWS! DKItlD...............TIME ALL FEES PAYABLE ON OR BEFORE FIRST CLASS I DUNLOP PUSHES PRICES DOWN OVER 126 A-l GUARANTEED CARS TO CHOOSE FROM ALL BEING OFFERED AT GREATLY REDUCED PRICES! S38A 65 Meteor 4-di Wagon V-8, Auto. PS. PB. Radio, Green ond WhiW. WAS NOW M400 561A 67 Plymouth BELVEDERE II 2-Door Hdtop. V-8, Auto, Radio, new paint. WAS NOW M795 656A CONVERT. Bucket seots, V-8, Auto. PS. and. PB. WAS NOW 66 Pontiac EftT. Auto, p: S1895 540A 1966 Ford CUSTOM 4-DOOR V-8 Auto, Radio. WAS NOW...... 51350 877C 1964 Yolks Good car for a student. WAS I NOW 60BB 1964 Chrysler SARATOGA SEDAN 8 Auto, PS. PB, Radio. 5995 WAS NOW 311C 1961 Ford Tudor 6 cyl. Aulo. GOOD SECOND CAR WAS NOW 684A 1966 Rambler MARLIN 2-DOOR HDTOP. cyl. Auto. WAS NOW H150 694B 1964 Pontiac HA. SEDAN 8 cyl. Auto. PS. PB. Radio. I SOOR I NOW 703A 1965 Ford SEDAN o. Radio. '1050 CUSTOM SEDAN 6 cyl. Auto. Radio. WAS NOW..... 5 89 A 63 Mercedes Gas 4-Door WAS NOW '950 583A WAS NOW 1968 Ford 4-DOOR ,Std. M795 CUSTOM 825A 1968 OWs DEL M 2-DR. HOTOf. PS., PB., V-8, Auto. WAS NOW J2850 853A 1969 Pontiac STRATO, CHlEf SEDAN 8 cyl., Auto. WAS NOW...... S2295 18A 66 Pontiac 4-DOOR Airto. Trans., Radio. 3UB 1964 Buick EDAN PB., Rai '850 WILDCAT SEDAN t Auto., PS., and PB., Radio.' WAS NOW 978A 1966 Chevelle 4-OOOR SEDAN 6 cyl., Sid. WAS NOW '1200 .WAS NOW 705A '750 945A 65 Rambler CLASSIC V-8., Auto., Mechanics Special. WAS NOW...... '375 65 UNCOIN miles, beautiful luxury, WAS NOW 603A 66 CMC Ton 6 cyl., wide box IWB. WAS NOW....... '1195 532A 1966IHC12Tofi IWB., V-8, 3 spd., New paint. JS99 WAS NOW...... 728A 1967 Jeep TON 4x4 LWB, wide box. WAS NOW '2200 88 4A 1966 Dodge 1 TON HAT DECK Big 6 4 spd. WAS NOW 11495 2 CAR SPECIAL 1962 Studc. 1958StudeHdlop M-< Buy 62 ond get the it for Bank on-the-Spot financing! 1718 3rd Aw. Lethbrklgi FORD Phone 328-5526 ;