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Lethbridge Herald Newspaper Archives

- Page 42

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Lethbridge Herald, The (Newspaper) - April 13, 1972, Lethbridge, Alberta 18 THE LflMBRlDOE HERALD Thimdnv, April 13. 1971 EDMONTON H.T> Alber- ta's fiisf biuli-rise development fin- senior rey Kiwanis I'lai'c-. was open- ed Wednesday ly 1'ivmier IV Icr I.oufjheefl. Built at n Iliun J4 million, the liiiiltlini: will ac- L'uiunuxlaU' Ml lenanls and fHiesks in mliliuon lo It contains 272 M.'lf conlaineci bachelor suites and tvi one-bed- room iiniL-i v. itli provision For caretakers, rccfeallon areas, laundry and mcclitijr riKini facililics. A sin sjli; uri-y al ladi- cd fonliiitis 4ii single I LI n i I s and three pav will amount 10 j male housekeepers was lounc! A t o r n i1 y ticneral Rolwi't! lo be less lhan that of their VTofKbbl sciid the filling hyjmale coimterparts who did the t'.S. District Court Judge same work. Citizens 'lo walk for wealthy cause' rliii-f 1'residcnt Julius iVyercre iiatnod ilumhc, S'2, lirsl vicc- jiresidL-rit nf liinzanin day after Zanzibar's ruling rcv- ohilionary council clcclcit him L'lKiiriiuin. Kfiriiinc iviis ass.'tssinnled Insl Friday hv (out1 gunmen The inland of Zanzibar and mainland Tanganyika united in lo form Tanzania. Under Tanzania's interim con- stitution, iS'yerevc is empowered lei appoint n first vice-president who aiuoinalically heads tlio guveniiucnt o n 7. tin zi bur. Ilouevor, Karumc ruled Zan- zibar of the Kevolutionavy and tho Afi'o-Khirazi parly, the islaiid's only political movement, and lefuscd lo permit interference frcin es Salaam in the is- hujtl'.s Jnlernal affairs. .funiht' was tninislcr of slate under Karume. LEASE From your Franchisecl NEW Car Dealer More Flexible I en sing t Belter Service FocHilies 9 Regular Inipechoni Retler choica of madeli Your leaie tnn include maintenancu, licence, and insurance INQUIRE NOW INTO THE ADVANTAGES OF LEASING OVER BUYING ConlacT BORIS KORESHENKOV Beny Automotive Enterprises Ltd. 7 Avenue and 8lh Street 5. Phone 327-3147 OTTAWA fCP) Canadians were urged Wednesday "to walk for a worthy cause'1 in [his spring's Miles (or Millions marches across the country. Prime Minister TciicJeau said in a statement issued by the na- i tional walk committee that tlic march PS represent "a fresh and healthy idea, a grcal dent of Hie determination and a generous humanitarian spirit. More than million has been raised for inlcrnalional de- velopment projncls since Ihc I marches hogan in IP67. J.IOSL of Ihe M scheduled marches Ihis year will take place during National Walk Week. April 29 to March G. Lite insurance business up OTTAWA (C1P) Life insur- ance in force iti Canada at the end of ifr7l lolnlletl SI21.9 bil- lion, an increase ot billion or about 10 per cent for the year, Ihe superintendent of in- surance reported today. It was almost equally divided between individual and group insurance. Canadian companies carried bilhon, Hritiph companies SG.3 billion, and other foreign companies billion. Uy I. H. ASI'KIl iplay in an important way. One of the most puzzling the legal location of ppcls of the provinces" estate is easy lo doline, be- plan lo i-c-intrmlucc it is not inovcublc. succession duties is lliat no one Uul, one owns has askctt the key a company, Ihe legal loca- why would llic >jo of those shares might bo Iho exjiensc and trouble 'Kid in any number of accept the economic risks They could be legally lo- setting up a deatli tax iti the province" whcro when anyone who is so nre physically kept or can completely ;md the province where Ihc Jy f-void the tax uJlhim! c-vcn sharcJajlder lives or in moving out of his province? province v.horo ttie company If thai proposition is correct, and based on previous const ilu- In order lo have some lional ami Inx court cK'fisions, wntl uvuiil it would seem to be. then Uni courts have consistent in n .s I conclude lhat Ihc ncv; ruled lliat the shares in a j succession duly sysicm is are legally located in sliow case lesishdion province in ;hich ed lo perpeUmle the fk-lion lie transferred and danll the minds of some social under company law. Tims, tists, to Ihe effect that yon shares in an Alber- transfers of wealth arc company, which has a share being taxed. Many register and office 'theorists sleep cHsrec hi Alhortii. (lien regard- of where you live, the le- Another possibility is llial situs of those shares is Al- 1 authors of the legislation a w a r e Hint the if you own real cslale lo- (1. K. people take tiic in Ontario, for tax pur- to learn their riglils under Ontario has jurisdiction law) will side step Ihe tax Unit properly. But if you are hopinc lo catch the shares in an Alberta com- or willing fish in tlin lax whi ch jj) turn owns the TAX real estate, vour lax- The ease of lax avoitiabilily 1 ahle asset lr, Ihe shares, arises from .1 numlicr of j come under Alburla pi'inciplrs, coupled fact that Alberta, proposed succession ant] a host of oilier system taxes all the de- tions are death tax property located In the first place, the taxing province. It also tionally, each province has all of his p r o p e r t y ing jurisdiction only over is located outside the ple and property located -if it is inherited by in boundaries. Tlie resident within the definitions of "the situs" or province. 1 cation of pioperty, come order to completely escape the provincial death These arc the people who will one must simply do two j actually pay the death taxes. Mr. Farmer borrows and starts a small farming op- (eralion. lie spends n lifclima Ihe province and make certain i clearing and developing his Ihc beneficiary of his estate is land. Through hard work, sell also not legally located within denial and inflation, when he things: make certain nil his as. scls lu excess of the legal tax exemptions aic located ouUidt? the taxing province. Here's the translation. Sir. Millionaire lives in Mnmloba. dies, it's worth Ha leaves the farm to his younger His nel worth is million. He wante to leave it (o or for Ihe benefit of his son whi> also lives in Mnniloba. If he loaves it directly lo his son there is a exemp- tion and the .succession duty on the remaining will be or 3G per cent of the !total estate. However, if he transfers the ownership of all his Manitoba assets (in excess of the 000 exemption) to an Alberta company, and then leaves his shares in the Alberta company to another Alberta company wliich is owned by bis son, or to an Alberta Irust for the son, the province of Manitoba can't lax Ihc inheritance and since Allttrta levies no the en- lire 51 million is transferred tax-f r c c. There arc many va- rialions on ihuni and while tiic provincial legislators debate the succession duly legislation lale into these spring nights. Ihc midnight oil is also burr ing in the offices of tax aci- visors across the land as they perfect I heir tax avoidance techniques. The irony ot the situation bo- cnmes more .sharply inlo focus when one considers the exam- ple of the less tlie people who are loo busy lo get around lo tax planning. brother. EATON'S Viking Power Tools at Special prices See Our Complete Line of 7" Circular Saw has Powerful 10-Amp Motor Special Designed for lols of work, this aow has a no-load speed of 5400 rpm. Bronze bearings are oil impregnatea" for long life. Wilh rip guide, sowclusf chute, wrench and 7" com- binalion blade. Dual Motion Sander for Straight or Orbital Work 2 Features 2.7-amp motor for easy slraighl and orbital sand- Ing. No-load spesd 4000 opm-spm. Wilh sandpaper. Variable Speed Drill With Easy Reversing For lasting service 2.5 amp motor has double reduction gears for variable speeds from 0-1000 rpm. Thumb action reversa for removing stuck bits. Durable Sabre Saw With Blades and Rip Guide Special Convenient to use with 3.0-amp motor and no-'ond speed 2300 rpm. Ball needle and oif imprpQnolcd Innq life. Wilh 3 blades and rip guide. 13-Piece Drill Bit Sol in from 1'16" lo 'i" Qrod-d m 6-Jfhi. Comes in study plastic cose.............Srieciol 4.99 Polishing and Sanding Krt includes lombswool bonnet, 5" rubber backing 5" aluminum oxide sanding disc, 'j" shank arbor. Special kit .99 Drill Stand ond Utility Kif alsc available........... Special 3.49 Auto Marfnft Tool Kit Assorted lorged itecf lools lo Icpcp your engines in func.................. Special M.98 Three-In-one Vieo }iai 4" swivel base, pipe grip and anvil. Replaceable ileel Special 9.49 45-Drawer Paris Cohinet of heawy gauge See-lhrouqh plastic drawers................................. Special 9.99 30-Orovvcr Model similar lo ahovr............... Special Lower Floor Eaton's Buy Line 328-8811. SHOP TONIGHT UNTIL 9 AND FRIDAY 9 TO 9. USE YOUR CONVENIENT BUDGET CHARGE ACCOUNT. ;