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Lethbridge Herald Newspaper Archives

- Page 71

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OCR Text

Lethbridge Herald, The (Newspaper) - April 13, 1972, Lethbridge, Alberta IB THE LETKBRIOGE HERAIO fliuridny, April 13, 1971- Basic herd deadline April 30 April is the deadline for tlic filing of applications to es- tablish of inci'ease ha.sic calllu herds in Canada, Livi'slock producers have until thai dale to apply Lo have a basic tieril established for or earlier, or Lo add atii- muU which mutui'Lxi in 11J71 to their existing basic herd. The new policy which be- came cffcclive Jiin. 1, no loiifiur permits Ihu c-slahHslitnent a biisic herd or rui increase to an olrcady established herd when a former rednco.s his basic herd by one animal, the fair mnrket value of Dial animal as determined on valu- ation day Deo. 01, 1071 is tax exempt income. For example, if an animal valued at on valuation day sells for J200, this amount docs not have to he included in his Income However, if iic sells it at a higher price, he will have to include in his income Ihe dif- ference between its worth on valuation day and I he? sale price in this case, S'lOO. Animals eligible for basic herd sUtUis ure cattle, slteop and horses which are uscrl for breeding or producing livo.sloc'J; products. The main requirement is that tlio herd be a permanent one and tl-nl there be continuity of operation. Animals in a feedlot, for ex- amide, arc not eligible- foi in- clusion in a basic nerd. Nut every farmer can auto- matically a Li a s i r herd. To be eligible, a farmer must have filed income lax re- turns Tor all years since he coin- niemvd liis livestock opera- t Limit, or lie rmisl able to produce adequate records to show that he acquired a num- ber of animals without reducing income which would have been subject Lo tax. Animals acquired through gift or inheritance would quali- fy as basic herd animals pro- vided Ibat, in tlic case of inheri- tance, the animals were includ- ed in a na.sic1 herd of KIR de- ceased or their fair market value had been added to Use in- come of Ilio deceased. To establish a basic herd from mature animals thai have been purchased, (he owner must rot have charged them as nn expense against (he (just- ness. To increase a basic herd by natural increase, the fanner must include the fair market value of the animals in his in- come in tlic year in which I ha animals become mature. Thi.s provision can now only apply to the 1071 taxation year slnco it has no retroactive applica- tion K a farmer bought mature animals in 1971 and did not cliiirnc them as an expense, he may apply lt> have them includ- ed in liis basic herd. If a farmer had a herd hufmc -Ian. I, L5H7, ap- prom) of his ba.sic liorrl umild be pivcn offer live .Fan. I. If) W If ted in I hi' livi-sl'x-k busimr.s ntler Hi at dnlc. Ins hiiHif- uoulf) bf o-sl.'jblishrd as of I ho attual daf1 on he coiTinH'iK'f] lii.s opcj-aliun One of Hit mam p ruble ins farrncr-i have wJicti npplvifir; for a herd Ls proving tfiat they licicl a .suocific nnni- her of nnitnal-s in the licrd at the time tiiey stnrtcd in live- stock or .fan. 1. If they wur-i farming at lliat time. NOW )hc time to prepare your trailer for Ihe coming summer months. PREBCO Your Headquarters tor Complete TRAILER SERVICE REPAIR Free sanitary waste disposal station full line of trailer parts and accessories RECREATION VEHICLES Ave. and 6lh SI. Norlh Phone 328-442! (Juit Wetl of Ihe Gas Company.) THE PERFECT TEAM... RAPESEED AND IRRIGATION Rapeseed is simple to grow. No special equipment nestled. Spread your work load. Production costs are low. Returns are high. high as per acre. You have a guaranteed market with 3 ways to sell.. .cash.. .store with advance...sell and get paid to store. And you choose your own selling price on any market day up to July 21, 1973 Sign a Western Canadian Seed Processors' Grower Contract today! for complete details..... PHONE' GEORGE WARD, BRIAN NAUTA, or PHILUP PASHAL at 327-57BI WESTERN CANADIAN SEED PROCESSORS LTD. P.O. BOX 99, LETHBRIDGE, ALBERTA NOTE IF YOU HAVE ANY 1971 RAPESEED OH HAND. PLtASL CONTACT US. INSTALLATIONS NOW IN OUR NEW LARGER PREMISES! at 3rd Avenue and 4th Street 5. DOWNTOWN LETHBRIDGE FREE INSPECTION, ESTIMATES AND INSTALLATION ECONOMY MUFFLERS LIFETIME GUARANTEED MUFFLERS HOLLYWOOD MUFFLERS CUSTOM DUAL EXHAUSTS SHOCK ABSORBERS FAST 10 MINUTE INSTALLATION OPEN MONDAY TO SATURDAY 8 a.m. to 6 p.m. WE HAVE TRACTOR MUFFLERS ana1 UP usual Unbealahlc Prices, Finest Guarantees of Product and Workmanship ;