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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 16, 1973, Lethbridge, Alberta 24 THE IETHBRIDGF HERAtD Mo ,day April 16, 1071 Security check Sandy, a Labiador carries shopping bags for London last month were on trial. At left, Sandy gets only his owrer, a London operator, got caught up on inquiring glance from the policeman but on his return in the tight security checks near Lambeth magistrate's journey he's stopped and searched before being allowed court where 10 people accused of plotting explosions in to go on his way. Tax column Capital gains tax abolitionists happy Bj I. H. ASPER This weel- s annourcement bj Finance JOT Turner to the effect that the federal r artificiality, and a tax on in- flation from the new system, there had to be installed a gen- erous ''rollover'' svstem. A roll- extend the capital 2a> emotion to include c DvGncLT'rif1 10 e over situation can best be ex- 'rif1 10 i i i i i i Plained b> an exaraPlp' transfer John Smith buys shares at from father to son of family each, in company X Company farms represents a significant Y comes ajorg ami makes a breakthrough In fact, it is more than many capital gains tax aboLtiomsts hoped was pos- takeover bid for all the shares of company X, offering to ex- change stock by paying for sible at this caihcular time each company X share a cer- The ai goes back to Itam number of company Y the entire auestion of caoital shares. On the basis of eval- rat c gains tax thong anu a eumcrse concept of capital gains tax shares now are worth S2. He ac- cepts the offer to exchange When the white paper on tas stock and winds up owning a reform vas originally in- certain number of company Y troduced. opponents of the capi- tal gams tax argued that in or- der "to remote the e'ement of On paper he has doubled his money and could be subject to ENJOY DEVLISH GOOD DRSNK made from fresh oranges EXCLUSIVE IN SOUTHERN ALBERTA For c Premium Hot Dog Choose one of these popular dogs at ORANGE JULSUS Mongrel Dog pooch Chile Dog a meal in a minute! CENTRE VILLAGE MALL COLLEGE MALL a capital gains tax. In fact, nothing very much has hap- pened except that he has ex- changed one asset for another asset, and he has made no gam and has no capacity to pay any tax until he actually liquidates the new shares he got in ex- change for the old shares. During the tax reform debate, the government accepted the principle that this was not gen- uinely a capital gain, but was really a "rollover" and in very limited circumstances, the law was framed so that some roll- overs would not be taxed until the actual liquidation yi the "exchanged" asset. The second great dispute dur- ing the capital gains tax debate Turner refuses employment guess By VICl'OR MACKIE OTTAWA Financt Minister John Turner won't guess at the nimbcr of unemployed there u be in in but he is pivpare-t to forecast the num- ber of new jobs there will be in tlie courciiy tliis year are "too many vari- ables" invohcd to try to arrive at estimate of the amount of unempkty ment in Canada this jcai, the minister explained he was questioned in the CuilLTKUS In his economic review vhite papei tabled in the house ear- lier Mr. Turner said rfc.il growth may hit seven per cent ard result in a decline in unem- ployment. He forecast Jhd num- ber employed will rise by 000 during the year. What about the number unemployed in 1973' John Lun- drigan ngate) demanded to know in the house Friday. The opposition member, read- ing trom the economic review, sa'd the minister was on record as stating that the unemploy- ment rate will dspend in part on the participation rate and also the willingness of people to involve themselves in the work force. "Can the minister say whether he feels unemploymsnt will be high or low9 Will he in- dicate to the house whether he made any prediction about this year's unemployment rate expectation, whether it is ap- proaching the corner, rounding the corner, on the straightaway or however he would like to in- dicate Mr. Lundri- gan Mr. Turner ducked He said he had attempted to forecast I the total number of new jobs for 1973 "givan reasonable in- dustrial stability, a reasonable international trade position An opposition member iniei- jected, "good weather.' Mr. Turner continued and rcasonab'e crops George Hees Ed- Hastings) "Good luck." "Given these factors we can arrive at the estimated total of new said Mi4 Turner. r to anne at the SPECK HOMESICK JOL1ET, ill. (AP) Richard F. Speck, convicted murderer of eight nurses, has been re- turned to Stateville pemtentiary from Menard state prison be- cause he complained of being homesick. Speck was trans- ferred to Menard in southern Il- linois Jan. 30 for a series of psychiatric and academic tests but a prison spokesman said Thursday he wr 3 prison offi- cials continuously asking to re- turn to Stateville. eventual unemployment figure, said Mr. Turner, a number of assumptions would have to made including the participa- tion rate. "II is. because of the variables involved that I have hesitated to give a figure (for unemploy- ment) whir-h might be confused by the public and the opposition members as either a target, a forecast or something which would not give the firmness that the member minister declared. forced sale of farms at the death of the original owner, thus betraying any kind of com- mitment government has to maintaining and supposing the concept of the family In the Feb 19 budget, Fi- nance Minister Tumei an- nounced that this death capital gains tax would be lifted and the capital gams tax would only be paid when the son or son-in- law actually sold the farm That is progress. However, the whole problem isn't solved. If the farmer wants to transfer the farm to his son or son-in-law during his lifetime, he would still have to pay the capital gains tax, as as any provincial gift tax was the question of the fairness might apply. Th-us, wel- of the "death capital gams j come as it was, the lifting of tax." me law now provides j ihe capital gains tax at death that when one dies, his assets on family farms didn't do the will be evaluated, and if they j trick. In committee, the finance have risen m value from the minister has agreed to the Pre-Eesster Specials! at the CENTRE VILLAGE MALL EASTER EGG CANDLES Specially priced at MEXICAN IRON CANDLE 50c-l.00-l.50 Reg. 3 00 NOW ONLY 2.00 VOTIVE GLASSES Assorted colors Reg. 59c SPECIAL See us for ail your Candle and Gift Needs! date he acquired them, he be deemed to have sold them at the moment of death, realized all capital gains and will pay capital gains tax as though he had made his profit the moment before he died. That sounds good in theory, but for the small businessman or the farmer who has non-liq- uid assets, it is anathema. For example, take the farmer who bujs raw unbroken land for He breaks the land, us- ing his own labor, and the labor of his family, works it. develops it, and by the time his death occurs, after a lifetime of be- i low-average income, the value of the farm has risen to Even at that, the alleged rise in value is arti- ficial in that it is mainly reflec- tion of inflation. A comparable farm would cost the same amount, so there is consideer- able difficulty in seeing that any genuine profit has been made In any event, the present law levies a capital gains tax on the paper appreciation in value, and the estate of the deceased farmer would have to pay a tax of approximately As is the traditional custom, particularly in Western Canada, the deceased fanner leaves his farm to his son or son-in-law, who has been working with him for many years. But there is the tax debt. A farm is not generally divisible, Lke a stock portfolio, and you can not sell a quarter of the farm to pay the tax, and still have a vi- able remaining operating entity. The result is that the death concept of as re- gards family farms transferred by father to another member of the family, during the fathers lifetime. That is, no capital gams tax will be payable when the father makes thee transfer, and no one should be too dis- turbed at that, because the cap- ital gains tax will eventually be paid the son fi- nally sells the farm. The move by the finance min- ister is most welcome. However, it now permits a full discussion on where we go from here. For if it is valid to exempt inter-family transfers of farms from the capital gams tax. both during lifetime and at the death of the owner, surely it is equally vaUd to make the same exemption for pnvatelj- held small family businesses. There is no logic in the world that supports the nation that >ou can allow this tax deferral, welcome as it may be, only With respect to family farms. Family business is in no way sufficiently different to justify any different tax treatment The saiie 3ogic also applies in a number of other cases where capital gains tax deferral should properly be considered on tlis The foregoing comments arc in no way intended to be criti- cal of the finance minister's change in position. Quite the contrary. But a statement by the finance minister that he now is prepared to the entire capital gains tax svs- tem in order to make it more reasonable and more realistic! as to the economic facts of life 2-PCE. TANK COVER SETS Reg. 15.95 Choice of Colors SPECIAL 3 pee. TOWEL SETS Both, Hond, Wash. Reg. 9.15...............SPECIAL 1295 5.99 SHOWER CURTAINS.....10% OFF BATH BOUTIQUE West End of Centre Village Moll "THE STORE YOU'LL LOVE MOST" you're invited to attend the of the CAROUSEL KNITTING SHOP Now located in Centre Village s, Mall Shop for our GRAND OPENING SPECIALS BIG SAVINGS THIS WED., THURS., and SAT. MRS. EDITH LEPPARD BE SURE TO ENTER YOUR NAME FOR VALUABLE PRIZES IN OUR DRAW BARREL Entry forms in the store No obligation KNIT KING DEMONSTRATION SATURDAY, APRIL 21 CAROUSEL KNITTING SHOP CENTRE VILLAGE MALL PHONE 328-4143 capital gains tax, as it applies in Canada, would lend consider- to farms, had it been imple- mented, would aggravate an al- ready difficult situation for farm families, and would prob- ably result, in time, in the'je1) able credibility and stature to the amendment he has just an- j nounced. Olr. Asper is a Winnipeg law- from Renaissance Imports CENTRE VILLAGE MALI Phone 328-8412 HAND PAINTED AUTHENTIC UKRANIAN EASTER EGG PLAQUES (Pysanka) on Sale from FEATURE OF THE MONTH RUSTIC DINNERWARE by SUNBURST CERAMICS SET 93 SO 32-PCE. SET Sale Prite Sale oo Surprise Eggs from Russia 149 ONLY Wkker Baskets Spet'olly Priced from 1.00 ,01.95 VALUES CAMPER Mattresses 3 inch covered foam MiN'S DOU5LE KNIT PANTS. Sizes 30 to 40. Reg. WESTINGHOUSE 19" COLOR TV. Reg. Special FlEETWOOD 19" BLACK and WHITE. Special WESTINGKOUSE 26" COLOR TV. Reg- Special........ MEN'S SHRINK VESTS. Sizes Reg. 99......... 144.95 599.95 6.00 CHOCOLATE RABBITS and ROOSTERS. Reg. Special............. ASSORTED COWBOY HATS. Special MEN'S CORDUROY BEU BOTTOM JEANS Reg 99. PEAT MOSS 4 cubic foot balr............... 2.00 7.00 LADIES' SLSEPWEAR. Assorted lounging pyjamas. Only FOAM ICE CHEST Special WHITE WIRE PICKET FENCE. 10 ft. x 18 RFS S2.15. Special ELEPHANT BRAND FERTILIZER 50 Ib bog Sptciol 1.57 3.00 1.27 3Jft H! CAPACITY POTCTJU.ER 5 h.p Bnggt StraHon engine Rtq 189.95 1. 2.99 166.66 WOOD8URYS COCONUT CASTILE SHAMPOO. IS oi. bo'.llc. MACLEODS CENTRE VILLAGE MALI PHONE 327-4240 ;