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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 22, 1973, Lethbridge, Alberta Scholarship fund authors wire round in tax battle Ups and downs Jim Bathurst of Vancouver celebrated his 60th birth- day with 60 parachute which he claims is a world record for jumps made m one day by a person over 40. He plunged from a single-engine Cessna 180 aircraft to fhe airfield at B C is something I've had on my mind for several he said. Tax Column Chinese diplomat given new post By I. H. ASPER The authors of a non-profit trust fund aimed at encouraging parents to t.ave for their chil- dren's post-secondajy education breathed easier a few weeks ago as they won round two in a several year old battle with the revenue department. So did the Canadian parents who are subscribers to a unique known as Cana- dian Scholarship Trust. These innocent writer ad- mits to being a long-standing supporter of the been unhappily buffeted on the choppy seas of tax law uncer- tainty for five years and the end of their travels is no- where unless the de- partment of finance steps in wich an income tax law amend- ment next year. Here's the story A number of j ears ago a group of public spirited and prdlanthropically inspired citizens from all walks I of Canadian life got together to try to do something about WOOLCO BACK-TO SCHOOL VALUES ievi WORLD'S LEADING JEAN MAKER LBVI'S DEKIM 'Traditionally First Choice' Still leader for comfort and fit. Cotton 133-i oz. Denims are sanforized and fully washable. With scocp front 2 back patch pockets and zippsr fly. Waist sizes 28- 38 Inseam 36. LGVI'S 'Colourful Casuals' CORDUROY FLARES You'll look great in 'Cords' of Cotton Pinwale Sanforized and fully washable. Scoop front 2 back patch pockets. Fashionable flare bottoms. Waist 28- 38. Inseam 36. In Powder Brownt Grey. 12 Optn daily 9 a.m. to 6 Thuriday and Friday 9 a.m. to 9 p.m. the right to limit Colleoa ShooDina Mall 2025 Mayor Magrath sroadening the opportunities for he children of average income anadians in attaining post-sec- ndary education. Their chief Concerns were that only the children of the or those cademically gifted enough to eceive scholarships could hope in the future to afford a post- secondary in the face of dramatically escalating tui- aon costs. They conceived and launched he idea of a non-profit sslf-in- surance scheme designed to of- er a solution o a public social problem. The esult was the formation of Ca- nadian Scholarship This is how it works. The par- nt enrolls his child and pays a ertain sum per month into the und. The amount paid in de- sends upon the child's age and le approximate number of ears left before he's finished ugh school. These payments are deposited with a trust conv in the child's name. The irst is deducted to cover all administrative costs of the Ian. The trust company invests all money it receives and annually redits to each child's account je proportionate amount of in- erest he's earned on his depos- ts. However each child's parent signs an agreement with CST xroviding that his capital can DC withdrawn at any with- jut interest and if the child suc- cessfully completes his first year of post high school educa- for the next three he's entitled to scholar- ships. The amount of the scholar- ships for the next three years will be the total of his own capi- plus accumulated interest on plus his share of the f or- eited interest of those in his academic year who have with- drawn from the plan or failed to qualify for continued higher education. For those who are academi- cally inclined to it's an excellent plan. In the public it should be encour- aged because it reduces the re- liance of participating families on state assistance for post-sec- ondary education for their chil- dren. the sponsors of the plan have spared no efforts in trying to convince organized la- bor to include the plan as a fringe benefit for workers' chil- dren in collective bargaining contracts. So far there are about Canadian children enrolled in the plan. as with any good there's a tax problem. The problem relates to the in- terest being earned and ac- cumulated for future scholar- ships. Should it be taxed at since the trust fund is really for charitable educational and phi- lanthropic And if the annual interest should be tax- should it be taxed each year in the hands of the parent to whose child it is or should it be taxed in the hands of the or should it only be taxed when it is paid to a student as a Several years ago the tax de- partment took the position the annual interest should be taxed each year as though earned by the parent of the enrolled chil- dren. A rest case was taken to the tax review board. The tax court threw out the govern- ment's stating only that the income was in couldn't be attributed to anyone until it was actually allocated and paid out. wasn't taxable until someone actually received it. Unsatisfied with the the revenue officials appealed to the federal court where a few weeks former Saskatche- wan attorney-general Mr. Jus- tice Daryl Heald dismissed the government's case Rumour has it that the federal government intends to appeal again. If the bureaucrats are suc- cessful ill pressing their an economically sound and so- cially valuable plan could be the loss would far exceed any nominal tax rev- enue to be gained. There are several com- promises available in this situ- ation which was not con- templated by the income tax the government has lost its case and its should be enough to convince the offi- cials that an out of court legis- lative solution is warranted. The administration of the tax system should be sufficiently flexible to enable it to encour- not worthwhile plans even if they don't exactly fit the mould of the statute law. If this is the area of reso- in which the revenue it is time for to act. Mr. Asper is a Winnipeg yer. OTTAWA After 18 months as China's second am- bassador to Yao Kuang will leave shortly to become ambassador to it was learned Monday. The transfer of the 51-year-old career diplomat maintains a him pattern of short postings sat by both Ottawa and Peking since law- recognition was exchanged in I 1970. Mr. a former ambassa- dor to arrived here in ending the year- long tenure of the first Chinese Huang Hua. Mr. a top-ranked foreign ministry now is per- manent representative at the United Nations. Canada's first ambassador to Ralph also switched after about a to resume his job as assistant un- dersecretary of state for ex- ternal affairs. He was replaced in by by John Small. The Chinese embassy and the external affairs department de- clined to say who will replace Mr. although officials been informed. No passengers at sea Even a prince has to work HALIFAX A piince is a prince is a at sea. a there is no room for Cmdr. John Gamier said Tuesday. has a job to and that's all there is to Cmdr. Gamier was steering through questions about Lieut. Charles who serves under him as a gunnery offi- cer on HMS Minerva Being heir to the throne does not mean Lieut. Windsor has special privileges aboard solutely Cmdr. Gamier said treated just like any other One he is that his ship issues a press kit complete with a glossy photo of one of its gunnery officers. 90 per cent of the questions you're asking me is about him. AVe're just trying to make it easier for The Minerva is expected to leave Halifax this morning af- ter repairs to a propeller dam- aged when it encountered nylon lines anchoring fishing buoys. The incident occurred as the vessel set out for St after visiting several ports on the U.S. eastern sea- board. PRINCE WORKED The ship arrived in Halifax Tuesday with the prince on duty on deck as fore- castle officer. Later the vessel began to leave the but ship's engineers discovered the repairs done during its short stay were not enough. The frig- ate returned to the dockyard where further repairs were being carried out Tuesday night. The damage was de- scribed as minor. At the request of the British no special ceremo- nies were planned to welcome the prince to his first visit to the historic port city. if he is to be treated as a normal officer and given the chance to act as a normal we can't have that kind of Cmdr. Gar- mer said. Prince Charels would be given shore leave like other of- but wouldn't neces- sarily come ashore. should point out that the past 48 hours have been an ex- hausting time. I think most of us will have an early night to- Cmdr. Gamier added that he much appreciates the help we've been from the Canadian Armed Forces in repairing the and the hospitality of the Ca- nadians. The prince joined the Miner- va Dec. 7 and has served on her during a tour in the Carib- bean as a of his ca- reer He probably wfii leave the the third he has served in mid-Septem- ber. His next posting has not been announced. The Minerva now goes to St. John's and then will sail for her home Portsmouth in England. been away seven months and it's time to come Cmdr Gamier said. The ship's crew consists of about 250 officers and men. woo -TO SCH VALU II Men's Shoes Priced for any Pocketbook Economical Oxford Shoe features leather 2 tone bump urefhane sole and heel. Budget-Stretching Oxfords Leather bump Polyure- thane sole and heel. YOUR CHOICE PAIR Low Price Tag on Quality Shoe Misses' Tie Oxfords Latest fashion footwear has contrast- ing new rocker sole and sturdy crinkle uppers. Bur- gundy. rDlr CREDIT PLAN AVAILABLE Boys' Inexpensive Oxford Platform soles will put you right in fashion in this all 'eath- er shoe. Red. Youths' Best Buy Oxford This shoe has wipe clean uppers tvith contrasting piping and moulded soles. In 2 tone Brown. Pair 11.96 Pair 4.86 DEPARTMENT STORES A DIVISION or THE rm WOOLWONTH co umrreol Optn Daily 9 a.m. to 6 p.m. THutvdav and Friday 9 a.m. to 9 p.m. 2025 Mayor Mag rath Right to Limit Quantitiii IF YOU TAKE AWAY OUR LOW PRICES YOU'VE GOT A REGULAR DEPARTMENT STORE ;