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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - December 6, 1971, Lethbridge, Alberta 10 - THE IETHBRIDGE HERALD - Monday, December 6, 1971 FBI a how to use guns By LARRY BENNETT Staff Writer Are firearms really necessary tools for police officers? An FBI special agent currently in Lethbridge to instruct city police in a firearms training course thinks they are. Fred Bassett, special agent in charge of weapons training for the Butte, Montana, FBI office said: "A police officer should be allowed to defend his life against persons who would use deadly weapons against him, to defend the life of a fellow police officer or the life of the Everyone will he confused by new income tax By JIM MAYBIE Staff Writer .. Chartered accoun tants in Lethbridge and elsewhere are scrambling to fathom the federal government's new tax legislation and the average businessman is left with his mouth open in awe and wonderment. The scramble got into full swing when the government decided to use closure to ram its tax bill through Parliament. Chartered accountants are holding meetings and seminars across Canada in attempts to more fully understand the new bill and its complexities. Public meetings are being planned for Lethbridge in January and February to impart some of the knowledge gained to businessmen. "It's a whole new ball game," said business manager Rex Little. "It's like giving a patient without a heart to a doctor. He has to learn anatomy all over again." While much of the old tax law has been incorporated in the new legislation, there are many new complexities - so many that the buinessman is going to have to rely mainly on the chartered accountants to do his income tax return and to conduct his business affairs. Roy Aldous, manager of H and R Block in Lethbridge, said many persons who formerly did their own tax returns will just throw up their arms and get them done by professionals for perhaps the next five years. He said it would take five years for the new tax law to settle down, get all the bugs out, and get to the point where it is more easily understandable. There is going to be a complete change in forms, he said. New TD-1 forms, outlining personal exemptions, are already in the hands of employers to be filled out by employees. Where once there were two pages to a return, there now are four to six, a city accountant said. To the average wage-earner, the T-l Short tax return next year will be about as easy to understand as this year's, said Alan Bell of Thorne Gunn Helliwell and Christenson. The parson who invests in the stock market is going to have to keep better track of his transactions and may need some new professional advice on his investment affairs, Mr. Bell advised. His firm is experiencing an increase in business because of the new legislation and a further increase is anticipated. The income tax on capita] gains is going to cause some problems, Mr. Bell indicated, but nothing insurmountable. He has been advising some clients to take certain action before the end of the year in anticipation of the new tax act. Bob P a r k y n of Young Parkyn McNab and Co. said the government's decision to use closure was appalling. He said accountants and business- system men should have had a year to study the new act before its implementation. There are complex problems, largely on the corporate scene, which pose some very real traps and hurdles, he said. Transitional rules are complex and where new conroanies have been formed with financing based on the old tax laws, there are going to be some problems. Actual application of the new tax is much more complex than the bill indicates, Mr. Parkyn said, and while a chartered accountant will be stole to find the answers, the average businessman is going to be at a loss, at least for a few years. "Only time will really tell about the ramifications of the new legislation," he said. Mr. Parkyn is on the public relations committee of the Institute of Chartered Accountants of Alberta. The Lethbridge and district CA organization, in conjunction with the chamber of commerce, is planning the public meetings for Lethbridge to discuss the new law as it relates to the individual, capital gams, farmer and rancher, business and property income, corporations and the professional. Further details will be announced when completed. Co-ops and credit unions in this area are going to be affected considerably by the new le