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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 21, 1971, Lethbridge, Alberta J4 THE IETHORIDGE HERAID Tueidtiy, Deccmhpr 11, 1771 herd exempt OUR OSCAR fr 0111 ca or KU' SWIIIAliT I Bill is Ihf Writer I proposed taxation legislation nKKK The assign-! from Finance Minister gc lation as applied to the live- stock industry will be "V-Day'' or VaUiation Day, which is ex- pected to be on or Ijeforc Dec. men! a capital j'ains lax and j Benson, which the IV ultimate oh.-olc.scont't1 of the i wants to he in clfri'L for I rash- livestock herd principle j It is the largest piece nf legis- On this day, the dollar value the major changes facing j lation in Canadian hi-tory, and the livestock industry if federal j calls for sweeping c! Bill is parsed as now most economic sphere. of the herd he assessed worded. The key to much nf the 1 igcs in with the basic .1.1 head tax free. Any future gains above this Project may die sur [is- j dollar value or the first 35 head will be taxable. The capital gains tax applies only when the farrn or ranch is 1 disposed by the deed-holder, whether to outside concern? nr i within the family, excepting tho jspouse. j If the deed-holder dies, t h o j property passes on automatical- i !y to the spouse and the capital I gains tax is applied only when j the spouse disposes of the prop- i crty. The government has relin- i quished some of the teeth from city did and I expect pre-j yu by allowing six years Farmers may get tax break Tomorrow shortest at city "Now dear, don't be silly, the new lax law isn't that son By RON CALDWELL Staff Writer sent government feels the same payment of the'capital gains" Dr. Stanley Perkins, chair-; way." tax. it was at first feared man nf Uie Headstart program, Dr Perkins said the cily pro-that the sons of the deed- i Sllr. ,.iries pcr ccnl nf to dispose of in LcthlindLjo, expressed prise at learning thai the city i for the program while the prov- j some of the capital generating is considering culling off funds to the program at the end of Uie current school year. "This comes ;is a complete surprise to me." said Dr. Per- kins when contacted by The Herald. "The city has never dis- cussed tills with the commit- tee." volunteers ''who pive freely of the issue then and decide their time and the city of action- at least show us lho courtesy j "Without city support of letting us v.liat is goin on.1' He said if the city withdraws financial support, the Head- resources of the farm or ranch to pay for the tax in one year. Malcolm A. Shaw, a charter- ed accountant for Thome, Gunn, Helliwell and Christenson of Calgary, addressing the annual meeting of the Alberta Aber- dcen Angus Association, said this concession is not as good as a complete relinquishment of those am- i ily farm. He suggested the push for a i complete curtailment of the don't stand a chance and it is capital gains tax could become Uie children involved who will a ]0bby in Ottawa after the final passage of the bill. ince contributes 80 per cent. The budget last vear was I about "A goccl portion of the money j we got from the cily ucnt to focal transportation a lot of. it was coming rishi back to, said Dr. Perkins. He saicl the ccmmiUee a Dr. Perkins said the Head-! board meeting slated for Jan-1 th, _, _-in, fnr ,'h, start committee is, made up of j uary and "we wil, have to face j the fa suffer. Forty children are involved start program will not survive. in the program at the present "Unless we get financial sup- i lime. won't get it from tile provin- prepare children to cope with cial government either. At least the regular classroom atmos- HH; utLaii. utiu u inii the Previous government: phere who otherwise might not er-s fron, wnich TOuldnt support us unless Uie'be able to handle the situation. I derives his economic gain. Tho basic herd for all ranch- ers will be assessed a fair mar- ket value on Dec. 31. Any gains !S to (o Uie herd until that date will not be taxable. The basic herd is the ranch- he A bylaw to amend the high- i ther instructed to continue the traffic bylaw for the city j necessaly steps lo assure the j Day figure, the amou nd cancel free parking down-1 ful, pavmcnt the arena is frcm basic or A wa; and town Wednesday afternoons hy insurance was tabled by cily council Mon- j Dam. j__ payment has been I Since the basic herd will ac- tually be a bookkeeping figure 1 on 33 head after Dec. 31. all fii- i lure purchases and sales will I be considered to be made in normal course of farming and will be taxable. The govern- i ment will now look at the ovor- ail picture when computing tax. If a farmer sells animals or possibly if the total value of his Valuation 'tint sold the new ascessed figure below the Valu- ation Day figure will be con- suggested to be in the area of sidercd a deduction from That part oi the amendment come, was not at issue. Tho contentious clauses con- i cerned jaywalking in the city i WcimUlQ isSU-fid and parking at the University I of Lethbridge. i Council merely asked the city solicitor to clarify the areas in the city to which the jaywalk- j ing clause will apply. So, at least until after the first council meeting in the new year, parking will be free in metered spaces in the down- town area Wednesday after- j noons. Hearing end? Bill C-259, the proposed tax legislation, has been termed "quite a political thing" and could bring about the early re- tirement of Federal Finance Minister Edgar Benson. Malcolm A. Shaw, a charter- ed accountant, for Thome, Gunn, Helliweli and Christenson of Calgary, told the Alberta Aber- deen Angus Association an- nual meeting that Mr. Benson's retirement has been rumored. He did not elaborate on the1 statement but said Mr. Ben- son's replacement was in for quite a job after the bill has been adopted. He said the first two of three j stages of this bill have been dealt with. First it was necessary to tell j the people whv the new legisla- tion was needed, he said, and then to tell the people that it will work for all occasions. The last step, which is still to come, is to tell the people why it didn't work and this is where the replacement fits in. Not alcoholics A person arrested for im- paired driving isn't necessarily an alcoholic or an habitual drunk. Most often over the Christmas season, impaired drivers are unwitting victims of I an over-zsalous host or party j circumstances. It is unlawful and dangerous to operate a motor veliicle when the blood alcohol content is beyond .08. US V tri 1 C The home hearth is always 31 may give rise lo possible sumahlv on a percentage warmest and for Canada's if sold for more than gets smaller each blink Wednesday or and ranch population it cost or V-Day wouldn't allow Uie asset might miss it. provide one ol trw. few all assets purchased out as a.m. Wednesday breaks under Bill 31, depreciation will be Block averages for winter solstice or equinox If the farm residence is on diminishing bat- will be retained but only for occur, marking the cluded in the land disposal, methods, calculated pre- dividuals. This method day of the year. It is the time when the solutions to the tax burden are open for the seller. The deed-holder can allocate a portion of the total account ootn increases and decreases in income. A new general averaging system will be introduced, axis will begin to move so that the northern hemisphere is closer to Uie from the sale lo principal residence and one acre of surrounding for individuals only. This takes to address only increascs Afler that specific time, the sun start to rise ear- Any gain realized from are set up lor the and to set later. small part of the farm or ranch would not be ftlinivil-MTit :posti ot levellinS out income, CUV CliaillDei taking cut the highs and .sun will rise at a.m. on the day of equinox A solution, aimed Shaw pointed out set at p.m. at younger people, would Premier Peter which should be summer equinox, them to deduct an amount will be the featured by the livestock indus- to for each year at the annual including: SUIIM at 4.2t a.m. and J971 that the property was the principal of Commerce dinner Feb. This dollar value multiplied by the number of years in Bowns, business manager for the chamber, said residence, would be engagement was market value of the com- from the over-all gains of the few accepted by the shares. mR lonSest property sale as a nontaxable before the March 2 provincial legislative pieces of ma- lho should be valued b dJlfT words' Malcolm .A. Shaw, a cost of tickets and dividend lax credit ap- ,morraw' sprmg ls not aU ered accountant for of th? meeting will to dividends away. Gunn, Helliweli and at a later taxable Canadian son of Calgary, said the Mr. will be increased i welcome news from the bill npr rpnf tn I1? 1_T loss that the concept of a cash basis for computing taxable prone cne third oMhe dividend to and driving results in a loss of ririvine is to be research shows! final lotal in calculating the 1 for All parts of the farm or the higher a driver's blood j applicable tax. This will year. These are must be assessed and given concentration: The saving for people in the lucky ones. Hundreds of dollar value for calculating greater is lower than 40 per are involved in scci- able that he will from one year vvilh even more serious Straight line greater is the allowed to be carried This f e s tive a set amount each year, he himself will have lo future years, make sure that vours also be retained after Dec. the crash: and the against other income to a safe holiday, and as the for currently owned the likelihood that the of each year suggests, "Police your- Sales of these assets after Dec. be loss is eaten Another SANITONE DIVIDEND! Your Sanitone Dry Clean, ing order cf 1.95 value or either one of the following itemi is your entry form. A SUIT or A DRESS or A TOPCOAT or OVERCOAT Extra entry forms issued for any order that is divijable by 1.95. LETHBRIDGE LAUNDRY LTD. and SPARKLE CLEANERS and LAUNDERERS 1818 3rd Avenue South, Lettibndga Phone 328-2322 or 328-2321 FREE! LTD costs continue rising Council also tabled appoint-! to skyrocket unless something marts to the Community Scr-1 drastic is done and soon, a vices Advisory Committee i former Lethbridge Municipal Taxes are going to continue four per cent rise. 1 believe our economy could gear to it. But THE SALE YOU HAVE BEEN WAITING FOR COBY'S FASHIONS pending receipt of additional applications for the committee. Five citizens at large will sit on the committee to deal with matters related to the commu- nity service department and wiU make recommendations to council. On another matter, council authorized the city manager to accept as partial pay- Hospital board member warn- ed. EUwood Invin. who recently retired after serving on the LMH board for 13 years, issued the warning in a letter to Andy Andreachuk, LMH administra- tor. Reviewing his 13 years as a as it is, the future is he warned. Irrigation o pioneer dies at 95 lit last March. Ths city manager was hospital trustee, Mr. Irwin noted a 430 per cent cost in- j Arena j crease in per patient bed day I A long-time resident who pio- 'i tlre j since 1958. Ko naid, costs had j neered irrigation in southern I risen from S20 per patient ted Alberta farming, Christian Jen- day, five years ago, to sen died Sunday at the age of fur- i t I I i si IN DOUBT GIVE GENUINE SEALSKIN BOOTS SEE OUR WINDOWS BENEFIT SHOES LTD. 615 4th Ave. S. Phone 327-7300 OPEN DAItY UNTIt 9 P.M. M costs will double i-very five years at tho current rate. Also, Unit in the decade "it will I take all tlv economy of the "i! province just to defray health p .services. Jwi "What will be left for other jjtj. he asked ill the let- Analyzing the increasing y; costs, Mr. Invin nnieri "that, fringe benefits included, sai- aries closely approach 80 pcr cent of operating (hospital) cosis." Blaming unions for the state of the economy, he said: "1 do not bcgrude an honorable wage for an honest day's work, but somewhere along Uie line we are going our economy is not going uniform- ly." He said. "Our unions have now lost all honor. If even we could nil sit down amt agree lo even o two, or three or even n i fa of the LDS Church. Funeral services will con- ducted by Bishop Brycc Ca- toon at the Alberta Stake Chap- el at 1 p.m. Wednesday. Inter- ment will be at the cemetery at Aetna, five miles southeast of Cardston. Mr. Jensen was horn in Den- mark. In insn ho moved from Ufah to Cardston where he pro- moted irrigation for the dryland feed and grain farming indus- try. He is survived by six daugh- ters, two sons, 57 grandchil- dren. 32 great grandchildren and five great great grandchil- dren. ffj !ijj A for I plus WEDNESDAY, THURSDAY and FRIDAY, DEC. 22nd, 23rd and 24th WITH YOUR PURCHASE OF 1 DRESS OR 1 HOT PANT OUTFIT, OR 1 PANT SUIT, YOU CAN TAKE YOUR CHOICE OF 1 DRESS, 1 HOT PANT OUTFIT, 1 PANT SUIT, 1 SWEATER, 1 BLOUSE, 1 SKIRT OR 1 NIGHTGOWN OF EQUAL VALUE OR LESS FOR ONLY........................... WOMEN'S and TEENS' WINTER JACKETS and WALKING SUITS g WOMEN'S and TEENS' H 1 SWEATERS, T-SHIRTS, j I BLOUSES and SKIRTS I V 1 I DRESSES, SLACKS, PANT SUITS, 1 I I HOT PANT OUTFITS, jj g SWEATERS, T-SHIRTS HECEIVES DKGHK1-: Mrs. Bessie Annand received her Masters degree in element- ary education during the fall convocation of the University of Alberta. Mrs. Annand is em. ployed hy the Lcthoridgc public school board. t OFF TO CLEAR PRICE i, COBY'S 1 LADIES' CHILDREN'S WEAR 322 13th ST. NORTH PHONE 327-5687 1 Stern's Cut-Rate Furniture SERVING SOUTHERN ALBERTA FOR NEARLY 50 YEARS 314 3rd Street S. Phone 327-3024 ;