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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 23, 1972, Lethbridge, Alberta They gave Tax planning should be done now Saturday, Dwmber 23, 1972 THE LETH8R1DGE HfSAlD 15 years late I'KMBKOKK. On'. tax reform era begins Jan, 1 Bv 1 ASI'EH v [In the corporation's lax- j who wants lo avoid paying lax! The lir-t vear Ite sew era able profit to since the on a windfall gain made in )W2, j privat crcaltxl by 'tax reform is rap- i small business preferred tax I by purchasing an income avbr- snould idly drav.ine to a close. It ends 1 rate of 23 per cent only applies anmmity. Bccauw; of the out the ye on a slightly confused note, not to the first nf income, fact that one has only sixty j dividends only the new system I After that, the corporate rate days after year in which to j this way t Following h a list ol those who have made donations to the talhtiridgr; Help- ing Handful Fund on hclial! of the Unitarian Service Com- mittee of Canada, and the people of Korea. Ik-fore year end, de investment companies i actively consider paying out the year's profits by way ol to bnareholders. In ily Lhc- new system j After that, the corporate rate flays alter year er.a in v.mcn uj, ims v.ay can take ad van- takes a Lot of getting used to, jumps Lo per which decide whether or not to buy I tagc of the new tax rule that hut al-so because the tax Jaw i might be greater than the tax j the annuity, it is important that i trie lax they tave to pay on amendments introduced by Fi-j rate lit lhc- individual ovjrers. j taxpayers do their accounting] their dividends will be off set. nance Minister John Turner in Between now awl new year's and calculations immediately j Ijy lhr- tax credit these types his budget address of Mav S, 1 eve, investors who have made i after year end. have never passed "into i taxable capital gains during the i ANMTrV O1TKJ.V law. j year, say i.i the stock market, rr.r, avcrage amluiiy x: to sulfer a capital loss. In that depreciable 2. way, the loss! offstt the [ace a tgx Many of those changes, such i shwH wriously consider selling can extremely as the special deduction i any assets on v.tricluhey expect to for senior citizens v.ere to be [retroactive to January 1, 1S72. Since Parliament doesn't meet gain, for tax purposes. until the first week in January, j Even if one is reluctant to it may another month before i selling a lining slock, because anvorie knows if that or any j he nurses for its rtcov- Gt'her amendments v.-ill cry, he can sell it before year- pissc-d. Although the new gen- j end, take his loss for tax pur- eral lax return forms pre- poses, and huy it hack after 30 corporations receive for paying out dividends. Certainly for low- bracket shareholders, there will be a tax saving using Ihis device. The new kirjds of year er.d tax planning will increase dur- ____ ing the next years as Cajia- surn gain during i dians Income familiar with the taxpavw who lax reform rules. The act of for- thc annuity gets.'a deduc-: ward tax planning can be cz- for whatever' lump sum t-emely for those have fighting and started learning to live in the J. O. taxpayers who early returns, to kno to file hov, to the taoi saved- TOP TAXPAYKJtS who have sold real eslate, and m dep- reciation, or have made any major lump the year. Tl bu; lump sum he pays and then is :r the years as he I ferral can be extremely profit i able. (Mr. a Winnipeg lav.- ALBERTA LIQUOR CONTROL BOARD NOTICE HOLIDAY STORE HOUR All itores will be cfosed Monday, December 25lh, ond Tuesday, December 26lh, 1972, os well as Monday, January lit, 1973, and will re-optn 1 !i ho'jrs Icier Ihon usual Tuesday, January 2nd, 1973. {Thli noiiee h by the AlberSa liqu 01 a Public Strvice CtnUol yj-.'i. L, Wr V-'-i C-.frv- T. L. G. s'tr, Vtrr.l Ltd Nt- GREAT For the community in the and prrxj- i essing fields, the unrjc-rtainty is i even greater. proposed tax amendments included a twenty cme-5 incorne_ per cent reduction in tax rates, j An..ore starting Janiuirj' 3T It v.iil .Ifesman, whose far trie in mind thai Ihe d such gifts have I from 10 per cenl t r, keeping Ctj'JJJCi for i doubled J per cent i par- be a Litt.e difficult for cordate Wishing You and Yours and Very Merry Christmas and a Hoppy, Prosperous New Year from the Management and Staff of C. E. French Livestock Lia1. his personal pension contribu- tion, but even he hasn't tlxjjr tax ytar end. For befo Ln fe family or _ j privately owned business corpo- ration, it Ls gecerslly advisable i for the owners to make a yesr- er.d t'itimate of their profit. i Where it looks lifce it v.ill ex- ;lceed salaries to the ncrs, v.-it'rJn the test of rea- xs, might 'K paid out S the cash available, he may be MOTS: There be no iclti on Chriitmas Doy, Boxfng Day, New Year1! Doy. Regular Monday (Dec. 25) Hog Sale will be held Dec. 27 p.m. Regu- lar Monday (Jon. 1} Hog Sale will be held Jon. 3 p.m. MONDAY p.m. SPECIAL Feeder Hog and Baby Calf Sales Wednesday a.m. FAT and FEEDER CATTLE SAIES Fot and Feeder tombs Bought ond Sold Day IAUGKTH HOGS ASSEMBtED and SOID W.ON. thru FF.l. Fr.porters of Slaughlsr Hogs Extellen! F Feeding ond Leading Hogs FRIDAY a.m. FAT and FEEDER Cattle Sales p.m. SPECIAL STOCK CALF AND FEEDERS Vfi.Vl Vfj.Vl 1o all their ?.lfcssev 'so lOv.oo S: IV,