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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 3, 1973, Lethbridge, Alberta 3,8 - THE ISTMBRIOGE HERALD - Saturday, fcbr-cuy 3, 1973 aor oiggest p< By K1C 51VWA11T Hrralil Slatf Writer Air pollution supercedes water pollution as the biggest problem facing agriculture as cities and town.-, expand, says ers Association Friday. Mr. Yurko said the problem isn't critical yei. If the problem had been critical, new rales and regulations now on the drawing board Bill Yurko, Alberta minister of'would have already been insti-the environment. Ituted, he said. Addressing members of the I Through a survey in 1972. Southern Alberta Hog Produc-' conducted under the Student j Temporary Employment Pro-I gram. 537 intensive livestock ! operations such as faedlots '; v, ere visited in Use Lethbridgc. Calgary, Edmonton and Red Deer regions. ft was found that relatively : few operations were located I where they posed a water pol-i lution environmental hazard. ft CONTINUES TO SERVE SOUTHERN ALBERTA DOUG BOYER - Sales Representative 308 9th St. S. Phone 323-1223 mmm prsmters & stationers ltd. 324 9th Sf. * Phone 328-1773 FOR YOUR COMPUTE WEDDING REQUIREMENTS # Invitations  Announcements (24 Hour Service If Necessary)  Bride Books O Thank You Cards  Napkins O Matches We provide complimentary personalized head table place cards with each orderl FREE CUSTOMER PARKING There was no way Mr. Groundhog was going to come out for a second look at his shadow Thursday, not even for Rose Sullivan, a 19-year-old student of the Le-thbridge Community College, who left no stone or manhole cover unturned in an effort to spot the furry forerunner of spring. The southern region was estimated to have less than five per cent of the operations posing a possible pollution problem: Red Deer was estimated to have 10 per cent of regional operations which could pose a problem. The survey revealed that obvious pollution problems were attributed to a management problem, to irresponsibility or to ignorance. The government i s satisfied there is sufficient technical knowledge available to prevent nearly all water pollution. But where considerable urban sprawl is occurring near Edmonton, Calgary and Leth-bridge, the survey indicated odor nuisance was the number one problem. For any intensive livestock operation, conventional methods of controlling air pollution with good mangement is not enough to prevent odor. This is more true of hog operations "as most people find hog manure odor very offensive. Lagoon systems were found to bring complaints from non-hog producers and urban neighbors." Mr. Yurko said the government will try to be easy on agriculture because of the importance of the industry. He told 25 producers that as they expand their operations or as the urban centres grow, they might be subject to added pressures that might force them to move - as other industries are forced to move. He said government must come up with a policy - and soon - which will protect the farmer so he isn't caught with the total cost of relocation. He said the new regulations which are being drawn up are being done with complete consultation with the industry. He said seminars will be held starting this summer to get feedback from producers before the new regulations become law. Mr. Yurko pointed to the Land Surface, Conservation and Reclamation Act slated for passage at the upcoming sitting of the legislature as an indication of the work the government is doing. He said he is worried about good productive land being taken out of production by urbanization, indicating a "whole new ball game" in the problem of distribution of land for urban development. He told the producers, that the availability of credit and the good market picture for agricultural production, should encourage them to give serious consideration to expanding production. Dr. E. E. Balintyne, deputy minister of the environment, said some cities have arrangements for compensating industries which are required to move locations. He said the problem is not confined to intensive livestock operations. Small livestock operations do incur the wrath of some small acreage holders in addition to regular city and town expansion, he said. R.W.Y. PHONE 328-5257 Experts advise shop around for pension plan By JIM MAYBIE Herald Staff Writer Investing in a registered retirement savings plan to defer payment of income tax is not as simple a matter as one could be led to believe, The Herald has found. Advertising makes it all sound so simple. Once one gets into the nitty-gritty, however, it is evident that an individual should shop around before deciding which plan best suits his needs. Basically, a registered retirement savings plan (RRSP) is a system of saving money, without paying tax on it, until one retires or gets in- to a lower income tax bracket. An individual could possibly save hundreds of dollars on his 1972 income tax bill by investing in an RRSP before the end of February. There are many available through insurance companies, trust companies and some local banks. Some plans require regular monthly payments, some lump-sum payments, while others are like a savings account where the individual puts in whatever he feels he can afford. If he feels he can't afford to put any in for a month or a year or two, he doesn't have to. Some deposits locked in In some plans the deposits are locked-in and cannot be withdrawn. Others allow the individual to make withdrawals by deregistering the plan and re-registering the balance left in the plan. Management charges by the firm selling the plan vary. Some charge $100 flat for writing up the plan while others take their fee from interest. Some plans guarantee an annual interest rate, determined each year, others guarantee a specified minimum return when the individual reaches a certain age, and still others, in which the funds are invested in common stocks, offer no guarantee of return. The laws governing RRSPs is not sharply defined in regard to the disposition of the fund if an individual dies be- fore retiring or before withdrawing the funds, various sources say. Laws are clear that upon death, funds in the plan would go into the estate at the time of death and be subject to taxation that year. Funds can also be used to purchase an income averaging annuity which would provide the beneficiary or beneficiaries with a predetermined annual income so tax wouldn't have to be paid on the lump sum. Laws also state that the spouse can "roll the funds over" into a plan for himself or.herself without paying tax providing the spouse is named in the plan. Insurance companies maintain that trust companies cannot designate a spouse in their plans, that only insurance companies can. Nobody knows for sure Trust companies, on the other hand, say that if the spouse is the sole beneficiary in a will of an estate that is the same as a designation. If the spouse is not sole beneficiary, if even one item goes to another person, an addition to the will would allow the spouse to "roll over" the funds. The District Taxation Office feels the funds could be "rolled over" into another plan, as long as the spouse doesn't have possession of the money before the "roll-over." but qualifies its uncertain "feel" with "but the laws are always changing and it's hard to say what might happen in a year or so." Trust companies say their lawyers have interpreted the law so that naming in the will is sufficient. Insurance people feel it is not. At this point, nobody seems to know for sure. An amendment to the law would clarify the situation. Some trust companies are requiring investors in RRSPs to sign documents which it is hoped by them will cover the roll-over point. When an individual retires he can take his full RRSP fund in a lump sum on which he would be liable for the full tax at the going rate. The government's "general averaging" which will be in full effect in 1976 would provide the individual with a lower tax rate after that date spreading the lump sum over earnings in the year of the retirement and the previous four years. The individual's alternative is to purchase an annuity which would provide him with a lifetime income or an income for a specified number of years. Annuity income would then be liable to taxation but at a lower rate than if the person took his savings out in a lump sum. Annuities can be purchased from an insurance company only. If an RRSP is obtained through an insurance company there is no added charge for purchasing an annuity. However, if a person has Sales of registered retirement savings plans are booming, according to insurance company and trust company spokesmen. The plans vary, regardless of advertisement to the contrary. The Herald examined a few of the basics involved in RRSPs and the following is a result of that examination. his RRSP with a bank or trust company, an annuity would have to be purchased from an insurance company which charges a percentage of the amount to be invested. Trust companies will arrange tlie purchase of an annuity from an insurance company for the individual, generally by getting quotes from several insurance companies. Besides deferring payment of tax on the money put into an RRSP, the scheme also has the advantage of lowering one's tax bracket while he is paying into the plan. Persons not contributing to a private pension plan now are allowed to contribute up to $4,000 or 20 per cent of their earned income, whichever is lesser, in an RRSP. Those already contributing to a plan through their employer are allowed to contribute up to a total of $2,500 or 20 per cent of earned income, whichever is lesser, to the company plan and an RRSP. A person earning $10,000 would be allowed to contribute up to $2000 to an RRSP or to an RRSP and a company plan. The $2,000 contribution would result in a tax saving in 1972 of $640.50 or 28 per cent if he had no more than the basic tax deductions. Besides supplementing income on compulsory retirement, an RRSP is good for persons anticipating a sharp drop in income in the future or early retirement. Instead of paying a 35 per cent tax now, at their present earnings, they may wind up paying only 15 per cent or nil when their income drops or is cut off. If a person gets into a financial bind while paying into an RRSP, some plans will allow him to make a withdrawal, without charge, similar to a savings account. Persons interested in an RRSP would be advised to shop around and carefully investigate the various plans to determine what best suits their needs. A few breaks for taxpayers Following are some examples of what a registered retirement savings plan can do for the 1972 taxpayer.  A single person, with gross income of $6,000 ($500 monthly) and deductions of $1,896.70, would be taxable on $4,103.30. Federal and provincial tax would be $1,059,-BO or 17.6 per cent of gross income. If he invested $600 or $50 monthly in a registered retirement savings plan (RRSP) his taxable income would be reduced a like amount to $3,503.30. Tax would be $892.60 or 14.9 per cent of gross income. The RRSP would result in a tax saving of $167.30 or 15.6 per cent.  A man with a gross income of $8,000, supporting a wife and young child, with deductions of $3,558.52, would be taxable on $4,441.48. Federal and provincial tax would be $1,154.60 or 14.4 per cent of gross income. If he invested $900 or $75 monthly in an RRSP his taxable income would be reduced to $3,541.48. Tax would be $903.60 or 11.3 per cent of gross income. The RRSP would result in a tax saving of $251 or 21.7 per cent.  A man with gross income of $8,000, supporting a wife and two young children, with deductions of $3,858.52, would be taxable on $4,141,48. Tax would be $1,071 or 13.4 per cent of gross income. If he invested $900 or $75 a month in an RRSP his taxable income would be reduced $900 to $3,241.48. Tax would be $819.90 or 10 per cent of gross income. The RRSP would result in a tax saving of $251.10 ($1,-071-$819.90) or 23.4 per cent.  The same man, investing $600 or $50 a month in an RRSP, would have taxable income of $3,541.48. Tax would be $903.60 or 11.3 per cent of gross income. The tax saving would be $167.40 ($1,071 - $903.60) or $15.6 per cent.  A man with gross income of $12,000, supporting a wife and two young children, with deductions of $3,816.28, would be taxable on $8,183.72. Tax would be $2,315.90 or 19.3 per cent of gross income. If he invested $1,200 or $100 a month in an RRSP his taxable income would be reduced to $6,983.72. Tax would be $1,917 or 15.9 per cant of gross income. The RRSP would result in a tax saving of $398.90 or 17 per cent. For these examples, deductions included: $1,500 personal; $1,350 for the wife; $300 for each child; $100 medical; $150 employment expense (three per cent of earned income up to $150); $88.20 Canada Pension; and the appropriate Unemployment Insur-' ance Commission premiums. Martin Bros. Funeral Homes Ltd. (2nd GENERATION) Serving South Alberta for over half a century (1922-1972) Presents . . . THE SUNDAY HOUR �ere* H. LAKEVIEW MENNONITB BRETHREN CHURCH MALE CHOIR Director, MR. HENRY KRAUSE - Accompanist, MRS. MARY SCHROEDER SUNDAY, FEBRUARY 4th - 9:30 to 10:00 a.m. and 11:35 p.m. to 12:05 a.m. CJOC-TV CHANNEL 7 THE TRADITIONAL CHAPEL THE MEMORIAL CHAPEL 812 3rd Avenue Sou'th 703 13th Street North 2nd GENERATION FUNERAL DIRECTORS AND ADMINISTRATIVE COUNSEUORS FOR PRE-ARRANGEMENT5 (Authorized by the Alberta Government Security Commission) Servicing meeting secret A meeting to discuss a subject of "far-reaching importance" to the city was held at city hall. City Manager Tom Nutting, who called city council, toe directors of his administrative staff and members of the planning commission together, would not elaborate on the subject nor would he allow anyone from the general public or the press to attend the meeting. The session was scheduled during Monday's regular council meeting following the tabling of a resolution by Aid. I Vera Ferguson that the city get Gallery closed The University of Letnbridge art gallery will be closed this Sunday because of transportation difficulties involved in shipping the next scheduled display. A university spokesman said the graphic showing of Dennis Burton will open campus on a later date, to be announced. out of the business of servicing land. Under existing policy the city services most new property in the city with sewer, water and electrical hook-ups, with the developer paying tfee costs. MEALS ON WHEELS AT NOMINAL COST For Further Information Phone 327-7990 NO. 11 SQUADRON ROYAL CANADIAN AIR CADETS ANNUAL PARENT NIGHT AND BANQUET Tuesday, February 6th at 7:00 p.m. 702 WING BLDG., KENYON FIELD NO TRANSPORT FOR THIS EVENING Only cadets are expected to attend with their parents ;