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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 16, 1973, Lethbridge, Alberta 14 - THE LETHBRIDGE HERALD - Friday, February 16, 1973 DALLAS HOTEL SOLD TO CALGARY FIRM The 62-year-old Dallas Hotel in downtown Lethbridge has been purchased by Reaco Development Co. Ltd. of Calgary, owner of the Plainsman Hotel. The purchase was made from Mirror Hotel Co. Ltd. of which Clare Waddell is president and Kenneth Astl, secretary. They owned the Dallas for nine years. Reaco expects March 4 to add the two Pincher Creek ho- tels to its growing list of holdings. Renovations to the Dallas rooms now are under way and are scheduled to begin soon on the tavern. The two Reaco hotels in Lethbridge are unique in that they provide live music six nights a week. Manager of the Dallas now is Ruben Hager. Outdoor space seminar planned for Medicine Hat A one-day seminar on regional outdoor and recreation space in southeastern Alberta will be held at the Medicine Hat College Feb. 27. Dr. Chester Beatty, professor of geography at the University of Lethbridge, will deliver the keynote address, to be followed by panel discussions and work- Macleod gets LIP grant The Town of Fort Macleod is the latest recipient of a federal Local Initiatives Program grant, it hr.s been announced by Ken Smith, LIP co-ordinat-or for Southern Alberta. The town will receive $12,004 to hire five people in a renovation project that will turn the old town hall into a drop-in and recreation centre for senior citizens, he said. shops led by local people familiar with the area. The seminar is sponsored by the Alberta division of the Community Planning Association of Canada in conjunction with the Medicine Hat Regional Planning Commission. Seminar chairman will be J. Paul Melin, president of the Community Planning Association of Canada. Topics to be discussed include the demand for recreation, wilderness recreation areas, use of river valleys, regional parks, and the role of education. Depot to open A bottle depot will open Saturday at 1422 2nd Ave. S. as an outlet for Green's Pop Shop. The depot will be open from 9 a.m. to 6 p.m. Thursdays, Fridays and Saturdays, a spokesman said. There will be no retail sales at the depot, only refunds for returned bottles, the spokesman said. ANNUAL MEETING PUBLIC NOTICE is hereby given thai a meeting of the Electors of the VILLAGE OF FOREMOST will be held in the Community Hall orv Monday, the 26th day of Feb., 1973 at 8 o'clock p.m., for the dis-cusison of Municipal affairs for the year ending December thirty-first, 1972. Dated at Foremost this 22 day of Jan., 1973. A. H. RATZIAFF Secretary-Treasurer Hours bylaw could force store out Carnival festivities Campus festivities of Lethbridge Community College's Winter Cornival moved downtown Thursday night with a torchlight parade up Mayor Magrath Drive and 4th Avenue to 5th Street. In addition to decorated cars end floats, contestants in the 1973 carnival queen pageant brought personal greetings to evening shoppers. Today is "ugly da/' on campus. Carnival activities include a pancake eating contest, the beard judging and a piano breaking competition. The week-long event winds up Saturday with the selection of Miss Chinook Winter Carnival at 9 p.m. in the 4-H building of the Lethbridge Exhibition Grounds. Farmers evaluate tax position By R1C SWIHART Herald Staff Writer District farmers have received the 1972 tax forms and now begin the job of evaluating their tax position for the past year and the coming years in the face of numerous changes. Marvin Gaits, regional economist for the Alberta Department of Agriculture, feels the new tax act implications will force good managers of all businesses, including agriculture, to become well aware of the effect of the new regulations. The basic exemption for a married couple has been increased to $2,850 from $2,000. This means an additional $850 tax free income. The exemption for children remains at $300 for children under 16 and $550 for those more than 16 years. Mr. Gaits says this will help the fanners in the low income bracket. "If net taxable income was below $7,000, a tax saving would probably occur," he said. "However, once this level is exceeded significantly, the increased rates implemented will result in more tax dollars paid out." Valuation day The new act is also designed to tax increases in the value of capital property. As an individual, the farmer must record the disposition of capital property in 1972 including the value received and the adjusted cost consisting of the fair market value on valuation day or the initial cost. Half of any gain must be added to taxable in come. Valuation day values are computed as of Dec. 22,1972 for corporate shares and Dec. 31, 1972 for other property. These values should be documented. Mr. Gaits says tax management publications are available which include procedures for real estate evaluation. Professional help should be sought when complex situations arise. G. LlNC COWARD MANAGER WANT TO SELL YOUR . ... HOUSE, FARM, OR PROPERTY!! Call LlNC COWARD or one of his Success Salesmen - Meet VINCE HARTY GEORGE SCOTT DON ROY MORIS PASHKOWICH ..._s NICK KUCHERAN DO IT RIGHT. USE THE SIGN OF SUCCESS Canada Trust REALTOR Until 1972, most farmers calculated their depreciation expense using a special form on a straight line basis, so much each year until the item was depreciated out; All items purchased since 1972 must be depreciated on a declining balance according to the Farmer's and Fisherman's Guide. The depreciation must be recorded on the tax form in special classes as explained in the guide. Mr. Gaits says the farmer may transfer all items to the declining balance when filing the 1972 return. But generally he will gain if he leaves items on straight line by increasing his depreciable expense. Fanners who established a basic herd prior to 1972 are in the fortunate position of being able to write it off against net income over the coming years, says Mr. Gaits. The basic herd is the number of cattle which the rancher or farmer used to produce capital through the sale of calves or yearlings. Special option Any farmer selling bis land can retain a "principal residence" consisting of the residence and one acre surrounding. The principal residence must be owned by the taxpayer. Any capital gain realized by the taxpayer when selling the principal residence is tax free. If the residence and farm property Is sold together, a spe- Housing contract awarded Robins, Mitchell, Watson, local architects, have been awarded a contract by the Alberta Housing Corporation to design 30 public housing units to be built on the north side. The cottage - style housing units will be paid for by the AHC and will be constructed on two lots at 18th Ave. between lath and 20th Ave. N. For low-income families, the complex will include four two-bedroom, 14 three-bedroom and two four-bedroom units. The complex will cost an estimated $450,000. No construction date has been set. cial farm option is open to the farmer. This allows the farmer to deduct $1,000 phis $1,000 per year after 1971 from the overall capital gain on the sale of farm property. Farmers contemplating purchasing land from a non-resident of Canada should be sure to present a notice of sale to the federal Department of National Revenue. If not, the purchaser could end up paying 15 per cent of the tax value to the government until the tax is paid by the seller. Mr.' Gaits says the capital gains tax has replaced the gift and estate tax. To date, the Alberta government has not implemented any tax to replace the gift and estate tax. This provision can be used to transfer assets such as land to a son as part of planning for the future. Mr. Gaits pointed out a special "roll over" function in the new tax legislation. This new provision allows deferment of capital gain when transferring capital assets from one party to the next, particularly for a spouse. If a farm is incorporated, it is possible to defer capital gain to the next generation. Mr. Gaits stresses that whenever considering these long-term complex situations, a professional should be consulted regarding the particular situation. By JIM MAYBIE Herald Staff Writer City council's recent decision to amend the closing bylaw could force a long-established grocery store out of business, The Herald has been told. Currie's Foods Ltd., 1516 9th Ave. S., "could eventually have to go out of business" if the amendment remains in effect, said Lloyd Currie, manager and secretary-treasurer of the firm. When the amendment came before council Mr. Currie was on holidays. When he returned it had been passed. "I never had a chance to object to it," he said. Under the bylaw passed two years ago a section allowed Currie's to remain open from 7 a.m. to 11 p.m. seven days a week. The amendment requires that Currie's close at 6 p.m. Monday to Saturday and be closed Sundays and holidays.  Currie's has been operating from 9 a.m. to 9 p.m. seven days a week. "We have to keep those hours to make it a viable operaton," said Mr. Currie. Brothers Lloyd and Walter Currie started their business in Lethbridge 22 years ago. From a locker plant the business was forced to change into a locker and confectionery operation. Later it was made into a supermarket but because of space limitations, the change was almost disastrous. Since it has become a neighborhood store, things have Improved. The brothers have an investment of about $100,000 in the business "but we have some big loans to pay," said Mr. Currie. "If we have to operate under the bylaw amendment it is going to be damn rough and eventually we could be forced out of business." The bylaw amendment was the result of protests by confectioners and corner grocery store operators against 7-Eleven Stores which were staying open 24 hours a day. In the bylaw of two years ago provision was made for Currie's to stay open the same hours as the corner grocers. The amendment approved by council Monday made no provision for Currie's. "The city has put the businessman in a position where he can no longer plan for the future," said Mr. Currie. "Laws, rules and regulations are adopted by the city on which a person bases his future development. He gets plans and developments completed and then the city comes out with new regulations two years later which destroy everything, at the expense of the businessman. "There is no security at all," he said. The amendment was sup-. posed to protect the independent grocer against 7-Eleven Stores which is in direct competition to them but "7-Eleven must be laughing up the wall right now. The bylaw now is even better for 7-Eleven. "There is nothing now to buck 7-Eleven from taking over the confectioneries. We could be closed and Safeway could not bring in its Superettes under the bylaw. The bylaw now is just what they (7-Eleven) want. "We are not hurting the confectioneries. We don't carry confectionery lines like cold pop, penny candy and ice cream cones. "We don't have the bread and milk trade. We sell larger grocery orders and our main competition is Safeways. When we price-check it's not with the confectionery stores. It's with Safeways. "Money spent in our store stays in Lethbridge and isn't . sent to head office in the U.S. or elsewhere. "The beef was with 7-Eleven but the city council winds up hurting local business and local people." Currie's is seeking legal action on the bylaw. A petition was set up in the store today to gather signatures of Currie's patrons. Highway upgrading planned The stretch of Highway 3 between Fort Macleod and Pearce will be up-graded this summer, according to a Highways department spokesman in Lethbridge. Tenders were called last week for the widening and shoulder paving of about seven and one-half miles of the highway, and a bid will be accepted late this month for the construction. A coroner's jury in Calgary, investigating the traffic death of a former Lethbridge man, Robert Gooder, made a recommendation Feb. 2, the highway should be improved but a highways official says that the new construction was planned before the inquest was even held. Mr. Gooder died following a two-car collision east of Fort Macleod Dec. 31. QUALITY DENTURE CLINIC EDDY DIETRICH Certified Denial Mechank Capitol Furniture Blag. ��PHONE 328-7684 M JACK McAUSTER OSWALD J. SMITH BILLY GRAHAM TEDD SMITH CAMERON WILSON FOR SALE Canada Trust Realtor PEOPLE HELPING PEOPLE Cor. 3rd Ave. and 7th St. S. Phone 327-8581 �)) Acting deadline nears The deadline for students wishing to enrol in acting or production courses at the National Theatre School in Montreal, is Feb. 28. Students must have completed high school at the time of admission. Acting students should be from 17 to 23 years of age, although in certain cases, exceptions will be made. There are no age limits for production courses. Application forms for the 1873-74 school year can be obtained by writing to the school at 5030 St. Denis St., Montreal 176, Que. World__________ Evangelism 5 Hours Special SaK Feb 17 11:30 a.m. - 4:30 p.m, CFCN-TV World Literature Crusade presents a unique television documentation of systematic evangelism to every home in nations where one third of the worlds people live. With 415 denominations cooperating World Literature Crusade conducts literature distribution in 210 countries. Lethbridge Chamber of Commerce 84th ANNUAL BANQUET HOLIDAY INN, LETHBRIDGE WEDNESDAY, FEBRUARY 21st No host reception - 5:45 - 6:45 p.m. Dinner and Program - 7:00 - 10:00 pm. Cost per person $6.50 Guest Speaker: A. J. ELLIS President, Canadian Chamber of Commerce Get your tickets early and avoid disappointment Attendance limited to 350 ;