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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 20, 1973, Lethbridge, Alberta Federal budget 1973 TllT F ner onuses jobs more - fast By IRVING C. WHYNOT CP Business Editor OTTAWA (CP) - Finance Minister Turner says the measures in his Monday budget will not only provide more jobs but should "provide them fast enough to bring about a significant reduction in unemployment." He said that by this time next year 300,000 more Canadians should be holding well-paying, steady jobs. He described unemployment as "the most unsatisfactory feature of our economic performance." Finance department officials estimated that if Mr. Turner is correct in his estimate of 300,-000 new jobs, and if the participation rate in the labor force remains the same, the average unemployment rate for 1973 would be 5.2 per cent. That compares with a season-a 11 y-adjusted unemployment rate of 6.2 per cent in January, a month in which the participation rate was at a historic high of 57.3 per cent. RATE MOVES UP The participation rate is the percentage of Canadians of 14 or over who are working or looking for work. The rate has been upward for about 10 years. Mr. Turner said unemployment remained -high "even after two years of economic expansion." In his first budget last May, he predicted a falling unemployment rate for 1972 and then saw it rise from 6.3 in June to 6.7 by the end of the year. Monday night, he explained some of the reasons why. �"We would have done better . . . had it not been for the weather and the effect of strikes last year in slowing down employment, production and exports. "But other factors have been at work as well. The labor force is growing rapidly both because of the age structure of our population and because a growing proportion of young people and of women have joined the labor force." Despite this, he said, some employers are reporting difficulties in filling job vacancies. 17-16* > of Budget- mi.......I How much more pay you'll be taking home Budget grows Federal budget continues to grow on revenue of $18,000,000,000 and expenditure of $18,975,000,000 in the fiscal year endin g March 31, 1974. The budget was tabled in the Commons Monday night by Finance Min ister John Turner. In. the fiscal year ending March 31, 1973, budget predictions were for revenue of $15,670,000,000 and expenditure of $ 16,120,000,000. [ By GARRY FAIRBAIRN OTTAWA (CP) - A typical \ taxpayer will find that Monday night's tax changes will add $1.97 a week to his take-home pay-That calculation is based on a ^married man earning $150 a ' week, with two children under 16. It includes thcl effects of changes in Canada Pension Plan and unemployment insurance deductions. That taxpayer was paying $734 in federal tax on his 1972 income. This year, he would pay $650.22 if his 1973 income were unchanged. -would involve imports of $1.3 billion a year, including many foods and consumer goods such as meats, out-of-season fruits and vegetables, household articles, pharmaceuticals, sporting goods and toys. On many items, the tariff on goods from Commonwealth and most-favored-nation countries such as the United States is wiped out altogether. Between 55 and 60 per cent of the affected imports are from the U.S. Mr. Turner estimated that the combination of sales tax removal and tariff reductions would cost the treasury $190 million a year. Since both are applied at the point where the goods begin their way through the distribution system to the consumer, successive markups would boost this figure enor- mously for the ultimate purchaser. The sales tax is applied on the manufacturer's price or the duty-paid import price. The budget also abolished a 10-per-cent special excise tax on a wide variety of cosmetics and toilet articles and from clocks and watches worth under $50 at the manufacturer's, level or as duty-paid imports. Nfld. P.E.I. N.S. N.B. Ont. Man. Sask. Alta. B.C. 127.06 129.03 127.06 129.03 126.70 128.66 126.26 128.22 127.99 129.96 126.11 128.08 126.91 128.88 127.06 129.03 127.86 129.83 There is still lots of time for provincial taxes to be raised or lowered, however, Saskatchewan, for example, has announced an increase, of three percentage points in its income tax. If that is worked into the above calculations, the 1973 take-home pay would be $128.62 instead of $128.88. Provinces suffering financial strain could increase their tax rates so as to wipe out all or part of the benefits from the federal tax cut Family farm gets break OTTAWA (CP) - It took almost two years but the federal governmerA now has conceded that its capital gains tax-as originally enacted-wouM have had an undesirable effect on the family farm. Tax changes announced in Monday night's budget will make fa.fily farms wholly exempt from the capital gains tax so long as the farms remain in the family. Definition of family is to be spelled out in regulations. When the capital gains tax was presented to Parliament in 1971, opposition critics and farm spokesmen complained that it would kill the family farm. Under the capital. gains tax provisions effective Jan. 1, 1972, the tax was levied on the value of a farm when its owner died, even if he left the farm to his children. The change announced Mon-&jy night, however, is retroactive to Jan. 1, 1972, and thus in effect means those provisions were never in existence. In his budget speech, Finance Minister John Turner said that the question of preserving the family farm is of great importance. "Under the present rules, when a farmer dies and leaves his farm to his children, he is treated as if he has sold his farm at its fair market value," Mi". Turner said. "Therefore, a tax liability at a time when there has been no real sale may leave the family of the deceased fanner with no alternative but to sell out. "To remedy the problem, I propose that.. . when a fanner dits and leaves his farm to his children there will be no deemed sale of his farm land." RANCHERS GAIN The tax changes will also .make income tax time a little more pleasant for ranchers. Ranchers have complained that present tax laws do not al- low them to carry start-up losses far enough forward to be of any benefit. If a rancher suffers losses of $30,000 in his first year of oper-rations, for example, he can only carry that loss for five years. But it may be seven or eight years before he shows a profit and by then he can no longer deduct the original loss. Under the new system, ranchers will be allowed to carry their livestock,' valued at any amount up to fair market value, as inventory for any length of time. Thus, in the above example, a rancher could set a value of $25,000 of his livestock as inventory. That woujd mean a $5,-000 loss for tax purposes in the first year. If he showed a $25,000 profit eight years later, he could then deduct the $25,000 inventory, leaving himself with no taxable income. Pensions rising to $100 a month OTTAWA (CP) - The basic old-age pension will rise to $100 a month April 1 and war veterans' allowances also will be in-creased, Finance Minister Turner annouced in his budget speech Monday night. The old-age security pension now is $82.88 a month. It was to have gone to $86.61 on April 1 under a cost-of-living adjustment announced last year. That formula is superseded by the straight $100 a month for this year but it will take hold again April 1, 1974. The guaranteed income supplement paid on the basis of need will be boosted to a maximum $70.14 from $67.12 due under the cost-of-living formula April l, so that the maximum for a single pensioner would be $170.14. It now is $150. A couple over 65 could receive a combined total of $324.60 a month-basic pensions plus maximum supplement- compared with $285 now. Mr. Turner estimated the additional payments will cost $290 million a year, bringing the old-age pensions bill to $2.8 billion. The payments are received by 1.8 million persons, of whom about one million receive at least part of the supplementary guarantee. For disabled veterans, Mr. Turner announced an increase in the basic allowance to $151 per month from $131 for single persons and to $257 from $217 for married persons. For veteran recipients over 65, minimum incomes will be raised to $206 from $186 a month for single persons and to $357 for $317 for married couples. Increases also will be instituted for widows and orphans. About 78,000 persons are affected and the war pensioners' increases will cost $9 million during 1973-74. FABULOUS RUARY SPECIALS HUMIDIFIER VAPORIZER Sugg. 1M d J 9g $16.95. NOW II STEAM VAPORIZER 4.99 paramette TABLETS 125'$ Sugg. List 5.40 j.29 NOW. 3 paramette SYRUP 20-oz. Sugg. List 4.95 NOW. PARAMETTE CHEW TABS 100's Sugg. List 4.89 now. BENYLIM COUGH SYRUP 8-oz. Sugg, list d ,AQ $2.25. NOW .. AYDS Sugg. List 4% QQ $3.75. NOW ... C* PAMPERS Newborn 30, 1.69 I Overnight m 99c Daytime 30 s 1.99 I Toddler m 1.29 ACTIFIED TABLETS ACTIFIED SYRUP 100'$ Sugg. List $6.50 SPECIAL .. .99 8-oz. Sugg, list $3.25 SPECIAL . . 1.29 EBHB& Head and Shoulders 4 29 tube - lotion - JAR Sugg. List $1.69. NOW ........ CREST 100 ML CFfBET 1 DESERT dEVSvb I � FLOWER Antiperspirant I COLOGNE iu*hLht �f .29|f�L�M -J .39 99^ I $l959LISt % ""I List $2.00 NOW NOW ALL TIMEX WATCHES 15% OFF ASPIRIN WHNGES C0HTAC C LISTERINE CAPSULES ioo-� Now9eOwy 20's...l.89 M0DESS 48's 12-oz MAAL0X |.29 ADORN HAIR SPRAY Sugg. 4 Ofl list $2.98 I ,9V NOW... � Nee n< Easy!'"NT*T 1 -59 |Sfc* 0� � I NOW____W CORICIDIN 'D' 1.49 I NURSER SETS .. 24's Sugg. List $2.19. NOW .. PLAYTEX ^�99 NYTENE I LISTERINE I FEVER cough syrup 1 20-oz. I Thermometer 39| Sugg. 4,39 List $1.89 ^ NOW Sugg, list $1.99 NOW . . . 1 1*1 98* fsm LAKEVIEW DRUC LTD. 1017 Mayor Magrctth Drive ferns chocolates dubarry estee lauder fragrances 24-Hour Emergency Service Phone 328-5509 FREE DELIVERY ;