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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 24, 1971, Lethbridge, Alberta -Solurdny, July 24, 197! THt IETHBRIDCI HEKAID 19 Your taxes Some taxes loom as cripplers I. H. Asper pHCCS dtOf It Is now clear that no final evaluation of the effect of the tax reform plan can be made until the Provincial Govern- ments declare themselves on the subject of what further taxes they intend to impose. It is within their power to make the Federal plan work essen- tially as intended, or to a large extend, thwart it by imposing new Provincial taxes in t h o s e areas where Ottawa has either reduced or abandoned existing taxes. Nowhere is this mort obvious than in the Gift and Estate Tax field. Finance Minister Edgar Benson accepted the criticism of his original tax White Paper and in the new legislation these Federal taxes will disap pear. This move was require; in the light of the peculiar char acteristics of the new Capita Gains Tax system, which, un like its United States counter part, provides that when one makes a gift or leaves propertj to someone at his death, anj increase in the property's valu over the original cost will be taxed as a capital gain. To add a Gift or Estate Tas on top of the Capital Gains Ta; would have a crippling impac in most cases. It really be comes a matter of philosoph turning on the question of whe ther or not one believes a cit zen ought to have the right t freely dispose of Ws property! undue interference from he state. In fact, this is the lassie confrontation between hose who believe in the social- st concept and those who cham- pion the idea that private prop- erty should be permitted and encouraged. As things stand at present, all ncome is taxed as it is earned, and taxed again through sales axes and the like when it is spent. The individual who spends less than he earns ac- cumulates "after tax" savings which he may wish to spend ultimately or give away either in his lifetime or at his death. The present law excludes an important form of gains from income gams- and it was because of this ex- clusion that people have ar- gued that there should be a tax at some time on one's accumu lated capital. Because Ottawa has decade( to levy a fairly stiff capita gains tax, starting January 1 1972, the Federal author i t i e were persuaded that it would be too harsh a penalty on thos who saved their money, rathe than spent it during their life time, to tax the same mone when it was earner and again when it is given awaj This accounts for the abolitio of Federal Gift and Estat taxes. To do otherwise could pro- uce substantial hardship. Sup- pose a father has a summer cot- age which he built himself 10 years ago at a cost of le decides to give it to his aughter who has children of ler own. At this point the cot- age is worth partly be- -ause of inflation, but mostly >ecause his own labor went into milding it. If he transfers the cottage to lis daughter, he will be "deem- ed" (i.e. imagined or supposed) o have made a capital gain of He will take half the ;ain into income and pay tax on it. Assuming he is making per year, this added and imaginary gain would be taxed at about 40 per cent. Thus, even iough he. hasn't received any cash, he would have to look around and somehow find for tht extra tax. That in it- self might be termed ridiculous, but the situation worsens if he lives in one of the Provinces which derides to levy a Gift Tax. Depending on what other gifts he has made, based on preset Gift Tax rates, the 000 value of the cottage would be taxed at 12 per cent, mak- ing an additional] Provincial Gift Tax of Thus in this not too far out example, a tax- payer making per year would be taxed nearly for the privilege of transferring to his daughter a summer cottage which he built himself for 000. Obviously he wouldn't be able to afford the luxury. While this is patently absurd, it becomes even more impos- sible for the farmer or busi- nessman who wants to pass his assets to his children upon his death. Suppose he starts a busi- ness or farm at a cost of and at his death 40 years later, it is worth Under the Federal Capital Gains Tax sys- tem, even though his children do not sell the business and have no cash with which to pay the tax, the estate would have to find about immediately just to pay the income tax on the alleged capital gain. If his Province then levies an Estate Tax on the es- tate, without giving credit for the Federal Capital Gains Tax paid (in which the Province another tax bite of as much as could be felt, depending on what rates of tax the Province imposes. Thus where an individual simply transfers his farm or business in weak trading TORONTO (CP) Prices on the C a n a d i a n bond market moved lower in light trading this week. The short end of the market was weaker by about 15 cents. Book publisher given award BANFF publish- er Jack McClelland of Toronto was awarded the University of Alberta's 1971 national award in letters. The award was initiated in 1951 by the university to foster a greater1 appreciation of fine arts in Canada. The award was presented to Mr. McClelland for his contri- bution to the Canadian publish- ing industry- Gold shines in week By PETER LE1CIINITZ Canadian Press Staff Writer A sharp advance by gold is- sues highlighted trading on Ca- nadian stock markets this week. In other sectors, prices posted moderate trading. The Toronto advances in active market's in- dustrial index, the prime indica- tor of market movement, was r up 2.18 points to 179.43. Gold issues, however, out- paced advances in all other see- tors. Observers said heavy trad- ing, a lack of available bullion and corresponding higher prices on the London Metal Exchange were responsible for the ad- vance. Prices at London reached a two-year high Wednesday. At Toronto, the gold index climbed 12.46 points to 185.11. Wednesday, the index recorded its sharpest advance in alinosl two months, rising 7.79 points. At New York, prices edged fractionally lower for the second consecutive week. On the Montreal and Cana- dian exchanges, the composite ndex rose .42 points, closing at 82.30. Combined volume on the two x c h a n g es was 6.71 million hares, compared with 7.30 mil- ion last week. At Toronto, the volume for the week was 10.12 million shares up from 9.09 million last week. OILS MOVE HIGHER Western oils continued to move upward, r e f I e c ting a growing interest in Canadian source stocks. Analysts said much of the buying in western oil issues coming from the United States where brokers are recommend ing Canadian oil companys, be- cause of the U.S. fuel shortages News that mutual fund re- emptions in the U.S. outpaced ales, for the second consecu- ve month, in June also forced irices lower. Volume at the New York was 9.31 million shares, down from 66.91 million last week. Base metal issues posted only ractional advances, as analysts said many investors continue to >e concerned about earnings o) several of the major producers Announcement of a tentative settlement by some of the U.S copper producers and their re- spective unions also had a dampening effect on Canadian issues. On the week, the Toronto base metal index was up .86 points to 94.30. to his children at his death, the family would be taxed ,in ex- cess of 50 per cent of its value, and what is worse, would not have the cash to meet the tax obligations. Ottawa has apparently ac- cepted the logic of abolition of Estate and Gift tax but the Provinces are mm commital as to their plans. Indeed, the Government of Manitoba at last week's Federal Provincial Fi- nance Ministers' Conference gave strong indication that it might increase its taxes by levying a Provincial Gift and Estate Tax. The plans of the other provinces are less clear, other than Alberta which has aid it, too, will abandon these taxes. The federal Government can and should strongly influence lie Provinces in this regard. (Mr. Asper is a Winnipeg law- Fish hatchery for Calgary CALGARY (CP) Public Works Minister Albert Ludwig said here he would recommend accepting the low bid of for construction of a fish hatchery in northeast Cagary The tender was placed by Commonwealth Construction Co. Ltd. and was less than the highest bid. The minister said construe tion on the 14-acre site would begin as soon as possible, bu had no specific date. Mid- and long-term issues lost about three-eighths of a point and corporate issues about three-eighths to one-half point. Trading centred around the government of Canada issues released Monday. A million cash offering was divided into two types: one-year, 4'A-month 5% per cent bonds due Dec. 15, 1972 at a price of 100.15 per cent to yield about 5.13 per cent and three-four, four-month 5% per cent bonds due Dec. 1, 1974 at a price of 98.50 per cent to yield about six per cent. In addition, million of five-year per cent bonds due Aug. 1, 1970 were offered at par pre-refund the existing issue >f government of Canada er cent bonds due Sept 1, 1972. This exchange issue may be onverted at the option of the older into five-year per enl bonds which are to mature ug. 1, 1981. There was a further issue a 15 million Husky Oil Ltd. m cent bonds which mature Aug. 15, 1991. These were trad ing at a price of by Friday Day-to-clay money was avail ble at three per cent Fridaj and three- and six-month treas ury bills continued to trade a .52 and 3.84 per cent respec ively Supplied by Donerty Roadhouse and McCuatg Bros. GOVERNMENT OF CANADA BONDS GOVERNMENT OF CANADA GUARANTIED BONDS Cm. Hot. Hvrr. BIJ Apr. 1, '71 Matured Sept. 1, '72 99.95 100.15 Oct. 1, '75 96.25 97.25 Jul 1, '78 100.00 108.00 Sept. 1, '83 77.62 78.12 Perp. 3 Sep. 15 38.00 IN EDMONTON and the prospect of increased Canadian oil and gas importa- tion. On the week, the Toronto market's western oil index was up 4.37 point- to 237.38. At New York, the Dow Jones industrial average of 30 key blue-chip stocks dropped .73 points to 887.78. Observers said investor fear that further interest rate in- creases may hinder economic expansion continue to have an adverse effect on market prices. RIVIERA THE HOTEL WITH MORE TO OFFER For your convenience in making reservations CALL LONG DISTANCE AND ASK FOR ZEnith 0-7255 ol no cost to vou By Gene Fawcette IT'S A BIRD... IT'S A PLANE.., IT'S... A NEW TV ANTENNA! GONE ARE THE USUAL ARRAY OF RODS AND INTHBR PLACE SOLID-STATE AMPLIFIER ENERGIZED BY PLUGGING INTO ANY OUTLET ONLY 46 IN. WIDE, ITCAN EVEN BETAKEN WITH YOU ON A BOAT OR CAMPER... IVIERA MOTOR HOTEL 5359 Calgnry Troll Edmonton, Alberta Phone: (403) 434-3431 Telex: 037-2610' IT PULLS IN ALL STATIONS FfOMMTO SO MILES-AWAYAHD CODERS CHANNELS fROM 21083! CAIRO (Eeutar) Egypt' former minister of war, Gen Mohammed Fawzy, will stan trial before a military tribuna for his part in the abortive pW to overthrow President Anwa Sadat, uncovered in May. Bond prices INDUSTHIAl ilta G T 9Vi% '90 102.00 104.00 Item '91 103.00 105.00 B C. For '92 100.50 102.50 B'C. Tel '90 104.00 106.00 Bell TeV '79 104.00 106.00 '93 104.50 106.50 '89 103.00 105.00 '90 100.50 102.50 '91 102.00 104.00 '90 102.00 103.00 '90 102.50 104.50 9% Bell Tel CVR CP Sec Can Util CMHC Apr. Jul. Sept. '75 100.00 101.00 '75 102.25 103.25 '92 80.00 rnovmciAi Alberta Ontario 7 Ont Hyd 9 '90 102.00 104.00 '88 88.50 90.50 '94 104.50 106.50 '90 107.00 109.00 '74 99.00 101.00 L% '92 81.00 83.00 '74 99.00 101.00 New Br Nfld N. S. Quebec Alberta '90 104.00 106.M Man Hyd 8 '91 96.00 97.01 Sask 83-i% '90 103.50 I05.K Nfld '90 104.00 106.0 ACT 8 '74 102.00 104.0 iulf Oil inter P P Massey 9W 9V3 '90 103.00 105.00 '80 101.00 '90 102.00 104.00 int Nockel '90 103.50 105.50 N and C G 9V4% '91 104.00 106.00 of Cdn 9H% '90 103.00 105.00 T C Pipe '90 103.00 105.00 Tr Cdn P 10% '90 104.50 106.50 CONVERTIBLES Alia G T 7% Cons Gas 5% Scurry R 7V4 TOPS'; WC Tr C 5% WC Tr Dynasty 7 '90 117.00 120.00 '89 98.50 100.00 '88 92.00 94.00 '89 86.00 88.00 '88 90.00 92.00 '91 119.00 121.00 '82 83.00 87.00 75.00 80.00 Crossword Hilu" Carter named to head NAIT EDMONTON (CP) George W. Carter has been named to succeed W. A..B. Saunders as president of the Northern Al- berta Institute of Technology. Mr. Carter, who takes his new position Sept. 1 was direc- tor of business and vocational education at NAIT from 1961 to 1965 when he became assis- tant director of technical edu- cation in Alberta. Mr. Saunders was president of NAIT for 10 years and will become deputy minister of pub- lic works Sept. 1. Dividends By THE CANADIAN PRESS Imperial Life Assurance Co. of Canada Ltd., Oct. 1, record Sept. 9. Kelly Douglas and Co. Ltd., class A, Aug. 31, record Aug. 13. Royal Bank of Canada, 22 cents, Sept. 1, record July 31. Soulham Press Ltd., 30 cents, Sept. 28, record Sept. 14. Standard Brands Inc., 40 cents U.S., Sept. 15, record Aug. 16. Zenith Electric Supply Ud. five cents, Sept. 30, record Sept. 15, SUB-TRADES All forms of sub-trades, PLUMBERS, ELECTRICIANS, FRAMERS, etc. for 100 home project located 30 miles north of Natal, B.C. Starting in early August. Ejects safely BADEN SOEUJNGEN, West Germany (CP) A Canadian Forces CF-104 Starfighter jet crashed during a training flight today but the pilot, Lieut. D. J Burroughs, 24, of Toronto, ejected safely. ANTI-WAR TAB WASHINGTON (AP) Two weeks of anti-war demonstra- tions here in April and May cost the government and business million, Congress has been told. 1 Less risky. 6 Siberian. 11 Intersection mishap. 16 Offspring. 21 In a state of action. 2Z of Medicine: 2wds. 23 Main artery. 24 Hindu queen. 25 Delineated. 26 Disorders. 27 Original condition. 29 Sure thing. 32 Kind of abbr. 33 Tater. 34 Dreary. 35 Distress- ingly. 36 Busy places. 37 Word with flower or nose. 38 Innkeeper: Fr. 39 Jumper. 40 Weaving; Indian. 41 Brother- hood. 42 Previously. 1 Youth days. 2 Excuse. guys 4 At all times. B Important time. 6 Mountain pool. 7 Entrances. to handle." 9 Stnriike. 10 Trim again. 11 Skillful. 12 Highway. 13 Skill. 14 Rouse from inactivity. COMMON EXPRESSIONS ACROSS 79 One who tends cows. 81 Small fish. 83 Newspaper item. 84 Shout to Pacific. 47 Type of dancer. 49 Wings. 50 Colored. "Bull" session. 53 Magazine's concern. 57 From: Fr. 58Lead: Fr. 60 Attention getting sound. 61 Artist who painted Washington. 62 Small. Prepare for a sit-down dinner. 66 It's for th" birds. 68 Grotto. 69 Rose dye. 70 Blood, sweat 72 Oven man 73 Pressure marks. 76 Behavior patterns. 77 Certain horses. 78 Western entertain- ment. Burn again. BOWK 15 "Little 36 pitchers 40 Body part. 41 Molding or .arch. 42 Toward the sheltered side. 43 Garment for Hindu man. 44 N. American Indian stock. 46 Indoor swimming pools 16Th periods: abbr. 17 Accepts what ono against. 18 "Like two peas 19 Readjust. 20 Planting aid. 28 Letters. 30 Dorsal bones. 31 Common speckled, smooth, etc. CONVENIENCE STORES CONVENIENCE STORES Box 73, Herald Reunion, 1842. 110 School girl. 112 Nepal people. 114 Came to rest 115 Repenter, attract attention. 85 Descendants t16 Skeleton of Abraham'! SO Pasture sound. 91 The song thrush. 92 World power: tnit 54 Eyes: Fr. 95 Girl's name. 96 American free port Island. 88 Western school of learning: abbr. 89 Detach the affections of. 133 Bergen' 100 Diplomacy. dummy 101 Fraticida victim. 102 Separate and divide, as thread. 104 Roast or 134 Play the part of. 135 European. 136 Rah, rahl 137 Concur. 13S Civil war hero. 48 Singly. 49 Classifieds. 51 Recede. 63 "Step to thO Diagramless 19 x 19) Anne HaHoran ACROSS CONTACT NU-WEST DEVELOPMENT CORP. 301 14lh STREET N.W., CALGARY 41, ALBERTA PHONE 283-0711 Contact Mr. Jerry SZULCZYK or Mr. Lloyd Gregory H. H. Smith Lid. Customs Broker tOMONTON I I ACAI.GARV 1 t-ETHBR10Gfi coim Phont 344-3821 1 Greatest quantity. B Endure. 9 State firmly. 10 Overlay. 13 Actor John 14 Man or boy. 15 Forcefully. 18 Eagle's nest 19 Letter. 20 Waste by time. 21 Bread quantity. 24 Actor Wallach. of Caprli 28 Clothes. 31 Companion 34 Require. 35 Magnificent, 36 In debt. 38 Sunshine state: afafar. 39 To empty. 411001 to tha Romans. 43 Danger. 44 Detested. "46 Famous designer, 49 Alphabet letters. 60 Rub out. 51 DominT. 52 Call of 63 Stinging insect. 64 Informal record. 58 Food fish. 60 Portents. 62 67 On deep water. 68 Musical group. 54 Not sleeping. 55 Crowbar. 56 Dixon and others. 58 Picture. 50 Not as much 60 Roof apartment. 61 East India herbs. 64 Doctrine. 65 Milk: comb, form. 67 Sells. 68 Prickly plants. 71 Gaming cube. 69 Before: poet. 70 Sharp-edged. 711971. 72 Actual being: Lat. DOWN 1 Parent. 2 Egg-shaped. 3 Market. 4 Three of cards. G Light 6 Mature. 7 Satisfy. 8 Vibrating, 10 Meadow. 11 Afresh. 72 Spheres. 73 School dances. 74 Automaton. 75 Simpleton, 76 Indian 77 Skin. 79 Sea cscortf. 12 Father: Fr. 16 Inlet. 17 Handy. 22 Malt drink. 23 Gave 24 Omelet ingredient. 25 Animal fat, 26 Wrath. 29 Commanded. 30 Cubic meter. 31 Voting places. 32 33 Supple. 37 At hand. 40 Clasp. 80 Department of Greece. 81 82 Pine-tree state. 84 Part of a harness. 86 Cultivating 41 Western tableland. 42 Notion. 43 Real estate, 45 Small label. 46 Jackdaw. 87 Pertaining to friction. 38 Apiece. 39 Group. 91 Crowds. 93 Harum 37 Cultivated. 98 Worn out. 99 47 Bandleader Rae Hutton. 45 Assault. 54 Power generator. 100 Kind of aircraft. 102 Behold. 103 Femlnino name. 105 Light in color. 10G Frighten: Fr. 55 Australian bird. 56 Only. 57 Extra, ordinary thing. 107 Sketches. 108Stigmatize- 109 Distant. 111 Put 113 Certain fisherman. 116 Obstacle. 117 Squanders. 59 Entice. 61 Compass marking. 62 Objective. 63 Puts into service. 118 Fixed look. 120 The present 121 Glide along. 124 Small unit devoted to a cause. 125 Pelt 127 Soon. 128 Fifth tonob G4 Busy ones. 65 Mentally sound. 66 Cloak and dagger group; inlt. CRYPTOGRAMS I.SH OFFtO DAFFT HMPH JPLF ZSTFPZZXF, XKYB PIKTJFJ NPTJPSSPY DAFFT, SO YFSHMFT ZSZZSY TKT FIFTETFFY4 By SOIOTIONS OF 1AST 'WEEK'S PUZZtES 2.DUET TWFFBWCK FETCH UQ.KZXM HECT QZ VXBXWH TEHDFXHD. By Henry 3.ZMIIZTJ AMSSMTJ ATIDU ZTDI ETJX ZMJIZTJ AMSM BXUDD OSB KODEMTS KTYSB MI. I-nat Week's CryirtoBTums 1. By liolfl liull bullied, iy horned cow cowed, their plowboy left one fleli 2. BeritiTnUiumminEbird around ror.ythis ignores crowly inchwotm br ehryfmnlhcmnm. S. Landslide nchocd tlironRhont crnshins cedar. t. Some jewelers ndjust watch while customer wailed. By I. M. Field Inc., 1971 ;