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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 29, 1971, Lethbridge, Alberta 22 THE IETHBRIDGE HERAID Thursday, July 29, 1971 The lax column Time to get ready for V-Day By I. II. ASPER For thousands of Canadian lawyers and accountants con-' cerncd with advising their cli- ents on their rights and obliga- tions under the tax system, the summer of 1871 will long be re- membered as a gruelling endur- ance test as they plough Byj. through the massive new In- come Tax Act in an effort to learn its ramifications before the law comes into effect. For the squad of government advisers, the summer is devot- ed to racing through the legis- lation for the purpose of catch- ing and curing unintended in- equities and anomalies in the tax bill in the hope they can re- move them before they become enshrined on the statute books. For the nine million taxpay- ers of Canada whose affairs will be governed by the new law, this is a waiting period. Many are already familiar with the principles of the new sys- tem, but await professional ad- vice and evaluation on how they will be affected. But they already know one thing: life in the new tax world will be infinlely more complex and record keeping will become part of their normal routine. The complexity of the new system is a regrettable but in- evitable result of the capital gains tax. Us introduction will also generate a major change in investment patterns. NO ANSWERS Many Caradians feel a sense of frustration during this per- iod. This is natural because so far there has been little explan- atory material published on the specifics of the new system The natural question "how does this affect me" hasn't yet been answered and won't likely be broadr; discussed until the Fall when the Canadian Bar Association and Canadian In- stitute of Chartered Account- ants hold their Annual Confer- ences to discuss the ins and outs of the 600 page reform In spite of Uie present dearth of explanatory material, there is one thing Canadians with as- sets can be doing during the taxpayer Jhe choise of evaluat- 1'jii. They can begin giving ser- ious consideration as to how they will be valuing their as- sets come V-day. Under the government plan, all capital gains, with the ex- ception of gains made on the sale of one's own home, will be taxed after January 1, 1872. In order to prevent taxing gains were really made before that date, Ottawa is ging the Alpaca Andy sends a complete 20- volume set of the Worid Book Encyclopedia to Sandra J. Brauer, age 10, of Niles, Ohio, for her question. Where do we get alpaca? The Incas of Peru used these silken fibers to weave delicate shawls and other fine woolen garments. The Spaniards intro- duced the luxurious material to the Old World but supplies were limited and weavers soon took to blending them with sheep's wool. Supplies still are limited. This is why most fab- ric sold as alpaca usually is not entirely alpaca. As a rule, these rare luxurious fibers are blended with the finest fleece of sheep, with the hair of angora goats or rabbits and perhaps with some of the super-fine synthetic materials. In our stores, textiles made from pure alpaca fibers are hard to come by. But not in certain parts of Bolivia and Peru. There tho people often wear everyday cloaks shawls woven -intirely from soft silky alpaca fibers. There on the altiplano, the high plain, around Lake Titicaca live the herds of sheep-like alpaca that supply the fleecy fibers to make these luxurious fabrics. Once each year the shepherds shear their fleecy coats and there is never enough for everyone who would like to buy it. The alpaca is a rather hoity- toity character who refuses to descend from his lofty home two or three miles high in the Woman may exiled Andes Mountains. The haughty expression on his solemn face -eminds one of the camel. Ac- .ually, the alpaca is a small, mmpless cousin of the big mlky camel. He shares the slopes of the Andes with the lama, the guanaco and vicuna and they also are small mmpless members of the cam- el family. All these animals have soft silky hair and the alpaca's is second best. The softest and silkiest belongs ing all his capital assets, as at January 1, on either one of two bases. He can value them either at the price he paid for them, or at I heir fair market value on Valuation Day a date yet to be announced. In this way, each taxpayer should wind up on January 1 with a list of all his taxable capital assets cot- tage, shares, bonds, real es- tate, art collections, and the like, and be able to state the value of each asset. If, when he sells the asset or dies, its value has risen or fallen, the differ- ence 'i value from the Janu- ary 1 position, will be the tax- able gain or deductibe loss, as the case may be. IIITC" There is one hitch. That is UK provision that the taxpuytr must apply the same technique of valuation either cost or fair market value to all his assets. He cannot use the two yardsticks selectively. For ex- ample, if he owns shares in a mutual fund which cost each but have dropped to a trading value of and if he owns a duplex that cost 10 years ago but is now worth he cant value the shares at each (cost and the duplex at (market valu.5) he must choose which method of valuation will apply to the total group of assets, the vicuna. People who know in some cases this will pro- STANT GIFT BOOK solve try- ing last-minute gilt problems for all seasons. Over 100 gits to make for all occasions. Unusual gifts to crc- cnet, tie dye, knit, embroider, sew, paint; decoupage ideas, papier machc, more. Order an extra copy for a friend. Send ONE DOLLAR for COMPLETE INSTANT GIFT BOOK of THE LETHBRIDGE HERALD Readers Mail Limited 60 Front Street West Toronto 1, Otnario Deaths Yesterday By THE CANADIAN PRESS Joseph Gravel, i9, founder and first director of the Ottawa school of nursing, and later a university archivist until his retirement in 1966. Dr. Vincent Caron, 65, professor of theology at Saint Paul's seminary, at one time part of Ottawa University, and accorded the rank of pro- fessor emeritus on his retire- ment in Mcaford, Ont. Kenneth Campbell, 47 director of player personnel for Chicago Black Hawks of the National Hockey League, when the tractor he was driving rolled over and crushed him. K h a 1 c k Mahgoub, Sudan's top commun- ist who took part in the unsuc- cessful attempt to overthrow President .J.iafar EI-Nimeiry, from execution by hanging. Topcka, Bclk, well-known racing driver on the stockcar and supra-modified cir- cuits, from injuries received in a racing accident. Knowlton, One o 1. Law- rence Moore Cosgrave, 80, clcco- raled First World War veteran and a long-time tar Eastern envoy. PALERMO (AP) A special anti-Mafia court questioned 27- year-old Antonietta Bagarella today to decide whether she would be banished from Sicily as the first woman ever exiled as a Mafia suspect. Police Chief Ferdinando Li Donni said, the former physical education instructor at the Sa- cred Heart Religious Institute had contacts with wanted lead- ers of the Mafia, the Sicilian- based secret society accused of undenvoild operations. Police prosecutor Vincenzo Terranova recommended that the court banish her from Maf- ia-ridden Sicily for five years. A police source told report- ers: "Don't try to make a hero- ine of her, or a new Joan of Arc. Slie is a Mafiosa big shot." Antonietta's lawyer, Mario lippolito, said the girl is being persecuted because her brother, Calogero Bagarella, and her fi- ance. Salvatore Tina, are re- puted lieutenants of fugitive Mafia boss Luciano Liggio. "Everyone lippolito told the court, "that in Sicily women have no part in men's affair's." The court is expected to de- cide within 10 days. Under spe- cial laws, suspected Mafia ac- tivists may be exiled without formal trial. Fifty-five Mafia suspects have been rounded up around Italy in the last two weeks and brought to Palermo for questioning. And 33 others are in exile on two small Italian islands. claim that human hairs are like wires '.vhen compared with the fine hairs of the vicuna. The alpaca's hair is almost as fine, but he is more friendly to people. For centuries, shep- herds of the high Andes have tended their alpaca ffncks and sheared their silken coats. The shearing season comes around when we are having fall weath- er and spring comes to he lands south of the equator. By then the alpaca coats almost brush the ground. The hairs are eight to 24 inches long. Some of the largest animals yield seven pounds of alpaca fiber apiece. After shearing, the hair grows and by next year they are ready to welcome another crew-cut. These small camel cousins are cud-chewers that feed on grasses and scrubby plants that grow on the pampas and the lofty slopes of South America. In the wild, they roam in herds and one papa protects several wifes and numerous children. Domesticated alpaca depend on I the shepherd to lead them to i pasture and protect them from I harm. The alpaca looks rather like large sheep with a longneck and long straight hair instead of curly fleece. His luxurious coat may be black, white or brown cr a mixture of these colors. His cousin the llama is trained as a beast of burden and sometimes the people eat his meat. But Uie valuable al- paca is treated as a wool spe- cialist. He is not expected to carry burdens and his meat is rarely if ever eaten. The moth- ers produce only enough milk for their babies and yield non for dairy products. Questions asMd by cnlldron of Herald readers should be mailed to Ask Andy, P.O. Box 765, Huntington Beacli, California 92648. (Copyright Chronicle Publishing Co. 1371) Sex film banned from classes SYDNEY, Australia (Reuter) New South Wales educa lion department has refusec permission for a sex crime movie, The Child Molcster, tr be shewn to primary school ar.c kindergarten children. Th< movie, which was made in th< United Slates with police co-op eration, re-enacts an aclua crime in which two girls, agc< eight and nine, are murdered by a young mnn. Borowski pays fine WINNIPEG (CP) Mani- oha highways minister Joe paid his court ine Wednesday with publicly- donated funds, but he says he las not decided w.iat do do with the remainder of the con- ributions, which could amount to as much as Mr. Borowski said he has received more than in contributions, including in separate envelopes each con- :aining one hill, frorc as far as Prince Edwr'-d Island and British Columbia, and expects 'possibly another or The highways minister was fined June 30 by Mr. .Justice Israrel Nitikman after he re- fused to abide by the condi- tions of a suspended sentence contempt of court. The charge arose out of remarks made by Mr. Borowski in a radio interview. One of the conditions was that the minister apologize in open court to the Dauphin magistrate lie had accused of political motivation and had threatened to have removed from the bench after the mag- istrate decided to allow a case against Mr. Borowski to pro- cedc, rather than dismissing it summarily. duce onerous results. Fcr ex- ample, if the taxpayer chooses thfi fair market value approach, when he sells the mutual fund shares, even at his cost, ha will pay tax on the alleged per share gain, even though he has made no gain. On the other hand, if he chooses to value his assets at their cost to him, when he sells his dup- lex at he will pay tax on the alleged gain, even though the gain had occurred before the new system was in- troduced. Each taxpayer must now carefully prepare a list of his assets and form some decision as to which method of valuation is most advantageous to him. His decision should be based on several factors. Is it worth his while to spend the money to engage an expert appraiser to identify the fair market value of those assets which have no listed value, unlike quoted sec- urities? He should be influenced in his decision by the likelihood of his future activities regard- ing his assets. For example, if he thinks he's likely to keep the duplex for many yearc, hut intends to sell the mutual shares as soon as they come back in price, it may be worth his while to value his assets at cost, rather than market value so that his "gain on the share sale will escape tax. Many other considerations should enter into his thinking, such as the possibility of sell- ing certain assets before the new system begins, because their value position prevents him from enjoying a favorable tax position on the value cf his other assets. Others will find i advantageous to sell certain listed securities bsforc Janu- ary 1, to realize a tax-free capital gain, with the idea of buying the same securities again after the new system starts. Ottawa could help Canadians avoid a good deal of this foot- work by allowing taxpayers a third alternative to valuing their assets. It would be fair to allow the taxpayer to value each asset, separately at its cost. Then when he sells it, the taxable gain or deductible loss would be apportioned pro rata on the basis of the length of time he owned it before and after the new system began. Thus, if an as'set cost and was bought two years be- fore, then sold for 52.000 one year after January 1, the gain FISHING COST A combined hunting and fish- would be split, on the basis of the length of time the asset was held. The gain for tax pui-poses we ulo be one-third or The of this third approach would save Canadians the cost and bother of bavin" to have appraisals made on many of their assets. (Sir. Aspcr is a Winnipeg lawyer) Injured climber dies on peak INVERMERE, B.C. (CP) A Vancouver mountain climb- er stranded overnight on a mountain Ion with head in- juries died Wednesday before a helicopter could get him to safety. Jan Ailur.g, 26, was scaling Commander Mountain 24 miles north of here as part of a four- man Apinc Club of Canada team when he was struck by a falling rock He was wciiring a hard hat EATON'S END OF SEASON CLEARANCE ing licence for Kcntuckians now i hut still suffered a severe head costs instead of Summer Sandals Open heel and toe wedgie sandals of soft, durable leather styled for summer comfort. Long wearing leather soles. Choose white or tan in sizes 7 to 10 collectively. All sales final.