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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 1, 1975, Lethbridge, Alberta Saturday, March 1, 1975 THE LETHBRIDGE HERALD 25 Tax tips What do you mean by the term principal residence? A principal residence will generally be considered as any type of structure owned by the taxpayer and ordinarily inhabited by him. This could include a mobile home, houseboat, or a condominium. My wife claims personal exemptions For (wo of our children and I claim the other two. Who must report family allowance payments? Both of you each parent must report the amount of fami- ly allowance received for the children which he or she has claimed as dependants. For additional details, refer to Item 7 of the guide to filing provided with your income tax return. I understand there are three different ways I can report interest from my Canada Savings Bonds. What are they? The three methods are as follows: First, you can cash the coupons yearly, and of course, you would have to report the interest for the year in which you cash- ed them. Second, you can leave the coupons on the bond and not clip them until you finally sell the bond. This way you take advan- tage of compounding the interest. You would have to report all the interest in the year you received it. Third, you can report the acrued interest without actually cashing the coupon. My wife and I have a joint bank account. The payments into the bank account are made by me since my wife has no private income of her own. The T5 slips are made out in our joint names. Should I still report the interest income on my tax return, including it with my income? Yes. All of the bank interest must be reported as your in- come since your wife's share of the money on deposit came from you. The family allowance cheques received for our children are made out to my wife. Does this mean she must report the payments as income? Not necessarily. The law requires that the individual who claims a personal exemption on behalf of a child for whom the payments are received must report the payments as income. If neither parent claims an exemption, the person to whom the cheques are made out must report the income For further in- formation, refer to Item 7 of the Income Tax Guide provided with your income tax return. When filing my tax return, should interest be declared in the year it is earned or the year it is received? You may report interest as income either when you become entitled to receive it, or when you actually receive it, but you must follow the same method regularly from year to year. My wife and I have a joint bank account. The money that my wife pays into the bank account is from her earnings as a stenographer. The T5 slip is made out in our joint names. Do I declare the income on my tax return or does my wife declare it on her tax return, or should we divide the interest income, declaring half of it on each of our returns? If you and your wife deposit an equal amount of your respective earnings, then the interest is earned equally. If one of you deposits more than the other, then that person should report a larger share of the interest. What is the general rule as far as capital gains or losses are concerned? The general rule is that one half of capital gamsiare included in income and taxed at a person's normal rate of tax. When dealing with capital losses, one half of such losses may be deducted against one half of capital gains. When losses ex- ceed gains, subtract one half of'your gains from one half of your losses and deduct up to of the difference. I want to contribute to a Registered Retirement Savings Plan. I understand I am allowed a maximum of 20% of my earn- ed income or providing I am not covered by a registered pension plan at work. What I want to know is what is considered to be earned income in this situation? For purposes of the R.R.S.P. calculation, earned income includes salary and wages, tips and gratuities, pension income, net income from self-employment, rental income, and other in- come such as alimony, less: the employment expense deduc- tion, rental loss, Unemployment Insurance premiums, annual union and professional dues and losses from self-employment. NDERSON GENCIES A Complete Real Estate and Insurance Service FOR YOU! FIRE Llrc AUTO LIABILITY BONDING PENSION REGISTERED RETIREMENT SAVINGS 415-3rdAve. S., Lelhbridge Bus. 327-1657 Garry Clarke Alter Hours: 345-3092 20 Lethbridge Life Underwriters Receive National Quality Award Lethbridge, Feb 28, members of the Lelhbridge Life Underwriters Association were honoured when they received "National Quality Awards." Presentations were made during a luncheon meeting of the association. Recipients of the Award, which recognizes Hie insurance sales representatives who place consistent emphasis on quality service to their clients were: E. "Pic" Piccini, C.L.U., Mutual Life ol Canada; Gordon N. Hopkins, Sun Life of Canada who were presented wilh special plaques in recognition o) their 15lh year and tcntli year of respectively; George W. Popma, National Life: H. J. "Duke" Kwasnle, Monarch Life; George Yoshlnaka, Monarch Life; Howard C. Good, C.L.U., Mutual Life of Canada; Don J. Higgins, C.L.U., Mutual Lire or Canada; Ray E. Pepper, C.L.U., London Life; Ma say uk I Tcraklla. Monarch Life; Matt C. Slavich. C.L.U., Manulife; Norman H. Quick, C.L.U., Imperial Lite; Chris G. Danggas, Great West Life; Harry Cox, C.L.U London Wolsey and Vern Sorierquisi. Sun Life of Canada; Tony Yackulic, Prudential Life; Eric Mayeskc, Manulife; Clarence Simovyak, Prudential Life; Mel Hamilton, Canada Lilc and Eric Plausteinor, Mutual Life of Canada. Permanence of life insurance "in force" is Ihc basis of the award, not sales volume. The National Quality Award commonly referred to as "NQA" is conferred by the three major life insurance associations: The Life Underwriters Association of Canada. The Canadian LKe Insurance Association, and the Life Insurance Agency Management As- sociation. To qualify, lile underwriters must achieve a minimum ol 90% in maintaining their business "in They must be members and subscribe to Ihe principles and code of ethics of the Life Under- writers Association ol Canada. Presentation was made by Mel Hamilton, President ot the Lethbridge Association. He said "National Quality Award gives tangible recognition to Ihose under- writers who are contributing their best to our business. It is additional evidence to (heir clients of (he high idoels and purposes of life insurance." He further explained that persistency and permanence of business "In force" Indicates clients have beon professionally counselled on the basis of Individual needs and have acknowledged confidence in their lire Insurance adviaors. "These men live as good citizens in our community; they conduct themselves In such a way as to bring honour and prestige to themselves, their fellow life underwriters and the Institution of life insurance." Beef war remains hog-tied by quotas WASHINGTON (CP) De- spite narrowing price differ- ences in Canadian and United States livestock development once regarded as a favorable ment agriculture specialists here see no short-term prospects for an end to the so- called "beef .war" between the two countries. Livestock trade across the border remains hog-tied by quotas imposed by Ottawa and Washington "I guess this should be a les- son to us it's a hang of a lot easier to impose restrictions than to take them one U.S. state depart- ment specialist said Thur- sday. Both Canadian and U.S. in- formants say there hsve been low-level explorations in re- cent weeks about the possibili- ty of formal negotiations between the two governments, but nothing firm has been decided. If the quotas are to be re- moved, the first step is up to Ottawa, as the U.S. govern- ment has stressed since vir- tually the first day the Cana- dian government slapped quotas on all foreign livestock and beef last Aug. 12. Washington retaliated three months later with retroactive quotas on Canadian livestock, beef, swine and pork, all much stiffer than those Canada im- posed. Ottawa reviews champagne rule OTTAWA (CP) When is champagne not champagne? Apparently when it's made in Canada. The government still is con- sidering a set of regulations that would prohibit, among other things, domestic wineries from labelling their white sparkling wines as champagnes. A spokesman for Consumer Affairs Minister Andre Ouellet said Thursday night, however, that the regulations will not be as originally proposed last July. "The department decided early in January, because of all kinds of legal problems, (not to he said, instead, alternatives are be- ing studied, but no details are available. French wine growers have been up in arms for many years over the growing use of the word champagne to de- scribe all white sparkling wines. Last April, a Canadian winery was ordered by the Supreme Court of Canada to stop labelling their sparkling wines as champagnes. The court, in a 5-to-4 decision, agreed with an association of French wine makers that champagne is a trademark reserved for wine produced in the Champagne district of France. In its decision the court said that a Canada-France trade agreement signed in the 1930s had bound Canada to recognize trademarks, such as champagne, which were registered in France. Bottling transfer VANCOUVER (CP) McGuinness Distillers Ltd. has announced it will transfer all bottling of its products for the British Columbia market to Calona Distillers Ltd. Peter Mielzynski, McGuinness president, said the move will mean increased facilities and deployment in the Kelowna area. Senior officials from the two governments gathered here Nov. 27 and agreed to meet again in "several but no further meeting has been forthcoming. The main problem was that Canadian livestock prices were as much as a hun- dredweight higher than those in the glutted U.S. market. Ot- tawa reasoned that if the border were reopened, the resultant stampede of lower- priced American cattle would disriipte the Canadian market and ruin Canadian cattle- raisers. A convergence -of prices would be needed before the quotas could go, both sides agreed in November. Now cattle quotations in Calgary and Toronto markets are do.wn almost to the depressed levels found in such American markets as Omaha and Chicago. But other forces have come to threaten the hard-pressed cattle growers in both countries, so the quotas remain. The United States, which found itself as the only major market in the world still open to foreign beef, announced early this year that it would negotiate a "voluntary" agreement with meat- exporting countries to limit their U.S. sales in 1975. The main target is Australia, which shipped 500 million pounds of meat to the U.S. last year and is reported to have huge supplies ready for export this year. Unless an agreement is reached and meat imports are held below a legally-defined (arget.'the U.S.-will resort to import quotas. Meanwhile, Ottawa is re- ported to fear that ending its quota system now would open the Canadian market to a flood of displaced Australian meat. Computer This is the Analytical Engine invented by Char- les Babbage in 1622 and regarded as the true fore- runner of the modern computer. Not many peo- ple understood its value, but Ada Byron, daughter of Lord Byron, not only understood how it work- ed, but could expound Babbage's theory more clearly than he could him- self. Boxed beef popular TORONTO (CP) The president of the Meat Packers Council of Canada says that boxed beef has taken 20 to 25 per cent of the beef market and is increasing. "There's no question, it's growing rapidly and will con- tinue to Edward Roberts said in an interview. He also is general manager of the packing house division of Canada Packers Ltd. of To- ronto. Packers cut carcasses into a number of large or primal cuts which are packed in dry ice or vacuum-sealed in tight- fitting plastic, boxed and shipped to retailers. Traditionally retailers bought halved or quartered carcasses and butchers usual- ly cut carcasses down to retail cuts. Mr. Roberts said vacuum- sealed bags reduce the shrin- kage of beef from the time of slaughter to sale in stores. Shrinkage is about 3.5 per cent, he said. He said boxed beef also saves on transportation costs because the lowest-valued part of the carcass, bones and fat, are cut off as much as possible at the plant. More pounds of meat can be packed into a rail car in boxes than when carcasses are hung in a car. Ethylene plant near Red Deer? CALGARY (CP) The Herald says Alberta Gas Ethylene Ltd. (AGED will ask the Alberta Energy Board for permission to build a million ethylene plant on a 50 acre site east of Red Deer. The newspaper says the application, which is to be made within a month, will be part of a 51.5-billion Alberta petrochemical project. The basic outline for the project is being completed following negotiations with the Alberta government and. various segments of the energy industry, the new- spaper says. Agel, a wholly-owned sub- Insurance withdrawn WEYBURN, Sask. (CP) Insurance companies are withdrawing their services from Saskatchewan because of spiralling losses they have sustained, Ron Jeffries, vice- president of the Insurance Agents Association of Saskatchewan, said this week. Mr. Jeffries, in an inter- view, said the province's in- surance industry'is in a state of "flux." "The main' reason is that .rate increases have not kept up with the rate of inflation and companies have not been able to increase rates as quickly as the cost of he said. "Rather than continue to write at lower rates, they have pulled out of the province altogether in some cases." HERSHEY PROFITS HERSHEY, Pa. (AP) Hershey Foods Corp. reported profits increased 35 per cent last year despite higher costs for sugar and cocoa beans. Hershey attributed the increased profits to higher prices and reduced weights of candy bars. sidiary of Alberta Gas Trunk Line, hopes to have the appli- cation ready by the end of March but the application may be delayed if negotiations between the company and other firms are bogged down. The AGEL plant could be under construction by the end of this year. Production from the 1.2-billion-pound-a-year ethylene production would be producing by January, 1978. The plant would be the foun- dation for a network of secon- dary processing plants owned by other chemical firms and located in either Red Deer or Fort Saskatchewan, Alta. A second plant of equal size would be built jn either loca- tion in the early 1980s, the newspaper says. Although AGEL is consider- ing plans for the second plant, final planning will not begin until the first plant is in opera- tion and factors, including the availability of ethane feed- stock, can be studied. Both plants would be operated as public utilities on a guaranteed rate of return basis sufficient to meet operating costs and provide a profit. Most of the ethylene produc- tion would be retained in Al- berta and a large quantity would be used by Dow Chem- ical of Canada as feedstock for a 700-million-pbund-a-year vinyl chloride plant to be built at Fort Saskatchewan. H. H. Smith Ltd. Cuttomt Broker COUTTS Office Phone 344-3822 INCOME TAX SERVICE Income tax forms have become a lol more complicated than they used to be. Why not turn yours over to Niagara? We have experts and computers. Give us your income and expense information and we'll do up your return quickly and accurately. Just visit your nearest Niagara Office. It's listed in the white pages. Tax our brains instead of your own. Niagara NIAGARA FINAN'CE COMPANY LIMITED. Chinese cancel U.S. wheat order WASHINGTON (AP) China now has no United States wheat on order for delivery after the 1975 crop is harvested, following cancella- tion of a 14-million-bushel purchase. Cancellation of the order, which would have been worth J58 million at current prices, was disclosed this week in a weekly report of export listings with the agriculture department. Department officials said they did not know the reason for the cancellation, and said they could not disclose which export firms lost the business. Earlier this year, the Chinese cancelled orders for 22 million bushels of wheat for delivery through next August by Cook Industries Inc. of Memphis, Tenn. The export report indicated that China still had on order 53 million bushels of U.S. wheat that is scheduled for delivery before the current crop year ends June 30. An agriculture department official said the Chinese cancellation was "very unim- portant" in terms of U.S. Wheat exports. They are ex- pected to total 1.1 billior bushels worth billion ir the fiscal year ending June 30. Our Authorized Representative City Realty IUCHD A wrc ._ BUS. 320-3000 RES 328-852O OFFERS MORTGAGE FUNDS GuinnlNd Trust Certificitis TRUST AND SAVIN6S CORPORATION LIMITED 10M Porltf Avtnin Winnipeg, Manitoba R3C 055 MEMBER CANADA DEPOSIT INSURANCE CORP. BlueRibbp CHAROLAIS ;