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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - March 2, 1973, Lethbridge, Alberta 2ft - THE LETHBRIDGE HERALD - Friday, March 2, 1973 Tax Column Tax Act amendments worth noting By T. II. ASPER Like most budget speeches of the past, the address presented to Parliament on Feb. 19 contains the major tax changes which caught the headlines. The address also refers to dozens of minor or less-dramatic amendments to the Income Tax Act. MP ordered to apologize j for insult By PAUL JACKSON Herald Ottawa Bureau OTTAWA - A British Colum-oia MP thought to have insinuated in the House of Commons that a Conservative member had been drinking heavily was ordered to apologize by Speaker Lucien Lamoureux. The clash, between Frank Howard (NDP-Skeena) and Pat Nowlan (PC-Annapolis Valley), was similar to an event of a year ago when Mr. Lamoureux ordered Prime Minister Pierre Elliott Trudcau to apologize for a 'drinking remark he made to Robert Muir (PC-Cape Breton-The Sydneys). Yesterday's hassle erupted into a bout of spirited heckling with Conservative MPs shouting about an "incestuous" relationship existing between the New Democrats and the minority Liberals. It started when Herb Breau, parliamentary secretary to Trade and Industry Minister Alastair Gillespie, had to re peatedly stand up and ask Ed Broadbent (NDP-Oshawa Whitby) to withdraw a variety of motions asking the government to produce evaluation reports on a variety of government programs. It turned out that the reports couldn't be produced because the government hadn't evaluated any of the programs. TORIES HAPPY The Conservatives were delighted to see the government rejecting NDP wishes and started shouting comments across the floor. Ged Baldwin, Conervative House leader and MP for Peace River, Alta., suggested that the "farce" end because all knew of the relationship between the NDP and the Liberals. George Hees (PC-Prince Edward Hastings), a former cabinet minister, said the matter should have been straightened out between the two parties at an alleged joint caucus meeting held that morning. No joint caucus was held, but people in Ottawa are suggesting that the country is now governed by a Liberal-NDP coalition-without cabinet posts for the NDP. Next, someone shouted out that 'incest' should never be condoned. NDP Leader David Lewis immediately sprung to his feet objecting to the "smart alecky' remarks. That's when Mr. Nowlan jumped up and in a long and somewhat disjointed statement-perhaps because of desk-thumping applause from Conservatives and heckling from other MPs-tried to explain the difference between being smart and being smart-alecky. And he again mentioned the word "incestuous." That brought Mr. Howard to his feet. "Mr. Speaker, I just wanted to ask is it not a bit early in the day for the honorable member of the Conservative party who just sat down to be in the condition that he is in?', said the B.C. member. Many of these are worth noting, for they not apply to tens of thousands of taxpayers, but also give the public a clue as to where the tax trends and tides are taking us. The notices of ways and means and budget motions tabled by Finance Minister John Turner contain more than the usual number of technical changes that will be of considerable interest to a broad section of Canadian taxpayers. For example, the amendment to the definition of what constitutes ones "principal residence" is to be amended to include a leasehold interest in a housing unit. Since capital gains arising from the sale of a principal residence are tax-free, the many thousands of Canadians who have long-term leases for their homes will get l^e same tax break as those who own their homes outright. This can be an important stimulant toward leasehold housing. In order to make housing available to those who haven't enough capital for a down payment, some developers, with the encouragement of Central Mortgage and Housing Corporation, have been building their projects and leasing the homes on a long-term basis to the prospective buyer. The home buyer often has an option to buy the house, but there are cases where after living in the house for a few years, he may want to 'sell" his lease to another party who wants to lease rather than buy outright. The problem that existed prior to budget night was that if one sold his leasehold interest in the home and made a capital gain, that gain was taxable. The inequity was that someone across the street selling an identical house in which he had full ownership would pay no capital gains tax. The amendment cures this inequity. Another wecome technical amendment to the act is t*�at which allows an employee to go to the tax department and negotiate a change in the amount of tax deductions at source that is being made by his employer under this tax law. Prior to this, there has been no flexibility. The employer has been required to make a set de duction from his employee's pay cheque, based on the assumption that the employee will work the full year at the given salary and will have no untwual or extra deductions which would qualify him for a lower tax bill. The result of the present inflexibility is that most Canadians over-pay their tax during the year and receive refunds. However, it has never been quite clear why everyone should be forced to over-pay and have to wait for a refund of their own money. Presumably the amendment to the law will allow an em ployee to go to the tax depart ment and prove that too much is being deducted at source, based on the fact that he may not be working for the full year, or that he has special deductions, or that.he has business loss carry-overs, or capital losses which will offset his income, and if he can prove that too much is being deducted, or that he is suffering a hardship from the deduction, the minister can vary upwards or down wards the amount that is being deducted at source. Strange as it may seem, there are also cases where employees prefer to have larger deductions made at source than their employment income would require, because they have outside in come, such as capital gains, or interest income, where no deductions at source are being made. When tax payment date comes, they haven't really budgeted for the extra payment ENTER YOUR ANTIQUES AND COLLECTABLES NOW for the 1973 Antique Auctions JUAL AUCTION SERVICES BOX 1545, CRESTON, B.C. ECONOMIST IV Alberta Hospital Services Commission Responsible for conducting complex and sophisticated analyses and projections of the Commission's component of the Health Care System and will provide the Commission with information- on economic aspects of various programmes. Act in a consulting capacity and work in close co-operation with research officials from, government, hospitals and Divisions of the Commission. An employee benefit program is offered similar to that of the Alberta Public Service. Require a Masters Degree in Economics, with 5-10 years experience in the health and hospital field, with work related to Economics, Statistics and Research Programmes. APPLY: Assistant Secretary of the Commission, - 6th Floor Workmen's Compensation Board Building, 9912 107 Street, Edmonton, Alberta. 425-1810 that is required, and have a difficult time finding the money for their final tax payment. The amendment is welcome in that it allows for the first time in Canada a new kind of tax payment budgeting for those who have variable incomes. Lawyers, accountants, doctors, dentists, engineers, and other professionals, have been given an amendment which will make their lives a little easier. Under the tax reform bill of last year, all professionals were required to calculate their incomes on an accrual basis, rather than a cash basis. That is, they must now take into income the money that is owed to them by their clients, even though it hasn't been paid by year end. The hardship that was complained of when this was introduced was that in many cases a professional will send his bill, say on Dec. 10th of the year, and he will then be required to pay tax as though he had been paid. However, the client may contact the profes- Money markets closed LONDON (CP) -  Another critical disruption in the international monetary system, less than three weeks after a 10-percent devaluation of the United States dollar, has forced the closing today of most leading European foreign exchange markets. It has also raised grave fears here that confidence in the world's payments system has been eroded to such a degree that governments can no longer control it using conventional telhniques. The Financial Times says it is questionable "whether the powers-that-be could mobilize the firepower needed to control international disorderliness of the dimensions now threatened even if they could sink their differences to a sufficient extent ... to operate in unison before time runs out." The closing of the foreign ex changes, while still allowing commercial banks to deal in foreign currencies, effectively means that the dollar will not be supported by central banks in Europe today and will be alowed to float in response to supply and demand. The Japanese government has announced that the Tokyo market will be closed today and Saturday as well. The closures also apply to London, West Germany, Belgium, Austria, Holland and several other centres. sional and point out that there is more work to be done before the bill can be paid, or he may complain of the service, and the professional may be required to do additional work in the subsequent year in order to justify his original bill on which he has been taxed. The amendment now permits professionals to set up a reserve against their income in respect of the value of work they may be required to perform in respect of bills which they have sent out, but for which they have not been paid. Taxpayers who are in professional fields would be well-advised to examine their own historical records in connection with work that they have had to do in a year in respect of a client who was billed in a preceding year. This will give them an idea of what kind of a reserve they will be able to set up and offset their income with. The finance minister now has almost a full year before he will be required to present Ills next budget. He has obviously made major commitment toward cleaning up and smoothing out the tax reform bill of 1972. In this coming year, Canadian taxpayers from all sectors of the community would do well to communicate their concerns to the finance minister in the hope that next year's budget will see the final major overhaul of the tax reform plan. All in all, Mr. Turner has made a good start, but he must bear in mind that it was his government that foisted on to the Canadian public an unin-telligible and often incomprehensible tax system and that he therefore has a special responsibility during his tenure of office to remedy that situ ation. In doing so, he will earn the lasting resDect of those who have to live with and under the new tax system. (Mr. Asper is a Winnipeg lawyer). Crown land legislation expected EDMONTON (CP) - A legislative committee studying foreign ownership of crown land in Alberta will probably recommend legislation requiring that details of all land transactions be reported to the government, committee chairman Julian Koziak said Thursday night. Mr. Koziak told a meeting of the Appraisal Institute of Canada the report, which will be tabled in the legislature this session, will probably suggest legislation similar to Nova Scotia regulations where all transactions must be reported. Mr. Koziak said that in the case of a non-Canadian inherit-inheriting land, the recipient of the land will probably be given a "reasonable length of time" to become a Canadian citizen or to dispose of the property. Public ownership, control of mineral resources urged LAKE MONSTER Ogopogo, the name of a reputed monster in Lake Okana-gan, B.C., has been described by some as 20 feet long with a heavy snake's body. WINNIPEG (CP) - Eric Kde-rans, a former cabinet minister in the federal liberal government, has urged that Manitoba bring all the province's mineral resources back under effective public ownership and control within 10 years, and set up Crown corporations for basic mining. He warned that massive give aways of mineral rights to mult i-national corporations would mean loss of control over the province's economic destiny. "It is not wildly imaginative to suggest that the day may not be far distant when Canada's resources will be controlled not by the 10 provinces but by fewer than 10 giant resource corporations," he said. Mr, Kierans, who also has been Quebec revenue minister and president of the Montreal and Canadian stock exchanges, makes the recommendations in a 50-page report on a study of natural resource policy made at the request of Manitoba's NDP government. Premier Ed Schreyer said an BOOKKEEPER REQUIRED IMMEDIATELY A competent bookkeeper, able to handle all accounts receivable, accounts payable, payroll, etc., is required for local retail store. Salary, fringe benefits commensurate with experience. Reply in own writing, supplying personal resume to; Box 31, Lethbridge Herald All information held tn strictest confidence. interdepartmental cormmiilee . will be established immediately to study the report, which he hoped would lead to widespread public discussion of resource policy and representations from mining companies in the province. Wlille the government is not committed to adopt specific recommendations, he said, it is committed to guarantee the people of Manitoba fairer return from the province's natural wealth. Mr. Kierans, now a professor of economics at McGill University in Montreal, long has maintained that Canadian resource policy in general is producing high profits to corporations and insufficient returns to the Canadian people. His long-term recommendation* Include an aggressive ex- ploration program by Manitoba Mineral Resources 'Ltd., a Crown corporation, and legislation to forbid the transfer of private mining claims and leases. Upon termination, these exist-ing rights would revert to the Crown. W GRAVEL f    ^ 328-2702-327-3610^| SAND GRAVEL ASPHALT T0LLESTRUP SAND AND GRAVEL Construction Co. Ltd. PHONE Farm Loans FARM CREDIT ACT-provides long term mortgage loans to develop profitable farm businesses. FARM SYNDICATE CREDIT ACT-provides joint loans for machinery purchases to groups of three or more farmers. SMALL FARM DEVELOPMENT PROGRAM-special credit assistance to small farmers in building up sound operations; grants to retiring farmers of small units. FARM CREDIT CORPORATION For information contact: Room 410 Post Office Bldg. Telephone: 327-0752 Government to consult Indians EDMONTON (CP) - The federal government has prom ised that it will consult with the Indian people before setting up an Indian trust fund, pres ident Harold Cardinal of the Alberta Indian Association says There is general skepticism among Indian chiefs about the fund, which is to be run by Indians and take over most of the budget responsibility of the department of Indian affairs he said. Mr. Cardinal said in an inter view that some Indian representatives have com plained that they were not consulted when plans for the fund were being drawn up. Canadians should own gas pipeline EDMONTON (CP) - Alberta Liberal leader Bob Russell today supported the development of a Mackenzie Delta natural gas pipeline but said Canadians should own it. A pipeline was better than a bridge because it caused less environmental damage and was more economical. He told a news conference it would provide jobs, boost revenues, strengthen the industrial base of Alberta and ensure a cheap energy sourco for Canadians. Mr. Russell said the federal government should "immediately indicate its approval oi tbe pipeline." SIMPSONS bears SPECIAL PURCHASE! End your storage problems with this 10x11' lawn building a-The baked-ort enamel finish is guaranteed for 3 years against rusting. Weather-tight design ensures that your equipment is safe from the worst Canadian weather. Just look at these features:  new-woodgrain embossed wall panels  roof beam-of durable heavy steel  roof-longitudinal ribs minimize snow load. Ridge cover prevents leakage and gutter allows easy drainage. Trimmed all round with protective corner caps.  threshold-heavy and galvanized to permit easy exit and entry. Reinforced doors glide on nylon rollers 9 Shelves extra. Building Supplies 8'x7' Deluxe Lawn Building 300 cu. ft. shed, less floor less floor 134 STORI HOURS: Op.n Daily 9:30 a.m. to 5:30 p.m. Thursday and Friday 9:30 a.m. to 9 p.m. Centre Village Mall. Telephone 328-9231 ;