Lethbridge Herald, The (Newspaper) - March 12, 1974, Lethbridge, Alberta
16-THE LETHBRIDGE HERALD Tuesday, March 12, 1974 Funds invested in treasury bills, mortgages Trust f irai's success built on pension plans TORONTO (CP) Royal management of a large capital in the country. Trust Co of Montreal, largest number of big corporation In 1960 slightly more than 10 trust company in Canada, has pension plans-one of the per cent of pension funds were built its success on the most important pools of invested in stocks and the re- [TEXACO) TEXACO CANADA LIMITED has for lease in the near future a com- bination Wholesale and Retail outlet in the Town of Brooks, Alberta. For those who are desirous of going into business for themselves, here is the "Golden Opportunity" that offers a very reward- ing and profitable future to the suc- cessful applicant. Interested parties call 327-4370, or write to Suite 101, 1201 3rd Avenue South, Lethbridge, Alberta for further information. mainder in bonds. As the 1960s progressed, all trust companies swung to more profitable stocks and by 1970 the ratio between stocks and bonds was almost even. In 1969, the beginning of the stock market Royal Trust sold most of its stock holdings and invested the money in treasury bills and mortgages. Expansion and the swing to stocks were a big part of the responsibility of Kenneth Alan White, who became supervisor of investments in 1961. He was promoted to executive vice-president in 1965 and president in 1970. Mr. White joined a Bay Street brokerage firm after his discharge from the armed service. But; not finding selling to his liking, he joined Royal Trust as an investment counsellor. In a Toronto visit, he said in an interview his company has about billion in assets un- der administration. This figure is outranked by only a few major Canadian chartered banks and insurance companies. Even though bank and insur- ance company assets under administration are not as subject to executive direction as in a trust company, Royal Trust swings just as much if not more financial weight in the securities field as any other institution in North America. Figures in a recent study by the Toronto Stock Exchange show that trust companies ac- count for a minimum of seven per cent of stock trading on the Toronto exchange and 10 per cent on the Montreal market. Some analysts say the ratio is probably two to three times greater, with Royal Trust accounting for half the total. The exchange study says "trust companies have the largest stake of any of the financial institutions in Canada in the securities markets in terms of money under their administration invested in seiurities." This conclusion is not lost on Bay Street stock brokers. Two University of Western Ontario economic professors, commissioned by the Toronto exchange to carry out a series of studies on the Canadian securities industry, say a trust executive told them of brokers "grovelling for business" from the companies. Raise price of sulphur CALGARY (CP) Canadian Occidental Petroleum Ltd. and its affiliate Petrogras Processing Ltd. today announced they are increasing the price of western Canadian sulphur by a ton to their North American customers. The increase will raise prices under sulphur sales contracts to for a long ton f.o.b. plants in Alberta and British Columbia. Eaton's Viking Automatic Gas Dryer Saves You Money and Space Each Regular 259.95 Here's value that seldom comes your way in a Viking AUTOMATIC gas dryer. Features automatic dry cycle, automatic perma-press cycle, three heat selection normal, delicate and fluff. End of cycle signal, axial air flow drying system and variable time fluff. Has safety start switch, porcelain enamel top and drum, lint trap and friction door closure. Height width 27" and depth 25" enables it to fit into a compact space. White. Model No. EDX35HW. Major Appliances, Second Floor EATON'S Buy Line 328-8811. Shop Eaton's Wednesday to Use your Eaton Account... Credit Terms Available Top trust officer Top trust officer in Canada is Kenneth Alan White, a former Colonel of the Toronto Scottish regiment and president and chief executive officer of a quiet financial giant in North America, the Royal Trust Company. Tax tips For further information, call the District Taxation Office. If you live in a toll area, ask your long-distance operator for ZENITH 0-4000 and your call will be placed without charge. Q. My year of marriage was 1973 and both my spouse and myself paid rents up to the date of marriage. How should we claim the Alberta Renter Assistance Credit? A. When two people marry in the year, the spouse with the higher taxable income for the year must claim the Credit. In calculating occupancy cost the claimant may include all the following: paid for the period of the marriage, his of her spouse's rent prior to marriage, whichever is greater. Q. My mother is receiving full-time care in a nursing home. Can she claim the costs as medical expenses? A. Unless your mother is blind, or is confined to or the costs' for her care in the nursing home do not qualify for deduction as medical expenses. Q. My employer states that the portion of the medicare premiums that he pays on my behalf must be included in my income. Is this correct? A. Yes. The benefit derived from an employer's contribution to a public medicare plan is a taxable benefit, and must be reported with your other income from employment. The employer's contributions to private health services plans, such as the Blue Cross are still exempt. Q. Do I still have to get receipts for medical expenses? A. Yes. You still have to secure receipts for all claims for medical expenses. You may list your claim on the schedule provided with your income tax return and you must submit your receipts. Q. Can I now claim all the premiums which I pay for medical insurance? A. No. You may only claim as a medical expense the' premiums which you pay to a non-government medical or hospital insurance plan. Q. I have an income maintenance insurance plan and am presently receiving a disability pension from it and the benefits received are exempt from tax. Will this continue in the future? A. Yes. If the plan was established before June 19. 1971. benefits received because of injury or sickness occuring before 1974 will be exempt from tax. Q. I gave to the United Appeal. Can I claim this as a tax deduction in addition to the standard deduction of A. No. You are entitled to claim either the standard deduction of or your charitable donations and medical expenses, but not both in the same year. Q. Can I claim dental expenses incurred at a denbirisfs establishment as medical expenses? A. Yes. The only stipulation is that the denturist must be licensed.