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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 17, 1973, Lethbridge, Alberta Tax Column Income tax amendments proposed to simplify law -------------Salurday, Maich 17, 1973 THf UTHDRIDGE HEXAIO 33 Beef price increases KAMLOOl'S, B.C. i But cattlemen now are be- Gordon Parkes, vice-president j ginning to build up their herds liy I. ASI'KH This is the amendment whicli increases the penally that a Ca- The teclmical changes Fi-jnadian taxpayer must pay i[ he ronce minister Jolm Turner is j buys property or other assets introducing into the Income Tax Act have one major thrust: lo from a noji-rcsidcnt and does not receive a certificate of simplify Ihe law and remove clearance from Ihe Department some of the inequities and ano- Sol National Revenue lo the ef- malies that have already sur-lfect that the non-resident doss As he says, it is the pro-j not owe any income or capital cess of'smoothing out the rough j gains tax in reaped .of Ihe prop- edges, ierly. This amendment is rather One of his proposals, pe.'haps J surprising bee u u s o il coni- nccessary for enforcing the complexity of the original scheme of the act goes new act. Ihe other way. i As it stands when a non-resi- Gi dent sells properly in taxes paid to other-coun- on which he should pay a capi- but nol for Hie al gains lax the Canadian tax payer who buys the properly is required to make certain that the non-resident has paid the tax as otherwise Ihe Canadian Traders have teen at a dis- buyers will become liable lo a ax penalty payable even when public company. tax penally. He is supposed to get ti'om certificate of clearance the Department of Na- BEIRUT. Lebanon (An King Hussein of Jordan has given in to pressure from myny Arab leaders aiid commuted the death sentences of guerrilla leader Mohammad Daoucl Odeh and 15 of his confederates. The release of Daoud and the other 18 guerrillas was the prin- cipal demand of Ir.'e eight Black September terrorists who killed two United States diplomats and a Belgian March 2 after seiring (he Saudi Arabian em- bassy in Khartoum. In a message broadcast by radio Amman, Hussein said be- commuted Ihe death sentences because of "human considera- tions'1 and "sincere and honest lional Revenue under these cir- cumstances in order to avoid the risk of penalty. The amend- ment now increases the penalty lo IS per cent of the cost of the property to the buyer if he has not received a certificale of clearance from the department i and if he does get a certificate i clearing the transaction, but does not stale accurately the amount of the purchase price he is paying the non-resident, the penalty can escalate to 25 to (heir provinces or states. Since provincial taxes and stale taxes in many countries are al- most as heavy as the national income lax, Canadian Overseas advantage in that they have only been able to treal as a de- ductible expense from their in- come titc taxes they pay to the provinces and states of a for- eign country. The amendment will now allow Ihose companies lo be more competitive in inter- national markets. appeals" from many Arab lead- i cent-of Ihe difference be- per 1 twcen the amount of the pur- for the chase price he has shown in the ers. The new sentences guerrillas were net spelled but U-CT are expected to remain ment in pri-un the They were sentenced to death "on-resident Feb. 17 lor plotting to over- T< Hussein, whcm the Pales- certificate from the tax depart- and the actual money lo the It serves lo underline that Canada means business when it tinian guerrillas hate almost as says that non-residents who make taxable capital gains m Canada are going to have to pay that capital' gains tax, and much as they do the Israelis be- cause lie drove them out of Jor- dan in 1970. The royal clemency could also be interpreted as an ex- pression of appreciation to the Black Septemlwrists for sparing the life of Jordan's charge d'affaires in Khartoum. any Canadian taxpayer does not collaborate will; who the LENSES For everyone who wears glasses Available in ALL prescriptions. Thega Hardlite lenses are: Shatterproof oncl backed by a warranty against eye injury. Hall Ihe weight of ordinary glasses. Available in a variety of styles, shapes, and tints. Protective lenses arc law in some. countries advisable everywhere. Specializing in fhe fitting of Eye Doctor's prescriptions government in the enforcement of that tax will face stiff penal- ties. There are also a number of major amendments, for the most part improvements, to the ;ax treatmenl of trusts and their beneficiaries. As more and more Canadians adopt the method of -providing for their families through trusts, either Two farming tax law changes will be of interest, particularly in western Canada. For part- time farmers, there is the pro- vision that will' allow full deduc- labilily of all expenditures thai are made on scientific research in connection with farming. The amount of deducibility will no be subject to the normal limita lion which restricts the araoun of that one can use to offset Against his othe income. The effect of thi amendment may well be to en courage part-tune or hobb farmers to do more scieoilifi connection will arming, such as innovalin lew crops, or new breeds and Ihe like. As well, a change in Ihe -nelhod of income reporting for ivestock farmers permits the 'armors to bring into his in- come his increase in livesUck lerds in any year in any amount up to their fair market value. The purpose of this very appropriate change is to make sure that in the early years of a 'armer building up a basic herd or other livestock business, the losses he will incur will be pre- served to be wrillen-off against in Iheir lifetime or in their wills at death, it becomes far more important for the law in this re- gard to he much clearer and less complex. The massive changes made in the tax treat- menl of trusts in the tax re- form bill were, for the most part, too ornate and unneces- sarily complex. Mr. Turner has made a start in Iheir revision but he still has a long way to go. A very important amendment for those Canadian companies which da business abroad is the provision lhat from January 1, 1973, onward, those companies will not only get credit against their Canadian tax for income Canadian-controlled private orporation became acquired by Canadian public nd surely that was not the in- cntion. The amendment makes It leaf that the tax penalty is nly payable when control of a smpany passes lo non-res i- enls, and it will no longer ap- ly when a Canadian private ompany is sold to a Canadian This commentary does nol pretend to cover the whole field of the technical changes that are to be made, but rather rep- resents only a few highlights. It is clear that Ihe government has made the decision to im- prove the reform law, but no fi nal assessment as to ils success can be made at this time. (Mr. Asper is a Winnipeg law- yer.) of the Canadian Cattlemen's As- sociation, said here the law of supply and demajvd could dic- tate a drop in the price of beef, but he doesn't see lln's happen- ing for several years. Mr. Parkes lold the annual general meeting of the associa- tion that the price cycle is on the upswing now as Ihe per capita consumption Continues to rise. He said as long as there is a prices can up. weak supply, beef be expected to go and this could influcnce_Uje supply in three or lour years, he said. Bert llargreavcs, Coriserva- live MP for Medicine Hat, lold the meeting the high cost of food in Canada may be attrib- utable to four disasters that have curtailed food production in other parts o! the world: droughts in Russia and China, failure of the fishery off South America and failure of United Slates soybean crop. future income, which will be earned when his business has matured and he starts to sell his .cattle. In effect, it is an other form of income averaging for the livestock farmers. An example of an amendment which cures an inequity, Is the proposal that where a Canadian sells control of a Canadian con- trolled private corporation to a public Canadian company the tax penalty which was con- tained in the original act will only apply il the company be- comes foreign-controlled as a result of the sale. Under the tax reform plan private Canadian companies were given a preferred tax rate of 25 per cent. However, if con- of FIRST OF WEEK PRICES EFFECTIVE in Lethbridge Nlon. and Tues., FRENCH FRIES BEL AIR, FROZEN CRINKLE CUT POTATOES. CANADA FANCY......9 oz. net wt. pkg. and 20 ONLY for FROZEN DINNERS SKIM MILK POWDER LUCERNE, INSTANT, CANADA FIRST GRADE poly bag HONEY GRAHAMS BUSY BAKER, oz. net wt. pkg. FISH come taxes which were saved the subdivisions of those tries. iglosses Childien'i Repciiis Reasonable as a result of the company hav- ing previously been given the Prescription Magnifies preferred low tax rate, must ba lion of Uie realities of foreign repaid to the government. This trade. Up until now, the Cana- dian Overseas Trading Com- is a major and in many crippling tax penalty. has been given credit on The law, in effect Holder of Winning Team Holder of 2nd plctce tenm j Holder of tickets on tlie losing in Drvision Playoffs Additional Prizes Holder of 3rd Place team Holder of 4lh place leant i Holder of Tickels on Ihe 8 learns not making tho Playoffs 500 ID Early Bird Draws, Each 300 Proceeds on ticket stiles wiLI go toward community projects undertaken by the lelhbridge Associated Travellers NAME ADDRESS I Moil coupoi I IS1HBRIDGE A.C.T. 1 1919 18th Avenue S I lelhbridue, Alberta i 1 Ticket Tickets I 1 Tickets MANOR HOUSE, BEEF, FRIED SALISBURY STEAK, TURKEY 11 oz. net wt. CHICKEN pkg, CHIPS READY TO EAT Just Heat Serve Turbot Frozen 10 oz. net wt. pkg. IMPORTED, FRESH, CRISP GREEN ea. We Reserve The Right To limit Quantities CANADA SAFEWAY LIMITED ;