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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 8, 1972, Lethbridge, Alberta THE LETHBRIDGE HERALD Monday, Moy 0 HORSING AROUND Horsing around in praclice at England, Princess Anne and Doublet clear a -fence wilh apparent ease. Riding is one of her favorite pas- times. Abrahiim Lake honors family of Sloiieys EDMONTON (CPl lako be formed hchincl the Bighorn Pain on Hie NorLli Sr.ikatchewan River in south- western Alberta will be named Abraham Lake, in memory of .Silas Abraham and the Abra- ham Sloncy Indian family who have lived in Ihe area for many years. Environment Minister Hill Yurko announced in the legislature. The name was chosen from almost 2.000 entries submillccl by Alberta students in Grades 1 through 'J in a namC'the-lake contest conducted by the de- partment. Mr. Yurko said the name Abraham Lake was suggested by two students, Karen Schau- ertc, a Grade 9 student from Alder Flats, and Jake Jame- son, a Grade 4 student at Caro- line, each of whom will receive a S400 firsl prize. Seven riinncrs-up will each The tax column Average is paying the shot 1972 MAVERICK 1972 FORD CUSTOM 500 250 6 cylinder automatic, block healer, radio, dual mirrors, plus ihe special Sprint option wilh special Sprint painl, Reg. Retail 3619.20............NOW 2 DOOR HARDTOP-Medium green and 2V VB automatic, power steering, pov, walls, wheel covers, and many othe Ford belter ideas. Reg. Retail 5043.40 Our Jtock no. 97 DUNLOP FORD 1972 FORD FIDO 1972 CUSTOM RANCH WAGON 131" 55 Pickup, 302 VB engine, 3 speed transmis- sion heavy duly batlery, custom seal, rear bumper, 3 Grip tires, heavy duly springs and shocks, sequoia brown In color. Our Sfock No. 36. Reg. Retail 4140.70......NOW White In color, your choice A passenger or 9 pas- senger, V8 engine, automatic transmission, HD suspension bumper guards, roof rear speakers and many other Ford belter ideas. Our stock No. 139. Reg. Retail 5609.40 NOW VOLUME DISCOUNTS 1972 GALAXIE 4-DOOR SEDAN 1972 FORD BRONCO PICKUP While end ivy bronie, VB oulomalic, sleer- ing, power brakes, block heater, visibility group. Power Irunk release, whitewalls, wheel covers. 302 V8 engine, 3 speed transmission, extra fuel tank, 5 Grip tires, free running hubs, skid 4900 No. GVW Pak. Our Slock No. 1923. Reg. Retail 4984.40......NOW many olher Ford beller ideas. Our Slock No. 7. Reg. Retail THESE A-l USED CARS ALSO ON SALE! 1769 CMC SUBURBAN 1971 DATSUN PICKUP 1970 PLYMOUTH SPORTS FURY 6 holiday von. VB. P.R.. 18.000 mil-s. rnol clean you snc this one, great for vacation fun. C'J'iO'i Red in color. 4 cyl 4 speed, low miles, a good com- 2-dr, hardtop, V3, nuto., P.S., P.B., radio. 1969 ECONOLINE SUPER VAN 1969 OLDS DELTA 88 1971 METEOR RIDEAU Soclan. VC, nulo., P.5., radio. o ryl., std. Irnj., excellent for contractors, plumbers, electricians or camper con- version. GREAT SAVING ON THIS UNITI hardtop, VB, auto., P.S P.B., radio. Reg. NOW, OUT IT GOES..... 4-door sedan, V8. outom tic., P.S., P.B radio OPEN HOURS: 8 a.m. to 9 p.m. Saturday 9 a.m. CONVENIENT LOW RATE FINANCING ALL ARRANGEMENTS MADE HEREI CORNER M.M. DRIVE AND 16th AVE. S. PHONE 328-8861 By I. II. ASl'ER HID CUC slopped losing money, we could climinalc all estate taxes. And it wouldn't cost the federal treasury any money. The federal eslalc tax col- lected is iihout equal to the an- nual grant paid to Ihe CI3C. The state tax collected each year is ]css than one per cent of tlie total federal revenue for the year. Yet this seemingly in- significant tax is a constant ir- ritant. Because of it, people leave Canada to retire, face forced liquidation of their as- sets, distort their family rela- tionships, pay life insurance premiums, and generally dislo- cate themselves. The "pay when-you-go" con- cept is difficult to defend phil- osophically its' origins lie ID feudalism. Perhaps people accept It be- cause they think it applies only lo the very rich, and not to That's jusl not true. Through, careful estate plan- ning, our wealthy citizens ovoid or minimize it. In the re- sult, the estate tax is paid by people with "average" sized estates. Estale tax rates begin at 10 per cent and escalate by a rapid degree to 54 per cent. There are exemptions, but there are also many things that are included for taxing which one might not normally think of as part of his estate. TYt'lCAL CASE Take the case of Mr. Blank. His story is typical. Blank is married and has three children. During liis 40- year working career lie earns an average of yearly under Canada Pension lie pays an average income of 5300. He spends on of employee pension- ing a n d acquiring for widow assels (car, house, in bank collage) and spends 5400 furnishings, car etc ly on life insurance. Ills life surance has a face value 000 and he has made it evaluation result is in- able in a monthly annuity by the fact that (he lo his value of his employ- At age 25, he bought a pension is included lor tax in his own name for Also, the department wilh a 52.000 down national revenue considers and monlhly payments of widow's pension left under At age 45, wilh the Canada Pension Plan lo be more or less indepcndenl, of his Laxable :estale. lie. starts contributing 5500 to most people, forgot that his mutual investment fund, as insurance forms part of his savings program. The csLale. earns an average of seven e s L a I e tax payable by cent interest per year for him Mr. Blank amounts to over the next 20 years. j and is payable in At age 65. he retires. By this 1 are no credit cards time his house and collage are 1 dcr Lhe law. The only liquid paid for. He begins drawing is Ihe mulual fund, and if employee pension, which stock market is down al Ihe on Ihe current type of the lax is payable, Mrs. in use would probably is in trouble. vide a pension of 5ii ,500 XMISTAKE year lo him and per Mr. Blank has made the Lo his wife if she survives mistake of leaving his es- He also draws old age lo her outright, then when ity and Canada Pension dies, al any lime five years funds. He slill saves a Ihe same cstale will he He dies at age G7, again. This time the tax Mrs. surviving him. about 5C.OOO.OO. tax purposes, his eslalc is after paying In In- ued as tax during his lifetime. Mulual fund acTiimulation his estate must now also 520.0000.00 (based on 7 per estate tax of aboul growth per of Blank's taxes and Life insurance annuity could have been legal- and simply avoided. House value (based on Blank had bought the fam- inflation and increase in home in the name of him- estate value) and his wife, half of its Collage S7.500.00. Vnlni? nf widow's nnnsinn would have been in her name. After his share of the equity liad grown lo in the home he could have made a lax-frcc one e-in-a-lifelimo gift of to her. This is specifically permit' ted under tho law. If lie could have found a reasonable way of having his wife pay the pre- miums on his life insurance, she could have owned the life insurance and this would have taken the Hie insurance out o! his cslale for lax purposes. ALLOWED BY LAW And, finally, if he had given his wife tax-free gifts of per year over his lifetime, fur- ther estate reductions would have been made. These gifts are allowed by the law, and could have been in the form o[ Ihe cottage and the mutual fluid savings. If ho had taken these estate planning steps, all of which are authorized by the law, he could probably have paid no estats tax. This would be particularly true if instead nf having left his estate directly Lo his wife, he had left her the income from it during her lifetime, with the estate going to the children at her death. This example is not isolated. It h a p p c n s daily because people prefer lo concentrate on living rather liian on dyinj-'. If estate planning is done carefully and intelligently, peo- ple arc able lo preserve their estates. On (lie other hand, if it is applied on a do-it-yourself basis, without precise compli- ance willi the law, it can boom- erang with unfortunate conse- quences. (Mr. Aspcr Is a Winnipeg Air policy showing signs of age OTTAWA fCP> Canada's seven-year-old international air policy Is showing signs of age. The policy, slicing up the between Air Canada and CP Air, is being challenged by events as Canadian negotiators conclude new agreements for international air routes. Canadian negotiators have obtained landing rights in Milan for Canadian air carriers in exchange for landing rights 1 In Toronto in recent talks with Italy. Discussions with China begin May 15 in Peking and may yield a new air route for Canada. Talks are also planned this year with Germany, France and the Netherlands. Canada will have to select air carriers to lake over these new routes and this may prompt a re-examination of the old air i policy. I That policy, announced In June, 1965, by them transport, minister J. W. Pickersgill, div- ided up the world into geo- graphical areas which were handed out to CP Air and Air Canada. CP Air was given Ihe whole Pacific area, Asia, Australia and New Zealand, southern and southeastern Europe and Latin America. Air Canada obtained the Farm income jumps OTTAWA fCP) Total farm net income jumped by almost 25 per cent last year, Slalistics Canada reported here After deduction of operating costs and allowance for changes in inventory, Canadian farmers lad incomes last year totalling SI.57 billion, compared billion the year before. Saskatchewan farm nel in- come more than doubled, rising .0 S494.8 million from mil- lion. Other Increases: Manitoba, up to million from million; Alberta, lo S298.1 mil- lion from million; and British Columbia, to mil- lion from million. Net income dropped In other provinces: to million from SI3.8 million in Prince Edward t Island; to 517.8 million from S23.3 million in Nova Scotia; to SlO.f! million from 517.1 million in New Brunswick; lo S181.1 million from S195.7 million in Quebec; and lo million from S402.1 million in Ontario. Newfoundland figures were not included. In terms of realized net in- j come, Canadian farmers were In total 10.B per cenl belter at! j than last 3'car. Realized net income does not Include changes in inventory but is limiled to what the farmer actually receives. Total farm net realized In- come for last year was 51.34 j billion, up from 1 2 billion the year before. The totals for realized net in- come are lower than for net in- come because farmers added lo their inventories last year in- stead of selling the stocks of previous years. Cash receipts Increased mark- edly for wheat, cattle and calves. Canadians sjo deeper in the red OTTAWA fCl'l Canadians had billion in consumer debts at the end of last year, Sl.ilislics Canada reports. The total showed a Si-billion increase from a year earlier. The biggest source nf con- sumer financing continued lo bo personal loans from chartered I banks, up to billion from billion. Loans by finance companies dropped lo billion from billion. Other credit sources: life in- surance companies policy loans, up to million from ?759 mil- lion; department si ores, up lo million from million: j household appliance stores, up j (r> million from mil- i lion: oilier retail dealers, no lo S70.T million from SiilM million; rrrdit unions, up lo billion from billion; nnd credit cnrd Issuers, vip lo million from million. Partial .slalistics up to Fehni- nry show Mint chartered hank piTsonnl loans roso lo bil- lion while finance companies rmiliuiK'd fn decline, dropping lo billion. Farm operating expenses dur- ing 1971 were 5.3 per cenl higher than for 1970. Increases and decreases in re- alized net income for each prov- ince comparable to their clianges in total net Income, ex- cept for British Columbia, realized net income dropped to million from 582.47 million. All income figures were gen- erally slightly above the 1969 levels but still below the high levels of 19G3. when total farm income was ?1.7 billion and re- alized net income was bil- lion. United Kingdom, western, ncrlheru and eastern TCviropo ami the Caribbean. The sole ex- ception was thai CP Air was allowed to continue service to Amsterdam. AFRICA NOT SERVED Africa was left untouched as there was no interest in serving the continent at that time. The U.S- was inviting terri- tory to both airlines, and Mr. Pickcrspill split U.S. routes bc- j tween CP Air and Air Canada in j a I960 announcement. I In nil August, statement j on regional air policy in Can- ada, Transport Minister Don Jamieson said: "Now that regional air policy lias been more clearly defined, I intend to turn my attention to the refinement of international air policy." There has been no announce- ment, of a new international policy since, though officials in lho minister's office say that it is continually under review. A two-year-long study on in- ternational air policy was deliv- ered Lo the minister last year recommending changes in the current policy. Tho decision on whether the policy needs lo be will come when the government rules on which air earner gels which new route. POSSIBLE SUCCESSOR TO HOOVER Ai FBI DIRECTOR-These three men are men- tioned as possible successors to FBI dlreclDr J. Edgar Hoover, who died. Left to right: Jerry Wilson, Washington, D. C. police chief; Robert C, Mardian, former assistant at- torney general, and Byron R. White, associate justice of Supreme Court. Remember sixpence buys four big oranges (R6B 4BO) Make up your own way to remember your, code. Then send it to your friends. ;