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Lethbridge Herald, The (Newspaper) - May 9, 1972, Lethbridge, Alberta 8 IHE IETHBRIDGE HERALD Tueidoy, Moy 9, 197? Business welcome llv Till: CANADIAN 1'HKSS A reduction In Ihe corporate income lax. announced Monday niglil in Finance Minisler John Turner's budgel. was welcomed by flic Canadian business com-munity. Forrest Rogers, economic adviser (o (he Bank of Nova Sea-lia, said the reduction to 40 from 4'J per cent, effective next January, will stimulate the economy In the manufacturing and processing areas. Michael Doll, managing director of the Canadian Mutual Funds Association, predicted that Hie will create broader employment and get more money moving in the pr -vale sector. Robert Brown, chairman of the taxation committee of the Canadian Insliliilc of Chartered Accoimianls, said (lie budget indicates that the government s "still very concerned, and justi-liablv about inflalion. The corporate tax reduction and provision for a two-year write-off of m a c h i n c r y and equipment purchased for use in manufacturing and processing poods are moves designed to make Canadian industries more competitive internationally, he said. He applauded Ihe provision of n monthly adjustment of old-age pensions to cost-of-iiving increases as "long overdue." George Ross, vice-president, finance, ot Imnsco Ltd., said the budget is realistic, "helping those in need and providing incentives to those who produce the national wealth." "At first glance there appears some work to be done on the tax reform bill, particularly as it applies to foreign income." said Mr. Ross, whose company was formerly known as Imperial Tobacco Ltd. "Of course we are relieved that there is no increased tax burden on tobacco products." Doug Sherbaniuk, director of the Canadian Tax Foundation, said the effect of Ihe corporation tax reduction is likely to be deflationary, and added that Mr. Turner has been selective In his relief to taxpayers. "His choices are sound in that he has provided relief for those who hurt." Mr. Sherbaniuk said, adding that he was disappointed thlit the budget did not include a reduction in sales tax RETAILERS RESERVED George Crompton. general manager of the Retail Merchants Association of Canada, said retailers welcome budgetary provisions which "will put more people in a position to spend but regretted that tax reductions were not made effective immediately rather than at Ihe start of W3. He also questioned where tho government would find tax cuts money to Increase old-age Anthony C. Abbott, president ot the Relail Council of Canada, said he could see no direct benefit for retailers in the budget. However, they would benofil indirectly from measures such as the pension increase which would improve the level of overall prosperity in the country. The reaction of auto industry spokesmen was generally favorable. Don Woods, manager of the Automotive Parts Manlifaclur crs Association, described it as o "job-crealing budget." He applauded a measure accelerating depreciation of pollution-control equipment and cmption from federal sales tax of scientific research equipment. AIDS POLLUTION CONTROI Norman Clark, assistant general manager of the Motor Vehicle Manufacturers Association, said extension through 1973 of the depreciation provisions will act as a spur to the purchasing and installation of pollution-control equipment. E. K. Cork, vice-president and treasurer of Noranda Mines Lid said the budget struck him at first glance as "not too dramatic." It appeared to be a broad document containing some "housekeeping measures." Robert Campbell, president of the Prospeclors and Developers Association, welcomed depletion allowances for equipment purchased lo process mineral ore to the prime metal stage as "a step in the right direction." H. V. Hicks, president of the Board of Trade of Metropolitan Toronto, said protection of old-age benefits against the effect of inflation was overdue but that Mr. Turner would have given the economy a greater stimulus if he had made the corporation lax reduction effective immediaetly. Allen Lambert, chairman and president of the Toronto Dominion Bank, said the budget is 'fairly well-balanced" and mildly stimulative, "not Inappropriate in the light of conditions at this time." R. B. Taylor, vice-president and treasurer of the Steel Co. of Canada, said the incentives to industry were welcome but the big danger continues to be ]P jHi WwsSMHM! fl-'tMt i ittlL JOHN TURNER goes out on unicr f llv VICTOR IMACKfR Herald Ottawa P.nrrail 1 OTTAWA Fearlessly fore-1 casting a drop in unemployment 1 in the next year finance Minister John Turner in his maiden budgel speech Monday went out on a limb and predicted a rapid expansion in the economy. He drew Ihe line however nt making an estimate as to the level at which unemployment would level oil in 1972-73. His first budgel. is in his own words designed "to buttress fho his first words lo Hie Commons as a new minister of finance Canadian to provide jobs." Commencing his budget address Ihe minister recalled that last February were that "my most urgent priority" was jobs, lie said Monday "This remains my first priority." The main thrust of his first budget is to deal with this problem. He emphasized that no economy is working as well as it should if there are men and women seeking work who cannot find it. "The only realistic solution for matching the tremendous yearly increase in our work force, which will continue at the presenl rate for Ihc next severa years, is greater growth in the economy. It is growth that will create jobs, "f mean growth in (he private sector. I mean real jobs, not temporary jobs. I mean jobs that last and satisfy. I believe that we have lo look to expansion of Canadian industry and the commitment of business to provide those said Mr. Turner. The number of new jobs created in 1971 was twice the number created in 1970, it was only in the latter part of the year that job creation outpaced very rapid growIJi in Ihe labour force. Since September the unemployment rate has been on a downward trend, said the minister. However today unemployment Is slill unacceptably high, The first priority of the government is to bring about a further .substantial reduction In unemployment. Mr. Turner declared the Canadian economy Is expanding "firmly and steadily." This development was in spite o[ JIM fact that at the start of last year Uiere was widespread uncertainly as to the fulure. Today the mood of the coun-Iry lias changed and is one ot growing confidence, he declared. "Confidence Is contagious and str ior pensu OTTAWA (CP) Finance Minister John Turner Monday night announced pension increases for lire elderly ami war veterans "the chief victims of inflalion because they are the least able of any group in our society to protect themselves against it." He loosened Ihe loose mers., vets purse strings ID the tiuie of about million. Old aye security pensions and veterans pensions and allowances retroactively will fully reflect every increase in the consumer price index'. Those pensioners now receiving both old age security pensions and the guaranteed come supplement will get retroactive lo Jan. 1 across-the-board increases of up lo Sj'M monthly for married couples and for single pensioners. Taxpayers over 65 will also get bigger lax exemptions. Afler this fiscal next April both the old age security pension and the guaranteed supplement will be tied to upward trends in the consumer price index. The basic old age security pension now is fixed at And while the combined old age pension and the supplementary plans are tied to the consumer price index, the annual increases are limited to two per cent. This ceiling will be removed. The pensioners now receiving only the old age security pension of a month will receive the benefit of last year's 3.C-per-cent rise in the consumer price index, retroactive to last Jan. 1. This wiU boos cheques to Those who receive additional money from the supplementary plan will be eligible for the across-the-board increase. Married couples who now receive maximum benefits of a month will receive and single pensioners now receiving the maximum will get 5150. Assuming there is another 3.0-percent Increase in the price index this year, the maximum pensions for married couples would rise by a month next April 1, while single pensioners would get a. increase. Pensions do not drop if the consumer price index falls, fn the case of veterans pensions and allowances, there now is no system of relating them to living costs. But, retroactive to last Jan. 1, they will be adjusted upward by 3.6 per cent and, like the other pensions, they will be adjusted each April 1. About veterans now receive pensions and another are given allowances. The upward adjustments are ex- trc get tax I OTTAWA (CP) -People taking courses related to their jobs are going to get a tax break from Finance Minister John Turner. Those qualifying will be able lo claim an income tax deduction of 550 a month for every month of full-time attendance at certain schools and institutions. And tuition fees will continue lo be a deductible ilem. The finance minister said he is introducing the changes because "more and more adult men and women are resuming their studies to advance their education for training or to engage in retraining for new occupations in order to meet the re-quirements of our rapidly changing industrial society." A training program must take at least three consecutive weeks, and the student must work at least 10 hours a week at work relaled to the program. If n sludcnt cannot make full use of (he deduction, it can be used by parents, husband or wife. The qualifying institutions In-elude post secondary weak and educational institutions certified by tbe manpower and immigration department in connection with tbe existing provisions for tuition election budget By VICTOR MACKIE Herald Ollawa Bureau OTTAWA An "election budget" was the label attached by parliamentarians to Financo Minisler John Turner's maiden budget speech Monday, strengthening speculation of a summer election. It was far from a "sunshine budget" such as governments like to bring down prior to a general election. But the budget, described as a "responsible budget" by the finance minister, was drafted in such a way that it left all options open for Prime Minister Pierre Trudcau in the calling of the next general election. There are no tax increases which all voters will welcome. Directly benefilting from Ilia budget's provisions will be an estimated voters. There are approximately voters in the country. The budget provided immediate financial relief for old ago security pinsioncrs and veterans on pension. There are special tax exemptions for trainees and students. There was someUiing for tho old and the young. But there was little for the average taxpayers struggling lo make ends meet, only the that unemployment will decline and the economy will allowances for workers NEW YORK (AP) The Ford Foundation lias begun giving child care allowances to its lower-salaried employees persons making a year or less. The foundation believes the Iwo month old program is the first of its kind in Hie United States. So far, 20 of 27 eligible employees have enrolled in the plan. It is available for families in which both parents are employed, the employee is the head of a single-parent household or the staff member's spouse is a full-time sludent. A family wilh a gross income of or less receives SIS a week for every child under six and S7.50 a week for children between six and 12. Those with incomes between and receive two-llu'rds of this. Most of those in the program use the money to pay for the West By PAUL JACKSON Herald Ottawa Bureau OTTAWA Western Canadians needn't waste any time poring over Finance Minister John Turner's first budget in the hope ot finding any special concessions lo (he West, There arcn'L any. If you wanted lo be both cynical and objective about it, you could say that it is obviously a budget from an Eastern Canadian cabinet minister. Mr. Turner paints a bright picture of Western Canadian agriculture and of the natural resource industries. But that's about as far as he except for telling Westerners that natural resource industries will not qualify for that new two-year fast write-off on capital equipment, although there is an incentive to encourage more processing of mineral resources in Canada. Mr. Turner, who isn't Igno rant of Western Canada since he. lived in British Columbia during his youth, suggested in his speech to Ihe House of Commons that the government hns recently improved a number of existing programs to help the farmer prosper. He makes no mention of any Dew ones. "In agriculture, a very rapid rise in productivity with a corresponding decline in the r ued for farm workers has necessitated a continuing process ot adjustment. Here a wide range ri federal programs have been put in place, including price supports, organized marketing, long and short term credit, favorable tax treatment and production development Turner brought down to carlh OTTAWA (CP) If Finance Minister John Turner was feeling a little exhilarated after presenting his first budget to the Commons M o n d a y night, he was quickly brought down to earth by an Ottawa policeman. Mr. Turner and an aide tvere crossing Wellington Street on foot on their way to a post-budget-speech news conference and were following the almost-universal Ottawa practice of ignoring the red light. A passing city policeman stopped his car, rolled down the window, called the errant pedestrians over and lectured them on the desira-bilily of obeying traffic AVOID PEOPLE NAGOYA, Japan have ordered a former Japanese army sergeant, home after hiding 28 years in jungles on Guam, to avoid-meeting people for the next three months. They said the Second World War soldier appeared to be mentally vote for prisoners sought by MP OTTAWA fCP) David MacDonald Egmont) introduced a bill in the Commons Monday that would give tho vote to prisoners of penal institutions. Tho bill, given routine first reading, would repeal the section ot Uic Canada Elections Act that bars prisoners from voting in federal elections Mr. MacDonald said he believes "prisoners must, to the greatest degree possible, exercise responsibility in the democratic process if their re-entry lo society is to be successful." The MP is a former chaplain at Halifax city prison and county FIRST BUDGET Mr. Turner, in his first budget speech, had other good news for Ihose over 65. When they pay their tax on 1972 income, their special age exemption will be increased to from the preii3nt The same increase will apply to blind taxpayers and those confined to beds or wheelchairs. For blind and Incapacitated taxpayers who cannot use all the exemption, the unused portion may be claimed by the spouse. TAXES POWN Single taxpayers affected by this increased exemption and who have an income of will have their taxes reduced by to On an income of taxes will be reduced by to A married taxpayer with no dependents who has an income of will pay nnly com-pared with under the present system. On his axes would be reduced by LO Mr. Turner's announcement of wider allowances for medical expenses will also benefit older jeoplc. Money spenl for a full-ime attendant lo care for a taxpayer or a dependent at home will be lax deductible. If taxpayers, spouses or dependents musl travel by commercial transport more lhan 25 miles for medical service not available nearer home, the cost of Iransport will be deductible. AAR CANADA B because often. rji our convent L> %M' P iKllBi lirfejJH'fiji al OTTAWA (CP) Budget estimates for the fiscal years ended March 31, in millions of dollars: 11171-72 1872-7.1 Revenue -14.145 Kx.-mulilu.rus 14.745 Deficit BOO glance Transfer payments to provinces, 9. Transport, 7. Public debt, 13. Others, 16. Where tbe dollar comes from: income lax, 44 cents. Corporation income (ax, 15, Sales tax, 14. Excise dulics and taxes, G. Customs duties, 7. Other, H. Non-tax revenue, SINK The 02 buildings in Ihe north Peruvian village of San Cristobal have sunk six feet into Ihe earth, apparently because of a shift in a geological a dollar Is being spent in 1072-73: Defence. 12 cents. Health and welfare, 24. F.diicalion assistance, 4. Economic development, OTTAWA (CP) Finance Minister John Tumor's budgel announcement of increases in the universal old-age sooiiriiy payments appears lo be a turnaround from Mil! government's proclaimed policies. There is some speculation nbout an impending cabincl rift. Health Minislcr John Munro, whose department adminislcrs Ihc pensions, is known lo be opposed lo an expansion of universal schemes. And uniil now, Prime Minister Tnidcan li.-i.s al- uays mainlaincil il more efficient lo direct Ihc money at Ihoso In need rnlhcr than cabh across the board to everybody. The universal family allow-nnce scheme now is in the par-liamenl.'iry process of hcinp drastienlly allemi lovvard ibis end. ninny higher-income families will lie ml off rift Monday night cost about million. Last year, when tho monthly payments under the old age se-enrily program wern lurked al spokesmen made it clear lh.il Ihe Irend lies of serious cabinet argu mcnts ahead. In his budget speech, Mr. Turner referred to tho reasons why Ihe universal pension was fixed lasl year. It was "in kocp-ni; wilh Ibo move by Ihe gov-cr imcnt In channel public funds n n more selective way in order to provide income support for llmsc most in need." He said this had become n -mailer of public concern." .Sources say (lie goverunien e ins been bombarded with mail >rotcsfintf of the ncn- o slon. n allowances. And Ibis snme reasoning was lie tind t.hc move last year lo fix Ihc old atfo security pension nt. n month and tic fin rsrnlfiljnn feature only [o flic supplementary income which lo those needing, mure Hum Ihe SM. Thn Lucroasna announced Ibo needy. Finance department officials Monday shied away from explaining Ihc shift. "Thai's a policy was the repealed reply. Rut nne official implied lli.il Mr. M n n r n had not. been o b v 1 o u s P. Lawson Travel Marqwi.1 Hofpl BlltfJ. Plmnn World Travel Service Phonn 328-7921 903 3r( Williams Travel ViUnqa Mall Phono and raised NIC I believe it is said the minister. Government measures have helped to case unemployment and to provide jobs for the ex- traordinary numbers of students joining the labour market dur- ing the summer, he reminded the House. Finally rtear Ihe close of his speech Mr. Turner said "I ex- pect that unemployment will fall on the average in the course of this year, though the extraor- dinary month-to-month fluctua- tions in the size of the labour force will likely continue and be reflected in an uneven move- m e n t in the unemployment rale." He predicted: "Progress will be made Ibis year in reducing unemployment. The growth in jobs should be considerably larger lhan lasl year. More goods and services will be pro- duced and consumed by Canadi- ans. "Indeed I am expecting that our real rate of growth in 1972 will be of Ihe order of six to six and one-half per cent. In short, I am expecting a year of consid- erable he said. OTTAWA (CP) Effective dates of budget tax and tariff changes announced Monday night: Retroactive (o Jan. 1, 197Z in the maximum combined old-age pension and guaranteed income supple- ment by a month for sin- gle persons and a month for married persons. o f In- creases in basic monthly old- age pension benefits based on last year's increase In tho consumer price index. for a monlh exemption against a student's income for tax pur- poses for each month in school. for tax deduc- tions for medical expenses for nursing care at home and for costs of commercial travel of more than 25 miles to obtain medical care. to from in the special exemption for those over 65 and for the blind or disabled. revision to pool the exemption for the blind or disabled with a spouse if a taxpayer's income is not large enough lo take full advanlaga of the exemption. Iiiunertiaidy Elimination of federal sales taxes on items including eyeglass lenses and frames, research equipment bought by manufacturers to test or develop new products or processes and articles manufactured by persons In institutions for Ihe blind, deal or menially retarded. changes, Including an Increase in Ihe duty on British knitted goods to 25 per cent from 18 per cent and ap- plication of a preferential tar- iff to imports from Bangla- desh. of a two- year write-off for depreciation of equipment bought for man- ufacturingor processing goods in Canada. for depletion al- lowance for mining equipment to process ore or carry it lo the prime metal stage. Jan. i, of the lop rate of corporation in- come tax on Canadian manu- facturing and processing in- come to 40 per cent from 49 per cent. of the corpora- tion income lax rate on manu- facturing and processing in- come eligible for Ihe small business incentive to 20 per cent from 2.5 per cent. by one year of provision for a two-year write-off for lax purposes of new plants built for pollution control reasons. April 1, tion of a cost-of-living escala- tor for old age pensioners based on the increase in Ihe consumer price increase dur- ing the previous year. Jan. I, by one year of provision for a two-year for lax pur- poses of equipment purchased for pollution conlrol. No of a gen- eral preferential lariff on im- ports from developing coun- tries. Legislation is to be in- troduced. UN 1'llOMOTES ItniTON NATIONS (neuter) 10. Urquharl, long-time. No. 2 lo Undersecretary Gen- eral Halph nuiiche in (ho running of UN peacekeeping operations, was promoted lo assistant secretary-general ;