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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 2, 1972, Lethbridge, Alberta Thundoy, Ngvtmlnr 2, I HI TNI UIHMIMI HfJAlO Farm tax laws called good, bad and ugly OTTAWA (CP) As far as farmers are concerned, the new federal tax laws can be called "the Good, the Bad and the a recent tax study says. The study, prepared for the Agricultural Economics Researc Council of Canada by Marvin Anderson, opens with the comment: "Death and taxes are alike In that both are inevitable. They are different in that death doesn't get worse every time Parliament convenes." The study, released yester- day, says the new tax laws con- tain several provisions that Will benefit farmers in the short run, but several other provi- sions that will be detrimental in the long run. The short-run pluses are larger deductions and personal exemptions, an improved rate structure, retention of cash in- come reporting and retention of the five-year block-income-av- craging procedure. The long-run minuses are the capital gains lax, abolition of straight-line depreciation and basic-herd provisions over a pe- riod and transfer of succession and gift taxes to the provinces. The study recommends that farmers carefully consider changing their business organ- ization to reduce the harmful impact of tax laws. "If you now have a sole proprietorship, assets of 000 plus and an annual net in- come in excess of think about incorporating. "If you are now in a legal pa-lnership think about winding it up. Start over or establish a different business arrangement. Whatever you do, you should definitely value all of your assets at this time. 'Average-sized' farmers specifically conceded with a father-son transfer should thor- oughly investigate the possible advantages of a business agree- ment which does net qualify as a legal partnership." In discussing whether a farmer should incorporate him- self, the study lists four pnnci- pal benefits from in- corporation: assets transferred to the corporation are not hit with capital gains tax for a gener- ation. husband and wife can draw salaries, thus splitting in- come that would otherwise be taxed as a whole at a higher rate. taxable income, up to a year, is taxed at only 25 per cent. provincial succession duties are levied on the corpo- ration, just on the shareholders' stock holdings. DRAWBACKS TOO But incorporation also brings some disadvantages, the study says When the corporation is liquidated, the shares are liable to capita! gains tax. If the corporation is so profit- able that It falls under the 50- per-cent rate, then the tax on its dividends will be higher than if the dividends were in- come earned directly by the in- dividual shareholder. Other disadvantages are that capital assets are treated less favorably in a corporation and that a corporation cannot take advantage of the five-year block-averaging provision. Copies of the 142-page study, entitled Farm Tax Manage- ment Today, are available from the Agricultural Economics Re- search Council for each. Total stranger aids blind girl Letter bombs defused KUALA LUMPUR, Malaysia (AP) Military demolition bomb experts defused 15 letter bombs Tuesday night that were addressed to people in the United States, London and Rome, army sources said Wednesday. The sources said the letters contained gelignite charges about the size of a cigarette and could nave killed anyone opening them. They were dis- covered by postal authorities. Letter bombs apparently posted in the northwest Malay- sian city of Penang have turned up in London, West Germany, Australia, the United States and elsewhere during the last few weeks. They were addressed to Jews OT Jewish organizations and were alleged to have been posted by the Palestinian Black September group, which claimed responsibility for the attack on the Israeli team at the Munich Olympics. RETURNS Alvin Hamil- ton, former agriculture min- ister in the Diefenbaker Con- servative government, swept back into federal office afler a four-year absence by re- taining (he Qu'Appelle-Moose Mountain riding in Satkitch- ewan. GIVEN GRANTS CHICAGO (CP) Annual grants for Lutheran Church in America seminaries approved by the board of theological edu- cation include each to Waterloo Lutheran Seminary Wa'terloo, Ont., and Lutheran Theological Seminary, Saska- toon. Was it an anti-French vote? MONTREAL (CP) Was it an anti-French vote? A French-Canadian professor pondered Monday's federal In which Prime Minis- ter Trudeau retained strong siipport in Quebec, but suffered a rebuff in other parts of Can- ada. "We may search a long time [or the real said the professor. "The real causes are one thing. What people think are the another thing." Hie professor, a political sci- entist, predicted opinion will be polarized, with many French- speaking Quebecers feeling other parts of the country took an anti-French election posi- tion. Historian Lairier LaPlerre said in another interview Con- federation has never before seen such a close finish as oc- curred Monday between Mr. Trudeau's Liberals and Robert Stanfield's Progressive Con- servatives. WAS RARE VOTE Only three or four times in the history of Confederation had "the incoherence of Can- ada" demonstrated so strongly the need for citizens to reflect on their existence, "I feel sad about it because it gives charlatans a chance to make capital to the detriment of national said the tele- vision figure and McGill Uni- versity professor. Some leaders would "cer- tainly" tell French-Canadians Lhe election represented a Elap in the face, but it would be up to "saner heads" to put such charges in their context. Anti-Quebec feelings had un- doubtedly been exploited in some constituencies, "but all kinds of factors go into an elec- tion and this one had more in it than backlash against Quebec said Prof. LaPlerre. He said so-called English Canada tends to react strangely to Quebec. DIFFERENT STANDARDS "Whenever English-speaking Canada votes en block, it Is re- garded as a sign of national un- a national he said. "But when French Canada does it, well that's different." Prime Minister Trudeau and his Liberals won more than half their nationwide support in Quebec and there is a "senti- ment afoot that he should not hang onto power because it is based on French votes." "The same people who re- gard that as negative are cer tain it would be a positive thing for Mr. Stanfield to go to power, based on so-called Eng- lish votes." Prof. LaPlerre said there li no way of measuring what Im- pact such Issues as unemploy- ment and "corporate ripoff" had on the election. "The people could give no clear mandate because they had received no clear cut deci- sion in the campaign." ONE DECISION In 1966, there had been "one clear cut decision in the person- ality of one man" Mr. Trudeau and his plea for a majority gov- ernment. Jean Marchand, minister ot regional economic expansion, raised the question of Quebec power as a factor in the elec- tion when he declared: Judied that tber had ben mil represented In Ottawa while people in Ontario showed they weren't hippy with the war Quebec rep- resented." Key Issues of the campaign, regional economic Inequality and federal language policy, were the result of federal pro- grams largely worked out In eastern Canada when most Frendxpeaklng Canadians and lofxt underprivileged persons live, said Mr. Merchant. Jean-Pierre Cote, former postmaster who has jetlied from poUUct, said the Liberal government did not adequately explain language policies. Eng- lish-Canadians, therefore, tea- ded to perceive the government as pro-Quebec. WOMEN WHO'VE MADE IT Few Women have attained high posts in the federal government. Thoie who've had to work hard, put in long houn, and overcome ment and other obstacles. In Weekend Magazine thii Satur- day, Susan Carson 1olks to several of Oltawa'i women executives. Don't miss what they have to iny. IN YOUR LETHBRIDOE HERALD WEEKEND MAGAZINE TORONTO (CP) A blind girl was offered "any assist- ance in any shape or form" by a total stranger yesterday to prevent her deportation from Canada. The offer was made at an im- migration appeal board hearing considering the case of 23-year- old Lynn Hackett by Roger Saunders, a contractor, who had read a newspaper account of Miss Hackett's plight. She came to Canada from California three years ago and worked as a babysitter and housekeeper while applying for landed-Immigrant status. Her application was refused because she suffers from a mild form of epilepsy causing dizzy spells and tecause she scored only 41 of the required 50 points required for admis- sion in the immigration depart- ment's qualification ratings. Deportation proceedings were speeded when the department discovered that Miss Hackett had received a welfare pay- ment when she was out of work. She told the three-man board she has a job and would be happy to return the payment. "I have never had a relative I could turn to in the she said. "I would like to stay be- cause of the friends I have made and because the oppor- tunities are better." Mr. Saunders, who came from England five years ago, offered to guarantee that Miss Hackett does not become a pub- lic charge. The board reserved its deci- sion. Second car recall notices sent out DETROIT (AP) Only one- third of 6.7 million Chevrolet cars needing possibly crucial engine mount corrections have been returned in response to the largest recall in automotive history, the company says. Announcing the results, Acupuncture treatment for deafness SARNIA, Out. (CP) Dean Hanson, newly elected vice- president of the Ontario Par- ents' Council for the Deaf, said today he has been nsked by the council to look into the possi- bility of using acupuncture as a treatment for deafness. Acupuncture, the placing of needles in various parts of the body, is used in China for treat- ment of a variety of ailments but hns not been approved by the. Canadian Medical Associ- ation. Mr. Hnmcn said In an Inter- view ho hns talked to n Toronto doctor who just returned from n visit to China and expressed Interest in returning on n leave of absence from his practice to conduct the research. lie snid the doctor, who did not wish to be named, would need nlmul to conduct the pi'oloct Mr. Hnnscn, who hns slx- ycnr-old son with liciiring prob- lems, snid he will try to raise the money through (he council and local service organizations. Chevrolet Motor Division said It is sending second a 4.6 million owners, urging them to take their cars back to the dealers for the free work. The recall began Feb. 18, when Chevrolet, under pressure from federal safety officials, is- sued the recall for 1965-69 cars. The recall work Involves in- stalling restraining cables on defective engine mounts. The mounts had shown n tendency to break, which resulted in jammed accelerators and sev- eral accidents, GM said. In Oshawa, Ont., a spokes- man (or General Motors of Canada said letters were mailed out to Canadian Chevrolet owners at the end of March. To date, about cars or 29.2 per cent have been re- turned and checked. The spokesman said several thousand a month continue to come hi and "we'll continue to check them out as long as this thing lasts." Wills lo government ST. LOUIS, Mo. (AP) The U.S. government became 000 richer today, thanks to the terms of n will of n retired St. Louis truck driver who died last January. Wllllnm Mcllz, 81, willed that his life turned over to Iho govcnmcnl. He wns n linchclor who lived alono lor ninny years. Save Cabretta leather. Or suede. It's a knockout of a coat! Elegantly lined with that expensive shearling look. Spills over with cascades of real fur too. Comes with a pocketful of savings for 3 days only 99 Reg.135.00 99 Wrap yourself in the luxurious warmth of this magnificent orlon-pile lined beauty! Ummm, It's so comfy. Lightweight too. And you'll love the flattering, genuine Lamb tur trim that elegantly compliments the Cabretla leather...or the rich, velvety suede. Bool length, it's available in hooded or non-hooded style. Come slip Into Taupe. Navy. Grey, Black, Green or Bone leather Or try Rust, Taupe or Brown suede. But hurry. Not all colours come in all sizes or styles. Bui they all do come with this marvelous saving! is Simpsons-Sears I .Atldilahia tmrti fnftftt Irt rftHSt In Cflnaf X Available troth cowl to coast In Canada through stores, this very oiler Is the sirtcerest effort Simpsons-Sears can msKe to bring you merchandise that combines line quality with the lowest possible price. Quality Costs No More at Simpsons-Sears at Simpsons-Sears you get the) finest guarantee utlilicllon or momy refunded and free delivery our slort-to-door icrvke pVecti you Inch ot the STORE HOURS: Open Dally 9 a.m. le p.m. Thvndiy Friday 9 a.m. to 9 p.m. Centra Telephone Jll-tllV ;