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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 10, 1971, Lethbridge, Alberta 24 -THE LETHBRIDGF HFRAID Wcilm'srliiy, November 10, 197! taxes I. II. Aspcr for savings bond buyers At thiit K'-o suhi'ums ut'iv offered to remedy Ibis un- hn'iuiiHU' ;md I'eeur.'ing situa- tion. Firstly, tin- tax return juriii should In1 amended to draw attention to this spoufic di'duclion, just as il provides a r-prcia! >pot for pension pl.'in Secondly, .'ill em- plovers who operate a pvanill dediK'tidii plan should be re- quired tit isxne a itatrnu-nt to rmi'luytv showing Die aiimuiH of interest he's and advising him of his right lo tie- duel that amount from hi.-; in- enme for tax purpose-; The sit- uation is still not remedied. Wesson No. is directed to all bond bums, it is simple: don't forge I. lo declare on your return nil interest you re- eeue on your bonds. Kach year a largo number of taxpayers don't, and in due course the lax officials discover their error. 1 In a remit ease before the I fax courts, the revenue depart- ment was upheld when it sought 1 to charge, a delinquent CS'fi holder not only Use tax on bond interest, lie failed to declare, hut also interest on the tax plus a penalty lor gross negligence in failing lo disclose the CSB i I interest on his tax return. j When they are through uilhi the offender, bis tax, interest penally genen'iJIy exceed the amount of income he forgot j to declare, j The pin nose of (his commen- tary is not to discourage read- er.s from doing their bit to help j Mr. Benson balance liis hooks, I hut rather to point out some of j the to be avoided in the j annual explosion of fiscal pa- i triotism. (Mr. Aspt-r is a I Winnipeg lawyer) appr if. NT HILL, Ciilir. Fifteen-year-old DebSic Million" at an unoccupied Con- John Lilly said the Jovorc liclpod police ami Ilia Dclcdiie .John Lilly sairt lie .'HI talk her cantor into sun-en- j sirl tarl been raped after she Ic-hiK early Iwlav to climax a was draped out of the bouse ot i i in _ in I? Wliitmwi nimhunt followinR a double Mr. and Mrs. .Mm li. Wnitlc iliooling, aulhoriliessaid. of I'le.-.smt Hill Concoi Poliec Cliief Kd S. Kreins said .lobn K. Whitlow t a clue to Marvin Joseph Ihmhcr, 29. of Washmglon state, agi'oed to re- j Ilauber" and lease Miss Devore and give up i the were in n hou.se in an his Rim after a ''nego- j exclusive area of Concord. mce treaty his own crtsh to is also nay- where his isn't (ieducii- ble. Thar, weuid apply to most homeowner.- are paying off a mortgage The interest they mortgage from their in- terest thev re- 'heii 'free cash home mort- gage, thin reftueini! their annual nun-deduct interest li they still van! to buy bunds, they can i-in-nv. the money from a bank and in that the interest ;'-.ey pay Ijpcnmos deductible. All of this fouuuirk is necessi- tated by Canadian lux rule which says [he interest, one pays on money which lie bor- rows lo make an investment which will produce Taxable in- come 'i.e. bond inter- est) is daHiL'tible. Trie interest he pays money used for personal or non-income produc- ing purposes 'i.e. mortgage in- terest on his personal home) isn't deductible. The effect of doing il the right way. in the.-c circum- stances, is. roughly speaking, to make tbe CSB interest a tax- free receipt. This, for th-'- -Sifl.- 000 income earm1; will bis annual return by about 4fl per cer.t enough to lick tbe inflationary lieirac'ion from making an ernment boii'l As most home mori.'iag 35 deductible should be in Omr.fla. too. Until that occurs, one i? hard-pressed to find a good reason for the average mortgaged Canadian to use his savings to buy gov- ernment bonds rather than re- duce his house mortise. PAYROLL CTION Lesson No. 2 applies to the hundreds of thousands of tax- payers who annually buy Can- ada savings bonds on the pay- roll deduction plan. In effect, their employer's bank lends them the money to buy the bond, charges them in- terest on tbe and allows them to pay off the principle and interest by payroll deduc- tion over a ono year period. This is a valid way of .-aving. except for ono aspect. Most em- ployees are never made aware of how much interest they've paid and that are entitled to claim that interest ;ts a tax deduction. In effect, they clip their first year's coupon, pay tax on it, but don't claim the deduction for the interest they've paid on the money they borrowed to buy the bond. Last year at this lime did 3 calculation which estimated that the federal and provincial governments annually collect several million dollars in extra tax revenue from taxpayers who didn't knrw of and exer- cise their right to claim the payroll interest, I'NriT.I) a'F'i (V.nada ha- i; may not abK1 lo sign a propped inter- national eonven-ion designed ID provide for vic- tints cf falling man-made i olijeci.s S-. Pierre, parhan'.en- seereE.irj1 !o KxtcrtKu Af- fairs Miniver Mitehi-ll Sharp, 'said the pp. posed vfntiun, of eight years of dehate, i'alis sh.'H in lie said Canada ivlieves that the convention is not sufficiently "vjctun-i-riented'1 in tliat it does nr.i guarantee full compensation for the victim of a falling object launched bv a counuy. He also said i! is possible that no compensation would be paid at all. The Vancouver Liberal men- tioned what perhaps is UK main Canadian concern about tho convention is that it could cstah- lish a precedent that would ef- feet future international treaties. dealing with pollution of the sea i and In this area Canada has hard to establish that a country that causes the pollu- tion must also lie responsible for compensation paid to its vie- urns. MAY NOT SIGN St. Pierre said because d' the weakness of the outer space trcr.ty Canada may not sign it. The "conversion oa liability for damage caused by 1 launched into outer space." is expected to be approved later Uiis year by the 131-country General Assembly. After that it v ill ho opened for signatures and come effect when five countries have signed it. It now being discussed hi thj assembly's main political committee. St. Pierre said Can- ada v.ill abstain w'tKMi it comes up for a vote. The convention was drawn up largely by the Unked Stales and the Soviet Union It commits signatory countries who launch objects into space to pay repar- aticns to restore property dam- aged In1 ihase objects TO conditions which v.ould have ex- isted if the damage had not oc- curred." It provides, for arbitration in esse there is no agreement on i compcnssJion, but thai arbitra- tion is not binding. Tnat is one j cf the Canadian objections for it makes it possible for a victim to get insufficient compensation or 1 even at all. The only weapon provided to force a country to pay full compensa- tion is publk- opinion brought about, by widespread publicity SEE PUOTKCTION LACK St. Pierre said Canada un- able to persuade itself "that vic- tims, are adequately proter.ed if arbitration awards can be ig- nored by the state causing the damage." continue ;o believe that i states which are willing to ere- 1 ate risks, by launching objects inio .spare, should be v. illing to be hound by any deci.sicn by a fair system of in- arhiiranon." lie said Canada is pr.rticn- lariv concerned that the lack of over into jjilr-rnational agree- ment in the future concerning the environment and the law of I jbe Soviet Union nor the sea. the United Slates were happv Canada proposed an addition j this idea r.nri it was no; to tho conversion under which j included in the convcmion. countries could voluntarily say they mil be bound by arbitra- tion. i The Soviet Union is the train :'uuiifoui against binding arbitra- tion. KA1SR LKC.AL POINT The other Canadian objection is lack of mention in the con- vent ion that the law of the land j of the victim of a falling object will apply when determining compensation. Canadian officials give this example of could happen under the convention: A falling i object put into space by the So- j vie; Union could destroy a barn and the livestock of a Canadian farmer. I Under C a n a d i a n law (he j farmer wouk' be entitled (o I compensation for the- loss of the i barn and the livestock and the I income that they generated I Hut Soviet law does not neces I sarily provide for compensation for loss o' income. i Thus. Canadians say, Can a WITH AND WITHOUT An Air Canada DC-9 lifts off from Montreal Inlernafioriai Afrporf equipped willi a new smokeless engine on the right. The aircraft is the first in a program started by Air Canada to eliminate emissions from DC-9 engines. It's simple how quickly one riU-mh-r imtrc Direful rnrvps; tf lose pounds of Hit: n-dnrihk: pounds and incliu.s cf in your own home. excess don't dis.'ippear from this ho mi! rcc-ipo Ji'.s lun-k, chin, anus, hips, EMSV, no trouble at nil and costs' ;inil aiihlf? just, return tho litllc. .lusl, fjo t" holtlc for your money Hndnsk for Nnran. I'nnr (his into en. n pint bottle; nmljuM t-nonKh manv Wh0 have tried this plan and help bring biick nl- it juice to fill thti hoft Take two (nhJcspoonpful twice us nocdinl and follow Krncef il Nnran RcihH-inp 1'lnn. jslcnik-rncss. Note how qmckly If vour first purchnsc tloos not, i blnat (IjsapptMir.s-how much Blum-" you a simple P.IKV way (o'bclti-r yon feel. More alive, lose bulky fat and helu rcKain i youthful apnearinj.' nnd aotiva. Another Amdiitka i VANCOUVER (CP) The world has a third Amchitka, but this one is neither a nu- clear ;cs{ blast nor an Aleu- tian Island, but a five pound, five ounce baby girl. Amchitka. the daughter of Brian and Linda Schcveck of i Vancouver, was named after Saturday's nuclear test blast on the island of the same name "At first I was against it. 1 but now it seems kind of nice, Mrs. Scheveck said today. "1 was hiding her in my arms and it really made me think 1 about bringing babies into a world and then they go and do something like this it seem- ed like naming a baby Dooms- day. Bui since Saturday UiJrif! seems to be okay." Poison kills ii s UK I on I NOTICE Tim City of Lethbridgo is presently preparing cost for !o bo clone in 1972. person r> i'llinq ci subdivision of land within limits of City of LothbriclgG in thn next yoar is tr.kr-H in coninct the undorsigned, on or bnforc Novumbor 15, 1971, consideration cnn bo ;Mvon to urclortnko tho during 1972 season. K. A. SEAMAN, A'.sistcint City Clerk. TORONTO fCP> A brilliant ohemistn' student died in hospital here after swallow- i a caustic poison in his base- meni laboratory. 1 Ai'u-r the jpfilii-e said, Paul Phillips, 15 of Tororto ran a mile and a half and jumped screaming into Lake Ontario "I've taken potassium t n i the boy shrieked at for mcr hockey player Todd Miller a nt-arhy resident who pulled him on! of the shallow water, Miller said the scinm cd; a stomach pump A jinid'? 10 sJudent. Ihe had four certificates of nici'it by entering exhibits in chi-mistiy shews. Dctcciive.s who tho boy's laboratory said they found a ''weird, raiiihling'' note which arc trying to unscramble in hopes it may explain the buv'.s action. Life senloiicc I PIIIXCK (JKOUC1K, 'CCPt Lawrence Corbet t, 1 of Prince was s r n- lonccd life in prison aftoi lirjug found guilty of tal minxk-r. Corbclt was charged I ho shooting death of Clayton "M t Don.'ilfl, in a molo! room near horn on July 1971. wife, Doreon, testified in tho I rial t h a t bad their mo- lol room, shot lipr husband Iwiro and fired thrco builds j into her. WE REMEMBER With Resoect and Reverence we pause to Honour those who have galJantiy served our Country ;