Internet Payments

Secure & Reliable

Your data is encrypted and secure with us.
Godaddyseal image
VeraSafe Security Seal

Lethbridge Herald Newspaper Archives

- Page 13

Join us for 7 days to view your results

Enter your details to get started

or Login

What will you discover?

  • 108,666,265 Obituaries
  • 86,129,063 Archives
  • Birth & Marriages
  • Arrests & legal notices
  • And so much more
Issue Date:
Pages Available: 32

Search All United States newspapers

Research your ancestors and family tree, historical events, famous people and so much more!

Browse U.S. Newspaper Archives

googlemap

Select the state you are looking for from the map or the list below

OCR Text

Lethbridge Herald, The (Newspaper) - September 8, 1973, Lethbridge, Alberta _____Soturday, September 8, 1973 THE IETHBRIDC1 HERALD IS Tax Column Average Canadian businessman among world's top taxpayers By H. ASPER The average Canadian busi- ness executive, earning in ex- cess of doesn't need to be told he's among the highest taxed in the world. He knows it. He gets it rubbed in every time he attends a conference with his from other coun- tries, particularly the United States. ___ The Torontonian listens en- viously to his colleague from the Buffalo branch office who discloses his actual tax rate- 6ometim.es as much as 30 per cent below the Canadian race on the same income. The envy turns to paranoia as the Ameri- can then points out that before one arrives at the amount of in- come on which he must pay tax. he can deduct all property taxes, sales taxes, and a host of other state taxes, and can also deduct all interest payments, including the mortgage interest on his house. If he's really aggressive, he can then split .his income be- tween himself and his wife and further reduce income taxes. And then with all the savings he's achieved, he can invest La municipal bonds yielding be- tween 7 and 8 per of which income is tax free. There is little data available to indicate the influence higher wages and lower taxes in the Unitel States has on Canadian brain drain. It has always sur- prised this writer that no enter- prising Canadian student has ever been given a LIP or OFY grant to travel the world's ex- otic spots to interview executive Canadian expatriates to meas- ure the influence of the tax sys- tem on their decision to leave. Perhaps governments don't want to know. Not only is the Canadian tax structure'harsher on the middle and upper middle income ear- ners, the situation has worsened in the last three years and ap- pears even darker for the fu- ture. Stock options, previously a I bw tax benefit, are almost use- less as a means of executive compensation; capital gains through investment are not tax- able; real estate investment is no longer a tax shelter. The net j has been tightened everywhere. A few weeks ago a judgment from the Federal Court cast a j ray of light across the darkened I sky. The court upheld the right i of an executive employee to :n- corporate himself and have his corporation work for his em- jployer at lower tax That's not new law, but a wel- jcome re-affirmation that the courts haven't joined the attack on executive tax planning. The idea of executives incorporating j themselves and pyaing the lower corporate as opposed to i the higher personal tax rate has been advanced for many years, j but gained considerably atten- I tion through the now well-publi- cized Ralph Sazio case. That was the case through which surprised sports fans (learned that the Hamilton Ti- i ger-Cats weren't being coached by a mere man, but rather, by I which was owned by him which employed the famed football wizard. The tax office this were allowed, where would it all lead? Think of the kids' Nevermind the kids, think of the sportscasters: "Don Jonas Superplaymakers Ltd. fades back to pass. No, it's a faks I... Kritchlow Krackups Ltd. is j dippsy-doodling his way through I a tangled web of corpornte structures down field j Sportseaters would have to j become and I commerce. I The court said yes to Mr. I Sazio. If a plumber can in- icorporate himself and pay lower tax rates, so can a foci- ball coach. And over these past few years, they have sustained most taxpayers who have taken j the steps and incorporated I themselves. The case which want to the j Federal Court most recently j was typical. An executive em- ployee owned about 40 per cent of the company for which he worked. He and his wife, follow- ing professional advice on tax, and fiscal planning, in- corporated a company which I took over and performed his (duties. That is. he performed them, but as an officer of his own management company. The tax result: His top earnings would be taxed at about 25 per cent corporate rate as opposed to the 50 per cent personal rate. The revenue, in spite of the courts, fairly consistent adhe- rence to the principle laid down j in the Sazio case, cried foul, said it was artificial, phony and j should be disallowed. And the courts, once again said it was valid. Unfortunately, repeated court victories of incorporated execu- tives may be shortlived. The j 1972 tax Reform Law says that jthe small business corporate tax rate of 25 psr cent will only apply on earnings generated from "active" business oper- ations. Revenue officials now are i considering a further attack on I executive corporations on the grounds that because they have only one employer, their income j doesn't come from "active" business sources, so they should i j pay the 50 per cent tax rate. J This argument may still be re-1 buffed by the courts. I I But that's not the point. How jmuch money must taxpayers spend on legal fees before the legislation is clarified? The en- tire question is really one of government policy, and there- fore a public declaration from Revenue Minister Robert Stanbury, sooner, rather than later, could resolve it, one way or the other. Gasoline price drop expected WASHINGTON (AP) Bar- ring last-minute intervention by the Supreme Court, many gaso- line retailers in the United States will have to lower their prices at midnight tonight. New government .price ceil- ings on retail sales of gasoline will force many stations to shave from one to three cents a gallon off their prices to motor- ists, officials of the Cost-of-Liv- ing Council said. Every gasoline pump in the U.S. is supposed to have a sticker listing the ceiling price and octane rating of the gaso- line in the pump. Preparing ammunition Two young Cambodian soldiers prepare mortar rounds for use in support fanfrymen in recent operation near their post in the destroyed village of Totoeng, ?0 miles southwest of Phnom Benh. of in- obout SAND GRAVEL ASPHALT T0UESTRUP SAND AND GRAVEL Construction Co. Ltd. PHONE 328-2702-327-3610 4 4 4 CAREERS SENIOR ACCOUNTING OPPORTUNITY A lupervisory position with a major trust office in Calgary involvinq financial accounting, personnel responsibilities and systems work. Required level of qualification some experience in office management and the equivalent to completion of a minimum" of 3 years in the C.G.A. or R.I.A. course. Re- quired level of experience would indicate that the appli- cant should be at least 30 years of age. Please send resume in confidence to Box 42, Lelhbridge Herald HOTEL FOOD BEVERAGE MANAGER REQUIRED If you are now, o dining room waiter with a few yeors of experience and have the desire to progress in your profession perhaps, this is the position you've been looking for. We will provide on the job training. Apply to MR. HOBER EL RANCHO MOTOR HOTEL, LETHBRIDGE Lethbridge Community College Invites applications for the following position WOMEN'S BASKETBALL COACH DUTIES: To ccach women's basketball team which repre- tents the College in the Alberta College Athletic Con- ference. Duties to commence November 1973 until March 31st, 1974. QUALIFICATIONS: Good knowledge of basketball skills. Coaching experience preferred. APPLICATION DEADLINE September 13th, 1973. Interested persons should apply for the standard application for employment form to DIRECTOR OF PERSONNEL LETMBRIDGE COMMUNITY COLLEGE LETHBRIDGE, ALBERTA PHONE 327-2141 Ext. 216 SALES REPRESENTATIVE A. B. Dick Company, an intcrrtationaily-known manufac- turer of copying and duplicating equipment has an excep- tional opportunity in Calgary territory for the mature, in- telligent, ambitious sales person. Prefer High School graduate with 2 or 3 years' of success- ful sales experience. Excellent benefits package. Salary plus commission. Earnings to Advancement opportunity based on performance. Please reply in confidence with complete resume to: MR. H. J. MARSHALL, A. B. Dick Company of Canada, Ltd., 3602 Blackfoot Trail, Calgary SMELTER PRODUCTION WORKERS Required by ALCAN KITiMAT, B.C. DUTIES: Working in a crew on shift performing manual labor including the operation of mobile equip- ment relating to smelter production. On the job train- ing will be provided. Rate per hour currently under renegotiation. Shift premiums per hour are T2c afternoons, 15c nights, 60e Sunday, medical insurance, pension plan, sickness and accident benefits are available. Applicants must be able to pass a medical examina- tion by a company doctor in R'itimat. Suitable applicants will be interviewed at the Can- ada Manpower Centre in Calgary on the llth, 12th and 13th of September. As relocation assistance is available only those ap- plicants with good work histories will be accepted. Persons interested in steady work oway from city pressures and close to good outdoor activities can ar- range for an interview by contacting their loca1 Can- ada Manpower Centre. Career Opportunity RECEPTIONIST-CLERK-TYPIST We are a growing international company opening new offices in Lethbridge. We offar c career minded person an excellent oppor- tunity to work in a modern air conditioned office as a Receptionist, clerk-typist. Salary commensurate with experi- ence and ability. Apply in writing, with a complete resume of your quali- fications and experience, to: Keith Consulting Engineers Ste. "G" 433 Holiday Village Mayor Magrath Drive Lethbridge ALBERTA ATTORNEY GENERAL Join The Modern Corrections Service Vacancies in NQRDEGG, BOWDEN, CALGARY, LETHBRID61, FORT SASKATCHEWAN, PEACE RIVER This Is What You Will Receive Training Challenging, rewarding work Good promotion prospects Job security Good renutn- eration Holidays with pay A beneficial pension plan All civil service empfoyee benefits The basic pay for a Correction Officer I (Gucrd) is per month rising to You must be in good health, 19 years of age or over and 5'8" or over and have a minimum of Grade 10 education. To: THE PERSONNAL ADMINISTRATION OFFICE Room 500, Terrace Building, Edmonton Name: Addresn (Block Letters Please) PLEASE SEND ME AN APPLICATION FORM A weekly safcjJog of Residential, Laod and Jnvesfrrierjf Properties The Block Bros. MR S catalogue Servicing Alberta and B.C. "Don't make a move without it" Available at ail Block Bros. Service Centres CALGARY PLACE Main PARKLAND tend Information 355 4th Ave. 76th TRADE 4825 Valiant Shopping 3rd -97th this No 203, 2212 4th St. SOUTHEAST BROS. SERVICE Willow Park 142 No. 3, 9919 Dr. 6 MACLEOD PLAZA 180 94th Ave. S 13th Ave. 112P4 76th ;