94 THE ¥: if! aes February 25, 1994 96 pages Fier ante iS AE ue ss Office, Editorial 985-2131 Seniors, Reformers decry inaction on debt, spending WHILE LOCAL seniors and restaurateurs reel under biows delivered by ‘Tuesday's federal budget. the Reform party is denouncing the effortas puny and poorly. aimed. By Kate Zimmerman News reporter Members of North Vancouver's Lioasview Seniors’ Planning Soctety said the budget hit middle and lower-income seniors hard. “The whole thing is is Sacs extremely regressive and harmful to sentors, whe are ne longer able to work.” said a director whe did not want to be niwned. He described tying Gives to are as “age discrimination,” Highlights of the budget, which was tibled ino the flows of Commons on Tuesday, include: reducing or eliminating the seniors” ape credit for about 800,000 Canadian seniors with net incomes of more than $25,924; B& climiniting the $400,000 capital gutins exemption: @ lowering Ul benefits and institut ing a donger qualifying period for unemployment insurance: B& reducing the corporate income tax deduction and GST tas credit for meal and entertiinment expens- es from 80% ta S064, The Lionsview group noted that the previous government had already instituted a claw-back for seniors with a net income of $53.214. who now incur an extra tax of 15% on their Old Age Security, As of 1995, seniors with net incomes of more than $25,921 will also have their age credit taxed by 15% (the tax is being phised-in at 75% in 1994). Lionsview spokesmitn Mary Segal said there are already thou- sands of seniors living in poverty on the North Shore. She said with inflation and such taxes as these, the buying power of seniors is constantly being eroded. West Vancouver homeowner Art Bherwein. 62. sid he was sure there were people who would really feel the pinch of the fatest tan. He will lose about $4.800 a year, Whee Eberwein took early retirement, his company pension was built on the assumption that, at the age of 635, he wauld also be get- ting the $300 to S400 a month the government is now promising 10 cul. But. he said. ~Personally. | understuind the need to do this. | would consider more stringent steps provided the pevermprent look bigger steps to clininnas te desicit suthey can ret rid of the Gebt” “Pr nethappy with giving this up if they re not going toa do some- thing about curtaing their spead- ing. aud Eberwrin. “Cor certainly unhappy tbat the deficit is going to be SHO billion, Pthink thats ridicu- lous. The Reform party MEA for Capihing-Hawe Sound is equally outraged by the prospective deficit. Herb Grubet. who is also an cco. nomics professar, said die Liberal budget was far too seft on the pajordy of Canadians, “Everyone should be esked to share in the current problem.” he said. This budyet singles out the unemployed aid singles anet seniors.” On the phone from Ottawa. MP Grobel maintained the reduction and elimination of the seniors’ income tin age credit “is a step in the right dvection.” Grubel said Reform would have distributed the financial burden more equitably, “The bottom fine for atl of us (in this budge) is there’s no increase in spending, and there's no decrease in spending.” he said. “It's remained exactly level, “They're relying conipletely on economic growth and higher taxes to veta lower deficit.” Ina press release. North Vancouver Reform MP Ted White stated that the “budget certainly isnt going to build confidence fora better future. More econemic activ~ ity will be driven underground by the increased tax load and the net result will be lower revenues than if taxes had stayed the Though the Liberals claim they havent increased taxes. Grubel said “the reduction of meal expense allowance (exemptions) is really an increase in taxes.” And. he said. the elimination of the $100,000 capital gains exemp- tion “is realty a tax on entrepre- neurship and small business.” But David Gillians. managing partner of Roval “Frust, told the News that the affected capital gains exemption applies only to lifetime personal capital gains. and not sand business. He said it would affect seniors wha dechire capital gains, such as large shareholdings or cothiges, at was also the understanding of small business owner Paul F. Tayler. who owns Mail Boxes Ete. on West Vancouver’s Marine Drive. Tavior said the capital gains exemption for a small business See Townhall page & aot VANCOUVER ewe Cee} FORD WINDSTAR Car-like ride, roomy interior in front-wheel- drive mint-van. FOR THE ROSES A few simple planting procedures will ensure healthy rose bushes. Classifieds 986-6222 Distribution 986-1337 NEWS photo Terry Peters Cottonwood controversy NORTH VANCOUVER resident Janice Williams is concerned about the fate of trees, espe- cially this cottonwood, near Earl's Restaurant on Marine Drive. Williams was told by Earl’s staff that the cottonwood would stay, but a tree chopper said Thursday the coiton- wood would be cut down. Meanwhile an Earl's spokesman at head office said an office building is planned jor the site. He said the big spruce trees on the property won't be cut. RSE Rc NT TE ES ES DNS ‘REACHING EVERY DOOR ON THE NORTH SHORE SINCE 1969 é