Pay

Reforming the taxman

_ ByLISA SMEDMAN

. Should ‘Canada‘switch to
a flat “rate: system, as the
U.S. is in the process of. do-
“ing? Should there bea min-
imum tax, for. the .wealthy?.

Should: theexemptions and -

“deductions themselves be

The: wealth tax ‘is the

eforms to understand. :

dividend tax credit:
Inthe U. s., those with in-
- “comes of more than $30,000
must, pay a minimum of 20
per cent of the amount by
which the income exceeds
$30,000.” ;

According | to the most re-

available ‘(for -:

: Outlining a framework
‘T to help you | understand
_ [and weigh the

} alternatives: to and =.
benefits of.

_key terms, simply wd
explained Rotts

Ane!

‘fis a’one hour computer
‘ training: session with the

IBM ‘computer.

‘Cosi $35

Relater sow with:
'-Federal Business
“Development Bank

- 980-6571

La Banque olfre ses services dans
” les deux langues Officielies.

“BACKING INDEPENDENT BUSINESS |

: @ Vederal Gumeese  Sareyen fedoras
, Development Bank de drvetopparnent
ee rrr . Cad? :

implest*: of the: -Possibie .
In 1982, some 24,519: Ca.

which. are. eligible for. the .

“3, OVER the: past: few months, the federal govern-
:Ment has’been: asking itself some tough questions
about i income tax reforms.

other words, the bulk of
Canadians who pay tax are
earning incomes in that
range. ;

During the last election
campaign, Prime Minister

“Brian Mulroney endorsed
_ the idea of a wealth tax but

gave no ‘specifics. The

Liberals promised a 13 per
‘cent minimum tax on ‘in-

comes exceeding $60,000.
The New Democrats prom-

_ised a'20 per cent minimum
.tax. on- incomes exceeding

$50,000.

Had either of these pro-
"posed teforms been in place
‘in. 1982, they would have

” generated tax from the 5,400 ._

Canadians who earned more
come tax.

National Revenue, spoke
“about “a: wealth tax ina
speech given.in March. ‘‘In
the next budget (due May
23) there will be a provision

that will require a minimum |

@ Tax advantages
¢@ High rate of return — 14%
@ Secured — insured asset

“MAY 15/85 8 PM
-HOLLYBURN COUNTRY. CLUB:

- Please confirm attendance
by phoning 980-6524

EANATIONAL CONTAINER SALES, LTD.

nadian is required to
shoulder at least some por-
tion of the tax burden, so
that people over a certain
income aren't able to pay no
money at all.””

In comparison to the min-
imum wealth tax, which
wouldn't affect most Cana-
dians, a switch to a flat rate
tax system would affect
everybody.

Neat year, the U.S. will
switch to a tax system that
will see only three tax rates.
(In comparison, a quick look
at the Canadian income tax
guide that. came. with this
year’s return wil! show how
many different rates Canada

‘has.) Under ‘the flat rate

system, a U.S. taxpayer will

- first determine which of the
three categories , his taxable... |,
~‘income, falls’ into,” then will
than $50,000 but paid no. in- ve
oo percentage rate.”
Perrin Beatty,’ Minister. ‘of .

pay tax at the appropriate

Proponents’ of a flat tax

“pate system are also calling
, for the axing of all but a few
Of the current deductions. In
‘place of the personal, mar-
, and dependents exemp- |

ions, they. would like to see

on tracks ©

Moving projectors
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oves

you track ligt"
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Richmond, Ph: 273-1011

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27 - Sunday, May 12, 1985 - North Shore News

; Name:
+. Telephone: (Home)

Dave and Vance help
North Shore sportamen -

ing licences as well as”:
equipment:.

if- you. want to dis-
cuss tight lines with ~
some ‘straight shoot-.
ers, drop into - Paine’
Hardware.

SALMOM SPECIALS: -

mooching or trolling combination: —

“FLOATS |

Daiwa 275B reel SPIN N GLO
Daiwa CRX99 rod $5Q2° GOOEY BOBS LEAD

$ 4 4 93 CORKIES LATEX |".
Piano 5410 tacklebox Ba JENSENEGGS woot :

$759

Charterboatline(spool) r]
canoes %

Scotty Downriggers 20 OFF

20:.—§

Sale ends May 18.

MAY 18: MEET DAVID NUTTALL, AUTHOR OF
‘MOOCHING — THE SALMON FISHERMAN’S BIBLE’

David will be behind the tackle counter to signa specially ¢
priced limited edition of his book. Come on down & talk tackle!

EE ek
>, WHOLESALE & RETAIL,

FRE

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90 Lonsdale, North Vancouver 987-2241

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