NEWS photo Mike Vaketisld

ON BEHALF of Montroyal Elementary School and Vancity Credit Union, student Natasha Kanti

recently

presenied UNICEF volunteer Pat Holmes (left, Vancity representative Marion Laursen is

on the right) with o cheque for $1,406. The cheque represented the amount of money raised by
Montroyal students ($703 which was then matched by Vancity) during the 1991 Hallowe'en Box
program. As part of UNICEF’s Be a Kid Again program, businesses are invited to match funds
raised by area schools. Vancity Credit Union was the jirst business to take part in the program.
Last year 8.C. children raised $400,000 for UNICEF. For more information phone 687-9096.

| GSE Milking the cash cow

JUST HOW much revenue will the Goods and Services

Tax (GST) rake ‘in for the federal goverrment this year? It

all depends on whomyou ask.

Ottawa estimates the GST will
take in revenues of $18.6 billion
this year and $20.2 billion in 1993.
Not so, according to many’
economists who claim the gov-
ernment is underestimating its an-
nual haul by as much as $2
billion.

The accuracy of these estimates
is important because when
discussing revenues-in the billions,
a difference of $2 billion is ob-
viously a considerable sum of
money. Two billion dollars could
be used to. pay down the deficit,
to cut taxes, or be misused
through increased pre-election
“ spending. -* .

The federal government can
count on the GST to grow with
the economy. Indeed, every expec-
tation is for this cash cow to turn
into a charging bull when the
economy finally wriggles out of

“Good evening,
| Revenue Canada...”

Revenue Canada -

Taxation... Impét

Revenu Canada

By Michael Wycks
Contributing Writer

the recession.

“In good economic times, expect
yearly GST revenues in the area of
$20 billion to $25 billion. In bad
times such as these, Ottawa must
settle for $16 billion. John
Bulloch, president of the Cana-
dian Federation of Independent
Business (CFIB), says the GST is
unique among Canadian taxes for
its incredible growth potential.

“This is a.tax which is applied

‘not only on goods but on the ser-
. Vices
- growing area of economic activity.

sector, Canada’s fastest
With such a broad base to tax,
watch this monster money
machine gobble up _ revenues,’’
declares Bulloch.

“The GST is like a high-speed

train currently running on a bad
track. Once the economy is rolling
again, the track will be set for the
GST to bring in billions more.”

Also important, says Bulloch, is
the removal of the first-year ex-
penses associated with getting the
GST up and running. An
estimated $2 billion was spent on
start-up costs in 1990 and 1991.

What is still achingly wrong
with the GST, however, are the
compliance costs associated with
collecting and remitting the tax. A
CFIB survey in 1991 revealed the
first-year compliance costs were
an astronomical $6.6 billion, or 40
cents of every GST dollar col-
lected. It’s estimated that
second-year compliance costs may
drop to a level near 25%, but this
is still far too high.

Just look at findings from simi-
lar studies in the U.K. and Ger-
many, where their value-added
tax compliance costs amounted to
only 3.6% and 0.4%, respectively.

It may not be convenient to call us
during the day, so to answer any
questions you may have about your tax

return, we also offer an “after hours”
phone service from February 24
to April 30. We will be happy

to answer your call, Monday

through Thursday, from
5 p.m. te 9 p.m.

For recorded infor-
mation on selected
topics, you can also

call our T.I.P.S. Info-Tax
automated phone service,

24 hours a day, 7 days a week.

- You’ll find the numbers for cur phone
services at the back of your iax guide.

a Ba

%- oe
¢ making i

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St. Peter's lineup ...??

CAN YOU IDENTIFY an Anglican, Alliance,
Mennonite, United, Pentecostal or Presbyterian in the
lineup? Take a look at what they have in common
and where they differ. They welcome you to their |

“CELEBRATION
of UNITY”

7:00 pm. Sunday March 22 :
The Centennia! Theatre - 2300 Lonsdale Ave.

This invitation to sing, pray and celebrate together is given
by your friends at the foilowing churches ...

Delbrook Baptist Church, St. Clements Anglican, Lunn Valley Full Gospel,
Capilano Christian Community, The Salvation Army, Westlynn Baptist, North
Lonsdale United, St. Simon's Anglican, West Van Baptist, Hillside Baptist; South :
Lonsdale Baptist, Cedarview Christian Community, Sutherland Bible Chapel, ° |

North Shore Alliance, New Hope Community Church, Canyon Heights Christian:
Assembly, St. Andrew's St. Stephen's Presbyterian, Gabricla Congregational
Church, First Baptist Church. : ~ ce