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Thursday, November 27, 1969 Colborne Chronicle page three COLBORNE CHRON1CLE Established in 1959; Successor to the Coiborne Express (Est. 1866) and the Colborne Enterprise (Est. 1886) Published every Thursday at the office of publication King Street, Phone 355-2107, Colborne. Ontario Member of the C.W.N.A. ana O.W.N.A. Subscriptions Payable in Advance In Canada S3.00 In U.S.A. S4.00 Second Class mail registr ation number 1810 A new Canadian tax era li.e long-awaited White Pa- proposal on small businesses is per on Taxation will take a lot certain to lead to complaints, of understanding. The capital Until now, the first $35,000 grins section alone requires of corporate profits is taxed at that average Canadians take a 21 percent, with everything rash course in accounting to over that figure charged 50 e out what they owe Ottawa every time they sell a house, tractor, farm, stock or stamp collection. Of course, by the time the new tax structure becomes law, probably in 1971, even Finance Minister Edgar Benson admits there will be plenty of alterations in his report. That's one of the purposes of the White Paper -- to let the country know what tax changes are planned and to give citizens, companies and members of parliament a chance to present briefs and It is o'ovious that Mr. Benson had to do a lot of selling right in Cabinet before the policy was set out. But the Carter Report on Taxation, filed in 1967 after tiro years, was written with o:.e baric principle -- equal treatment, for all taxpayers. Arid the White Paper had. adopted many of the Carter proposals, in order to come closer to the premises that "a buck, is a buck, is a buck." It doesn't matter whether the dollar is earned in bank interest, life insurance dividends, pension cheques or salary. All that should matter to the tax office is that all income is taxed at the same rate. This principle is difficult to challenge, provided it is carried all the way as proposed by Carter. But the present government plan stops short of treating all citizens, corporate or private, as equal. For example, Carter came out strongly against any kind of preferential tax treatment for the natural resources industry -- mining, oil and gas. This led to an extensive campaign by these industries to try and prove that such proposals would result in a general slowdown of dnvelooment due to high cot. « The goveii.-.^nt has taken this argument into account, Lut Mr. Benson underlined tiiat "support on a less generous scale" should prove sufficient for continued development of Canada's resources. The decision to go along with the Carter Commission percent. There are hundreds of small concerns paying the 21 percent figure -- their profits never exceed the $35,000 The new proposal means that a company today making $30,000 after paying all hidden taxes, insurance, employee benefits and operating costs, will realize only $15,-000 net profit. Under presort tax laws, the profit is $23,700 -- a difference of $8,700. This extra cash was designed to give the small businessman additional opportunites to set up cash reserves. For farmers, the changes should result in few problems for the ill escape tax. Others wil accounting problems when they go to sell the farm. But l.y setting a. "Valuation Day" in 1970, the average farmer, or city dweller for that matter, should suffer little hardship from the change. The government proposal enables a farmer or homeowner to add $1,-000 annually to the "Valuation Day" figure as well as include the cost of improvements. If your farm k valued at $50,000 in 1970, and you want to sell in 1975, the first $55,000 is tax-free. Chances: are good that the farm didn't cost half that amount and the difference reflects the value of the dollar now with the original purchase day. If early editorial reaction is an indicator, the government will gain wide approval far the tax reform package. And the opposition in Ottawa really is left with little ammunition. How can the NDP fight the capital gains tax or, for that matter, the government that eliminated or reduced taxes for the low income Canadians? And how can Robert Stanfield attack the principles of equality in taxation? Certainly, details can be attacked and many will be changed. • But the basic White Paper signals a new era for Canadian taxpayers -- and new popularity for the TiT'.r •< .: vern- The smile of a child receiving a new toy and a stockingful of Christmas treats -- provided through The Salvation Army because her parents could not afford them -- is sweeter than any candy. The light shining in the eyes of the ill and elderly -- because someone thought nf them -- is ftweMer IN A FLASH FLASH! That's how the story goes. Suddenly a scared group of night-watching sheep herders on a hill were dazzled by lights, angels and the sound of music. Later on, when the shepherds looked hack on that eventful night, they claimed the;-' hear voices singing, 'Glory to God in th: heights of heaven and o earth peace to mankind.' But it all happened in a flash! That's the way the Christmas shortcake crumbles. Ho! Ho! ...... Christmas carols ...... the desperate Christmas hopping countdown ...... and Zap! It's here! That's the kind of world we live in -- things happening in a flash. Flash! Our garbage cans are overflowing with a superior type of North American garbage. Flash! Something's got to be (done about that Biaf-ran kid watching us through our picture window.; eating our Christmas dinners. Flash! Billions for a moonshot and a bunch of crummy toys for the Christmas Exchange. Flash! Our nice, established, golden ghettos are messed up with pot-puffing, speed-killing, alienat ed long hairs. Flash! Students on campus, welfare recipients, high rise dwellers, labour unions, all clamouring to get in on making the decisions that affect their own lives. The shepherds got the message in a flash. A., .'at as they could, they got over to Bethlehem to it cut. Sure enough, there was the baby -- God in a manger. Peace to mankind had come right down to earth. When is that happening on a hillside d , through to us? m 1970 Licence Plates Ontario's 1970 licence plates for passenger cars, dual purpose ;' >s rnd motorcycles go on "•! * -n December 1, at 281 issuing o. rices pxro.-.s the ;cg. r." :<i fees tor the plat-e i ai e ame as for 1969 plates. For passenger cars and duel purpose vehicles having eight cylinders, the registration fee is $35.00; six cylinders $27.50 four cylinders, if manufactured after 1933, $20.00; four cylinders if manufctursd in or before 1933 $8.00; motorcycles, $10.00 The plates will be blue on white, the reverse of this years colours. Deadline date for having the new plates will be Saturday, February 28, when 1969 plates will expire. There will be no extension. 1969 plates for trucks, buses and trailers will expire March '31, 1970. Operators are advised to consult their local licence issuing agent for details concerning registration dates for commercial vehicles. In cases where ownership of a used motor vehicle is being transferred at th» time of regi-stration, a certificate of mechanics t fitness is required to get new plates. No certificate is ne-e sd for normal purchase of T'at r., renewing editing own-eis'.dp w'fh nc milder involved Used raster vehicles licensed previou ly in another province ciso require a certificate of mechanical fitness on. being registered in Ontario and new plates issued for th .• first time. HO! HO! HO! It's that time of the ye their Christmas lists and making impc Claus to take back to his elves at the