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NE wr. rn _ - ab! x Re a GD va A (8% 1 LAY SS a ga ea a - and to the country. FAAS AS a LL A idol ai srk: ati' chia Vy AN hy SUSAN PNA PALA gr Thocsdcy 4 Jan. Balk K bin Benefits-of Fotate T Ta During the Christmas recess Ihave received a great number of complaints about the pro- posed new estate tax regul- ations, These complaints are coming primarily from farmers who feel that these new pro- posed changes will mean that they will have to sell their farms because the estate tax will be so great that they can't afford to pay it. Many people feel that the proposed tax legislation will kill incen- tive, and consequently will I will give Cor distinct examples, based on an estate of $200,000. I have chosen this figure because of the high value on land in many parts of Ontario Riding, and I feel that the average farmer may be faced with an estate in this category." In the first instance where the estate is left outright to the widow, and on her death divided equally amongst her adult children, under the be harmful to the economy At the present moment, radio commentators and columnists have said-a great deal on this subject. Unfort- unately, they haven't got their facts straight, and have caused a great deal of unwarranted concern by the general popul- ation. Many aspects of this new estate tax are of enormous benefit. Do you realize that under the new legislation there is absolutely no tax when the estate is passed on from husband to wife or wife to husband? This is a very basic and important improvement. Later, upon the death of the surviving partner, the recipient of the estate would have to pay a tax at that time, which in some cases, is less than the present tax, and in other cases, the tax would be only slightly more than under the present law. N ELECTRICAL KEN P. MURRAY INVEST NOW /]o for Terms of 4 or5 years VICTORIA and GREY TRUST Guaranteed Investments Interest is payable half yearly or may be left to compound EMMERSON INSURANCE AGENCY LIMITED 191 Queen St. Port Perry Telephone 985-7306 AAA A A A A AL ASS LXE ENN CONTRACTOR WIR Domestic and, Industrial ING CALL US FOR FREE ESTIMATES ON COMPLETE ELECTRICAL HOME HEAT PHONE 985 - 7005 I Eat He Swe EAA 2 uf present law the eoute tax would be $55,136. Under the new proposed law, if the estate was left to one child it would be $43,200 - to two children, $39,700 - to three children, $36,200 and to four children, $32,700. In all these cases, the estate tax is less under the proposed legislation than under the present law. In the second instance where the estate 'is left out- right by a widower to a stranger, the present law would collect $33,600 in estate taxes, and the proposed law would increase the amount to $46,700. 'However, if the estate is left to his own child- ren, if there is one _child, the tax would. be under the proposed law, $43,200 - for two children, $39,700 - for three children, $36,200 and for four children, $32,700. In the first three cases the tax would be higher in the new proposed laws, but not very substantially, and in the latter case, it would be lower. The third example, where the estate is left in trust to {the widow during her life- time, and the assets divided equally among the children on her death, the estate tax under the present law would be $28,600 in all categories, and would range from $43,200 where there was one child involved to $32,700 where there were four children invol- ved. In this category, there is an increase right across the board. This disadvantage can be over-come by opting to choose the method outlined in the first example. In the fourth instance, if the estate is left outright with one half to the widow, and one half divided eqally among the children, and on the widow's death, her estate is divided equally among the '| children, the estate tax under the present law is $35,940 in all categories, and under the proposed law, the estate tax would be $26,400 where one child is involved, reducing it- self to $13,200 where four 274 Rosa St. PORT PERRY *|children were involved. This represents a very substantial A A A A Al RSS LE NSS SR CCC TEST EE --, 5S Ltd., 460 King Street W., you personally to advise you of the time and place. BOWES AND COCKS LTD., are pleased to invite you to attend a rec- eption on properties of the ANTIGUA GOLF AND COUNTRY CLUB LTD., to be conducted by our qualified VACATION PROPERTIES Department. This reception will be designed to show you, in words and pictures the beauty of this "ISLAND IN THE SUN' set in the Carribean Sea, where you can own land for your retirement years or as an investment. All that is required is a 10% down-payment. Please cut out and return the attached: coupon to Bowes and- Cocks - (Attention: Mrs. G.O. Mayling). | will call OA-8.8 ANTIGUA GOLF AND | would be "interested in attending a reception to learn more about the COUNTRY CLUB NAME ADDRESS PHONE CITY PROVINCE BOWES and COCKS LTD. REALTOR | 460 KING STREET W., OSHAWA 576-2421 Minutes from the meeting, held by Port Perry Council, Monday, Jan. 13th, Reeve R. A. Kenny report- ed on a new Village dump site on the old CNR right-of- way, north of North Street and' that arrangements have been made with property owners. : The following Statement of Accounts for 1968 was auth- orized for payment: Gen. Depart. ....... $6,906.87 Street Maint. ... .... $1,375.35 Property & Parks ... $ 299.71 Relief Department . $ 144.30 Truck & Tractor... $ 17.36 Water. Depart $ 20247 Water. OWRC...... $ 25.00 $9,761 08 The following Statement of Accounts for 1969 was auth- orized for payment: Gen. Dept. ................ $ 34.590 FARMS WANTED L REAL ESTATE LID -REALIOR 'Jzines across 985-7373 savings under the proposed legislation... From the examples shown above, it is quite clear that the estate tax changes are quite different than what the general public has been led to believe as a result of articles and advertisements that have appeared, particularly in the farm newspapers and maga- the country. I do not want to indicate at this time that I am in favour of all the recommendations in thé new proposed legislation. However, many of them are very substantial improvement over the old law. Personally, I taxed of less value than $50,000. Some have suggested that no tax should be levied on estates less than $100,000 -- I think there issomemerit in this, although I would reserve my judgement until further studies, but there is no question in my mind that estates of less than $50,000 should not be subject to tax. I think, also, that small business men and farmers, and indeed, all estates, should be given an opportunity to pay the estate tax over a pro- longed period of time, and would recommend that estates be given 10 years to make payment, which would offset the problem of small business men and the farmer who finds himself in difficulty as a result of having to pay tax when there is insufficient eash avail- abletodoso. ~~ # There has been some dis- cussion recently that because of the confusion surrounding the proposed estate tax changes, that all estates should be given an option for a period of time, to pay estate taxes under either the old law or the new laws, perhaps for a six month period. This would mean, then, that people would not be caught short as a result of these changes prior to pre- paring their estates to suit the new legislation, I am in the process of conducting a complete study of this matter and will be preparing a full brief on the subject that will explain the implications of these proposed laws in adequate detail. If anlyone would like information on this subject, please do not hesitate to drop me a line at the House of Com- mons, Ottawa, feel that no estate should be]: SAFE 2 EAA 2A 2472) Relief Dept. $260 00 St. Maint. $ 252 Truck & Tractor $140.00 $437.02 A donation of ten dollars was granted the Muscular Dystrophy Association of Canada. Any member of Council wanting to attend Ontario Good Roads "Seminar on Monday, February 24, 1969 be allowed mileage & regi=- "tration. Quotation from Brooklin Concrete Products Ltd. dated December 23, 1968 Re: Wharf Reconstruction. Material Requirement: 80 precast concrete deck slabs Price: $95.50 each x 80--$7,640.00 F.0.B. site. This price includes weld plates on outer edge for attachment of angle iron fastenings (Angle irons not supplied). -Also included are bumper fastenings on outer edge and 40 mooring rings. Sales Taxes: Not included. The following Building Permits were issued to Mr. Grant Jeffrey, Residence (New) Pt. Lot 86-85 Major Street; Mr. L. Andrews, al- terations to house Pt. Iot 2 Simcoe Street; Mr. Lloyd Fawns, alterations to house, 94 Union Avenue. - LETTER from J. J. Lam- bert Real Estate Limited, dated January 9, 1969. "It has been brought to my attention that a second com- pany will soon be parking LV TRAY EAL Mts BI ART R$ oh wf Cede BROT Port Perry Cound News buses in front of our office on Queen Street. After go- ing to considerable expense to dress up the front of this office and due to the fact that our business depends a great deal on exposure to the public, we have not taken too kindly to the existing bus' parking. However," because a bus was there before we were, we 'have never .considered complaining. If it is true that the second bus comp- any will be parking in this area our office will be hidden from the passing public a lot of the time. We wonder if it would be possible to have these buses park on the East side of Perry St. just north of Queen Street. It would seem that this loca- tion could have certain ad- vantages over the present one in that less valuable parking space would be tak- en up, the sidewalk on the main street would be less conjested at this point, Southbound traffic on Perry Street could more safely view Eastbound traffic on Queen Street before entering there- on and our office front would be more visible to"the pass- ing public. We trust that you will at least take this proposal into consideration. Please let u- know your decision." The Clerk was instructed to reply to the letter from J. J. Lambert Real Estate to state that the bus will be parking in the centre of the street and should not block the vision to their office. ASHBURN NEWS (Too late for last week) The sympathy of the com- munity is extended to the relatives of the late Arthur Holman who passed away in Oshawa General Hospital on Jan. 10th. * y Funeral service was held in Burn's Church on Monday Jan. 13th at 2 p.m. with Rev. Wm. -Black in charge. Pallbearers were Messrs. N. J. Anderson; Russell Bat- ten; Merle Ross; Wm. Gard- ner; John and Wm. Hopkins. > Temporary entombment at Oshawa Union Cemetery. Mr. and Mrs. Edgar Heron spent the week-end with Mr. and Mrs. W. Reynolds at Ancaster. Miss Judy Batten, of Lon- don was with her parents Mr, and Mrs. Russell Batten for the week-end. The annual meeting for the Community Centre was held on Tuesday, Jan. 14th at 8 p.m. with the chairman of the board Mr. F. Thomp- son presiding. Mr, Thompson gave an ac- count of the various activi- ties which had taken place during the year and the trea- surer's report showed a sub- stantial balance on hand. The following were elect- ed to serve on the hoard for 1969: Chairman--Mrs, F. Gardiner Vice-Chairman--Mr. L. Kroes Mrs. J. Hopkins Mr. Fred Daw Mrs. E. Bath Mr. E. Swerdfiger Secretary--Mrs. F. Daw Treasurer--Mr. B. Lehman Publicity--Mrs. Grace Coe. Place: Sl CANADIAN A MENTAL HEALTH ASSOCIATION | ~ OSHAWA -- ONTARIO COUNTY BRANCH invites you to attend their ANNUAL MEETING and WORKSHOP on Alcohol and Drug Addiction Date: February 8, 1969 KINGSVIEW UNITED CHURCH, Corner of Adelaide Ave. E, & Wilson Rd. N., Oshawa, Ont. Time: 9:30 a.m. to 2:30 p.m. ANNUAL MEETING -- WORKSHOP -- DISCUSSIONS "LUNCH = PANEL Programme Chairman: Dr. John Chmara Panel Chairman: Dr. P.J. Lynes SPEAKERS: Dr. M.J.C. Thomson: Alcohol Unit, Whitby Psychiatric Hospital Dr. Andrew Malcolm: Alcoholism & Drug Addiclion Research Foundation Registration Fee including Luncheon $2.50 For Registration Form: Telephone 728-9931 " L3 1} 3