.... .. ' .~ ' ..-- ' '!' •• ' \ • ',· -~. :. ~ • i I' ' ,·. .·- i "I '~. ~. • Belts DO ·s.ve ·. · .; . .: . 'I ; , I :: ~ ; : . ~ . anTS IN -STOCK ·FO~ ·.··.. ·... I ·' ,: ,,', . .. .il' I .. '· ' MODEL CARS. •'. ..·s· ' ··THE ,DJ\ILY NE. I NOVA MOTORS (1'962) ·LTD. i' ', .. · .... ,·-. ·I .. ' - I ·.. ersona n. axes ' I -. Budget· Highlights IScattering Of Tax ·.Adjustments i •· ~~~~~~~~~~~~~~~~~~ i BULI.ETIN 1, 1964, By TilE CANADIAN PRESS Personal and· corporation in­ No change in taxes on li­ come lax rate• remain, un- quor and tobacco, Mainly Affect Corporations changed, · Budget deficit of $745,1100; ' <:::,.-~.... ~:::::;,.;;::::y:::>-::::~7<:S·<.::.::.. -~~ rrrn! Incentive rebates as high t~ 000 for 1962·63 on expenditure~ no per cent on tax resuUing of $6,525,000,000, revenues ol nplcte gilt from increased sales by mmt· $5,780,000,000. ng • • • ad. ulacturing and p r o 1: e s s 'ing Budget Shows No- ·Increase ~- Budget . >ccond for firms. Dc(icit designed to provi,le dim light­ economic stimulus but not \o •ccd. C001 • Income tax deductions !or endanger. price levels. gift-boxed, dependents Increased by $30, . Dates removing 80,000 from income Non-resident iron ore com­ In Family Allowances lax lists. panics exempted from special By ALAN DONNELLY . ,I 15-per-cent tax on income of iI'~~;~ dales of changes announced in Tax deduction of 150 p?.r branches of non-resident c~r­ Tuesday night's budget: 57 poratlons, OTTAWA (CP)-Finance Minister Fleming Tuesday night spread i cent allowed on Increased <X­ · • • · f 'I' d \ Jan. 1, 1962: Income tax cc- pend!ture for scientific re­ $128,000.0 00 a year tn mcome tax cuts among am1 1es an corpora· ductions f 0 r dependents in- ~earch in IndustrY.- IS f!H \'EARS-For the last five years deficits have Federal tax credit for On· I creased hy $00. · · tario and B. C. logging com­ tions in a pre-election budget expected to .produce a $745,000,000 de· 1100unctd in. federal budgets, bitting a. post·war record of I · I Jan. 1, 19GZ: Non-resident. lron In the 1!161·62 fiscal year ended March 31st. Other Deduction of all pre-produc- panics equal to two-thirds o: ficit. ore companies excmpt~d from , 1 1 lion expenses !'!lowed oil com· provincial tax up to 10 r·~r His two key budget moves announced in the Commons: special 15-per-cent tax on in­ . ran(td from S38,600,COO iii 1957·58 to 560913161000 n panics, cent. come of branches of non-tcoi· .\ stdn~ of butlget surpluses was recorded following . 1. Tax-rebate incentives to manufacturing and processing firms dent corporations. finll ~;utimr budget d!flclt of 82,123,043,431 In 1945·46. Double depreciation for in· Val'ious sales tax c.xemp- ' 5 · f · J ' · f • d 1 Jan, 1, 1962:' Federal ta:; •• ,.1nnu1-, >llfllluscs and deficits In 'he years· after that. /l'eslment in new products ex- lions costing treasury $2,00J,- rangmg up to· .per cent o taxes resu tmg rom mcrease sa es. credit for Ontario and B.C. iog- .. <CP Newsmap) · tended for one year to .lan. 000 a year. · · 2.. A $50 boost in the income tax deduction for dependents - a ging companies equal to two- -~---·------------~ 1. ff h . thirds of provincial· tax up ·to move Mr .. · Fleming ·sai d wi II knoctt 80,000 taxpayers o .. t e tax 110 per cent. rolls and b~nefit all taxpayers who support dependants. i March 31, 1962: Incentive re- 1 bales as high as no per_ cent on He ·left personal and corporate income tax rates unchang ed an d i tax resulting rrom increased S. To Resume Nuclear Testing extended. new. 'i_ncentives to promote in~ust;ial research and' oil and ~ales by manufacturing and yro­ ccssing firms. gas explc:irdtion, _ April 11. 1962: Tax deduction , The deficit he forecast for the · · of 150 per cent aliow~d ·ln :n-. 1962·63 fiscal year thn_t sl~rted 1 special provincial Jogging taxes, Jiament will be dissolved within creased expenditure for s~:~!l- '1 ·n b th th tific research in industry. Agree ·• Apn 1 Wl . e e ,51~ m 81 up to a limit, 10 days lor a mid-June election. April ll, : Deduction r.n nless ·Soviets To Ban 1962 row, topped m p~accllm~ only Immediate exemptions from He made a lengthy review of by the $791.400,000 m red mk re- the· U·per-cent federal sales tax government measures -~asing ali pre-prodt;ction expenses ai- . I,\ PI - The Imcnt Macmillan sent a personal Soviet government may recon· their stand at this late stage. lowed oil compnn ic". · States and Britain >er,·ed followup message to Soviet Pre­ sider the po~ltlon and. express But they hoped putting the ported for l?st fis~al year. were granted to a few products tax burdens since the Progrl'S· 11 1962 o~ Russia Tuesday that , mier Khrushchev Tuesday. their readiness to accept the Western case once again on Mr. Flemmg smd that in the including boxes for fish lobster sive Conservatives took office April • : Minor hriff testing in the :11-/ The American·British dcclura­ principle or international v~rifi· record would help gain· suppm'l current period of "healthy ex- traps, honey containers ' and all in 1957. ch;::.e~.• 1963: Double depn•ci· wi!l go ahead ;: s lion summed up the . olt·~tated cation. in world opinion. • pnnsion" his budget policy sewage and drainage inaterials E!ghty-flve per. c?n.t of Cr.n- ation for investment in n~w later this month t•n- Western view thnt intcrn3tinnal STILL HAVE TIME The Western powers say that "must neither put the brakes on -not just those bought by mu- ada s 5,100,~ mdlVldua] tnx· products extended lor one year l'nion agrees to inspections are needed ior a "If they will do tl\is, there is in the absence of nn cnfoi'cc­ the momentum of our expan- nicipalities. payers, he smd, pay less tax to Jan. 1 1961. llll· still lime to reach agreement.'' able treaty, they have no choice sion nor invite the danger ~f A to-per-cent tax will be im- under present rates than IIIP.y ' workable treaty .lo outlaw 1 ~tatcmrnt clear fcsts. It noted the Suvi~t Informed sources said neither but to proceed with testing for inflation.'' posed on premiums paid !o [Jr- would have paid under t 11x · ·• on hy Prcsid<•nl Union's rQpealcd rejection of Kcnnet!y nor Macmillan · ~x- their own security, They cite the . He saw- little present l'isk of eign business insurers to ne!p rates .J>revailing when the Con- r B&91~V@@l•I!W; and . Prime ~IL1'stet· control plans,, on grotmd~ 111ese peeled the Russians, who ltave Soviet' breach of a · test mor~­ inflation. · • . furnel the 'ins)lrance buying ·of. scrvatlves won power. · . ' · ___ • 1 ' in nnr of the ,,tale· Iwould put sptes on Sov1et t~r­ consistently. turned down \Ve.~t- tori urn with .a mas~ive· scl'i~s of The 56-year-nld mmtster, pre- foreign - owned ·corporations to 'The' incr_ease · in the tax-tree· ~How Federal Spending il Genera trst-hnn t3l!;~. ritory, and concluded: ern offer~ !o cancel the Por;ific atomic explosions last fall, with senting his seventh budget ;n ~~~Canadian·- Jlands. deduction for . dependents will· • S' 1'1 idi.nion to the joint !ta:c- i "\\'c continue to hope that trc tests' ·if a cheat·proof treaty is resulting advances in w~~pon string that includes h1'o Decerr.- Mr. Fleming's budget· forecast spread thinly tax redudi~ns Has Rtsen InC~ 1747 signed, would suddenly chan~e I technology, ber baby budgets, left taxes on wa~ for a tiny dip in budg~tm·y amountin~ to $30,00800,000 in the , · 6-------~llq liquor and tobacco ~nchan~cd spending to $6;525,000,000 in tlte current fiscal year and $40,000,-l and produced a s~attermg nf ~ax new fiscal year from $6,563,000.- 000· in a full-year. · adjustment.! , mamly . affectmg '000 in 1961-62. and for bud"et Elfecti1'e on 1962 taxes, the! 5· BILLION --,'lf//C-1--~ . c n . DOLLARS Russians ·With corporations. revenues to edge up to $5,780,· deduction for children receiv- i BABY BONUSES UNC~ANGED 000,000 from $5,772,000,000, ing family allowances is boosted An Increase in fam1ly allow- But this apparent hold-the-line to $300 from $250 and for orh~r .4..._--1---!-~ ances-subject of much pre- approach Is more apparent than dependents to $550 from ~;IJil. !Chapters .n:n .. budget speculation-did not rna- real. This woulr1 mean a 1nx ~~,·- Frnll~ ng Laws Breach 1 erialize. TAX RENTALS ENDED ing of aho11t $20 for a Inat·r;~d. ~Winglike JliiC Moreover, the budget did n.ol The new federal - provincial man wilh two famil~·-a\!O\·:ancc · O\'U oTell be· I : ;\oblemeD :'iorway (APl - "On March 17-lwo days implement the ta:c and . t;mff tax deal, with provinces le1•yln~ children who earn~ $5.QO~ a 3 Sincmg voice of a Norwegtan fore the opening dale-l !ound measures that Pr1me Mmtster their own income taxes has ycat·. If his dependent chtlJ··~n ~Crafts expedition says the a nice pack of seals and stayed Diefenbakcr announced . I aS t meant the end of tax·rent;l f-llY· are Ol'er 16,. his lax drops l•y ' 5 Encounter is breaking the in· close to it to walt for the ~ate," It, fi nL~tant January would be app!ted to men!s to the provinces.