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The Era Newmarket Aurora Km wick Out Wed November 11 1171 QUEENS PARK REPORT by Bill Hodgson Things Queens Park are moving right along with an eye to closing off the Third Ses sion of the Twenty Eighth Parliament within the next few weeks We have had a hectic but rewarding ses sion with much new and necessary legislation being I have been ad vised by the Minister of Transport the Honourable to the Metropolitan Toronto and Region Conservation Authority for land acquisi tion in the King Creek Con servation Area mately acres of land in the Township of Vaughan acquired by the Au ks is now available The folder details the Ontario laws applying to farm implements and regulations governing their use on Provincial Highways If you would be interested in receiving a copy of this valuable book let please drop me a line to Room 359 Main Build ing Queens Park or tele phone Toronto and I will be pleased to send you a copy CONTRACT AWARDED I have been ad vised by the Honourable Bros Sand and Gravel Limited of has been the successful bidder for Contract No 7091 for clearing grubbing and tender for this job was and work is sched uled to get underway Nov RECEIVES GRANT I learned from the Honourable George Kerr Minister of Energy and Re sources Management that approval has been given for a Provincial grant of 1730 IS acres of land in the Township of King consist ing of a small lot on the edge of the valley of the Humber River in a location adjacent to the projected boundary of the King Creek Reservoir Develop ment work in this area will include reforestation wild life habitat improvement streambank erosion con trol access for hiking na ture study and fishing HELP A BOY Last Thursday I had the pleasure of attend ing a press conference of The Big Brother Associa tion in York County and learned of their activities and the good work they are doing for fatherless boys be tween the ages of six 16 Currently there relationships in York Coun ty but 13 boys are still on the waiting list Volunteers are Volunteers are asked to give only four hours a week of their time to a Brother Inte rested men should call Glenn at 727 Saturdays or Norm at Sat urdays Ottawa Report by Norman The Riding Tax Committee o discuss the White Paper proposals for Tax Reform which set up many months ago conclud ed yesterday in Ottawa when we as a Committee recommendations Minister of Finance the Hon J Benson Our recommenda tions to Mr Benson were along the following lines 1 Capital gains should be divorced from ordinary income for tax purposes Capital gains should be subjected to a fixed rate of tax 25 per cent Capital gains taxes accumulated or ac crued at the date or death to be deductible in arriving at asset values for estate tax purposes No capital gains on sales of residences Pension and Retirement Savings Plan- contributions should be de- to the same limits in cases Moving a lax Maximum per at as low levels as in the proposals The maximum should be per cent and should not be reached un til somewhere over per cent rates should not 12 Employment expenses no limit on the amount of deduction with vouchers however to sup port claims over The partner ship option should be avail able for closely held 14 Low rate of tax or some progressively should be retained for truly small corporations as an in centive thereto 15 More study was necessary concerning the valuation problems of the capital gains lax levy In particular some provi sion should be made for goodwill accumulated prior to the inception of the tax 16 Some simplifi cation of the creditable tax rules must be made In particular small corporation needs some further relief held corporations should be eliminated Deductions for tax purposes should be per mitted for all expenses of any abuse of these de duction rules using pro visions of the Act presently available For partner ship option purposes corpor ate shareholders should be permitted to have different fiscal year ends 20 There should be an immediate deduction for all rental operating ex especially for shares and taxes Capital lax base should bet gleg should be applied to all in come fluctuations over 25 per cent of the base income mil everyone should be en- average- deductible from Capital galas be defined as those derived from assets over six months with Mr Benson in Ottawa I will issue our entire Tax Brief to the press so the public will know the precise position taken the jus- Jack Fraser presents the two greatest names in Canadian fashion Shipley Shipley Each year our enthusiasm for Shipley design and value is redoubled And again the Shipley collection for this fail presents what Jack feels is most version contem porary youll As usual Shipley fabrics and tailoring are equal to that normally found in garments costing much more On the left the Shipley suit Very big on small this year Lapels and shoulders gently widened waist nicely narrowed panls flared Beautifully tailored as is usual with Shipley Double breasted Single breasted On the right Ihe Shipley Blazer Perhaps most useful jackel you can buy Were pushing tradi tional navy blue as well as dark bronze and gold Bui ava able in many other colours and lots of JACK y FRASER NEWMARKET PLAZA Shop til 9 Thursday Friday TELEPHONE PURE VIRGIN