{ BUSINESS Trading down in Toronto On top of the emotional stress, the death of a loved one can be a time of complex financial arrangements: tax eet eeeeee ond settled and tax returns sear ond becoming increasingly complex to settle an estate,” says Stan Maj, « tax specialist with Peat Marwick of Toronto. “Many people are simply not aware problems — was 6.05 million, Sani issues led ad- @ o% the many taxation vances 274 to 193 with 314 issues unchanged. we ON eee the biggest gain, up 102.44 to 9615.31. Hi-tech fell 44 to 157.32. In New York, the Dow Jones averages of 30 in- dustrials fell 5.05 to 1588.18. als, Dofas- He says you might be able to take on the job yourself if the situation is clear-cut, you are prepared to do some research and have the co-operation of other parties who are involved in the distribution of assets. “But there are few cases where you don't need some kind of professional help, even if it is only to get probate,” Probate is the process that gives the executor of an estate legal authority to deal with the deceased's assets. MINIMIZE TAXES In some simple situations you can avoid getting probate. For example, if all the assets are jointly held, they may be transferred to the surviving owner or owners without probate, Maj says. All in all, he says, getting professional advice might You will need such things as the will of the deceased, his or her tax returns for the last few years and a list tax ran beneficiaries. that arise. owners tax free. be expensive, but it’s worth it. You may need the services of both a lawyer and an Weston 1 to $110; Murphy — *countant — # lawyer Oil % to $19 and Imasco Ltd. 5/8 to $26 3/8. Budd Canada rose % to $34%; Wardair International % to $20; Bell $37'; Carma A two cents to 24 cents and Bralorne Re- sources 15 cents to $2.60. Among mines, Sherrgold Inc. fell 3/8 to $5 5/8 Sherritt Gordon ‘4 to $7% and Denison B ‘4 to $10 5/8. Golden Knight rose ': to $8 5/8 and Placer Development Ye to $24. and debts of the acountant to prepare tax returns and advise on how to keep taxes to a minimum. The cost of getting help depends on the complexity of the estate and the time it takes to be settled. Maj says a rule of thumb is that one hour of professional help usually costs about $100. And he says even the simplest case will take about 10 hours of professional time to resolve. Another major cost is the probate fee. It works out to about $5 for each $1,000 in assets. In a simple case, the total cost of settling an estate could be a couple of thousand dollars. Once you have decided whether to get professional help, the next step is to prepare a summary of the assets deceased. showing the current value of assets and their cost to the deceased. Once that's accomplished, says Maj, start looking for planning opportunities. ‘The types of assets and the way they are distributed can affect the tax liability of the estate and the Death benefits of a life insurance policy are tax free. And property held with the deceased — such as a joint bank account — us usually transferred to the surviving In most cases, the distribution of funds from an estate to beneficiaries will not trigger any taxes to either the estate or the beneficiaries. RRSP INVOLVED? what happens if the owner of an RRSP dies before the plea motores? If the beneficiary is a spouse — or in some circumstances the children of the deceased — the proceeds from the RRSP can be sheltered from tax by being rolled into another RRSP. However, it's a difference case for other bene- to obtain probate and an requirements. reported on a T-3 return. T-1 personal income tax returns will have to be prepared if the deceased failed to file a return for any prior year. As well, a final T-1 will have to be submitted for the year in which he died. Income of the estate is year in which he or she died. And the beneficiary will not be able to roll the funds into another RRSP. ‘The next step is to comply with Revenue Canada's Come into Pharmasave today, and see our large selection of Valentine Chocolate Hearts and Cards. Pre-Packs, Cut-Out Books, Giftware & Porcelain Dolls! CHOOSE A GIFT FOR YOUR VALENTINE FROM A LARGE SELECTION IN OUR COSMETIC DEPT. SPECIALS INCLUDE: Cl ¥1$" DOWN serisper ot sunk 2m $425 “As a general rule,” says Marc Lalonde, a senior officer with Revenue Canada, “income earned up to the date of death is to be reported on the T-1 of the deceased, while income earned after the date of death must be reported on the T-3 return.” VSE for young companies VANCOUVER (CP) — One of the oddest things about the Vancouver Stock Exchange is that many of the companies trading on it can't be found in a telephone book. ng ange nage apg D0 etal dmg possibly, can afford — their own telephone listing. If you feel a little nervous about buying into a company at such an early and unpy stage of it: then Even the names of some of the companies seem ee It is difficult to imagine companies like Desperado Ewin Oil Corp., Pal Mes and the catchy showing up on the Toronto Stock Exchange. The all-time favorite word in company names at the Vancouver Stock Exchange probably isn't for you. With its modern steel and glass tower on downtown Howe Street, the exchange has much the same appearance as other stock exchanges — except its traders may look a little worse-for-wear because they get up before 6 a.m., in time to open the market simultaneously with eastern stock exchanges. oooh tect; the Veeseever exchenge culate 0 2 tell to the blue-chip markets in Toronto and Montreal where long-established companies like Bell Canada and Canadian Pacific go to raise capital by offering though not Vv is gold. It seems that anything touched with that magic word — from Glitter Gold Mines to Gold Star Resources to Golden Shamrock, Golden Rule and Goldfever Resources — sells. Then there are the junier companies with impressive ding names, like — whose shares traded at a low of five cents last year. Often the kinds of business activities the companies get Chimere Prince Matchabelle. 44 mi. Cologne. Reg. $16.25 $1425 Enjoli 8-Hour Natural Spray Cologne. 17 mi. 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In short, the \ Stock aly from a growing number of high-tech wineries and herbal tea sellers. ee, company planned to publish a book on break dancing for Asian adolescents, another is a fast-food pasta franchiser. And scattered among the unknowns are a few blue-chip issues like Cadillac Fairview, Noranda and Shell Canada. B.C. Superintendent of Brokers Rupert Bullock, the man given the job of keeping the over-enthusiastic and firms around the Vancouver exbange in line, says that although some high-profile offences occur there is less outright illegal stock is a kind of thinking man’s Las V: be It accounts for only a small portion of the overall market activity in Canada. While the value of trading last year was $45 billion on the Toronto stock market and $11 billion bes the Montreal exchange, trading on the V than many suspect. TASK NOT EASY Nevertheless, compared with the task of his eastern counterparts, Bullock and his staff have a much more difficult time keeping ped on the junior companies. amounted to only $2.8 billion. Some of the companies enter the market with the kind of high-stakes gambling, Soy ieing eee spirit that makes exchange regulators twit The low share prices and the mlesteely small numbers of shares traded make it an ideal playing field for shady promoters who discover that it's easier to convince people they have found gold than it is to actually find the precious metal. KOOTENAY SAVINGS INSURANCE SERVICES LTD. for ‘Personalized Autoplan Service’’ © Insurance ® Licence Plates * Registration * Vehicle Transfers PLUS PREMIUM FINANCING! 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Twenty-nine seconds later, Philadelphia's Brian Propp scored his second of the game and the Wales Conference regained the lead. Then, with 43 seconds left forcing Coffey im regulation, Dale Hawerchuck knocked in a rebound, overtime. Three minutes, five seconds later, two veterans from New York Islanders decided to end it. Mike Bossy picked up a loose puck at the blue line and led a 2-on-1 break with teammate Bryan Trottier on his right. Bossy held the puck until Edmonton's Paul defenceman's legs. himself, then hered it the And he put the Wales Conference ahead 3-2 with power-play goal with 2:22 left in the game. On that goal, he took a pass from Montreal defenceman Robinson, faked Moog to the ground and slid a light shot under the goaltender’s stick. “I was going to the net all night,” Propp said. “When you go to the net like that, you're bound to have scoring But he was quick to give credit to Robinson. “He's such a heads-up player,” Propp said. “That was a very nice pass.” Through 52 games this year, Propp is the Flyers’ leading scorer with 31 goals and 37 assists for 68 points. ‘Tuesday's was his fourth all-star. game. This is your Last Chance at our final markdowns REDUCTIONS UP TO % OFF MOUNTAIN SKI & SPORTS HUT Castleaird Plaza 365-3525 Swiss skier regains overall lead in World Cup series VALZOLDANA, ITALY (AP) — Maria Walliser of Switzerland won a women's World Cup giant slalom to day and regained the overall lead in the Alpine skiing series. ‘The 22-year-old skier cock- ed the fastest time in both heats down the Foppe track for a winning aggregate run of two minutes 34.00 seconds. Mateja Svet of Yugoslavia was runner-up in 2:34.97 while Olga Charvatov of third in 2:35.89 and Tradul Haecher of West Germany fourth in 2:36.00. Canada’s Liisa Savijarva showed one of her best re- sults in giant slalom on the World Cup circuit. The year-old from Bracebridge. Ont., picked up Cup points with her seventh-place finish. She was clocked in 2:37.20. Carole Merle of France was fifth, in 2:36.15, ahead of defending World Cup cham- pion Michela Figini of Swit zedriand, who dropped one place from the first heat and finished sixth in 2:36.71 min. utes. Today's vietory in this re- It was the first giant slal- om vietory for Walliser, a downhill and a super-giant ial ra France's Perrine Pelen, Charvatova's runner-up in the previous day's slalom, was eighth, 3.4 seconds back was ninth in today’s race, 3.44 seconds behind the win- ner. West German Karin Ded- ler, who started with the No. 48 in the first heat, was 10th, ahead of teammate Marina Kiehl. All-Star game against TORONTO (CP) — The National Hockey League all- 22- star game next year will be a two-game series against the Soviet national team, says the Toronto Sun. The newspaper says the series will be played Feb. 913 in Quebec City, coin- ciding with the city’s annual Winter Carnival, and Prime Minister Brian Mulroney will be honorary chairman of the series. A news conference was to Jr. Rockettes place fourth Stanley Humphries Secondary School Junior Rockettes emerged from the Inkameep Tournament in Oliver with two wins, one loss and a fourth place finish on the weekend. On Friday, the locals opened up against the always-tough MeNicoll Park Pogoettes from Penticton, and lost a close overtime thriller. The Rockettes led 6-4 at the quarter | bet — 128 at Soviets be held today in Quebec City to announce the change, it says. Since 1975, each NHL club has been represented by at least one player on the Wales | Conference or Campbell Con- ference all-star teams. However, if the change goes ahead, the players will be chosen according to abil ity. Chicago centre Denis Sav ard said an NHL team would Trickey wins A event By CasNews Staff The Lorne Trickey rink of Castlegar won the A event of halftime as they had trouble solving zone defence, said coach Doug Pilatzke. Some “hot outside shooting” and “clever inside play” by Arla Goolieff staked the locals to a 22-17 third quarter lead but McNicol again raced ahead 25-24 with 40 seconds left, Pilatzke said. Jenny Rezansoff hit a crucial free throw to tie the score and send the game into overtime. The teams traded baskets for several minutes and with MeNicoll ahead 32-30 two untimely turnovers settled the issue for the Penticton crew 1. Goolileff and Rezansoff had 10 points each, Pamela Braun seven points, Sherri Popoff and Kim Lees netted two points each. In Saturday's breakfast special, the Rockettes squeezed out a narrow 26-20 win against the KLO Cougars from Kelowna. The Castlegar crew led 18-10 at the half and 24-12 at thre quarters only to see the Okanagan team come storming back to cut the margin to 24-20 with two minutes remaining. A breakaway layup by Kim Lees and free throw by Jenny Rezansoff iced matters for the Rockettes. Scorers were: Rezansoff with eight, Lees with six, Braun and Goolieff with four each, Shelly Pakula and Lori Kinakin with two, Carrie Gorkoff with one point. In the Consolation final fo the tournament everything went right for the Rockettes in a 49-5 thrashing of Grand the Cy men's Ground- hog Bonspiel held at the Castlegar Curling Club over the weekend. Trickey's team of Bill Pot- tle third, Peter Johnstone second and Skip Walsh lead, defeated the Bill Van Yzerloo Jr. rink in the A final. "s Bruce Joseph- son rink won the B event af- ter defeating the Ken Carl. son rink of - Other members of Josephson’ 's rink were Alex Perehudoff third, Henry John second, and John Carpenter lead. In the C event, the Larry Walker rink of Creston edged out the Kelly Johnson rink of Castlegar. The rink consisted of Lloyd Lind skip, Bill Ter rill third, Gordon Christian. sen second and larry Walker, lead. The Curt Horning rink of Castlegar defeated the Bill Forks. Nine rock hit the while every played solid defense, according to Pilatzke. Rezansoff had 10 points, Goolieff had nine, Lees and Gorkoff had six each, Braun, Pakula and Lucy Cardoso had four each, Kinakin and Judi Gloskay got two points each. For her play Pamela Braun was named to the ce oeaest all-star team. Braun revealed after the game that she wants to be a guard one day. F rink in the D event final. Helping Horning were Dean Horning third, Jim Feeney second and Stu Pullen lead. A total of 32 rinks — 20 local and 12 out of town — competed in the annual event. HOCKEY 6 Midget Rep player (white goes fer puck in gome against spe on Saturday. Castlegar won the game 9-2. Kerr rink advances to Canadian championships COURTENAY (CP) — The same thing in the districts, Heather Kerr foursome of losing early and winning the Richmond will represent rest.” British Columbia in the Can- adian women's curling cham- pionship for the fourth time later this month in London, Ont. Kerr won the provincial Scott Tournament of Hearts when she defeated Janet Lynn Fawdry of Kamloops 9-7 Tuesday to finish the 10- rink, round-robin competition with an 8-1 record. Betty Hanston of Dawson Creek, undefeated through six rounds, finished second with a 7-2 log after defeating Pat Moore of Duncan 74 by counting three on the: 10th end. “After losing to Betty on the second draw, we knew we couldn't lose another game and expect to win,” said Kerr, 41. “We did the The Kerr foursome in- cludes third Bernice McCal- lan, second Sherri Leth- bridge and lead Rita Inai. Kerr won her first B.C. title im 1977, repeated the next year and added a third red heart in 1983. LED EARLY The Richmond rink took the lead against Fawdry when Kerr made a last-rock takeout to count four on the first end. Kerr went ahead 8-3 on the seventh by stealing two, but gave up two in the eighth and Hanston stole two im the ninth to narrow the margin to 8-7. Kerr needed her final rock coming home to insure vic tory, making a takeout to count one. “We played really defen | 12.93 VICTORY Celtics win 12th game By The Canadian Press Boston Celtics won their 12th consecutive National Basketball Association game with a balanced attack Tues- day night, but overconfi- dence won't become a prob- lem if coach K.C. Jones can help it. “You start talking about streaks on this team, then team trounced Milwaukee Bucks 112-93. Robert Parish, Kevin Mc Hale, Bill Walton and Larry Bird each scored in double figures for the Celtics, whose winning streak is the longest in the NBA this season. “The thing that’s so good about this team right now is its unselfish play in every what's going to start hap phase of the game,” said pening is you start thinking Walton, who contributed 12 beyond the next three or four points. “We were even guilty games,” said Jones, whose of passing the ball too much sive in the last end,” Kerr added. “I had an out-turn with my last rock and the girls had to sweep all the way for the takeout.” In other final-round games, Kerrylyn Richard of Kelowna defeated Michelle Osborne of Victoria 5-2, Linda Kirton of Abbotsford edged Diana Smith of Kimberley 5-4 and Marion Radcliffe of Kelowna defeated Barbara Ann Stott of Burnaby 10-4. The final standings: Kerr, 81; Hanston, 7-2; Fawdry, 5-4; Osborne, 5-4; Radcliffe, 5-4; Kirton, 54; Richard ¢5; Moore, 3-6; Stott, 2-7; Smith, Moore of North the defending B.C., Canadian and World champion, received an auto matic bye into the Canadian Scott Tournament of Hearts, Feb. 22 to March 1 at times.” He said the key to the game was the way Parish started the second half. “It just sort of picked everybody up.” Parish scored 12 of his 20 points in the third quarter, keying a 20-7 Boston run that opened the second half. Boston Bucks 37-24 quarter. outscored the in the third Bill's wins 11-5 By CasNews Staff Bill's Heavy Duty defeated Dairy Queen 11-5 Monday night in a Castlegar Gen- tlemen’s Hockey League game. On Sunday Mountain Sports won 7-4 over Gander Creek and Loomis/AM Ford tied Kalesnikoff 33 in a Saturday's game. Loomis still leads the league with 27 wins, seven losses and a tie for 55 points. Bill's Heavy Duty is second with 17 wins, 14 losses and three points for 37 points. Gander Creek has a 17-15-1 record for 35 points and third place while Kalesnikoff is four behind with 31. Dairy Queen and Mountain Sports have 283 and 21 points respectively. For complete statistics, see Mid-Week Wrap-Up, page B2. Pee Wee teams win over Kaslo Kaslo provided the com- petition for local Pee Wee teams during the past week end. Game one saw a close ex citing contest with Gienger Contracting defeating Kaslo 32. Scoring for the winning team were George Flynn with two goals and Shane Cutler with a single. Earning assists in the game were Robbie Ravestein and Jason Batchelor. Neil Jones was in goal for Gienger. Later on Saturday, Kaslo and Klose Kloset squared off. The local squad jumped out to a 4-0 first-period lead, this score held up to the fourth minute of the third period at which time Kaslo scored two quick goals. Midway through the third period, Kaslo scored again to pull within a single goal but that was as close as they would get as Klose Kloset scored three goals late in the game and skated away with a 13 vietory Scoring for Klose Kloset were Michael and Derek Lalonde with two apiece. Single goals went to Jeff Bevans, Rick Hawkins and Griffen Augustein. As- sists went to Negrieiff, and Hawkins with }two each, and singles to Bjaden Messenger, Lalonde and Bevans. Sunday, Castlegar's Pee Wee B team ent Kaslo. After falling behind 1-1, the visitors mounted a brief comeback before Castle- gar scored twice more late in period three. Final score was Castlegar 9 Kaslo 5. Scoring for Castlegar were Derek Lalonde with two goals, and singles to Ryan Jolly, Shane Cutler, Corey Ross, Shayne McAfee, Jason Batchelor, Jeff Bevans and George Flynn. Assists went to Chris Davoren, Mike Lewis, Mich- eal Negreiff, McAfree. Jolly Batchelor and Lalonde. Joel Audet was in the nets for Castlegar.