or. mg we It’s not exactly the sexiest you could imagine for a new Published by the Canadian Tax Foundation, it's called Income Tax of Real Estate Transactions, and it’s safe to say it isn't going to make anyone's list of best sellers. But it's got a vital, if indirect, message for you even if your only connection with real estate is trying to pay off your mortgage. The book takes 427 pages to deal with the views of 12 experts in a highly specialized area of the income tax field. At that, it doesn't pretend to be comprehensive in the area of taxes on real estate deals. And that's the message. Canada’s income tax system has become so over. loaded, so cumbersome and so complex that even experts have to arrange papers from other experts to discuss one small — albeit important — part of the overall package to see if they can learn anything new. There are, says a tax accountant sourly, millions of words on record about the Income Tax Act and how it can or should be interpreted. Who can read, let alone grasp, all of them? The situation is so bad that a former finance minister — Donald a senior corporate lawyer now healiag'y royal commission into Canada's economic Prospects — has been quoted as saying he doesn't under- stand the act fully. If he can't, it's reasonable to ask how an average citizen with a few bucks invested in stocks or a retire- ment plan can be expected to know, let alone follow, all the ins and outs. There's been a well-deserved protest recently about how the Revenue Department has been ing after people it suspects of being delinquent in their tax payments. These protests, however, miss the basic point: with such a complicated tax system, it’s easy for the most honest and best-intentioned citizen in the country to make a mistake. Sue Scully, an analyst with McLeod Young Weir Ltd. of Toronto, suggested in a recent report that things are going so well for the chains that “one of the most difficult problems facing the news- paper industry is the ques PWA wants cheaper fares, less controls HULL, QUE. (CP) — Pacific Western Airlines said this week it wants federal controls on air fares relaxed, but urged the Canadian Transport Commission to restrict the size of Air Canada to ensure smaller airlines are not sacrifical lambs in any industry deregulation. The western air carrier told a commission hearing into domestic air policies that the country’s densely populated h hanced level of i areas “can dan airline business that includes fewer restrictions on how | ares are offered. PWA said the commission too often stands in the way of cheaper air fares and the airline industry should be allowed to “stand the of bad busin ” if it wants. But it said any movement toward deregulation must take account of the role and powers of Air Canada, the Crown-owned carrier which controls nearly two-thirds of the domestic market. Without restraints on Air Canda, that airline's dominant position could enable it to run competitors out of business in a deregulated market, PWA fears. PWA also asked the commission to force Air Canada and CP Air to fly only on routes “over 1,500 miles,” a recom- mendation of a 1982 Commons transport committee. Regional carriers would only be allowed to fly on routes less than that distance. ‘That would cut dramatically into many of the mainstays of the two biggest airlines, including their Montreal-Toronto and Edmonton-Vancouver routes. PWA executive vice-president Murray Sigler said Air Canada must be “cut loose as an instrument of government policy and forced to compete on an equal footing.” The size of the publicly-owned airline must be restricted for up to five years after some form of deregulation is introduced, and it should be forced to sell most of its reser- vation system to other carriers, he said. Hearings began Monday into how the commission could change regulations and policies affecting the domestic airline industry and other recommendations it could make to Transport Minister Lloyd Axworthy on related issues. PWA and Nordair repeated a proposal made Tuesday at the hearings by Air Canada, under which the commission would help set only so-called economy air fares. PWA said it said it should be allowed to raise fares up to 10 per cent or reduce them by up to 20 per cent without commission approval. So far, the airlines are recommending one approach for the heavily-populated southern region of the country and a more careful approach for the North. But they are shying away from full-scale deregulation rivalling recent developments in the U.S., where compe- tition is virtually unharnessed and the business has become more volatile. Japanese say Dome is risky tion of i 1g excess cash Thomson's revenue per Murray Grossner, assis- copy is flat in the small-town tant of Toronto Papers, which puts research for Richardson a limit on profit growth, he Greenshields of Canada Ltd. said. Much of the gain will of Winnipeg, said the key to come from acquisitions, but the newspapers’ long-term the impact is mall because profitability is labor produc- the company already pub- offering . morning delivery and has made other changes. Southam also has made several non-newspaper acquisitions recently, but its swing depressed results of 1962. 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