November 26, 1989

SCHOOL DISTRICT No. 9 (CASTLEGAR) TO PARENTS EDUCATING THEIR CHILDREN AT HOME

Under provisions of the new School porents educating their children children

Controllers lose contact

RICHMOND (CP) = Air traffic

BUSINESS

sy

November 26, 1989 Castlegar News

AT

controllers lost radar contact with half of British Columbia’ on Thursday when workmen cut an underground telephone cable to Vancouver airport. When the radar went down, Interior and eastern B.C. slipped off the screen

in School District No. 9

the District is

obliged to provide educational sup port tor both parents and children.

further information, cull the

rintendent of Schools ot 365- 1.

for four hours.

Surprise your Family, Friends, Neighbors and Relatives by having 4 story published in the Castlegar News.

All you have todo is enter the...

Sponsored by the Castlegar Public Library and the Castlegar News W's simple to enter: # Just write o short story

Christmas Eve whe thought it wou

It was 'No one

of up to 200 wards beginning with the line verything started” and ending with the line ‘ibe that Kind ef a Cheistmas

Mail or bring you y into the Castlegar Public Library or to the Castlegar News by I'p.m. on ‘Monday December 4.

Include your name. address. age and telephone number

The Christmas Short Story Contest has been divided into 3 age categories: ight and Under Ages 9, 10 and 1! Ages 12, 13.and 14

The three stories in each group chosen by the judges as the best in each group will be published in the Castlegar News’ Christmas Greetings Tab- loid on Saturday, December 23.

In addition, book certificates will be awarded as first, second and third prizes in each category

CP News Analysis In other words, the rules‘are a

By GORD MCINTOSH twist on Mackenzie King’ OTTAWA (CP) — Strip clubs on conscription: a veto

may have been eligible clients of necessary, but not necessarily a

the Federal Business Development _veto.

Bank, depending on how the The bank now says it has Crown corporation's regulations

are read LYSIS

The rules are ambiguous, as is the bank’s reason for existence.

Under a six-year-old circular, clarified its policy to prevent nightclubs, cabarets and similar —**misinterpretation’’ by lending businesses are listed as ‘‘inap- personnel in thg future and believes propriate enterprises." But the — jts redrafted policy will prevent same rules instruct bank staff not. “‘inappropriate’’ businesses to turn down that type of applicant _ receiving loans, such as the eight out of hand. strip clubs cited in the Commons

“Because of the difficulty in Jast week determining whether or not certain But recurring controversy in the applicants may be dealt with, bran: last 10 years suggests that perhaps ches should not decline an enquiry the mere existence of the bank or application without first con- needs to be clarified. sulting the regional office,” the When it was founded as the In guidelines say. dustrial Development Bank in

's rules ambig

1944, this Crown corporation was intended to fund small and medium-sized businesses when no other credit was available. As a result it came to be known in the financial community as the lender of last resort.

Its charter has been basically un- touched over the years and the bank’s clients are supposed to be restricted to those who can’t obtain credit anywhere else.

In fact, the bank's regulations say applicants must present two let- ters of rejection from private sector sources.

But developments in recent years have put the bank in a Catch-22 situation.

In the early 1980s the bank was losing millions — in 1983 alone it lost $64.3 million — and it came under political pressure to clean up its loan portfolio

uous

Critics say it was forced to move bigger and safer loans to wipe out an accumulated deficit as high as $250 million after five straight years of losses. In 1984 the bank was forced to foreclose on loans worth about $200 million.

By 1985 the red ink disappeared, but critics, which included a task force on government spending, said the bank's purpose had also vanished

‘NOCHANGE’

Guy Lavigueur, the bank’s president, has insisted for several years that the philosophy has never changed. But the bank’s own an- nual reports indicate it has.

By 1985 the average loan size of the bank had climbed to $206,000 from $56,000 in 1980. In addition, its lending activity started to move toward bustling Central Canada instead of the regions.

By SUSAN YELLIN The Canadian Press As the year draws to a close and thoughts of the

Tax time nears

province. If you make $27,800 to $55,600, you can ex- pect to have a combined tax rate of about 40 per cent. For those who make $55,600 or more this year, it's

CHRISTMAS TREES

At Slocan Park Tree Farm 2 Acres of Cultured Bushy Colorado Spruce and Scotch Pine Trees

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DR. TIM ALLEN

iptometrist 1458 Colada Ave., Castlegar (Former Bun City Bakery) Announces New Office Hours of

Monday, Wednesday & Friday 8:30 a.m. to 4:30 p.m.

FOR APPOINTMENTS TELEPHONE 365-2220 Monday to Saturday

Minister won't expose list of strip clubs

OTTAWA (CP) — The number of strip clubs that have received loans from a federal bank will not be laid bare by Industry Minister Harvie An- dre

Andre refused again Friday to provide a list of clubs, telling reporters that doing so might pose legal problems because the Federal Business Development Bank is guided by banking confidentiality rules.

Andre said he is sympathetic to en trepreneurs who have seen stories in newspapers about strip clubs whose owners or landlords have received loans from the development bank when they have been denied them.

He wouldn’t say which businesses had received the loans ‘‘because of all kinds of factors that I would have to take a look at before I could make a commitment.”’

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Andre couldn’t say how many strip clubs or similar establishments had been given federal loans. Bank of ficials say they are investigating

Opposition MPs in the Commons sought an investigation of the matter, saying that taxpayers’ money should not go to strip joint operators when thousands of deserving businesses are being denied.

Opposition MPs have estimated that

Editorial cartoon, page A4

as much as $3.5 million in federal loans went to firms which either ran strip clubs or provided premises for them.

Andre said the bank is investigating loans to at least a dozen strip clubs in Ontario and Quebec to find out “whether there was blatant disregard for rules which led to this situation .. or if there was an administrative breakdown somewhere in the system.””

Andre said he too is upset that so many deserving businesses have been denied loans

holiday season and winter va

plan now to save income taxes. *

nold Perel,

annual claims.

benefit more, Professional Group.

to five years later

want tocollect them until you do.

ions take over, the last thing most Canadians want to dois think about taxes. But the end of December normally marks the end of the 1989 tax year, as far as Revenue Canada is con- cerned. And with tax reform having sewn up loopholes and shut doors to most tax shelters, it’s important to

The experts say ther? are a few strategies you might want toconsider before Jan. 1, such as:

© If you know you're going to get a seasonal bonus in December, ask whether it can be held off until next year to reduce your 1989 taxable income, says Tim Egan, president of T.E. Financial Consultants.

ADVICE

© Medical expenses, such as prescriptions and den- tal costs, can sometimes be put off to next year, says Ar- an accountant and financial planner. Building up one big antiual deduction will make a bigger dent in your income — and your tax bill — than small,

Tax rules state a credit for medical expenses is limited to the lesser of $1,500 or three per cent of net in- come. So in using the $1,500 example, if you have $500 of medical expenses this year and think you'll have another $1,000 next year, holding off on claiming the $500 expenses for another year could allow you to says James Fullerton of Northern

Donations to registered charities can be claimed up The first $250 of a charitable donation is given a tax credit of 17 per cent, with a 29- per-cent credit onthe balance. If you don’t have enough receipts to make for the bigger tax break, you might

The most important fact you have to know before considering any strategy is your tax bracket

For those who’ll make less than $27,800 in 1989, you can expect to have a combined federal and provin- cial tax rate of about 25 per cent, depending on your says.

about 45 percent.

offon.””

© This is the last year you can buy compound-in- terest securities, like Canada Savings Bonds, and defer the interest for three years.

interest earned

anyway.

of it now

“The key point is that the brackets are wide,"’ says Henry Zimmer, an Edmonton tax expert.

“If you're in a low bracket and know you're going to be in the middle bracket next year, there are some things (types of income and deductions) you can hold

Under proposals in this year’s federal budget, only securities bought before 1990 will be eligible for the three-year deferral, says Egan. Therefore you might want to stock up this year to mee off having to declare the

© If you play the stock market, you might want to consider starting to usé some of your capital gains exemption. Canadians are allowed a lifetime $100,000 exemption on capital gains and most people still haven’t touched theirs, says Egan.

But he cautions that capital gains should only be triggered this year if you're planning to sell your stocks

“You're penny-wise and pound-foolish to cash the stocks in now if you think theyfll go up,””

For those who have already used up their capital gains exemption, the tax on such gains jumps at the end of December to 75 per cent from the current 66.6 per cent of your marginal tax rate — the rate levied on any additional income.

© As of this year, if you're retired and getting in- come from your company pension plan you can roll over up to $6,000 of the plan into a spousal RRSP. This is one of the last forms of income-splitting still around

You don’t have to roll the plan over until the nor- mal RRSP deadline, but it’s a good idea to start thinking

“It makes sense in a majority of cases, providing your spouse is in the same or lower tax bracket,

Egan says.

” Egan

THE CASTLEGAR ROBSON BRANCH OF THE ROYAL CANADIAN LEGION

Request all members to please renew their membership for 1990 betore November 30 if possible, to quality for an EARLY BIRD" Sticker Fraternal Affiliates are reminded that they MUST renew by December 31, 1989 for their affiliation 10 continue through 1990. MEMBERSHIP RENEWALS CHAIRMAN

B.C.

VANCOUVER (CP) — British Columbia may be leading other provinces in job creation, but residents are paying for their econdmic prosperity with falling living standar- ds, says the B.C, Central Credit Union.

In its latest economic analysis, the credit union says the average B.C family’s cash income rose 11 per cent from $21,315 in 1979 to $23,699 in 1988, in 1979 dollars.

“A rapidly increasing population, soaring real estate prices, and a diver- sifying economy — in which many workers are left without the necessary skills to qualify for changing em- ployment opportunites — have ait ted to high rates of unemployment and

Crestbrook earnings take dip

Faced with a weak lumber market and signs of a softening market for pulp, senior officials of C

Located “Upstairs” Nelson Trading Co. 102 Baker St. Nelson, B.C VIL 4Hs

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Forest Industries Ltd. in Cranbrook say they are not surprised by the com- pany’s drop in financial earnings dur- ing the 1989 third quarter compared with the same period a year ago.

Net-earnings for the three months ending Sept. 30 were $8.82 million compared to $9.54 million for the same quarter of 1988, However, the com- pany’s earnings for the year to date are up slightly, to $26.55 million, from $23.11 million for the same period last year, the company reported.

“The third quarter of 1989 was as anticipated,"’ Sakae Hosaka, Crest- brook’s chairman of the board and chief executive Officer, and Stuart Lang, president and chief operating officer, said in a news release.

“The lumber market is not strong and there were also signs of weakening markets in pulp. In spite of these signs of weakness for both product lines, prices and psoducts will remain relatively unchanged for 1989.""

They said the drop in third-quarter earnings this year is primarily at tributable to more extensive work than scheduled in the regular maintenance shutdown of the pulp mill in late July and early August which resulted in some loss of production and higher costs for the quarter

However, Hosaka~and Lang said they are pleased to see the year-to-date earnings are up from last year

Crestbrook Forest Industries Ltd harvests the forests resources of the Kootenay region in southeastern British Columbia

living standards drop

falling real purchasing power for B.C families,”” the report says.

But after accounting for an increase.

in the family tax bill of about $2,861, real disposable income actually felt four per cent in that period to $12,312, the analysis said.

Compounding the problem of in- creased taxes are higher house costs, especially in Vancouver, higher child care costs and for students, 60-per-cent higher university tuition fees, the analysis said.

But it concluded that as the restruc- tured provincial economy matures and structural unemployment falls, ‘‘Br- itish Columbians may reasonably look forward to a progressive restoration of their living standards.”

Meanwhile, the Canadian Imperial Bank of Commerce released its forecast Thursday predicting B.C. economic growth will fall below the national average next year because of weaker export markets and reduced consumer spending.

The bank said B.C. growth will fall

from four per cent this year to 1.5 per cent in 1990, compared with a national growth rate of 1.9 per cent next year The bank said B.C. unemployment rates will rise to the 10-per-cent range next year while inflation in Vancouver will reach 5.3 per cent, compared with a3.9-per-cent rate in 1989.

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Painting, cleaning, landscaping ond profitable steps to take home-on the market for sale. Keep in mind that unless ab solutely necessary, you should not concern yourself with major remodelling or redecorating. Your purchasers may not like your choice of colors, Just be certain everything is clean and neat and in working or der

It's quite common for sellers to tee uneasy or anxious prior to thei home's first "Open House.” After o potential purchasers. often attend many Open Houses before making o decision to buy. Chances are your home may be one of several being viewed that day or evening by poten tial purchasers. If your home is capable of leaving that all-important last impression. your chances of selling will be greater

A good tip is to try to compare the ‘Open House’ to an “Opening Night of a play. Create a scenario complete with mood and” atmosphere. After you've set your stage, opentthe doors

and let the audience throug.” But betore the curtains can go up, there are a few points you need to know

The outside of your home should also be as attractive os possible. It your Open House is held in the winter make sure the walkways are shoveled: if it's in the spring or tall rake the leaves; and it you re selling in the summer. plant extra flowers ‘ond keep the grass cut. Remember too, that your agent should be able tp provide you with a checklist tor o slccesstul Open House

NRS NATIONAL REAL ESTATE SERVICE Mountainview Agencies Ltd

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ADVERTISING FEATURE

$12,000 Donated Locally

TORONTO (CP) — After four days of gloom the Toronto stock market finally found a reason to rally in late trading Friday

The Toronto Stock Exchange com posite 300 index jumped 17.71 points to 3,933.48, to finish the week 24.09 points lower thanit started

In New York, where investors were digesting their Thanksgiving Day turkey rather than trading stocks, the Dow Jones average of 30 industrials rose 18.77 to 2,675.55, to bring its net gain for the week to 22.89 points

The stock markets were reflecting the different directions interest rates

are moving in the two countries, analysts said

U.S. interest rates declined again in the credit markets Friday, but there was still no sign of interest rate reduc- tions in Canada.

“We weren't-eating turkey this week, but the volumes in the market reflected the fact that other people were,”’ said Lyle Stein, of Nesbitt Thomson

“Gold continued to Be the flavor of the week, the flavor of the month really,’’ Stein said.

Gold bullion prices continued rising Friday up a dollar to $419.50 US an ounce.

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Realty.

Castlegar Realty trd- 1s a tocat independant organization which offers the same services as franchise operations; however, prides itself in being involved on a local level. The salespeople have all, at one time, worked for a franchise real estate company and have had trouble accepting the fact that their franchise fees go to the national office, which, in turn spends the majority of these fees on things outside of the area and usually outside of B.C. and Canada

To date, for 1989, Castlegar Realty Ltd., has donated $12,000 to local organizations. Wayne McCarthy says these donations reflect their dedication to the community. The source af this generosity is a special fund into which contributions are made by each of the sales-

people on a regular on-going basis

Some of the organizations and clubs which are sponsored by the salespeople at Castlegar Realty Ltd. are

RCMP

Jim Young Golf Tournament

Christian Women’s Grou,

Castlegar Junior Rebels 1988-89

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Royal Canadian Legion

Castlegar & District Golf Club

Girl's Softball

Variety Club

Castlegar Slowpitch

West Kootenay District Scouting

Kokanee Crusaders Uniform

Castlegar & District Aquatic Centre

Castlegar Festival Society Drag Boat Race

Ladies Curling Club

Men's Basketball

Boy Scouts

Castlegar Kennel Club

Castlegar Chamber of

Commerce

Red Cross

Castlegar & District Heritage Society

Castlegar Firefighters

Learning Disabilities Association

Castlegar Junior Rebels 1989-90

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