+, dohn Prinz ! don’t really need to prepare . because | live in: an apart- _ Ment. | might winterize the windows in the apartment. ~ Catherine Davis | don't have many prepara- tions to make because | live in an apartment. The Terrace Review asked: | »_ What preparations the onset of colder weather? John Gibson Preparing. traps and lines, - hunting meat for the winter, varnishing snowshoes, get- . ting new winter studs, looking forward to a nice cold winter. 2 Norah LeCleir It’s too nice tobe thinking of ; colder weather, but I'm stor- ing the vegetables from ‘my garden, st: ; - Cathy Skarbyk I'd like to find a place to keep | our pet rabbit over the winter. , tek Talk of the Maureen Ogawa | find it very hard-to think of colder weather, but. | ‘have. cleaned up the yard, just In case, Bob Coombs Starting to collect firewood and getting my house and yard winterized. Zone Chairmen and Committee Chairmen recent! “ate y met with the Lions District Governor in Terrace for a District Cabinet Mesting to discuss goals and plans for the upcoming year in order to coordinate district activities. Attending tha Lions District Cabinet Meeting were Zone Chairmen (left to right) Grant Weir, Prince Rupert/Stewart, Monte Jang, Vancouver/Bumaby,. Joa MacCann, Sunshine Coast, Kim Lal, Vancouver/Balla Coola, District Governor Mike Michaison from Vancouver, BIll Young, Tarrace/Kitimat/Nass Valley, Queen Chartotte Islands and Walter Gotsey, Bulkley Valley. Ted Seward, Vancouver/North Shore, Jim Gaskill, Terrace Review — Wednesday, September 16, 1987, TERRACE — Between three and five million Canadians could experience a serious ero- sion of their retirement savings if some of the federal govern- ment’s tax reform proposals be- come law, according to a Ter- race life insurance agent. ‘Frank Donahue, a local repre- sentative for Mutual Life, said in a recent interview that one part of Finance Minister Michael Wilson’s White Paper -on tax reform would enable Revenue Canada to retroactively tax accrued gains of cash- surrender life insurance policies - under the provisions of a pro- posed 15 percent investment in- come tax. Revenue Canada, he estimated, would recover $83 million over the next five years . from that provision alone. . Although the popularity of | cash-surrender policies has - declined over the last decade ‘with the ayailability of term in- surance, it was- previously the most common kind of: insur- ance, and Donahue said the peo- ple who: will be most ‘seriously affected are 45 years of age and older. Most .of.those, he. said, have invested in the policies over’ a long term in expectation of ad- ding to their retirement incomes. _“There’s no’ grandfathering: involved, ‘and it’s going to affect everyone who ‘has this type of policy,’’ Donahue said. ‘‘That ‘amounts to about 30 percent of our present policy holders.: It's the most economical. way for. . these people to save, and some . Of them have gains.accumulated - ‘over many years. : It will all. b ‘taxed retroactively."” . |Bear hunters © take note The Meziadin Lake area is of _ Special significance for grizzly - bear management, Although not mentioned in the general .hun- ting brochure, portions of Management Unit 6-16 are open only by Limited Entry Hunting Authorization for fall grizzly hunting. Hunters are reminded-to con-. sult the Limited Entry Hunting ‘brochure for details, or contact the Smithers office of the Ministry of Environment and Parks at 847-7303. eee 5 " Taxreformto = { Strike at = retirement = savings funds — Donahue called the corporate tax sections of the White Paper a. “‘blatant’’ effort on the part of the federal government to pave the way for chartered banks to enter the life insurance field. **The government intends to col- lect an additional $5 billion in taxes from corporations over the next five years, of which 50 per- cent will be paid by. life. in- surance companies,’’ he said. “but only $1. billion will come from taxation on banks, loan companies and trust companies ‘combined.”’ The Royal Bank of Canada alone, he’ stated, has more ‘assets than all the Cana-’ dian life insurance companies put together, _ as The life insurance ‘industry’ — came out in favor of tax reform when it was initially proposed by Minister of State for Finance. Tom Hockin. ‘‘There were some. major problems in the tax sys- tem, and there is a need to make Canadian banks and financial institutions more competitive on -. - a world scale. It’s a movement. to meet the competition, and - legislative.changes are needed,’* _ Donahue said. “But with this proposal the government is pur- posely protecting the banks by giving them, tax.adyantages.”’. . The chartered. banks, he | noted,. have expressed the inten- tion of moving into life and - other insurance fields - within three years. = tit re ns ‘Donahue predicted. that ‘if! >. ‘banks become predominant in .-- - the life insurance field. con-- sumers can look forward to . ‘more standardized: -policies .— - rather. than individually -**tailored’’ ‘policies now available from agents who specialize in designing life pro- grams. ‘It will be a matter of no the insurance customer having. —. into the bank’s.~ to fit ! pigeonholes,"’ he said. The Canadian Life and Health Industry Association and - the Life Underwriters Associ- ation are both lobbying the — Commons Standing Committee on Finance and Economic Af- fairs to have. the legislation . changed, he said. The provisions could be passed this year in the fall sitting of the House of Com- mons, and Donahue urged any- one concerned about this aspect of tax reform to write their Member of Parliament. Wednesday is. Men’s business shirts or Ladies’ cotton blend dress shirts expertly iaundere TWO LOCATIONS TO SERVE YOU BETTER! Kiddle Corner from the Past Office Thornhill Pablic Market 410 e clean with care.