.PAGE Bid. ; Mor ‘ ‘Mines Minister -Leo! Nimstck - intreduced two mining bills this week, which would bring in aoout $5 miliion in new coal "royalties and provide financial vy Ree EEE NESE ET ERE TA TVET TR eT So new ed SY URE E RRR E ES PRE L EC TATE CESS T TTT NE EEEES ESET SS mod TREE POLO OEE LDRT RE AEREEET ETRE RE eo ee ee oe 2d cebiateewete eine OP AEN ie . 7 . it From the Institute of Chartered British ° - peed nol be loeated ‘in Canada. . where ne ‘spouse ‘is the sole the. taxpayer . cipal reason properly .was not far the pur- . . pose ‘of gaining or producing | income: therefrom.” - ' -. Auseful suggeation, then, for. families..who own both a assistance |o prospectors in relurn for the Provincial Government having the first righl to develop new mineral finds. The Coal Act, Bill 62, in-- ereases ihe royalty charged on metallurgical coal lo be not less than $1 per ton, from the previous 25 cenls per ton. “The days of the Cwo-bit royalty are over," said Nimsick as he announced thal the new royally would bring in ap- proximately $5 million in new _ revenues. The new royalties will apply - only to caal mines on Crown land, Other mines will be taxed under the Mineral Land Tax Acl. The new Coal Act also in- stilules a new rental system for coal-producing. land in which coal license holders will be- required to perform exploration - and development work from three to five dollars per acre per year, or pay a cash equivalent. There is na. formal werk requirement under the existing ' legislation. - Nimsick said the introduction - Interim of a work obligation as made necessary by (he fact that hugh - tracts of coal land are smal! number of companies withoul significaln production. development. SIGNIFICANT PRODUCTION DEVELOPMENT. - He said the Government inherited from the previous administration a total af nearly 1,800 coal licenses, covering an area of nearly 1,5000 square miles, or one million acres. The majorily of these licenses have locations In the Peace River area, wilh two companies holding in, excess of . 100,000 acres each, and seven com- panies holding 50,000 acres or more each. : . In 1972 the Government . collected less than $185,000 rentals on this huge area. In, 1973, the rentals amounted tor ‘just over $400,000 including the forfeiture" of a $51,000 per-- formance bond due io non- performance of work... . The reason for the increase in rentals collected in 1972 and 1973 was the fact that license holders performed less ex- ploration and development work.in 1973, reducing thereby their right under the existing legislation 10 ublain rental swine industry support program ’ Interim Swine Industry Support Program Announced Effective immediately, the | “provincial government will ussisl hog producers for hogs prawn- and. finished in British Columbia. In making the announcement, Agriculture Minister David D. Stupich said this interim swine} industry support program | will’ be retroactive (a December 1, 1973," The program will ter- minale on May 31, 1974. The Minister said ther’ Tax Talk - SOME RULES ON , ~ PRINCIPAL RESIDENCE Accountants ~. of Columbia The principal residence of an individual is # housing ‘unit owned by him solely or jointly and ordinarily inhabited by him « ¢ during the year: Incidentally, it Generally, no taxable gain |s reportable (ner is - any loss _- deductible) on the sale of a principal residence except is in special circumslances. One exceplion is if.the tax: ” puyer is not resident! in Canada tor all years bul «ne afler 1971, ’~ during’ which he owned the home: - Furthermore, the ex-- ception will nol. apply to any “partion of the heuse ‘that is claimed as a business office, a1 * a rental properly on which * capital cost allowances “are | deducted... . ; There is, however, a special ~ election which can be employed “-ynder whieh. .an! awner’ can: “+ eottinue ta treat his property as “. Ids principal residence for .a- ~~. maximum of four-years, even: “) ghough he has conveyed if Lo an . income-producing area. This election js not aulomalicaliy lo ‘ he owner's advantage. In.a recent publication, the Tax Department has indicated ‘a. liberal--altilude toward _2 : geasonal residence, such as a4 | wagation home,’ To quole, "... owner of,ane residence and ‘s the ather spouse *is the sole owner af-a second residence, lhen both residences may be “. gligible for principal residence slalus during the same period of lime..." . V Later ion, the department elaborated an the meaning of _ ordinarily inhablied”, "Where . the taxpayer ‘claiming the _ rincipal residence status has occupied the residence for only a short period of time during the taxation’ years)'such as a seasonal residence occupied during a taxpayer's: vacation or ‘a house which was bold eatly or bough! late ina taxation year), | it ig the department's view thal ta ordinarily inhiablied"’ thai residence in the ~ year: provided that the. prin- for owning the summer..and winler residence © -. might:be-lo have each spouse - vown one residence. joint. ownership should. :be avoided, where. feasible... In” nature, . planning »of . this rofessional’:'assistance’ could _ prove to be:a wige investment. ‘that, 13,” program is urgently required lo sustain the province’s hog in- dusiry. Depressed markets coupled with high feed costs have continued for many months arid hog producers are now ‘al the end. of their resources lo mainlain breeding stock. wot The supporl program will apply te hogs markeled through lwo types of killing plants. The: first of these are plants where a hog carcass grading service is available. through Agriculture Canada, The second is through plants licenced under the Stock Brands Act, but which do not have a hog carcass grading service. oo Hogs indexing 68 to 112 under the Hog Carcass Grading regulations will receive a dupport of $450, per cw! warm . caroass ~ basis. ~~. "Ta" receive We Now Have A Complete credits’ due to” work: -per- formance. Rentals under lhe new legislation will be $1 per acre per year for a license and $2 per acre per year for a lease. - Nimsick said the Government has no interest in fostering land holding “for speculation pur- poses. — The Prospectors ‘Assistance Act seeks to replace.the existing Prospector’s Grub-Stake Act which is no longer suffictentin providing meaningful assislance 10 madern-day prospectors. The new Act provides fer the appointment of a Director on Prospeclors Assistance who will make grants lo bona-fide prospectors according to the . regulalions. Normal grants are limiled lo a total of $4,000 per year, bu! there is provision for larger amounts in’ special circumstances. Grants will be conditional on giving the Crown ° the first right to purchase, lease, or option any mineral properly worked by a grant while in receipt of such funds. : Nimsick said thal the idea of merely grub-slaking a pr- aspector is wholly inadequate in this age of prospecting and exploring by scientific means. Po payment, eligible producers must submit the original hog -eareass grading certificate as issued by Agriculture. Canada, not Jaler than thirty days from the termination of the interim program. . : ; Producers who market hogs at plants licericed under ‘the - Stock Brands Act which do nol have a hog carcass prading service will receive supporl of $5.00 per hog slaughtered. No claim for these will. be necessary by either the plant owner or producer, since cer- tification ‘uf the. slaughier will -be made by inspectors of the Brilish Columbia department of _ agriculture, - - Hog enterprises and distric! - offices af the department - of agriculture will be sent copies of the ‘