a ar a. ~ allan pggttan gL mn coe LN se! owen — . ae ee ee : PAGE 10, MONEY SUPPLEMENT, 1990 ‘Buck’ means $1 million - to world currency traders Big-time currency traders consider a buck small change. So what else is new? A loonie certainly doesn’t buy much these days. What's new is that when the traders talk a “buck”, they mean a million dollars. And it’s small change to them because they'll trade 1,000 bucks (or $1 billion) each on a good day. It’s all done through an infor- mal world wide network of tel- ephones and computers and there’s nothing comparable to the formal stock exchanges which serve the stock markets. Instead, traders for the big banks and other players around the world talk con- stantly to each other, often in a language al] their own. For instance, they don’t waste time with full currency quota- tions, so “52 - 57" is all they need to say to communicate the - fact that in money wholesaling businéss at this particular mo- ment it costs $1.1756 Can- adian to buy a U.S. dollar and selling an American dollar will produce $1,.1751 Canadian. It’s all done on a kind of inter- national honor system. Every- thing said is recorded on tape and kept for six months in case of a later disagreement. But all the players are mem- bers of a kind of fraternity. They trust each other’s word implicitly with all those multi- ple bucks, C.S. Wilkinson ~ Auditing ~ Aecounting CHARTERED ACCOUNTANT 635-5307 Member of the Institute of | Chartered Accountanis of 8.C. Providing Services in the following areas: ~ Income Tax Consulting ~ Management Consulting ~ Data Processing 302 - 4630 Lazelle Avenue Terrace, B.C. @ Federal Business Development Bank de développement FBDB FINANCIAL SERVICES: © VARIED AND FLEXIBLE If you ‘re getting your business off the ground — or if you're expanding and need a term loan — talk to the Federal Business Development Bank. Our term loans are available at flexible conditions. Choose from floating rates, fixed rates or even convert from floating to fixed. We can also help turn small and medium-sized businesses into promising candidates for support from other institutions, investors and govern- ment agencies through our Financial Planning Program. In addition to Financial Services, the FBDB offers Venture Capital and comprehensive Management Services (such as training, counselling and information), all af which complement those of the private sector. If any of them can contribute to your success, call: Paul D. Williams Branch Manager La Banque offre ses services dans les deux lanques ollicielles. 635-4951 | FAX: 635-7468 BACKING INDEPENDENT BUSINESS Banque fédérale Canad | More than half year ‘Ss work for tax bill payments _ On average, Canadians worked for government just over half the year in 1989 and kept less than half of what they made for themselves, accord- ing to Vancouver’s Fraser In- stitute. “Tax freedom day,” when the tax bill was paid for the year, was calculated to have oc- curred on July 3, on average. This year things will be worse, as the taxmen’s grip tightens across the land, the think-tank group believes. As for 1991, it’s best not to think about how late in the year it will be when the total tax bill is paid if the Goods and Services Tax actually happens as scheduled on Jan.1, 1991. Fraser director Michael Walker says, “Since 1961, tax - freedom day has moved from May 4 to Ji uly 3, and so taxation has become a much more sig- nificant economic © phenomenon in that period. ” Calculated = since mid-’70s The institute began calculat- ing the individual tax burden in the mid-1970s, when run- away inflation was the main topic of debate. Walker said it soon became clear government spending far outstripped the rate of inflation. “We want people to be aware of the extent to which they are responsible for the generosity that periodically governments announce, We're never going to deal with the expenditure side of government, which is the main problem, unless people become aware of what the costs of that spending are.” If Canadians actually had to pay all their taxes — from in- come, sales and property taxes to import duties and medical levies — on tax freedom day, they'd be less tolerant of expen- sive government programs, Walker said. . As it is, the average Canadian already pays 50.2 per cent of income in a vast array of hid-. den and direct taxes —some 51 different categories included in the Fraser tax freedom day cal- culation. “The reality is that the under- ground economy, which we es- timate to have grown in leaps. and bounds in recent years, is in part a reflection of the tax bill” because people avoided taxes by working for unre- corded cash payments or bar- tering services, Walker said. How’s your credit rating? It’s easy to check it out © From time to time, it’s probably a good idea to check - that your credit rating is as good as you deserve because things could go wrong and that might be embarrassing. There are about 150 credit bureaus across Canada and one of them keeps close tabs on -how you measure up in the bill- paying department, primarily for the information of new creditors. If you want to check, you can do so easily and there is no charge, Even if you have paid all your bills right on time, there may still be reason to check. If, for instance, your marital status changes, you should know some bureaus automatically cross-reference your spouse’s file when you marry. If you separate, the files may remain cross-referenced, Or if at one time you borrowed money jointly, you will want to update the record for the future. Another reason to check may be because you're planning to apply for a major line of credit, such as for a mortgage. It’s a useful precaution to check ahead of time to make. sure your credit history is accurate for when the lender asks about you, Bankers offer ‘Leader’s Guide’ for retirement workshop planners The Canadian Bankers’ As- sociation has published a new guide for people interested in organizing retirement plan- ning workshops and seminars. The “Leader's Guide” shows how to develop practical workshop and seminar train- . ing built around CBA’s popular “Steps to Retirement” booklet published in 1988. Over 300,000 copies have been dis- tributed so far.” “Leader's Guide” is available free from the CBA, Box 348, 2 First Canadian Place, Toronto, Ont. M5K 1E1. A French-lan- guage version is also available. To find your nearest credit -bureau, look in the Yellow Pages first. If there’s no bureau in your community, then ask any major credit granter, such as your bank. They'll be able to tell you where to go. Then call or. write asking for an appointment to review your file. When you arrive at the buredu, a staff person there - will go through your file with you. If you spot any errors, you'll be able to provide the necessary facts to make correc- tions. If you have documenta- tion with you, the changes will be made immediately. If you don’t, the information you pro- vide will be recorded by the bureau and sent to any creditors who have asked about you in the past. Records not kept over seven years Incidentally, most credit bureaus don’t keep informa- tion on file which is more than seven years old. In some cases, they're forbidden by law from doing so. ‘That's how credit bureaus work. Only you and your poten- tial creditor have access to your file. No one else does. If you have kept up a good credit rating, it should be reflected at the bureau. If you haven’t, chances are potential lenders will find out about it and per- haps withhold the credit you are seeking, Federal surplus sales can include “good stuff cheap” Agricultural equipment, aircraft, beds, building mater- ials, cars, chemicals, clothing, construction machinery. And those are at random in only the As Bs and Cs of the list of clas- sifications of surplus federal equipment and materia]. The full list goes all the way through the alphabet. Millions of items are sold every year all across Canada— sometimes at giveaway prices -—~ and you can get in on the ~ action. The federal department of supply and services is respon- sible for the big job of disposing of federal material no longer needed, selling all kinds of “good stuff” to individual Can- adians, private industry and other governments in Canada and abroad. There are no restrictions; anyone can buy. Supply and services main- tains a mailing list of in- dividuals and companies who have indicated they want to be kept informed of opportunities in specific types of goods, You can get on the list by writing to Disposal Operations at the ad- dress closest to you (see below). Purchases are made. in three ways: 1, Successful bidding via: sealed tender; - 2. Attending and bidding at public sales; 3, Cash and carry sales adver- tised in your area. Conditions of sale are always, “as is, where is”; all sales are final and there are no returns. So look closely when you in- spect the goods (you always have the chance to do so). How do you pay? By cash, cer- tified cheque or money order, plus the applicable provincial sales tax, and you can't take the stuff away until you’ve paid the whole amount due. The addresses, to Disposal Operations in each case: Atlantic: 2 Morris Dr., Dart- mouth, N.S. B3B 186; Quebec: 800 Golf Rd., Nun's Island, Montreal, Que. H3E 1G9; Ontario: 6227 Netherhart: Rd., Mississauga, Ont. L5T . 1G5: Capital Region: 1730 Bantree St., Ottawa, Ont, K1B 3W4; Manitoba: 100 Otter St., Win- nipeg, Man. R3T OMS; Saskatchewan and ‘Alberta: 15508-114 Ave., Edmonton, Alta. T5M 388; Prairie: 3551 Viking Way, Richmond, B.C. V6V 1W6. ’ If you're in luck, you'll be anle to pick up some real bargains. Remember, “caveat emptor”,