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February 9, 2006
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February 7, 2006
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February 6, 2006
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Quick-Start Business Plan. Maybe you don’t need to work through an entire business plan. You can use this quick-start business plan whether you’re starting a business from scratch or thinking of buying an existing business to see if a business idea is worth pursuing.
The Business Plan Outline - When you're ready to work through the full-scale plan. [About Small Business: Canada]
4:42:40 PM 
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February 3, 2006
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Business leaders join Golden Opportunities board SASKATOON, Feb. 3 /CNW/ - Golden Opportunities Fund Inc. is pleased to
announce at the Annual General Meeting of shareholders held on February 1,
2006, shareholders approved the board expansion from 7 to 9 members,
increasing its private sector business expertise with well known business and
community leaders.
Mr. Donald Ching, current President and Chief Executive Officer of Cogema
Resources joins the board bringing extensive knowledge of the Saskatchewan
business landscape. Previously Mr. Ching was the President and Chief Executive
Officer of SaskTel, President of Crown Investment Corporation and managing
partner in the law firm of Mitchell Taylor Romanow Ching. Mr. Ching is a
member of the Saskatchewan Bar Association and is on the board of directors of
several private businesses involved in forestry, biotechnology and
manufacturing sectors. Mr. Grant Kook, CEO/Chairman of Golden Opportunities
Fund indicates "Mr. Ching's extensive business expertise, experience in broad
sectors of Saskatchewan's economy and corporate governance practices will be a
great asset to the Fund."
Mr. Bob Ellard is the Vice President of Stantec Consulting Ltd.
responsible for architecture, facilities, planning and interior design
throughout North America. Prior to his current position, Mr. Ellard was a
Senior Partner with the ellard croft design group, and brings over 30 years of
experience in the architectural industry. Mr. Ellard is a member of the
Saskatchewan Association of Architects and a Fellow of the Royal Architectural
Institute of Canada. Well known for his extensive background in community
leadership, Mr. Ellard was the Chairman of the Board for the 2005 Canada
Summer Games, President of the 1995 Grey Cup and a past President of the
Saskatchewan Roughriders. Mr. Kook indicates "Mr. Ellard's architectural
expertise is a good compliment to the existing private sector disciplines we
have around our board. Mr. Ellard's community leadership skills will ensure
Golden Opportunities continues to be the leading investment Fund in
Saskatchewan."
Ms. Lorraine Sali replaced Mr. Boris Slipchuk on the Board of Directors
in December 2005, and is currently the Business Manager of the Construction
and General Worker's Union Local 180, the sponsoring union of Golden
Opportunities Fund Inc. Ms. Sali sits as Chairperson for the Saskatchewan
Training Trust Fund, is Co-Chair of the Labourers Health and Welfare and a
Trustee on the Labourers Pension Trust Fund. She also serves on the board of
directors for Funds Administrative Service Inc. and FAS Benefit Administrators
Ltd. Mr. Kook indicates "Ms. Sali's extensive involvement with trust funds
will add corporate financial governance while at the same time investment
acumen".
Grant Kook, Chairman of the Board indicates "our new board members join
an existing proven board who has extensive private sector experience in a
variety of sectors, enabling us to meet the continued goal of maximizing
shareholder value."
Golden Opportunities Fund Inc. is Saskatchewan's first and largest
Provincial Labour-sponsored Fund, having raised over $65 million in share
capital to date from approximately 10,000 shareholders. The Fund has completed
72 investment transactions in 47 different Saskatchewan growth companies
across 12 different industry sectors for diversification, impacting the future
of Saskatchewan.
Saskatchewan Financial Services Commission has neither approved nor
disapproved the information contained herein.
-30-
/For further information: please contact Mr. Grant Kook, CEO/Chairman of
Golden Opportunities Fund Inc. at (306) 652-5557/
7:47:01 PM
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Commercial Review for 2005 CALGARY, Feb. 2 /CNW/ - Records have been set all over the map and with
seemingly no end in site. The city announced $3.6 Billion in permits for 2005,
record prices were achieved for rents and rental space was at an absolute
premium, with some landlords experiencing less than 2% vacancy. Total volume
of business was $1.9 Billion in the combined sectors. While the numbers speak
loudly enough for themselves, there is some commentary that can be provided by
sector:
Office
------
Absorption has surpassed the construction curve which in turn has forced
rates up. There is strong demand for A and AA class space, coming form Oil and
Gas markets. Results of recent trades in Calgary have seen lower cap rates
resulting in higher prices for product and landlords looking for lift with
higher rents. Corporate investment in the form of the REITS and Pensions Funds
have been the significant buyers, not only from out of province but also
internationally giving Calgary a place on the world's stage as an investment
destination.
Currently there are six construction projects worth mentioning; Law
Courts, Livingston Place, Opus 8, Centrium Place, Harris-Homburg Centre, and
Mancal Properties. A total of up to 7 million additional square feet of
leasable space is proposed and/or under construction with about 2.5 million
due for delivery by 2007.
Suburban
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"Suburban" is part of the "smart growth" strategy in which you work close
to where you live. This can be seen as there is nearly 11M sq. ft existing
with another 3.2M in construction or in various stages of development. To that
end, at 29% growth, the Suburban market is growing more rapidly than any other
sector. The suburban market is now fully 25% of the downtown marketplace and
growing. Smart growth strategies and parking may help drive this higher.
Industrial
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There is an extreme shortage of available parcels, and high pressure on
the City of Calgary to release land quickly to move forward. Calgary is losing
sales to available parcels outside city boundaries, further up to the
Calgary/Edmonton corridor. Currently rates are between $300 - $500 K per
serviced acre. Edmonton average in comparison, is sub $200K.
Retail
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Major trades for 2005 included; first South Trail Developments to
Calloway REIT at $34.6M and McKnight at $19.1M. Deerfoot Meadows is at the
front edge of a new retail environment, similar in nature to some retail
developments in California, ensuring common areas, green spaces and
restaurants. (Deerfoot Meadows is the retail area surrounding the new IKEA)
Retail volume topped out at $393,360,406 in volume, and over 2.6 Million in
square footage sold. Limitations placed on development include available sites
and labor.
Multi Family
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In terms of Multi Family Markets, there was a substantial drop in vacancy
rates from the 4.3% seen in October of 2005, to 1.9% at 2005's end. Just over
300 trades accounted for nearly 217 million in volume. Landlords can look to
increasing rental rates as vacancies tighten.
Land
----
Land sales were just under 700 Million dollars. Activity for land within
the city was up in volume as was land surrounding the city. Significant
interest is expressed in the lands around the city but within the Municipal
Districts. Speculation and holding patterns are being seen here with
anticipation of either new annexation or allowable development with the
Districts.
Forecast for 2006?
We will see lease rates go up, available space decline, cap rates to
drop, and availability to dwindle. We'll all most likely wish we had invested
in 2005.
-30-
/For further information: please contact: Bill Fowler, Manager Commercial
at (403) 781-1354, Stacey Gray, Communications Supervisor at (403) 781-1318/
7:46:16 PM
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February 2, 2006
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82% of young Quebecers aged 20 to 29 wish to save for retirement BASED ON THE RESULTS OF A SURVEY BY IPSOS DESCARIE / LAURENTIAN BANK
MONTREAL, Feb. 2 /CNW Telbec/ - While we could have expected young adults
to show less interest in RRSPs and display less enthusiasm for the subject,
the recent Ipsos Descarie / Laurentian Bank survey shows that 82% of young
Quebecers aged 20 to 29 wish to save for retirement. Moreover, 61% of them
plan to invest in the next 12 months. And those who make RRSP contributions do
so rather for long-term savings and not for the immediate income tax refund it
offers. Therefore, young people have a better understanding of the importance
to invest for retirement.
Young adults start to invest at 25
This survey also indicates that the age of 25 is somewhat of a breaking
point when the majority of those who wish to invest actually take action.
Among the 20-29 age group survey participants, 38% have already contributed to
a RRSP, or 54% in the 25-29 age group and 23% in the 20-24 age group. Young
people invest on average every two years. However, since they still have
limited available resources, 40% of them have invested less than $2,500 to
date, which is below the realistic annual amount of $2,775 that they judge
necessary to ensure nice retirement years.
"Young people dream of travelling, having kids, but also about investing
for retirement. They have a positive image of people who invest in RRSPs. This
is good news. However, the actual amounts invested by young people are rather
modest and might not be sufficient to ensure the retirement of their dreams.
It is essential to continue to raise the awareness of this issue among young
adults in order to prevent them from ending up 'poorly retired', since 30% of
them admit that they do not know how to invest in a RRSP," said Stéphane
Gagnon, Vice-President, Marketing at Laurentian Bank.
Parents' contribution to raising awareness: the key to promote saving
habits among young people
The survey commissioned by Laurentian Bank of Canada also reveals that
the subject of RRSPs is not often discussed between young people and their
parents. It is sad, since it is a known fact that when parents promote the
idea, young people are more likely to invest for their future. It seems that
young adults become fully aware of the retirement issue mostly when they join
the labour market. Higher available income and stability in relationships are
surely a significant part of the equation. Moreover, their relations with more
mature co-workers certainly contribute to this change of views.
These conclusions are based on the findings of the Ipsos Descarie /
Laurentian Bank survey of 1,304 respondents aged 20 to 29, conducted between
December 7 and 14, 2005, in the Province of Quebec. The maximum statistical
margin of error for each sample is 2.7 percentage points, 19 times out of 20.
About Laurentian Bank
Founded in 1846, Laurentian Bank ranks seventh among Canadian Schedule I
banks, with assets in excess of $16 billion and close to $15 billion in assets
under management. The Bank offers highly competitive products and superior
personalized service to meet the banking and financial needs of individuals,
small and medium-sized businesses and independent financial advisors. The
Bank's common shares are traded on the Toronto Stock Exchange
(ticker symbol: LB). The address of the Bank's website is
www.laurentianbank.ca.
-30-
/For further information: Laurentian Bank of Canada: Manon Stébenne,
Senior Advisor, Public Affairs and Communications, Office: (514) 284-4500,
extension 8232; Ipsos Descarie: François Descarie, (514) 992-3026;
Archived images on this organization are searchable through CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited members/
1:11:27 PM
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January 31, 2006
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Toronto REALTORS(R) Ready to Work with New Federal Government TORONTO, Jan. 31 /CNW/ - With real estate issues expected to be high on
the list of federal priorities, the Toronto Real Estate Board (TREB) is
looking forward to working with the new federal government in the months
ahead. Several proposals included in the Conservative Party platform could
have an impact on consumers' real estate decisions.
Real estate is a major factor in the Canadian economy. A study prepared
by Clayton Research for CREA shows that between 2002 and 2004, residential
sales made through the Multiple Listing Service(R) generated $10.8 billion in
ancillary consumer spending annually.
GST adjustment
TREB points out that the Conservative proposal to reduce the Goods and
Services Tax (GST) will reduce the cost of new homes, and the cost of services
associated with a real estate transaction. In addition, the GST reduction
would mean that consumers would also save on other major purchases associated
with a new home, such as appliances and renovations.
The proposed first-phase reduction in GST would save a homeowner $3,000
on a new home selling for $300,000. Setting the GST rate at five per cent as
the Conservatives propose would restore the effective rate of federal sales
taxes on new homes to the level that applied prior to the introduction of the
GST in 1991, when the new rate is combined with the new housing rebate.
"It all helps keep housing affordable," said John Meehan, President of
the Toronto Real Estate Board.
Capital gains
The Conservative Party platform also calls for the elimination of capital
gains tax for individuals who reinvest profits earned from selling real estate
or financial investments within six months. Under the proposal, the move would
apply to physical and financial assets, potentially benefiting people who sell
stocks and bonds, or properties such as cottages and family businesses.
Currently, Canadians who have financial assets or property other than a
principal residence must pay tax on the capital gains resulting from the sale
of a financial asset or property.
According to the National Commercial Council (NCC) of The Canadian Real
Estate Association, small-scale investors are often unable to "grow" their
real estate investments because of the tax consequences when selling a small
asset to buy a larger one.
"A capital gains rollover provision for small-scale investors, which
REALTORS(R) have been proposing for several years, would introduce greater
flexibility into the small-scale residential rental investment sector. If this
tax change is implemented effectively, it will encourage more Canadians to
look at real estate investment opportunities, especially with small and medium
sized income opportunities," added Meehan.
Property rights
The Conservative Party platform also proposes to amend the Constitution
to include the right to own property, and promises to enact legislation to
ensure that full, just and timely compensation will be paid to all persons who
are deprived of personal or private property as a result of any federal
government initiative, policy, process, regulation or legislation.
"Property owners often take their property rights for granted, but all
levels of government enact countless rules and regulations that restrict
property rights. REALTORS(R) believe that property rights should have the same
legislative status as other rights in Canada," said Meehan.
The Canadian Real Estate Association has also surveyed Canadians about
property rights issues. In the 2005 survey conducted by Pollara Research, the
majority of Canadians polled (88%) said it was important or very important
that compensation be paid to a property owner when restrictions are placed on
the use of their land. More than 90 per cent of respondents said it was
important or very important that compensation be paid when property was
expropriated.
Toronto REALTORS are passionate about their work. They adhere to a strict
code of ethics and share a state-of-the-art Multiple Listing Service designed
exclusively for REALTORS. Serving nearly 23,000 Members in the Greater Toronto
Area, the Toronto Real Estate Board is Canada's largest real estate board.
The Canadian Real Estate Association (CREA) is one of Canada's largest
single-industry trade Associations, and represents more than 83,000
REALTORS(R) across Canada. CREA's primary mission is to represent its members
at the federal level of government and to act as a watchdog on national
legislation affecting or impacting the real estate industry.
-30-
/For further information: Wendy Craven, Director, Public Relations,
Toronto Real Estate Board, Office (416) 443-8159, 24 Hour Cell (416) 277-7390,
email: wcraven@trebnet.com; Pierre Beauchamp, FRI(E), Chief Executive
Officer, Canadian Real Estate Association, (613) 237-7111/
2:43:48 PM
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Unemployment Rate Hits 30-Year Low But Job Quality Lags, According to CIBC World Markets Report TORONTO, Jan. 30 /CNW/ - While the Canadian unemployment rate is at a
30-year low and the pace of job creation shows continued strength, job quality
lags, according to the CIBC World Markets Employment Quality Index
(CIBCWM EQI) released today.
"The Canadian economy is generating jobs at a very rapid pace, but the
quality of these jobs is on the decline," said Benjamin Tal, Senior Economist,
CIBC World Markets. "The 255,000 new jobs created in 2005 coincided with a
1.4 per cent decline in the CIBCWM EQI."
"Even though all the jobs created in Canada in 2005 were full-time jobs,
we need to look beyond the part-time versus full-time distribution because not
all full-time jobs are created equal - some of them are low-paying and
low-stability jobs," added Tal.
Since 2003, the number of full-time jobs in low-paying sectors, such as
many in the service industry, retail and wholesale trade, has risen by
7.9 per cent, compared to only 4.8 per cent in high-paying sectors, which
include manufacturing, primary industries (logging, mining), as well as
transportation and electronics.
"Granted, a low quality job is better than no job, but the headline
employment figures exaggerate the real strength of the Canadian labour
market," said Tal.
The report notes that a direct consequence of the declining job quality
is the relatively slow growth in labour income, which averaged only
0.5 per cent annual real growth per worker since 2002.
"Looking ahead to 2006, we expect employment quality to remain low,"
commented Tal. "With the real estate market poised for a soft landing, the
growth in high quality construction jobs will likely lose momentum. At the
same time, with the Canadian dollar remaining strong, the number of
manufacturing jobs is projected to continue to decline."
In order to assess employment quality The CIBCWM EQI combines information
on three factors: part-time versus full-time employment; paid-employment
versus self-employment; and the relative level of compensation associated with
a given full-time paid employment position.
A copy of the Canadian Employment Quality Index report is available at
http://research.cibcwm.com/res/Eco/EcoResearch.html.
CIBC World Markets is the wholesale banking arm of CIBC, providing a
range of integrated credit and capital markets products, investment banking,
and merchant banking to clients in key financial markets in North America and
around the world. We deliver innovative full capital solutions to growth-
oriented companies and are active in all capital markets. We offer advisory
expertise across a wide range of industries and provide top-ranked research
for our corporate, government and institutional investor clients.
-30-
/For further information: Benjamin Tal, Senior Economist, CIBC World
Markets at (416) 956-3698, benjamin.tal@cibc.ca; or Susan McDougall,
Communications and Public Affairs, CIBC at (416) 980-4047/
2:42:54 PM
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January 27, 2006
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January 26, 2006
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After the baby boom, the 'grandfather boom' and its impact on entrepreneurs - BDC President, Jean-Rene Halde, talks to financial market professionals about business ownership transition planning MONTREAL, Jan. 26 /CNW Telbec/ - Despite some alarming statistics
regarding population aging, many entrepreneurs do not plan their business
ownership transition. As a result, some of them will decide, willingly or
unwillingly, to sell their business without any assurance of continuity,
gradually reduce their operations, or even close their business. At a luncheon
meeting today organized by the Cercle finance et placement du Québec,
Jean-Rene Halde, president of the Business Development Bank of Canada (BDC),
talked to an audience of nearly one hundred financial specialists about the
major challenge for Canadian entrepreneurs of business ownership transition
planning.
"Because of population aging, the Canadian economy will experience an
unprecedented wave of business ownership transitions in the next few years,
said Halde. It is estimated that trillions of dollars in assets will change
hands in the next ten years. But the most disturbing aspect is that a large
number of entrepreneurs do not have a succession plan in place."
According to a study done by the Canadian Federation of Independent
Business (CFIB), 70% of Canadian entrepreneurs will retire in the next ten
years, and nearly half of those who plan to retire in the next five years do
not have a succession plan in place.
A poorly prepared or non-existent business ownership transition process
can harm the Canadian economy, with a drop in productivity, job losses and an
increase in the business bankruptcy rate. "It is important for the main
financial and political stakeholders to make entrepreneurs aware of the fact
that they will have to hand over the reins sooner or later," Halde said today.
The BDC president stressed the importance of conveying to entrepreneurs the
advantages of planning the transition process, and pointing out the support
role that outside consultants can play in managing the financial, tax and
legal implications.
"Business ownership transitions can be considered successful if the
sellers achieve the financial security they are looking for and believe that
they obtained a fair price and found the right person to take over, who will
ensure the survival of the business, Halde explained. As for the buyers, they
will want to make sure that the conditions of the sale increase their chances
of success."
Since financing is often the first obstacle to carrying out a business
ownership transition plan, Canadian financial institutions are trying to meet
this need by offering entrepreneurs financial solutions tailored to their
particular situation. For example, BDC offers entrepreneurs an integrated
solution that includes consulting services. It can help businesses on both
sides of the equation, transferor and transferee, the primary goal being the
continuity of Canadian businesses.
About BDC
BDC is a financial institution wholly owned by the government of Canada.
BDC plays a complementary role in delivering financial, investment and
consulting services to Canadian small business, with a particular focus on the
technology and export sectors of the economy.
Visit www.bdc.ca for more information.
-30-
/For further information: or an interview: Eva Boucher-Hartling, Media
Relations Manager, BDC, (514) 283-7929, eva.boucher-hartling@bdc.ca/
3:02:10 PM
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New Toronto Tax Could Mean More Gridlock and Pollution for GTA TORONTO, Jan. 26 /CNW/ - The Toronto Real Estate Board (TREB) has told
the provincial government that proposed new taxing powers for the City of
Toronto could result in more urban sprawl in the GTA.
The provincial government recently released a proposed Growth Plan for
the Greater Golden Horseshoe that attempts to prevent further urban sprawl by
targeting expected population growth to already urbanized areas, like Toronto.
However, the Province has recently introduced legislation that, if passed,
would allow the City of Toronto to levy a municipal land transfer tax that
could force many homebuyers to choose to live outside Toronto, where they
wouldn't have to pay this tax.
"The provincial government has taken some significant steps to prevent
further urban sprawl, but it will be difficult to avoid if the door is open to
a Toronto land transfer tax," said John Meehan, TREB President.
Under Bill 53, Stronger City of Toronto for a Stronger Ontario Act, the
City of Toronto would be given general authority to levy taxes with certain
limitations. Land transfer tax is not included as one of those limitations,
meaning that this option would be open to Toronto City Council if the
legislation is passed.
Homebuyers already face a substantial provincial land transfer tax when
they purchase a home. This tax is calculated as a percentage of the purchase
price of a property and is payable in full when a homebuyer takes possession
of the property. The current provincial land transfer tax on an average
Toronto home is approximately $3,900.
TREB has told the Province that, if Toronto housing is made less
affordable relative to surrounding areas, it will be more difficult to achieve
the objectives of the proposed Growth Plan, which sets out a number of
priority areas for population growth. Five of these priority areas are in
Toronto.
"Clearly, the intention is that Toronto should be a main focus for
population growth in the GTA, but it will be more difficult to encourage
people to live here if it is more affordable for them to live outside of the
City," said Meehan.
"Good public policy is about balancing competing priorities. TREB
understands Toronto's budget constraints, but addressing that concern
shouldn't mean more pollution, more gridlock, and a worse quality of life,"
added Meehan.
The provincial government is currently accepting feedback on the proposed
Growth Plan. TREB has outlined its concerns in a detailed written submission
to the Honourable David Caplan, Minister of Public Infrastructure Renewal.
Toronto REALTORS are passionate about their work. They adhere to a strict
code of ethics and share a state-of-the-art Multiple Listing Service designed
exclusively for REALTORS. Serving more than 22,000 REALTORS throughout the
Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real
estate board.
-30-
/For further information: Wendy Craven, Director, Public Relations,
Toronto Real Estate Board, Office: (416) 443-8159, 24-Hour Cell:
(416) 277-7390, Email: wcraven@trebnet.com/
3:01:53 PM
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VFC Inc and Chrysler Financial announce auto loan referral program TORONTO, Jan. 26 /CNW/ - VFC Inc. (TSX: VFC), one of Canada's leading
non-prime consumer finance providers, announced today it has entered into an
agreement with Chrysler Financial, a business unit of DaimlerChrysler
Financial Services Canada Inc. Under the terms of the agreement, customer
applications that do not qualify under Chrysler Financial's current automotive
lending programs will be directly forwarded to VFC for review.
"Partnering with VFC allows us to expand our service offering and help
sell more Chrysler, Jeep(R) and Dodge vehicles," says Gino Cozza, Managing
Director - Chrysler Financial. "Chrysler Financial is focused on adding value
to our dealer partners, in part, by offering a more comprehensive array of
financial products."
"This partnership will provide seamless loan decisions to our dealer
partners while reducing the wait time and improving the finance experience for
thousands of consumers across Canada," said VFC Vice-President Business
Relations Sean O'Brien. "This advances our long-term goal of partnering with
leading financial institutions to offer broader financing arrangements for
consumers and is a cost-effective way for VFC to increase originations."
Chrysler Financial receives most of its credit applications via an
electronic link from its 470 dealers. This agreement establishes a direct link
that will automatically funnel declined applications to VFC with little or no
dealer interaction.
The pilot program was tested in early January with a full launch
scheduled for February and March 2006.
About Chrysler Financial
Chrysler Financial, a business unit of DaimlerChrysler Financial Services
Canada Inc., offers a complete line of world-class automotive financial
products and services for both retailers and consumers of Chrysler, Jeep(R)
and Dodge vehicles. In addition, Chrysler Financial offers vehicle wholesale
and retail financing, capital loans, mortgages and lines of credit to all
470 Chrysler, Jeep, Dodge retailers. As an industry leader in automotive
financing, Chrysler Financial provides its customers with the most innovative
and efficient methods of doing business. For more information on Chrysler
Financial visit www.chryslerfinancial.ca.
About VFC
VFC Inc. is one of the largest Canadian owned indirect consumer finance
companies in Canada. VFC has two basic product lines: non-prime automotive
purchase financing and consumer installment loans. Non-prime automotive
purchase financing represents more than 95% of finance receivables. Loans are
originated using Internet-based technology through pre-qualified automobile
dealers and retail vendors across Canada. Independent analysts value the
Canadian non-prime automotive finance market at approximately $4 billion per
annum. Analysts define a non-prime consumer as someone who does not meet the
lending standards of most banks and credit unions. VFC's shares trade on the
Toronto Stock Exchange under the symbol "VFC". For further information, see
the company's website at www.vfc.ca.
Note: This news release may contain forward-looking statements about
VFC's business based on expectations of VFC's management. These statements are
not guarantees of future performance and may involve risks and uncertainties
that are difficult to predict, or are beyond VFC's control. Readers should not
place undue reliance on such forward-looking statements.
%SEDAR: 00019754E
-30-
/For further information: contact: Erik de Witte, VFC Chief Financial
Officer, (416) 645-5010; Jelena Jelich, Communications Manager -
DaimlerChrysler Financial Services, (519) 561-9627/
3:01:12 PM
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January 22, 2006
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Business Quotation: Planning for the Beaten Path. "If a man has good corn, or wood, or boards, or pigs to sell, or can make better chairs or knives, crucibles, or church organs, than anybody else, you will find a broad, hard-beaten road to his house, though it be in the woods." Ralph Waldo Emerson (from the Business Quotations Index).
But it doesn't just happen. First, you have to have the quality goods, goods that are somehow better than the competition's, and then you have to let people know about them and at least point out the path. That's what business planning is all about; ensuring that the road to your business is "hard-beaten".
Ensure that your business planning moves your business ahead rather than just being an expensive waste of time by applying these Five Business Planning Principles.
Then do the business planning you need to do. With Quick-Start Business Planningyou can put together the basics of a business plan that will invigorate your business for an entire year in just a pair of two to three hour business planning sessions. [About Small Business: Canada]
2:34:58 PM
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January 20, 2006
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January 19, 2006
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5 Basic Rules of Search Engine Optimization. Search engines are still the primary way that people find websites, so if you don't pay attention to search engine optimization, you're really hurting your potential site traffic. Here are the basics of search engine optimization to help your web pages get higher rankings in the search engines - and be found.
Taking SEO a Step Farther: Keyword Density Explained - Christine Oakley explains how to use keyword density to improve your web pages' search engine rankings. [About Small Business: Canada]
11:13:36 AM
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January 16, 2006
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How to Write an Executive Summary for the Business Plan. The executive summary will be the first thing the readers of the business plan read. If your business plan’s executive summary is poorly written, it will also be the last! Here’s how to write an executive summary that will get the rest of your business plan read.
More: The Business Plan Outline - Conveniently broken into eight sections, this outline of the business plan links to detailed articles that explain how to research and write each section of the plan. [About Small Business: Canada]
11:23:47 AM
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January 12, 2006
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January 11, 2006
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January 10, 2006
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January 9, 2006
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January 6, 2006
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India on the cusp of take off TORONTO, Jan. 6 /CNW/ - Looking back on India and its equity markets in
2005, it becomes evident that something really big is happening. Among the
prominent developments is the fact that the country has attracted almost all
global IT and Retailing majors and when it comes to announcing their
investment plans for the region.
"Governments and multinational companies all have an India strategy,"
says Bhim Asdhir, President and CEO, Excel Funds. "Investors too, now need to
get in front of the opportunities in India, while valuations of Indian
companies still remain attractive," he adds.
Microsoft, Intel, Cisco, for example, have all announced investments in
India totaling nearly $4 billion. AMD and SemIndia announced a $3 billion
investment in establishing a new semiconductor manufacturing foundry.
During 2005, the White House announced that it has entered into an
agreement to supply India with nuclear fuel, as well as forging new economic
ties. President George Bush will make a state visit to India, most likely in
February, which follows on Indian Prime Minister Manmohan Singh's visit to
Washington in July 2005.
The race among the world's largest retailers such as Walmart, Costco,
Carrefour, Ikea to make their entry is on as India is getting set to widen the
Foreign Direct Investment allowances in a move to open up India's highly
fragmented US$330 billion retail sector. And, the trend towards consolidation
of the retail sector is apparent, as there are currently 93 shopping centres
under construction throughout India.
Asserting that the country's infrastructure has reached a "take-off"
point, India's Prime Minister Singh said: "All the elements of an essential
institutional framework are now falling in place. If the private sector seizes
the initiative, the sky is the limit."
Canadian investors wanting to invest in India may do so via Excel India
Fund, Canada's only pure-play India-focused fund. The fund is managed by Birla
Sun Life, Mumbai, India, the 50/50 joint venture of the AV Birla Group,
India's largest conglomerate, and Canadian financial services giant, Sun Life
Financial. Excel India Fund is managed by one of India's largest, experienced
group of analysts and researchers.
The fund's investments are focused, and thematic, concentrating on well
managed, rapidly growing, blue chip Indian companies, domiciled in strong,
long term growth industries. In the last year, ended November 30, 2005, Excel
India Fund returned 31.7%, and compounded annual returns for the last 3 years
were 43.8% per year.
Excel India Fund has earned Globefund/Algorithmics five star rating, as
well as being nominated as a finalist at the 2005 Canadian Investment Awards
in the Best Emerging Markets Funds category.
Corporate India's earnings reports remain robust, and Indian equity
markets are trading at around 16.5 times forward P/E for 2007. This is well
below the historical mean valuation of 22 times earnings.
"Given the enormous growth potential, Indian markets are very attractive
and investors should not let this investment opportunity pass them by," says
Asdhir. "India is on the cusp of take-off."
-30-
/For further information: Pierre Daillie, Excel Funds Management Inc.,
Phone: (905) 363-1003; For more info please visit our website at
www.excelfunds.com/
12:17:57 PM
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NetSuite E-Tailers Have a Very Merry Christmas and a Happy 2005
58 Million Visitors Spend More Than $140 Million at NetSuite-Powered Sites in
2005
New NetSuite Ecommerce Technologies Enable Mid-Sized E-Tailers to Battle
Giants in 2006
SAN MATEO, Calif., Jan. 5 /CNW/ -- NetSuite, Inc., the leader in
on-demand business management software for small and mid-sized businesses,
kicked off 2006 by bringing small and mid-sized Internet retailers great news:
more than 2,000 NetSuite Web Store customers reported record sales growth
during the holiday season and for all of 2005 while using NetSuite's ecommerce
engine to manage their on-line Websites and Web stores. NetSuite reported
that in 2005, its ecommerce customer base experienced significant results:
58,329,083 unique visitors; 301,776,615 page views; and 1,274,445 Web
transactions totaling more than $140 million. During the holiday season of
December 2005, NetSuite Ecommerce customers experienced: 7,800,000+ unique
visitors; 36,500,000+ page views; and 164,000+ transactions with total revenue
of more than $18 million. For more information about NetSuite Ecommerce,
please visit: www.netsuite.com/05ecommerce.
(Logo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO )
According to a recent research report by comScore, online holiday sales
from November 1 through December 21, 2005 increased 24 percent over 2004.
NetSuite Ecommerce users blew away this mark, with many reporting between 100
percent and 900 percent growth year over year of 2004 and 2005. NetSuite is
the only ecommerce system built to manage multi-channel commerce, tightly
integrating the accounting, warehouse, marketing, and support applications
within a single Web-based system. New NetSuite features including Google
Keyword-to-Purchase Tracking, search engine optimization tools and multi-
channel selling are very important components in NetSuite Ecommerce, and are
key to enable small Internet retailers to compete with Internet retailing
titans such as Amazon.com and Walmart.com. NetSuite also allows Internet
retailers to go beyond traditional multi-channel selling to tap into any
online channel and maximize their exposure on the Web with an easy export of
their products into comparison shopping engines such as Google's Froogle,
eBay's Shopping.com, Shopzilla (BizRate) and NexTag.
Some of the NetSuite ecommerce users who reported rapid ecommerce growth
include:
Oriel Wines (www.oriel.net):
-- Web Store sales 2004 to 2005: rose 900 percent
"We increased our holiday Web orders almost ten fold year over year," said
John Hunt, Founder of New York City based Oriel Wines. "Thanks to NetSuite, we
were able to accurately monitor consumer preferences and distribute precisely
targeted email offers that generated strong sales results. Our holiday Web
Store sales increased 1,100 percent in 2005 versus 2004."
ProSoap Hand Cleaner (www.prosoap.com):
-- Web Store sales 2004 to 2005: rose 622 percent
"Our NetSuite Web Store has improved the efficiency of serving our
customers, and the compliments continue to come in with regard to the ease of
re-ordering our product," said Scott Self, President of ProSoap, a
manufacturer of hand cleaners based in Rockwall, Texas.
Miglia Technology (www.miglia.com):
-- Web Store sales 2004 to 2005: rose 150 percent
"Our sales doubled over the last year, our Website hits increased by over
150 percent, and our cart abandonment rate dropped from 39 percent to 24
percent on average," said Simon Ellson, Managing Director of Miglia
Technology, a European manufacturer of video and storage products for PCs and
Apple computers, selling them worldwide from its head office in Tring, Herts
(UK).
Country Pet Foods (www.countrypet.com):
-- Web Store sales 2004 to 2005: rose 125 percent
"With our NetSuite Web Store, we have instigated a totally remote company
-- no office, no warehouse to speak of, just a bunch of people scattered
around the planet working together through NetSuite," said Richard Osborne,
Owner of Country Pet Foods, based in New Zealand and Santa Monica, Calif. "Our
sales grew 125 percent in 2005, and we are expecting similar growth in 2006."
Saffron Rouge (www.saffronrouge.com):
-- Web Store sales 2004 to 2005: rose 150 percent
"In 2002 we started our business on NetSuite. Since that time Saffron
Rouge has grown to become the No. 1 online destination for organic beauty in
North America," said Saffron Rouge CEO Jeff Binder, headquartered in Guelph,
Ontario, Canada. "I think that speaks for itself."
John & Kira's Chocolates (www.johnandkiras.com):
-- Web Store sales year 2004 to 2005: rose 84.5 percent
"Over the past two years, NetSuite Ecommerce usability has significantly
improved to where it is now very intuitive and easy to use," said John Doyle,
CEO of John & Kira's, based in Philadelphia. "With all the new customization
capabilities, our NetSuite Web Store has moved to the level of a Godiva, but
we spend phenomenally less money."
About NetSuite
NetSuite enables companies to manage all key business operations in a
single, integrated system, which includes customer relationship management;
order management and fulfillment; inventory management; finance; ecommerce and
Web site management; and employee productivity. NetSuite is delivered as an
on-demand service, so there is no hardware to procure, no large, up-front
license fee, and no complex set-ups. Finally, NetSuite's patent-pending "real-
time dashboard" technology provides an easy-to-use view into role-specific
business information that is always up-to-date. For more information about
NetSuite, visit: www.netsuite.com.
/Photo: http://www.newscom.com/cgi-bin/prnh/20021024/SFTH024LOGO/
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.netsuite.com /
-30-
/For further information: Mei Li of NetSuite, Inc., +1-650-627-1063 or
meili@netsuite.com/
12:17:43 PM
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North American car sales slide, Asian vehicles gain market share Pessimism over industry's profitability prevails
TORONTO, Jan. 4 /CNW/ - Eighty-eight per cent of automotive executives
predict that Asian vehicle brands will increase their global market share
within the next five years as consumer preferences shift away from North
American and European manufacturers. Furthermore, 58 per cent of executives
are growing increasingly pessimistic about the prospects for North American
brands to compete globally, up from 45 per cent who held this view last year.
These are the findings of KPMG's annual automotive survey, which is based upon
the interviews of 140 senior executives at vehicle manufacturers and
automotive suppliers worldwide.
Survey respondents viewed the outlook for Korean and Chinese brands as
most favourable, with 79 per cent foreseeing an increase in market share for
Korean models and 77 per cent saying Chinese brands would advance. Japanese
brands were also viewed positively, with 65 per cent saying they would
increase in global market share over the next five years, while 52 per cent
believe Indian brands would gain momentum.
"This progression toward the Asian brands capturing greater market share
has been forecast by our executives in previous years, says Doug Dawdy, Senior
VP of KPMG's Corporate Finance Automotive practice. "In contrast, respondents
are growing increasingly pessimistic about the prospects for North American
brands and their ability to compete in this aggressive market."
Only 32 per cent of respondents agree that North American automakers will
become more "efficient and competitive" over the next five years, in contrast
to 39 per cent who held that view last year, and 50 per cent who agreed with
this statement in 2003. In another major finding in this year's survey, global
automotive executives indicated that they are not optimistic with regard to
the profitability outlook for the industry overall in the next five years. In
fact, 43 per cent expect profitability to decline while a further 32 per cent,
predict it will remain flat.
The survey notes that most executives (59 per cent) agree that the best
way in which to cut costs in the future is to outsource. The second and third
major opportunities for cost savings this year were "product and materials
innovations" (54 per cent) and "assembly innovations" (52 per cent), have
consistently been among the top three or four in respondents' choices three
years running.
"Cleary, this highly competitive atmosphere and the pressure to cut costs
across the board is having impact on the industry as a whole," said Dawdy.
"Regardless of whether it is a joint venture or direct ownership, in order to
narrow the gap between themselves and Asian manufacturers, North American
automotive manufacturers must align their business operations abroad in order
to compete in the automotive market globally."
Other survey highlights
-----------------------
Interestingly, although Asian vehicle manufacturers are seen to be
gaining market share globally, in the China market the perception is that
non-Chinese firms will be most likely to succeed in China, with 42 per cent
agreeing that other Asian companies will gain market share. However,
23 per cent did feel that Chinese companies would succeed, followed by
European companies at 16 per cent, and North American manufacturers came in
last at 15 per cent.
Although lower production and manufacturing costs are still seen to be
one motive to invest in China, the majority of respondents (52 per cent) feel
that the main incentive to invest in the Chinese auto industry is to sell to
the growing Chinese consumer base, which is rapidly becoming more affluent.
"Asian consumers, particularly those in China, are viewed as a
significant source of growth in the automotive industry," said Willy Kruh,
KPMG's Canadian Partner in Charge, Consumer and Industrial Businesses. "This
emerging new market with a burgeoning economy and increased buying power is a
tremendous opportunity for the automotive companies."
Automotive executives interviewed represented companies in North America,
Great Britain, France, Germany, Sweden, India, China, Korea and Japan. KPMG
has released this annual global survey of automotive executives expressing
their views on the state of the industry since 1999.
About KPMG in Canada
--------------------
KPMG LLP is the Canadian member firm of KPMG International, the
coordinating entity for a global network of professional services firms,
providing audit, tax, and advisory services, with an industry focus. The aim
of KPMG International member firms is to turn knowledge into value for the
benefit of their clients, people, and the capital markets. With nearly
94,000 people worldwide, member firms provide audit, tax, and advisory
services from 717 cities in 148 countries.
-30-
/For further information: To arrange an interview, please contact: Julie
Bannerjea, Senior Manager, Media Relations KPMG, (416) 777-3243,
jbannerjea@kpmg.ca; Shilpa Kotecha, Manager, Media Relations KPMG,
(416) 777-8918, skotecha@kpmg.ca/
12:17:27 PM
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January 3, 2006
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Get a Goal Buddy. Having trouble achieving the goals you set? Get a goal buddy. Whether the goals you want to achieve are personal goals or business goals a goal buddy can be your key to goal setting success. These tips for a successful goal buddy relationship will get you on the fast track to achieving your goals.
Related: Top New Year's Resolutions for Business Success - If improving your work-life balance is one of your resolutions, here's where to start. [About Small Business: Canada]
9:59:33 AM
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December 30, 2005
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December 29, 2005
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Canada's Economic Playing Field Tilts West - BMO Economics - Saskatchewan, Alberta and British Columbia exceeded national average
growth rate in 2004 and 2005
- National growth to jump in 2006, led by Newfoundland & Labrador,
Alberta and British Columbia
TORONTO, Dec. 29 /CNW/ - The Canadian economic playing field continues to
be tilted to the west, according to the Provincial Outlook report released
today by the BMO Financial Group Economics Department. Saskatchewan, Alberta
and British Columbia all exceeded the national growth rate in 2004 and have
continued to do so for 2005. Everywhere east, growth has been at or below the
national average for these two years.
The report states that national growth in 2006 will rise to 3.5 per cent.
"Next year, the westward tilt is expected to continue although Newfoundland &
Labrador will be the exception to the rule as major developments in the mining
and oil sectors ramp up to full production," according to Rick Egelton, Senior
Vice-President and Chief Economist, BMO Financial Group.
Among the provinces, Newfoundland & Labrador will post the highest growth
rate in 2006. Growth in Alberta and British Columbia in 2006 will be even
stronger than in 2005, although they will still place second and third in the
provincial rankings behind Newfoundland & Labrador. "Alberta's growth will be
boosted by rising oil production and the ramping up of construction on oil
sands mega-projects, while in British Columbia, a construction boom - in part
due to preparations for the 2010 Winter Olympics - will increase growth," said
Mr. Egelton. Elsewhere in the west, Saskatchewan's growth will fall below the
national average in 2006.
Stronger growth in central Canada and in Manitoba and New Brunswick will
be another factor pushing national growth higher in 2006. "All four provinces
have a relatively heavy reliance on manufacturing," noted Mr. Egelton.
"Canada's manufacturing sector has been hard hit by the run-up in the value of
the Canadian dollar, but indications are that by 2006 the sector will have
largely adjusted to the strong currency."
Meanwhile, Nova Scotia will see stronger growth next year from an
improvement in export performance, and Prince Edward Island will see a drop in
growth as a result of a decline in construction.
In the country as a whole, the predicted rise of GDP growth to 3.5 per
cent in 2006 from an estimated 2.9 per cent this year will flow from a
turnaround in the performance of Canada's external sector. "While the sharp
rise in the value of the Canadian dollar has hurt Canadian competitiveness and
the country's trade performance over the past three years, exporters and
import-competing industries appear to have largely adjusted to the loonie's
more lofty level," said Mr. Egelton. "In 2006, export growth should match the
pace of import gains so that the external sector will not be a drag on growth.
This should allow real GDP growth to rise slightly faster than potential."
Growth at this pace will result in a drop in the Canadian unemployment
rate of 0.4 percentage points to an average of 6.3 per cent in 2006. The pace
of hiring has slowed from 1.8 per cent in 2004 to 1.4 per cent in 2005, with
this trend expected to continue in the latter half of the decade. "This
slowing pace of employment growth reflects both weaker labour force growth and
an expected increase in labour productivity," stated Mr. Egelton.
Meanwhile, the often predicted end of the housing boom has been slow in
coming. Housing starts hit their highest level in 14 years in 2004, and the
predicted pace of decline in 2005 has been more modest than expected. "We
expect further declines in 2006 and subsequent years as pent-up demand is
fulfilled, and as interest rates rise over the medium term," noted
Mr. Egelton.
With respect to the Bank of Canada's overnight rate, Mr. Egelton
anticipated continued tightening. "We expect the overnight rate to reach
4 per cent by April, and 4.5 per cent by the fall of 2006." He also said the
Canadian dollar will trade in a range of 86.4 cents to 87.0 cents per U.S.
dollar over the next year.
<<
Canadian Regional Outlook at-a-Glance
(All numbers are percentages)
-------------------------------------------------------------------------
Real Growth
Per Cent Change Unemployment Rate
-------------------------------------------------------------------------
2004 2005 2006 2007 2004 2005 2006 2007
-------------------------------------------------------------------------
Newfoundland &
Labrador -1.4 2.0 5.2 2.0 15.6 15.2 15.4 15.4
-------------------------------------------------------------------------
Prince Edward
Island 1.8 2.5 1.8 2.0 11.3 10.9 11.1 11.0
-------------------------------------------------------------------------
Nova Scotia 1.4 2.0 2.5 2.5 8.8 8.3 8.2 8.2
-------------------------------------------------------------------------
New Brunswick 2.0 2.5 3.0 2.5 9.8 9.7 9.6 9.6
-------------------------------------------------------------------------
Québec 2.3 2.2 2.7 2.7 8.5 8.2 8.1 8.2
-------------------------------------------------------------------------
Ontario 2.7 2.9 3.1 3.1 6.8 6.6 6.2 6.3
-------------------------------------------------------------------------
Manitoba 2.3 2.5 3.0 2.5 5.3 4.8 4.5 4.5
-------------------------------------------------------------------------
Saskatchewan 3.4 3.0 2.5 2.5 5.3 5.1 5.5 5.3
-------------------------------------------------------------------------
Alberta 4.3 4.2 4.8 4.0 4.6 3.9 3.7 3.6
-------------------------------------------------------------------------
British Columbia 4.0 3.5 4.0 3.5 7.2 5.9 5.0 4.8
-------------------------------------------------------------------------
Canada (Annual
Average) 2.9 2.9 3.5 3.2 7.2 6.7 6.3 6.4
-------------------------------------------------------------------------
The full Provincial Outlook report is available at www.bmo.com/economic.
>>
-30-
/For further information: Peter Scott, Toronto, PeterE.Scott@bmo.com,
(416) 867-3996; Lucie Gosselin, Montreal, lucie.gosselin@bmo.com,
(514) 877-1101; Laurie Grant, Vancouver, laurie.grant@bmo.com,
(604) 665-7596; Internet: www.bmo.com;
Archived images on this organization are searchable through CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited members of
the media./
9:56:49 AM
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Asia and Latin America will drive global car sales to record highs in 2006, says Scotiabank economist TORONTO, Dec. 29 /CNW/ - In 2006, solid gains in developing nations -
including continued double-digit growth in China - will overwhelm weaker
volumes in North America and a largely flat performance in Western Europe and
Japan. This accounts for the rising interest of the 'traditional' Big Three in
emerging markets. India, Mexico and Brazil will also outperform. However,
global sales growth will moderate to about 1% in 2006 from 2% this year, as
reduced monetary stimulus dampens gains in several regions, according to the
latest Canadian Auto Report released today by Scotia Economics.
After falling below a year earlier during the opening months of 2005,
global vehicle sales have rebounded strongly, led by double-digit gains in
China and Latin America. Purchases in China advanced by 18% in 2005,
overtaking India - last year's growth leader with a 29% surge - and
recapturing the title of fastest-growing auto market. On a regional basis,
Latin America posted the strongest growth, with volumes advancing at a
double-digit pace for the second consecutive year.
"Going forward, we expect China and Latin America to continue to lead the
way," says Carlos Gomes, Scotiabank's auto industry specialist. "However,
growth will moderate, especially in South America, where gains will ease to a
single-digit advance, after surpassing two million units for the first time
since the emerging markets crisis of the late 1990s."
China's car sales climbed to 2.7 million units in 2005. China will likely
challenge Germany as the third-largest car market by 2007. Much of the growth
in China is concentrated in low-end small and medium sedans, with this segment
advancing by nearly 60% year-over-year in late 2005. This year, households
accounted for more than 70% of overall auto purchases, up from only 45% five
years ago.
After advancing at an impressive 17% per annum between 2002 and 2004,
sales in India moderated to 7% in 2005. Higher vehicle prices - linked to
tighter emission standards - and higher fuel prices as well as rising interest
rates restrained demand in 2005. However, growth is set to pick up, with
economic activity continuing to advance in excess of 7% and medium to
longer-term auto demand drivers still firmly in place.
"Household income in India is advancing at a double-digit pace and
estimates suggest that 24 million households will be able to afford a new car
by 2007. India's car fleet was only 7.3 million at the end of 2004," says
Gomes.
In other emerging Asian auto markets, growth is expected to ease in 2006,
as the monetary authorities follow the lead of the United States and continue
to raise interest rates, to stem any increase in inflation expectations.
In contrast, monetary authorities in Latin America - especially in Brazil
and Mexico - have started to reduce interest rates, as inflation has moderated
alongside high real interest rates and strong currencies. Brazil still has the
highest short-term interest rates among developing nations. However, with real
interest rates approaching 14%, the central bank has trimmed rates by
120 basis points since August, providing a boost for vehicle demand. Car sales
in Brazil climbed to an annualized 1.81 million in November from an average of
1.55 million between January and October.
"Vehicle purchases in Mexico rose by 4% in 2005 and will increase further
in 2006 alongside rising credit availability, reduced interest rates and an
improving manufacturing outlook," says Gomes. "In particular, vehicle output
has started to recover alongside new product mandates. For example, Ford is
ramping up production of mid-sized cars, including the mass-market Ford
Fusion, at its plant in Hermosillo. DaimlerChrysler recently launched its cab
Dodge Ram pickup truck in the northern City of Saltillo, and Volkswagen is
building a new station wagon in Mexico. As a result, industrial production in
Mexico is now advancing 4% year-over-year, compared with a downward trend
prior to these launches."
However, sales gains in Latin America will likely ease to single-digits
in 2006, as demand growth moderates in Venezuela and Argentina, after a
60% annual surge in the past two years. These two countries now represent
26% of South America's car sales, in line with the average of the late 1990s,
and up from only 13% in 2003.
Turning to Canada and the United States, vehicle purchases likely peaked
in 2005, buoyed by 'employee discounts'. Going forward, volumes will be
dampened by high gasoline prices and other energy costs, now absorbing a
record share of disposable income.
"We expect Canadian car & light truck sales will edge down from
1.59 million in 2005 to 1.57 million in 2006," says Gomes. "The slowdown will
be concentrated in Central & Atlantic Canada, with Alberta sales continuing to
set record highs alongside ongoing expansion in the oil & gas sector. The
vehicle fleet is also the oldest in Western Canada, with more than half of all
vehicles at least nine years old."
U.S. purchases will likely fall to 16.5 million in 2006, after advancing
for two consecutive years and reaching 17.0 million in 2005 - the
third-highest annual level on record. Energy and interest costs now absorb a
record one-quarter of overall household disposable income, leaving little room
for large discretionary purchases, such as a new vehicle.
Scotia Economics, part of the Scotiabank Group, provides clients with
in-depth research into the factors shaping the outlook for Canada and the
global economy, including macroeconomic developments, currency and capital
market trends, commodity and industry performance, as well as monetary, fiscal
and public policy issues.
-30-
/For further information: Carlos Gomes, Scotia Economics, (416) 866-4735;
Jane Shannon, Scotiabank Public Affairs, (416) 866-6806/
9:56:28 AM
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Ontario Growth to Improve in 2006: BMO Provincial Outlook Report TORONTO, Dec. 29 /CNW/ - Ontario's economy is expected to grow just above
3 per cent in 2006 and beyond, according to the Provincial Outlook report
released today by the BMO Financial Group Economics Department.
The report states that growth in 2005 has been slightly stronger than in
2004. "Manufacturing has weakened in 2005 due to the strong Canadian dollar
and high energy prices, and residential construction has softened as well, but
this has been offset by a very strong service sector," according to Rick
Egelton, Senior Vice-President and Chief Economist, BMO Financial Group. "As
the economy adjusts to the impact of the strong Canadian dollar and as energy
prices moderate, Ontario should post 3-plus per cent growth in 2006 and over
the medium term."
The report notes concerns in the engine of Ontario's economy,
manufacturing. After rising 0.4 per cent in the first quarter, the output of
the manufacturing sector fell 1.2 per cent in the second quarter, including a
3.1 per cent decline in motor vehicles and parts. Near-term issues include
uncertainty for the future health of Ontario's auto industry. "On the one
hand, GM and Ford have announced major new investments, with government
support, of $2.5 billion and $1 billion, respectively, and Toyota has begun
construction of its second auto assembly plant in the province," said
Mr. Egelton. "On the other hand, GM and Ford are both facing financial
difficulty, the strong Canadian dollar has reduced the competitiveness of the
Ontario auto industry, and high oil prices are weighing on North American
vehicle demand. Moreover, there is increasing competition from low-cost
countries in Asia."
Aside from near-term problems, however, the medium-term outlook for the
manufacturing sector looks better. "As manufacturers increase productivity
through the installation of new machinery and equipment, as they adjust to the
stronger Canadian dollar, and as energy prices moderate, the manufacturing
sector should record decent growth over the medium term," stated Mr. Egelton.
Retail sales have been significantly stronger in 2005. Over the first
nine months of 2005, retail sales were up 5.3 per cent compared to the same
period a year earlier. "Retail sales gains should remain around 5 per cent in
2006 and later as the economy gains strength," said Mr. Egelton.
The pace of employment growth has slowed in 2005, but a coincident
decline in labour force growth allowed the unemployment rate to fall to an
average of 6.6 per cent over the first 11 months of 2005. "The unemployment
rate stood at 6.1 per cent in November - the lowest rate since mid-2001,"
noted Mr. Egelton. "The return to higher growth in 2006 should allow the
annual unemployment rate to decline slightly in that year."
In construction, housing starts look set to average about 75,300 in
2005 - a drop of more than 11 per cent - with further declines in subsequent
years as pent-up demand is fulfilled and interest rates rise slightly.
Investment in non-residential construction, on the other hand, may eke out a
small gain for 2005 as a whole.
Government spending is strong, with budgeted spending projected to rise
4.2 per cent in 2005-2006. In the mid-year Economic Outlook and Fiscal Review,
the government lowered its deficit projection for 2005-06 to $2.4 billion
($1.4 billion if the $1 billion reserve is not needed). The improvement was
due to stronger-than-expected personal and corporate income tax revenue. The
provincial government's medium-term fiscal plan calls for the budget to be
balanced by 2008-09, and one year earlier if the $1.5 billion reserve in that
year is not needed.
The full Provincial Outlook report is available at www.bmo.com/economic.
-30-
/For further information: Peter Scott, Toronto, PeterE.Scott@bmo.com,
(416) 867-3996, Internet: www.bmo.com;
Archived images on this organization are searchable through CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited members of
the media./
9:55:40 AM
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Don't Call Me an Entrepreneur. Women don't like the word entrepreneur according to a recent survey by Prowess, the UK Association of organisations supporting women to start and grow businesses.
78% of women interviewed said they do not think of themselves as "entrepreneurs", preferring to think of themselves as independent business women, working for themselves, while over half of the women interviewed said the word entrepreneur turns them off, suggesting a "wheeler dealer". Men, on the other hand, view the word entrepreneur more positively.
So if you're marketing to women, watch your language and don't call them entrepreneurs.
Related: How to Find and Sell to Your Target Market - Marilyn Guille explains how to define your target market and zero in on that market by using market segmentation. [About Small Business: Canada]
9:52:23 AM
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December 28, 2005
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December 27, 2005
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Top 10 New Year's Resolutions For Business Success. The end of the year is a good time to reflect on your business's progress over the past year and plan how you want your business to develop. Do you want increased success in 2006 or the chance to enjoy the success you've achieved more? These top 10 New Year's resolutions are designed to help you strike a better work-life balance, so you can achieve a truly satisfying success in the New Year.
Related: The Business Success Course - Sign up now for this free ten week course and start increasing your success. [About Small Business: Canada]
9:57:15 AM
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Starting a Business FAQ. Do you need to register your business? Or need a business bank account? How do you register for the GST/HST? Do you actually have to have a business plan?Find the answers to these questions about starting a business and more in this Starting a Business FAQ for people starting a business in Canada.
More: The Steps to Starting a Business - From coming up with a solid business idea and registering your business through dealing with taxes, step-by-step. [About Small Business: Canada]
9:56:51 AM
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December 23, 2005
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How to Have a Happy Holiday Season. Are you the sort of person who checks her email or phone messages during Christmas dinner? Does the thought of having to take an entire day or two off during the holidays make you cringe? For all you work-obsessed types, here are ten tongue-in-cheek rules for having a merry holiday season and ensuring peace and harmony throughout your household.
Related: Strategies For Holiday Stress Relief - Serious advice for reducing your stress over the holidays. [About Small Business: Canada]
11:30:20 AM
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December 22, 2005
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In case of problems abroad - Few insured travellers take advantage of their travel coverage's assistance services LEVIS, Dec. 22 /CNW Telbec/ - Only a small percentage of travel insurance
policyholders contact their insurer's assistance services when they encounter
problems during trips outside their province of residence according to a
survey conducted by Synovate on behalf of Desjardins Financial Security.
"Assistance services are an added value to travel insurance coverage
because they provide travellers with the assurance that no matter what
happens, someone will be able to help them in their own language anywhere in
the world," says François Morel, Marketing Advisor at Desjardins Financial
Security. "The results of the survey show that we need to continue to
publicize and promote our assistance services to our insured clients. In fact,
we need to intensify these efforts. That's why we will be taking advantage of
every opportunity, with on-hold messages and product brochures for instance,
to tell them about the free assistance services they are entitled to and, more
importantly, not to hesitate to use these services," Morel adds.
Desjardins Financial Security has its own assistance services firm, Sigma
Assistel, a Canadian industry leader since the mid-eighties. "Having our own
firm ensures that the assistance services we provide to our insured clients
are of the highest standards of quality, just like all our other services.
This added value is our special gift to our insured clients, regardless of the
insurance product they own. Naturally, we want them to use these services,"
concludes Morel.
The widest range of services in Canada
Unlike most of our competitors that have decided to concentrate on one
specific type of assistance service, Sigma Assistel has opted for diversity in
order to offer, through its corporate clients, services that cover all aspects
of a person's life. Depending on the type of insurance or service the client
has purchased, different telephone assistance services are offered, including
travel assistance, roadside assistance, legal assistance, home assistance,
identity theft assistance and a wide variety of health-related assistance
services. For more information about the services available from Sigma
Assistel visit www.Assistel.com.
About Desjardins Financial Security
Desjardins Financial Security is a subsidiary of the Desjardins Group,
the largest integrated cooperative financial group in Canada that specializes
in life and health insurance and retirement savings. Over 5 million Canadians
depend on Desjardins Financial Security every day for their financial
security. It employs 3,628 people and manages assets of over $16 billion.
Desjardins Financial Security has offices in several cities across the country
including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montréal, Québec,
Lévis and Halifax.
-30-
/For further information: Claude Beauchamp, Communications,
(418) 838-7800, Extension 7797, 1-877-828-7800, Extension 7797,
claude.beauchamp@dsf.ca/
4:19:49 PM
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Steps to Prevent Credit Card Fraud. The biggest retail season of the year is definitely the time to be paying attention to credit card fraud, fraud that costs retailers millions of dollars each year. This credit card fraud prevention checklist explains what your business can do to prevent credit card fraud, whether you’re dealing with credit card customers face-to-face, over the phone, or through the Internet.
Related: Credit Card Fraud Tip-Offs - A list of suspicious behaviors to watch for. [About Small Business: Canada]
8:10:56 AM
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December 21, 2005
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Running Your Own Business Means Long Hours and Hard Work... But Canadian Small Business Owners Wouldn't Trade It In - American Express Survey Reveals What It's Like to Run Your Own Show -
TORONTO, Dec. 20 /CNW/ - What would you say to working 60 hours a week,
spending weekends catching up on paperwork, minimal vacation time, lots of
stress and salary uncertainty? Canadian small business owners say - "sign me
up." Despite the intense pressure, they wouldn't trade it for a steadier job
working for someone else.
Even dealing with daily problems and obstacles like staffing and employee
issues brings its own set of rewards as they see it being part of the process
of creating something worthwhile for themselves and their family.
These are just some of the findings from a recent study by small business
credit and charge card provider American Express that looked at the
experiences and realities of 500 Canadian small business owners.
So what is it really like to run your own show? What does it take? And
what makes it all worthwhile?
What Motivates Them?
--------------------
"Sitting back and watching the world go by isn't part of a small business
owner's make-up, says Donna Lue-Atkinson, Director of Small Business Services
at American Express. These Canadians are squeezing more out of life than just
the day-to-day routine. They've taken a passion for an interest or idea and
turned it into a rewarding venture."
For most, what inspired them to start their own business is what
energizes them to keep going, namely - the freedom, independence and the buzz
- they get from being totally accountable as they build their business from
the ground up.
And while there are some who say dreams of striking it rich had some
influence (28%), most are strongly inspired by internal drivers like pride of
achievement and personal satisfaction (87%) and say the reward for all their
worries, hard work and time away from their family is rooted in being able to
make a living doing something that gets them charged everyday.
There are a very few who decide to start their own business because they
find themselves out of work (8%), more often than not, they do so because they
believe they have a valuable set of skills (83%) that can be put to better use
if they're calling the shots as opposed to placing it in the hands of someone
else.
Getting Through the First Year
------------------------------
For most, success doesn't come easy. Overwhelmingly, the American Express
survey showed that respondents say getting their business off the ground is
tough as they struggle with staffing issues, longer hours and financial worry.
Only a very few (5%) say it is easier. For most, the pitfalls and perils that
surround the critical first year can take their toll, with unforeseen factors
like unexpected expenses, employee and staffing concerns and not having enough
time to get everything done weighing on their minds.
Beyond that, the research reveals that owners also feel lonely and
isolated, especially in the early days as many make the adjustment from a busy
corporate environment to being the only one on the work site or in the office.
Generally, it isn't until a few years after start-up that they have the money
and resources to have regular staff on the payroll.
"Small business owners are definitely saying this isn't a road for the
faint of heart," says Lue-Atkinson. "Particularly, their experiences are very
different compared to those who have the relative security of corporate life
to fall back on - we know we'll have a pay cheque at the end of the week, draw
a pension when we retire and have a health package if we get sick. Small
Business owners don't have the same safety net. Because of that, they're a
very unique market in terms of their motivators and needs."
Clearly, the real benefits of independence aren't reached until well
after the business has gotten of the ground, when they've had enough time to
learn the ropes, develop better time management and scheduling skills and get
a better handle on the business environment.
A Day in the Life
-----------------
For Canadian small business owners, putting in an average of 55 hours a
week, spending almost every weekend catching up on work and with no plans to
take any time-off is all part of the job description... but they wouldn't have
it any other way. For them, the thrill of running a business comes from having
a hand in every part of it.
In fact the number one ranked reason for not taking more time off was
connected to not wanting to relinquish control - even more so than worries
about not making money while they're away.
But even without taking regular vacations to decompress and re-energize,
more than six-in-ten respondents (62%) said it doesn't bother them, with
almost all (84%) saying they wouldn't think twice about doing it all again.
However, if there is a contradiction, it lies in that 39% say more
skilled staff would make running a business easier but hardly any are willing
to put the necessary time and resources into training and developing staff to
help alleviate some of the strain.
While the majority agree (51%) that work is a predominant focus, most say
that if they are able to get away they would either spend it enjoying the
outdoors or catching up on quality time with family.
Plans for the Future
--------------------
For the most part, Canadian small business owners are very optimistic
about the future of their company, with most respondents saying they're taking
steps to maintain and expand their business. Younger businesses that have been
operational for only a few years are the most eager to expand.
Only 12% say they have plans to get out of the business altogether. The
survey asked those people to identify what they would do afterwards. The three
most popular responses include:
- Retire (30%)
- Start-up new business (21%)
- Enjoy some free time (13%)
For owners, market/economy factors are considered the biggest concerns
affecting their business' future with more than six-in-ten (65%) saying it is
their main worry.
Lue-Atkinson sees this as a compelling reality of small business
ownership. "Small Businesses aren't able to absorb market changes the same way
big business can. Things that wouldn't be on the radar screen for larger
companies can have a huge impact on these start-ups in terms of viability."
For reasons like this, American Express has put significant resources
into identifying the needs of small business owners to develop the right mix
of products, services and rewards to help make running a small business
easier. Amex offers a variety of Small Business and Platinum card products
that are tailored to offer small businesses things like account reporting,
expense management, access to savings on everyday expenses and a robust reward
program with a variety of reward options.
On the rewards program side, Amex offers its own proprietary points
program called Membership Rewards, and is also the only company to partner
with Canada's two most prominent rewards programs, AIR MILES and Aeroplan.
About the 2005 Survey of Small Business Owners
The 2005 American Express Survey of Small Business Owners was conducted
as part of American Express' overall marketing strategy to determine the
attitudes, perceptions and insights of small business owners towards starting
and running a small business and what keeps them motivated. The survey is
based on telephone interviews conducted among random samples of 500 Canadian
entrepreneurs. Samples of this size produce national results that can be
considered accurate within 4.4 percentage points, 19 times out of 20. The
research was conducted by Leger Marketing.
About American Express
American Express in Canada operates as Amex Canada Inc. and Amex Bank of
Canada. Amex Canada Inc. is a leading provider of travel related services in
Canada and assists companies in managing and controlling their business travel
expenses. Amex Bank of Canada is the issuer of American Express Cards in
Canada. Both companies are wholly owned subsidiaries of the New York based
American Express Company, which provides a wide range of financial and travel
services to consumers and companies.
Note to Editors:
Regional data is available for Vancouver, Calgary, Toronto, Ottawa and
Halifax.
City Break-outs
-------------------------------------------------------------------------
Halifax
- Halifax small business owners are the most likely to rank wanting to
be their own boss and a desire to gain greater personal fulfillment as
reasons for starting a business.
- Haligonians have the biggest desire to start a business because
they're looking for a job that will fit with family commitments (62%).
- Compared to their counterparts, Haligonians are also the most likely
to start a business because they can't find a job anywhere (12%).
- Halifax owners put in the longest hours - working an average of 61
hours a week, with virtually all working on the weekends (98%).
- When relaxing, Halifax owners are more likely to take to the outdoors
for an activity (50%).
- They're the least likely to spend time with friends as a way to unwind
(4%).
Montreal
- Montrealers say the main reason they started their business was out of
a passion to pursue an idea or interest (90%).
- Montrealers are the least likely to start a business because they have
dreams of striking it rich (64%).
- Hardly any (4%) started-up because they couldn't find another job
(4%).
- Montrealers find small business ownership a tougher road than their
counterparts do, with none finding it easier (0%).
- They are the most likely to thrive on running their own show compared
to their counterparts in other cities (18%).
- Montrealers believe running a business gets neither easier nor harder
over time, but stays the same (38%).
- They are the least likely to put time in over the weekend (84%).
- Inline with their joie de vivre outlook, Montrealers are more likely
than other Canadians to say they'd enjoy a dinner out or go to a movie
to help them unwind.
Toronto
- Compared to other cities, Torontonians are the most likely to start a
business out of a dream to strike it rich (83%)
- A little less than half of Torontonians say dissatisfaction with their
old job is what motivated them to strike out on their own (43%).
- Toronto small business owners feel the loneliest and the most isolated
(22%).
- They are also the most likely to say running a business gets harder,
not easier (39%).
- Among the responses, Torontonians rank spending time with family the
highest activity out of any city (31%).
Calgary
- Calgary residents are the least likely to be motivated to start a
business out of a desire to put their skills and knowledge to better
use (78%).
- Starting a business out of job dissatisfaction is highest in Calgary
(50%).
- Calgary owners are mostly likely to cite internal drives like personal
satisfaction (12%) and creative freedom (15%) as being benefits of
entrepreneurship.
- Calgarians will unwind by hitting the links (24%).
- They are the most likely to be thinking of selling their business
(14%).
Vancouver
- Vancouverites are most likely to have been in business the longest -
for 10 years or more (58%).
- While they're the best at creating a healthy work-life balance, with
44% working 50 hours or less a week they're the least likely to be
inspired to start a business because they want greater control over
their schedule.
- Vancouver owners are the most likely to say a benefit of ownership is
the potential financial gain (32%) and the charge they get from
building something from the ground up (21%).
- They are the most inclined to go out with friends to unwind from work
(9%).
- They also are the most likely to garden as a way to get away from the
business (9%).
- Vancouverites are the second most likely to be thinking of selling a
business, just behind Calgary (13%).
-30-
/For further information: For further media information, contact Tara
Peever, American Express, (905) 474-8461;
Archived images on this organization are searchable through CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited members of
the media./
8:26:30 AM
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December 19, 2005
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Business Quotation: Delegation Can Work. "Delegating work works, provided the one delegating works, too." – Robert Half (from the Business Quotations Index).
This cuts to the heart of the management dilemma, I think. We know we should delegate, we want to delegate, but we can't help suspecting that the person we're delegating to won't do the job as well as we would, and might not even do it at all.
Does this describe the way you feel about delegating? Then you have to let go. No one can do everything that needs to be done to run a successful small business by himself. Decide to Delegate gives tips for delegating successfully.
Related: The Small Business Success Course - Get a success lesson delivered to your inbox once each week for 10 weeks and increase your business success. [About Small Business: Canada]
9:24:47 AM
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5 Internet Marketing Myths. Following the usual Internet marketing advice to market your professional services may be hazardous to your professional success. C. J. Hayden presents five Internet marketing myths and explains how to market your professional services on the Internet successfully.
More: How to Build a Business Website That Works - From website design through search engine optimization so you can build a business website the gets them there and keeps them interested. [About Small Business: Canada]
9:24:35 AM
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Canadian Public Accountability Board issues public report on 2005 inspections of big four accounting firms TORONTO, Dec. 19 /CNW/ - Canada's four largest public accounting firms
have more work to do in a number of areas to improve audit quality and achieve
consistent adherence to internal and professional standards, the Canadian
Public Accountability Board (CPAB) said today in a third public report on its
inspections of accounting firms.
"While a number of recommendations have been made to each firm," said
CPAB Chairman Gordon Thiessen, "they have all made progress since we first
inspected them in 2004, and each one has given us written commitments that the
problems we identified in this round of inspections will be remedied."
CPAB's third public report is based on inspections conducted in 2005 of
Canada's four largest firms: Deloitte & Touche LLP, Ernst & Young LLP, KPMG
LLP and PricewaterhouseCoopers LLP. These firms audit more than 4,000 public
companies and other reporting issuers in Canada, representing about 63 per
cent of the total market share by numbers of clients and more than 90 per cent
if measured by market capitalization.
The report says that substantially all of the recommendations CPAB made
to the four firms as a result of its 2004 inspections have been implemented
effectively. "The firms have strong quality leadership and tone at the top and
have generally effective controls over client acceptance and continuance,
human resources and quality monitoring," said CPAB CEO David Scott.
However, the report says the firms must improve in two areas:
- Compliance with firm policies and procedures to ensure auditor
independence - Each firm undertakes internal compliance audits of
partners and managerial employees to ensure they do not have
investments that would violate independence standards. The inspections
found that more than half of the individuals subject to these
compliance audits were in violation of at least one aspect of firm
policies. Most of the violations involved the failure of individuals
to report all of their investments. However, each firm found cases
where the non-reported investments were securities on the firm's
prohibited investment list. There is no evidence in any firm of
improper motivation in holding or failing to report holdings of client
securities.
- Performance on Audit Engagements - Of 87 audit engagements selected by
CPAB for review in the four firms, five engagements (one in each of
three firms and two in the fourth firm) had serious deficiencies, and
CPAB concluded those audits were not conducted in accordance with
Generally Accepted Auditing Standards (GAAS). In all five cases, the
common shortcoming was insufficient appropriate audit evidence to
support the unqualified audit opinion that was given. In addition, a
significant number of other engagements had departures from firm and
professional standards. "While high-quality audit work was evident
throughout our inspections, we were nevertheless disappointed that our
inspection work identified such a large number of cases where
engagement teams did not fully comply with an aspect of professional
standards, or with the firms' own policies and procedures," Scott
said.
Each firm inspected has received a private report from CPAB that includes
specific recommendations. The firms have 180 days or less to implement the
recommendations. CPAB will conduct further quality inspections of all four
firms in 2006 to ensure they have implemented the recommendations to CPAB's
satisfaction.
"CPAB is encouraged by the continuing co-operation it is receiving from
all four firms and their understanding that the public interest requires them
to place greater emphasis on audit quality," Thiessen said.
In its report, CPAB also says its reviews of some individual audit
engagements were restricted by lack of access to documents because of legal
privilege. "While CPAB understands concerns about legal privilege, any
restrictions on its reviews are contrary to the objectives of CPAB," Scott
said. "The Board is seeking statutory authority to have access to privileged
information without negating that privilege."
Inspections of the four largest accounting firms were the subject of
CPAB's first report in October of 2004. Its second report, released in August
of 2005, was based on inspections of 23 public accounting firms in Canada
ranging in size from national partnerships with numerous offices in various
provinces to sole proprietors with a single office.
"Over the past two years, CPAB has instigated a number of changes to
improve the quality of audits in this country," Thiessen said. "These
improvements are now being implemented and should enhance the credibility of
financial statements of public companies and confidence in Canada's capital
markets."
CPAB provides independent public oversight of accounting firms that audit
reporting issuers. Auditors of reporting issuers are required to be members in
good standing with CPAB. More than 290 accounting firms have registered to
become participants in the CPAB oversight program.
-30-
/For further information: Linda Dundas, (416) 913-8262/
9:20:00 AM
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December 16, 2005
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Fewer Scrooges among Canadian shoppers this holiday season, according to Scotiabank's Holiday Spending study - Canadians to spend an average of approximately $900
TORONTO, Dec. 16 /CNW/ - As the last full shopping weekend approaches,
many Canadians will be hustling and bustling to make those final holiday
purchases. According to Scotiabank's Holiday Spending Poll, Canadians are
planning to spend an average of approximately $900 this holiday season, the
majority of which (70 per cent) will be spent on buying gifts.
"Canadians should be in a relatively festive shopping mood," says Aron
Gampel, Scotiabank's Deputy Chief Economist. "The economy retains fairly good
momentum, led by the resource-rich regions in the west, east, and the north.
Solid job gains and buoyant housing markets are helping to support consumer
spending at a time when purchasing power is being pinched by rising energy and
borrowing costs."
Of those who are intending to buy gifts this holiday season, clothing is
the most popular (33 per cent), followed by toys (22 per cent) and electronics
(17 per cent). Interestingly, giving the gift of choice - gift cards and money
- are also high on the giving list (12 and 11 per cent respectively).
According to Gampel, the increasing use of gift cards and cash effectively
extends the holiday shopping cheer into the New Year.
If you're not sure what to buy, according to the study, clothing tops the
list of this year's most wanted gifts.
<<
Gift Receiving for the Holiday Season: By Region
-------------------------------------------------------------------------
Top 10 Total Atlantic Quebec Ontario Man/Sask Alberta BC
responses % % % % % % %
-------------------------------------------------------------------------
Clothing 25 30 16 26 37 27 30
-------------------------------------------------------------------------
Electronics 13 14 12 14 12 12 16
-------------------------------------------------------------------------
Books 8 2 10 8 8 7 5
-------------------------------------------------------------------------
Money 7 4 7 7 10 9 6
-------------------------------------------------------------------------
Entertainment/
Food/Beverage 7 2 7 7 8 7 8
-------------------------------------------------------------------------
Gift cards/gift
certificates 7 3 6 8 9 3 6
-------------------------------------------------------------------------
Jewellery 6 7 6 6 6 8 6
-------------------------------------------------------------------------
Housewares 6 7 7 7 5 5 4
-------------------------------------------------------------------------
Tools 5 7 8 4 5 4 3
-------------------------------------------------------------------------
Sporting Goods/
equipment 4 2 3 4 8 5 6
-------------------------------------------------------------------------
According to the study, most Canadians are planning to buy for family
members. Children, not surprisingly, are at the very top of the receiving list
(48 per cent), followed by parents (42 per cent), spouses or partners
(34 per cent) and siblings (34 per cent).
Across the country, people in the Atlantic Provinces will be spending the
most on the holiday season with 30 per cent indicating they are planning to
spend a $1,000 or more. Overall, consumers in Quebec are planning to spend the
least with 25 per cent expecting to spend less than $200.
This study was conducted for Scotiabank using Decima's teleVox panel.
Data collection was conducted via CATI (Computer Assisted Telephone
Interviewing). A total of 1,022 interviews were completed between
November 3 and 7, 2005. A random sample was generated for the month of
November and quotas were established by each region. The quotas were instilled
to maintain an adequate number of completed interviews in Canada's three
largest markets; Toronto, Vancouver and Montreal. Final data are weighted by
age and sex within region and are considered accurate to within
+/- 3.1 percentage points, 19 times out of 20.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 50,000 employees, Scotiabank
Group and its affiliates serve about 10 million customers in some 50 countries
around the world. Scotiabank offers a diverse range of products and services
including personal, commercial, corporate and investment banking. With
$314 billion in assets (as at October 31, 2005), Scotiabank trades on the
Toronto (BNS) and New York (BNS) Stock Exchanges. For more information please
visit www.scotiabank.com.
>>
-30-
/For further information: Nadine Ricketts, Scotiabank Public Affairs,
(416) 933-1093, nadine_ricketts@scotiacapital.com/
10:21:10 AM
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December 15, 2005
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Business confidence rebounds in fourth quarter - Current holiday season mixed for independent retailers
- Improvement seen in employment plans
TORONTO, Dec. 14 /CNW/ - The latest Quarterly Business Barometer, by the
Canadian Federation of Independent Business (CFIB), shows confidence returning
to the small and mid-size business sector. The CFIB Quarterly Business
Barometer Index now stands at 106.2 (1988=100), or three points
above its September level. "This is still below the average levels recorded
over the past four years, but it shows that the small- and medium-sized
business economy is in growth mode," Mallett said. The survey results also
show that retailers are generally optimistic about the current holiday season,
despite retail performance being mixed.
CFIB's chief economist, Ted Mallett, says that about 40 per cent of all
business owners report their firms are doing much better or slightly better
than 12 months ago, while 27 per cent are doing somewhat or much worse. For
the next three months, 30 per cent of owners say they expect much stronger and
somewhat stronger performance and 23 per cent predict weaker results. Longer-
term expectations are more positive, with 47 per cent of all business owners
expecting improved performance for their firms in a year's time, while
38 per cent expect their firms' performance to remain stable. The remaining
15 per cent expect a weakening in their businesses during 2006.
Coast to coast, the December results show a convergence of expectations.
Businesses in Alberta and BC continue to be the most optimistic, although
their indexes are at one- to two-year lows. Nova Scotia and Ontario businesses
have expectations that generally mirror the national average. Results in the
remaining provinces are slightly below the national average.
While the November-December sales period is traditionally slow for many
businesses, it is critical for many retailers. The survey found that their
expectations are, generally, on the rise even though their current performance
is rather mediocre. Compared to last year, only 37 per cent of retailers say
they are performing at a stronger level, while 32 per cent say performance is
worse and the remaining 31 per cent say they are doing about the same.
The strongest retail performance this season has been for businesses
carrying prescription drugs, sporting goods, home and garden supplies, home
electronics, musical instruments, women's clothing and household furniture.
Results are not positive, however, for men's clothing, gasoline, general
merchandise, recreational vehicles, groceries and, perhaps surprisingly in the
holiday season, jewellery.
"On the employment front, there is a strong increase in hiring plans,"
Mallett said. "We found that almost a third of business owners now expect to
increase full-time employment in the next 12 months. That's just slightly less
than the record high recorded in March."
Stronger prospects for the coming year also mean that fewer business
owners are expecting to cut back employment. Less than eight per cent of
respondents expect to cut full-time jobs in the next 12 months. Part-time
employment is expected to remain stable for 80 per cent of firms, decrease for
six per cent and rise for 14 per cent. Firms in the business services and
manufacturing sectors have the strongest plans for increasing employment.
Agriculture and retail trade, which traditionally have the lowest job
prospects, have also posted respectable employment growth expectation.
The most common difficulties faced by businesses continue to revolve
around input prices, particularly energy costs. Insurance costs remain a
significant concern. Interest rates have climbed since the fall, and there has
been an increase in the number of business owners reporting more difficult
access to bank financing, from 11 per cent in September to 18 per cent in
December.
With employment needs still on the rise, labour shortages are showing no
sign of easing. Attracting labour has become a greater need for many
businesses and higher market wages are the result. More than 37 per cent of
businesses expect to increase wages by more than 2 per cent in the next 12
months, and 24 per cent plan to increase them at 2 per cent.
The survey was conducted via fax and e-mail between November 21 and
December 2 2005 and drew 2,402 responses. The national results are accurate to
within +/- 2.0 percentage points, 19 times out of 20.
-30-
/For further information: contact Judy Langford or Gisele Lumsden at
(416) 222-8022 (or via e-mail judith.langford@cfib-fcei.ca or
gislum@cfibmail.com); The full report is available on the CFIB web site at
www.cfib.ca/
9:47:41 AM
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December 14, 2005
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Planning now will pay off at tax time 2006: Year-end Tax-Tips from Chartered Accountants of Ontario TORONTO, Dec. 14 /CNW/ - For Ontario's Chartered Accountants, every
season is tax time as they plan to help clients and their businesses save,
make and defer money. The end of the year is an especially important time for
people to start thinking about their taxes with an eye to minimizing the hit.
Here are some recommended tax tips from the Institute of Chartered
Accountants of Ontario.
For Businesses:
---------------
1) Make your "assets" work harder
If planning on buying equipment or other capital assets in the New
Year, there are tax advantages in making the purchase before
December 31, 2005.
For such purchases, you can claim one-half the normal capital cost
allowance (CCA) in the year it is made. Thus, making the buy near
year-end allows you to write-off more of the asset than has actually
worn out, while creating additional savings for the company through
an additional tax expense. In turn, this reduces the installments
the business has to make in 2006, thus creating additional cash
flow.
Also, remember that the capital asset is "available-for-use" prior
to the end of the year in order to claim CCA.
2) Make inventory pay for its keep
Count inventory on hand at December 31, making note of all obsolete
or damaged inventory, and then writing down or writing-off said
inventory, which creates an additional tax deduction.
3) Have bad debts save you money
Review accounts receivable at December 31, 2005 to collect as much
as possible. Take note, however, of old accounts so to determine
whether to claim an allowance for doubtful debts, which creates an
additional expense so the business does not pay tax on income until
it is eventually collected.
4) Have charity start at home (or business!)
If your business regularly gives to charities, consider making
donations prior to the year-end so to claim the benefit in this tax
year.
5) Spend money to save money
Increase Expenses: Purchase items now - if cash flow permits - that
your business will need in the immediate future so to maximize
deductions for this year. Stock up on fax paper, printer cartridges,
stationery and other office items.
Use caution, however, because expenses that are prepaid - such as
rent and insurance - will not be deducted from your income until
2006.
For "Owner-manager" Small Business:
-----------------------------------
6) Make the corporation pay!
In certain situations, a corporation can be used to split income
with family members who are 18 years of age or older. Family members
can subscribe for shares of your small business corporation at fair
market values. They then can receive dividends from your corporation
out of its after-tax profits - and you can split income.
7) "Neither borrower nor lender be?"
Consider charging interest on any loans you've made to the company.
If the owner-manager, as shareholder, has a loan with the
corporation, interest at a reasonable rate can be paid to the
shareholder instead of salary - with a deduction to the corporation
and income to the shareholder, but payroll taxes avoided.
8) Compare dance partners
If you are lucky enough to run a larger "small enterprise" in
Ontario with $5 million in taxable capital, aim to reduce that
capital before year-end. Make sure to compare provincial capital
taxes and Federal Large Corporations Tax, as some jurisdictions have
begun to reduce - and in some cases eliminate - capital tax.
9) Keep it in the family
If your spouse or children work for you, consider paying them a
reasonable, market-rate salary. Salaries paid reduce your income
while at the same time taxed in their hands, possibly at lower
marginal rates than if the income had been paid to you. They also
provide family members with earned income for RRSP contributions.
For Independent Professionals:
------------------------------
10) "Time is money" - and keep the money for longer!
If you are a professional who charges clients for hours worked,
consider delaying invoicing until January 2006 so to postpone income
until next year. Self-employed professionals do not have to report
income from work-in-progress - only when they actually issue an
invoice.
While all of the above tips are great at reducing income - care must be
exercised:
- Businesses that rely on bank financing may have certain key
financial targets that must be maintained, such as debt/equity
ratios;
- Carefully evaluate these items to ensure that any tax-savings tip
employed will not jeopardize other business commitments;
- In addition, you must evaluate the overall status of your business
if you project the business's income will be much higher in 2006
than in 2005. Delaying income or accelerating expenses may shift
income that would be taxed at a much lower rate in 2005 to a much
higher rate of tax in 2006.
As always with all such advice, consult your Chartered Accountant before
implementing any of the above strategies, to make sure that they are best
suited to your particular circumstances!
Reporters:
The Institute has qualified Chartered Accountants available for
interviews on these and other tax topics during December 2005 holiday season.
For more information or to arrange interviews with CA tax specialists in your
community, please contact:
Perry Jensen
Associate Director of Media Relations
The Institute of Chartered Accountants of Ontario
Direct: 416-969-4271
Toll free: 1-800-3870735 ext. 271
pjensen@icao.on.ca
About the Institute of Chartered Accountants of Ontario:
The Institute of Chartered Accountants of Ontario is the qualifying and
regulatory body of Ontario's 31,000 CAs and 3,500 CA students. Since 1879, the
Institute has protected the public interest through the CA profession's high
standards of qualification and the enforcement of its rules of professional
conduct. The Institute website is: www.icao.on.ca
-30-
/For further information: or to arrange interviews with CA tax
specialists in your community, please contact: Perry Jensen, Associate
Director of Media Relations, The Institute of Chartered Accountants of
Ontario, Direct: (416) 969-4271, Toll free: 1-800-387-0735 ext. 271,
pjensen@icao.on.ca/ Planning now will pay off at tax time 2006: Year-end Tax-Tips from Chartered Accountants of Ontario TORONTO, Dec. 14 /CNW/ - For Ontario's Chartered Accountants, every
season is tax time as they plan to help clients and their businesses save,
make and defer money. The end of the year is an especially important time for
people to start thinking about their taxes with an eye to minimizing the hit.
Here are some recommended tax tips from the Institute of Chartered
Accountants of Ontario.
For Businesses:
---------------
1) Make your "assets" work harder
If planning on buying equipment or other capital assets in the New
Year, there are tax advantages in making the purchase before
December 31, 2005.
For such purchases, you can claim one-half the normal capital cost
allowance (CCA) in the year it is made. Thus, making the buy near
year-end allows you to write-off more of the asset than has actually
worn out, while creating additional savings for the company through
an additional tax expense. In turn, this reduces the installments
the business has to make in 2006, thus creating additional cash
flow.
Also, remember that the capital asset is "available-for-use" prior
to the end of the year in order to claim CCA.
2) Make inventory pay for its keep
Count inventory on hand at December 31, making note of all obsolete
or damaged inventory, and then writing down or writing-off said
inventory, which creates an additional tax deduction.
3) Have bad debts save you money
Review accounts receivable at December 31, 2005 to collect as much
as possible. Take note, however, of old accounts so to determine
whether to claim an allowance for doubtful debts, which creates an
additional expense so the business does not pay tax on income until
it is eventually collected.
4) Have charity start at home (or business!)
If your business regularly gives to charities, consider making
donations prior to the year-end so to claim the benefit in this tax
year.
5) Spend money to save money
Increase Expenses: Purchase items now - if cash flow permits - that
your business will need in the immediate future so to maximize
deductions for this year. Stock up on fax paper, printer cartridges,
stationery and other office items.
Use caution, however, because expenses that are prepaid - such as
rent and insurance - will not be deducted from your income until
2006.
For "Owner-manager" Small Business:
-----------------------------------
6) Make the corporation pay!
In certain situations, a corporation can be used to split income
with family members who are 18 years of age or older. Family members
can subscribe for shares of your small business corporation at fair
market values. They then can receive dividends from your corporation
out of its after-tax profits - and you can split income.
7) "Neither borrower nor lender be?"
Consider charging interest on any loans you've made to the company.
If the owner-manager, as shareholder, has a loan with the
corporation, interest at a reasonable rate can be paid to the
shareholder instead of salary - with a deduction to the corporation
and income to the shareholder, but payroll taxes avoided.
8) Compare dance partners
If you are lucky enough to run a larger "small enterprise" in
Ontario with $5 million in taxable capital, aim to reduce that
capital before year-end. Make sure to compare provincial capital
taxes and Federal Large Corporations Tax, as some jurisdictions have
begun to reduce - and in some cases eliminate - capital tax.
9) Keep it in the family
If your spouse or children work for you, consider paying them a
reasonable, market-rate salary. Salaries paid reduce your income
while at the same time taxed in their hands, possibly at lower
marginal rates than if the income had been paid to you. They also
provide family members with earned income for RRSP contributions.
For Independent Professionals:
------------------------------
10) "Time is money" - and keep the money for longer!
If you are a professional who charges clients for hours worked,
consider delaying invoicing until January 2006 so to postpone income
until next year. Self-employed professionals do not have to report
income from work-in-progress - only when they actually issue an
invoice.
While all of the above tips are great at reducing income - care must be
exercised:
- Businesses that rely on bank financing may have certain key
financial targets that must be maintained, such as debt/equity
ratios;
- Carefully evaluate these items to ensure that any tax-savings tip
employed will not jeopardize other business commitments;
- In addition, you must evaluate the overall status of your business
if you project the business's income will be much higher in 2006
than in 2005. Delaying income or accelerating expenses may shift
income that would be taxed at a much lower rate in 2005 to a much
higher rate of tax in 2006.
As always with all such advice, consult your Chartered Accountant before
implementing any of the above strategies, to make sure that they are best
suited to your particular circumstances!
Reporters:
The Institute has qualified Chartered Accountants available for
interviews on these and other tax topics during December 2005 holiday season.
For more information or to arrange interviews with CA tax specialists in your
community, please contact:
Perry Jensen
Associate Director of Media Relations
The Institute of Chartered Accountants of Ontario
Direct: 416-969-4271
Toll free: 1-800-3870735 ext. 271
pjensen@icao.on.ca
About the Institute of Chartered Accountants of Ontario:
The Institute of Chartered Accountants of Ontario is the qualifying and
regulatory body of Ontario's 31,000 CAs and 3,500 CA students. Since 1879, the
Institute has protected the public interest through the CA profession's high
standards of qualification and the enforcement of its rules of professional
conduct. The Institute website is: www.icao.on.ca
-30-
/For further information: or to arrange interviews with CA tax
specialists in your community, please contact: Perry Jensen, Associate
Director of Media Relations, The Institute of Chartered Accountants of
Ontario, Direct: (416) 969-4271, Toll free: 1-800-387-0735 ext. 271,
pjensen@icao.on.ca/
8:30:50 AM
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December 13, 2005
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Government red tape costs business $33 Billion a Year OTTAWA, Dec. 12 /CNW/ - It costs Canadian businesses a staggering
$33 billion a year to comply with the countless rules imposed by all levels of
government, according to a report by the Canadian Federation of Independent
Business (CFIB). This estimate includes the time and money spent on everything
from figuring out how high a business can hang its sign, to complying with
legislation such as the federal privacy laws and filling out tax forms.
"With $33 billion, you could eliminate the GST," Garth Whyte, CFIB's
executive vice-president, said. "$33 billion represents 2.6 per cent of our
national GDP."
The report, Rated R: Prosperity Restricted by Red Tape, concludes that
while some regulation is necessary, too much of it limits consumer choices,
raises prices, frustrates entrepreneurship and reduces productivity and
innovation.
"If governments are serious about Canada's competitiveness, they had
better get serious about reducing this burden," Whyte said, pointing out that
63 per cent of survey respondents said regulation "significantly reduces"
productivity in their business. When asked what they would do if this burden
was lightened, six in ten small business owners said they would invest in new
equipment or business expansion.
Whyte further noted that small businesses are hit especially hard, since
they don't have the resources to deal with the truckloads of rules. Most
Canadian businesses have fewer than five employees and pay more than $5,300
per employee every year to follow government rules. Meanwhile, firms with 100
employees or more pay $1,100 per employee.
Whyte said that while CFIB has put a dollar cost to regulation, few
Canadian jurisdictions have taken it upon themselves to measure the burden in
any way. This lack of accountability is the very reason why countless
government attempts to address 'red tape' have failed.
"There's public debate - as there should be - when a tax is raised or
lowered. But what happens when a new regulation is introduced? Nothing. We
have no idea how much regulation we have. Yet businesses continually state the
regulatory burden is the second biggest issue they face. This disconnect has
to change," said Whyte.
The report points to one central solution: increased accountability. This
requires political leadership that commits to determining how much regulation
there is, setting clear goals for reduction and publicly reporting its
progress in reaching those goals. Businesses in jurisdictions that have taken
up the challenge - like British Columbia - are seeing a big difference.
"This is a non-partisan issue that should be a priority for all our
politicians. It should be part of the federal election," Whyte said. "In a
global economy, companies are only as competitive as their government policies
allow them to be. We believe Canadian governments must do everything they can
to remove obstacles to productivity. This starts with a commitment to reducing
the compliance burden on Canadian firms."
The full report is available at www.cfib.ca
-30-
/For further information: Rob Taylor at (613) 235-2373 or Judy Langford
at (416) 222-8022/
8:25:22 AM
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Shop Safely this Holiday Season TORONTO, Dec. 12 /CNW/ - Millions of Canadians will be doing their
holiday shopping in the coming days and weeks. Just in time for the season,
the Canadian Bankers Association (CBA) is providing tips to help Canadians
shop safely during the busiest shopping days of the year.
"Whether you're using cash, your debit card or your credit card, and even
carrying identification there are a few simple steps you can take to ensure
that you shop safely," said Caroline Hubberstey, Director of Public and
Community Affairs at the Canadian Bankers Association. "To help consumers, the
Canadian Bankers Association has useful tips on our website and in our
information booklet, Safeguarding Your Money."
Here are some of the CBA Safe Holiday Shopping Tips, and more are
available on the CBA's website at www.cba.ca:
- Treat your debit and credit cards like cash and protect them in the
same way.
- Always protect the Personal Identification Number (PIN) for your
debit card. Never share it with anyone, never write it down, and
always shield it when entering it on a keypad.
- Always check your credit card when returned to you after making a
purchase to ensure that it is yours.
- Never give your credit card number or personal banking information
out over the phone or while shopping online unless you have initiated
the transaction and know you are dealing with a reputable company.
- If your debit or credit card is lost or stolen, report it to your
financial institution immediately.
- Only carry the cards and personal identification that you need with
you; leave the rest at home.
"Following these tips isn't a once a year thing. This is all about
getting into the habit of practicing a few simple steps that will make your
shopping experiences safer throughout the year," said Ms. Hubberstey.
On a per capita basis, Canadians are the biggest users of debit cards in
the world. And, according to the Interac Association, in 2004 Canadians made
more than 2.8 billion Interac Direct Payment purchases worth $124 billion. In
the same year, Canadians made more than 1.6 billion transactions on their Visa
and MasterCards, totalling nearly $170 billion.
The CBA's free booklet, Safeguarding Your Money, is available through the
CBA's website at www.cba.ca or by calling 1-800-263-0231. In the booklet,
Canadians will find more detailed information on how banks work to protect
customers and tips and recommendations that consumers can use to reduce their
risk of becoming a victim of fraud.
The Canadian Bankers Association is an industry association representing
the domestic and foreign chartered banks of Canada and their 239,000
employees.
-30-
/For further information: Melanie Minos, Manager, Media Relations,
Tel: (416) 362-6093, ext. 220, Cell: (416) 587-7733, E-mail: mminos@cba.ca/
8:25:06 AM
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2006
MoneySearch.ca.
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09/02/2006; 1:56:34 PM.
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