Chamber hosting event to discuss proposed federal tax changes
News Release
Chamber hosting event to discuss proposed federal tax changes
TRURO - The Truro and Colchester Chamber of Commerce is actively lobbying against proposed changes to federal tax policy that have the potential for widespread repercussions to small business in Canada.
The Department of Finance Canada is considering major changes to how corporations are taxed. The proposed rules could have a significant impact on many Canadian businesses: potentially raising taxes, increasing the administrative burden on SMEs and heightening the impact on family-run businesses.
“The Truro and Colchester Chamber of Commerce is concerned about the potential impacts on business resulting from the Federal Government’s proposed tax changes,” said Chamber President Alex Stevenson. “As the ‘voice’ of more than 400 member businesses in this region, we are engaged in advocacy efforts to express our member’s concerns directly to the Federal Government.”
The Chamber has fielded a number of inquiries from concerned businesses, uncertain of the implications of the proposed changes. This Chamber joins an intensive national lobbying effort by the Canadian Chamber of Commerce representing 20,000 Canadian businesses.
Stevenson and Executive Director Sherry Martell met with Cumberland-Colchester MP Bill Casey on Aug. 29 to share concerns expressed by local businesses regarding the potential changes. The Chamber has also engaged in discussions with industry advocates who have similar concerns.
The tax changes are aimed at three areas, income sprinkling, which allows business owners to lower their tax rate by splitting income with family members in lower tax brackets; Capital gains, targeting people who claim regular business income as capital gains which are taxed at a lower rate; and passive income, limiting so-called “passive investment income” which involves removing cash from a business to invest in things such as real estate, rather than reinvesting in the company.
On Sept. 13 the chamber will be hosting a lunch session with Greg Mosher, senior accountant at MNP LLP, to help businesses potentially affected by the proposed changes understand the impact on their operations. This event is open to everyone, members and non-members, and will be held at the Holiday Inn, beginning at noon. Pre-registration is required. The cost is $20 for members plus HST and $25 for non-members. For more information or to reserve a seat, call 902-895-6328 or email [email protected]
Chamber and member partners launch new award to support start-ups
TRURO –The Truro & Colchester Chamber of Commerce is pleased to announce the launch of its inaugural Start-Up Legacy Award Investing in Entrepreneurs provided in partnership with several of its members.
This new award, designed to offer support to a budding local entrepreneur, will be presented in October during BDC Small Business Week to assist the recipient in taking their venture to the next level.
“Encouraging new business start-ups is important for the future economic prosperity of our region,” said Chamber President Alex Stevenson. “The Start-Up Legacy Award is one example of how the Truro and Colchester Chamber of Commerce is working to support these efforts.
Stevenson said the new award aligns with the organization’s vision, where they see the Colchester business community as collaborative, connected and thriving.
A viable start-up located within Truro and Colchester region, a business that is just beginning to develop, will be identified through a submission selection process and provide it with a one-time $2,500 cash prize as well as in-kind supports, products and services, from our partnering businesses Caldwell Roach Insurance, Burchell MacDougall Lawyers, Colchester Printing, Sid Sells Signs, D & D Bookkeeping, Caliper Canada, CBDC and Hub Now.
The total prize package is valued at about $9,000.
The Chamber is now welcoming submissions for this legacy award. Details and a submission form can be found on the Chamber’s website and Facebook page. Finalists will be selected from submissions received by Friday, Sept. 29, 2017 and will be invited to share their idea with a panel of judges from partnering sponsors in early October.
Legacy award -link
http://survey.constantcontact.com/survey/a07eek8vk1bj7829vzt/start
This program is open to an individual or partners with a business idea that needs capital and professional support. To qualify, you must live within Truro or Colchester region and your business must also operate here.
All entrepreneurs must have ideas or business models in the start-up phase and have earned less than $5,000. Your business idea should stand apart from current businesses in the area, giving you a unique edge on the competition. You must also demonstrate that the funds and support services will have a meaningful impact on business growth and job creation in the local area.
The Chamber is excited to include this new award in its lineup of events during BDC Small Business Week.
The Chamber is now accepting nominations for the following small business awards: New Small Business of the Year, sponsored by Community Credit Union; Small Business Achievement, sponsored by PWC; Export Achievement Award sponsored by NSBI; Small Business Innovation, sponsored by RBC; Excellence in Community Development award sponsored by the Town of Truro; Agriculture/ Agri Small Business Award, sponsored by MNP LLP; and Small Business Growth Award, sponsored by BDC.
“Small business represents 97.9 per cent of all employer businesses in Nova Scotia, therefore hosting the small business awards is very important to the Truro and Colchester Chamber of Commerce,” said the President. “We’re also very honoured to play a role in recognizing small business excellence in our region.”
Award nominations link
http://survey.constantcontact.com/survey/a07eefeqfitj5s8v5v6/start
A link to the nomination online form is posted on www.trurocolchesterchamber.com and the Chamber Facebook page. You may also download a form from those locations or hard copies are available from the chamber office at 605 Prince St. (Marigold Cultural Centre), Truro. Nominations for the Small Business Week Awards will be accepted by the Chamber until Oct. 5/17.
Chamber events are open to members and future members. Join them in supporting the local business community. For more information about Chamber activities and events, visit our website www.trurocolchesterchamber.com or our Truro Colchester Chamber Facebook page.
Truro & Colchester Chamber of Commerce Receives Accreditation
TRURO – The Truro & Colchester Chamber of Commerce has been accredited for a period of three years by the Chamber Accreditation Council of Canada (CACC).
The organization now joins a group of elite chambers of commerce in Canada demonstrating to the business community the Chamber is run in a strategic and professional way with the operations reflecting national standards of business excellence.
“The Truro and Colchester Chamber of Commerce is proud to receive accreditation, a formal acknowledgement that it has been successfully evaluated by the CACC against rigorous national standards of policy, service and performance,” said Alex Stevenson, president. “The accreditation is reflective of the excellent work delivered by the Chamber Board and its staff. Special congratulations are in order for our Executive Director, Sherry Martell for her leadership on this file.”
The national accreditation program is designed to recognize chambers that satisfy a set of high standards and practices.
The Truro-based Chamber represents about 420 members across Colchester County and beyond. It has served as the principle voice of business in the region for 127 years on topics of political, economic and social importance.
Adding to the satisfaction of this achievement is The Truro & Colchester Chamber of Commerce was one of just two chambers across Canada to test a new online-submission accreditation pilot program.
“Our Chamber was pleased to be a pioneer of a new pilot process for accreditation that reduces the handling of materials, creates efficiencies and enhances the outcome of the program,” said Stevenson.
The rigorous accreditation process ensures its membership that the chamber has a strategic focus on core chamber activities, uniform practices and policies across the network, dependable governance procedures, distinctive brand identity, a stronger “voice of business” in the community and an increased role in national and international policy advocacy.
The local Chamber will be officially recognized for achieving accreditation at the Canadian Chamber of Commerce AGM in Fredericton, N.B., in September.
For more information about the Truro and Colchester chamber contact the office at 902-895-6328 or email [email protected] .
Policy Alert: Finance Canada Is Considering Major Changes to How Corporations Are Taxed
The Department of Finance Canada is considering major changes to how corporations are taxed. The proposed rules could have a significant impact on many Canadian businesses: potentially raising taxes, increasing the administrative burden on SMEs and heightening the impact on family-run businesses. On July 18, Finance Canada launched a consultation on how “tax-planning strategies involving corporations are being used to gain unfair tax advantages.” The document contains proposed policies to close these “loopholes.” There are four key changes that will affect business:
- Sprinkling income using private corporations: The government wants to tighten rules to prevent a business owner from unfairly transferring income to family members who are subject to lower personal tax rates. In certain circumstances, owners would have to demonstrate that wages and dividend payments are “reasonable.”
- Multiplying the Capital Gains Exemption: When an individual sells a small business, the first $850,000 of capital gain is exempt from taxes. The government wants to prevent tax planning structures that enable multiple family members to use their exemptions.
- Reducing the tax deferral advantage on portfolio investment inside a corporation: Currently, an owner can accumulate portfolio earnings inside a corporation and pay corporate income tax rates (which are generally much lower than personal rates). The owner defers paying personal income or dividend taxes until the money is taken out of the business. The government is considering alternatives that would reduce this tax advantage.
- Converting a private corporation’s regular income into capital gains: Income is normally paid out of a private corporation in the form of salary or dividends that are taxed at the owner’s personal income tax rate. In contrast, when a business is sold, it is taxed as a capital gain, where only one-half of capital gains are included in income, resulting in a significantly lower tax rate on income that is converted from dividends to capital gains. The government wants to tighten the rules to prevent certain tax planning structures, but it is open to more favourable treatment for genuine family business transfers.
The Canadian Chamber of Commerce and its Taxation Committee are currently studying how the proposed changes will affect members in different industries, in family businesses and those with different ownership structures. We will be submitting recommendations to Finance Canada. Should you wish to participate or provide input, please email Hendrik Brakel. In particular, we are looking for detailed examples and cases of how a specific small business will be affected by the changes. We feel concrete examples will be most effective in making our case for easing the changes. We would ask that you send them to us by August 11. Click here to view the consultation documents released by Finance Canada.
Chamber hosting Project Management Professional training program
Chamber hosting
Project Management Professional (PMP) Certification Examination Preparation Program Training
From Sept. 6 to Nov. 8, 2017
Ten weekly sessions: 1 PM to 4:30 PM on Thursdays
If you qualify, the course fee of $5,000 will be covered by Workplace Innovation and Productivity Skills Incentive Funding (WIPSI) by applying through the Truro & Colchester Chamber of Commerce. Space is limited so apply early.
The Project Management Professional (PMP) certification is one of the most highly regarded and in-demand certifications today. Many organizations manage their work as projects, and knowing the Project Management Institute's (PMI) proven methodologies is an asset to anyone who manages projects.
To get a PMP certification, you need to meet PMI's experience and educational requirements, and pass an exam geared to project management knowledge. This program prepares you thoroughly for the exam.
The facilitator, Dan Fay, M.Eng., PMP, of BrenDaniel Productions Corp. has assisted thousands of individuals and organizations in getting their PMP certification.
35 hours of education in project management
Project Management Institute (PMI) membership and Nova Scotia Chapter membership
The PMP Certification Examination Application Fee
The Guide to the Project Management Body of Knowledge (PMBOK)
Audio files for PMP Preparation, from BrenDaniel's e-learning system
A Workbook
Practice Tests
Guidance on your PMP application
Coffee/tea and snacks during the course
To learn more,
please come to an information session and lunch at the Chamber on July 20, from noon to 1 PM.
Contact the Chamber office to register:
902-895-6328 or [email protected]
Why Become a PMP?
* You will produce better business results
*Studies show PMP's earn higher salaries than non-certified Project Managers
*You will have the confidence that you are managing your projects according to an international standard
*You will experience smoother running projects as you will have tools and techniques from project definition, planning, execution, monitoring and control and closing.
*Your organization will benefit from better communications, leadership and implemented processes.
Chamber fundraising to support new economic development body
On June 23, the Truro & Colchester Chamber of Commerce hosted a rally in support of economic development introducing the board of directors of the new Truro-Colchester Regional Enterprise Network.
The Chamber is actively campaigning to raise $60,000 from the local business community as a key stakeholder of this new pilot project focused on business growth, attraction and retention. It is anticipated the province will match funds raised in this community.
Many businesses have pledged to support economic growth in the region. Please join them by calling the chamber office at 902-895-6328 or emailing [email protected] for more details.
The campaign will continue until the end of July.
Supporting businesses will be recognized at Chamber events during the three-year pilot project, as well as on the Truro & Colchester Chamber of Commerce website and other social media.
Chamber looks forward to working with newly elected MLAs to strengthen economy
News Release
May 31, 2017
Chamber looks forward to working with newly elected MLAs to strengthen economy
TRURO – The Truro & Colchester Chamber of Commerce congratulates the region’s three newly elected MLAs and looks forward to working with them on local issues.
Chamber president Alex Stevenson said the organization will build on established relationships with Truro-Bible Hill-Millbrook-Salmon River MLA Lenore Zann, Colchester North MLA Karen Casey and Colchester-Musquodoboit Valley MLA Larry Harrison. The three incumbents retained their seats following Tuesday’s provincial election, which saw the Liberals return to government for a second consecutive term.
“Constituents in this region had tough choices with many quality candidates in the race for seats,” said Stevenson.
Prior to the election, Nova Scotia chambers reached out to each of the parties to ask what their government would do to create an environment for business to thrive. Responses were shared with the Truro & Colchester Chamber of Commerce membership.
Stevenson said while a majority Liberal government provides an element of confidence and stability to the provincial economy, the Chamber will continue to monitor the progress of the party’s election platform that named creating a competitive tax environment, improving trade-enabling infrastructure, addressing service effectiveness within government, supporting innovations and investing in workforce attraction and retention as key priorities to support business.
The Chamber was also pleased to host a series of debates for the nine candidates running in each of the three local ridings prior to the election that offered them an opportunity to share their party platforms with the public.
The Chamber is looking forward to meeting with each of the newly elected MLAs in the coming weeks.
“Maintaining a respectful relationship with all of our elected officials is important to the Chamber,” Stevenson said. “We will continue to foster an awareness of issues impacting the local economy working together in the best interest of our business community.”
The local chamber represents more than 400 member businesses and has been the principle voice of business in the Colchester region for more than 127 years in matters of economic, social and political importance.
Chamber hosting provincial election candidate debates
Chamber hosting provincial election candidate debates
TRURO - The Truro & Colchester Chamber of Commerce has organized a series of three provincial election debates.
Chamber president Alex Stevenson said the Mission of the chamber is to act in the best interest of business in Truro and Colchester on matters of economic, social and political impact and hosting debates is a one way the organization strives to deliver to its membership.
“We feel it’s important to play a role during elections to host political debates as we’ve done in the past and will continue to do in the future,” said Stevenson. “Most importantly, hosting debates provides an opportunity for the community to come and listen to the candidate’s messages so that they can make an informed decision when it’s time to vote.”
Two debates will be held on May 23 at the Marigold Cultural Centre, 605 Prince St., Truro.
The first will be held at 6 p.m. for candidates campaigning in Colchester-North, including Liberal Karen Casey, NDP James Finnie and Progressive Conservative Rebecca Taylor.
A second debate will be held at 7:30 p.m. the same night for the candidates campaigning in Truro-Bible Hill-Millbrook-Salmon River, including NDP Lenore Zann, Liberal Craig Johnson and Progressive Conservative Keltie Jones.
The doors at the Marigold Centre will open at 5:30 p.m. and the first debate will begin promptly at 6 p.m.
The third debate will be held the following evening, May 24, at 6 p.m. at the Stewiacke Legion, 299 George St., and will include candidates campaigning in Colchester –Musquodoboit Valley; Progressive Conservative Larry Harrison, Liberal Matthew Rushton and NDP Janet Moulton.
Everyone is welcome to attend these free events, sponsored by the Nova Scotia Association of Realtors, to listen to the candidates answer questions about topics impacting the local economy and community.
No questions will be taken from the floor during the event. Suggested debate questions may be submitted in advance for consideration. Due to debate time restrictions a limited number of questions will be presented to the candidates. Email questions to [email protected] by May 22.
2017 gala award finalists announced
Truro & Colchester Chamber of Commerce announces 2017 gala award finalists
TRURO – The Truro & Colchester Chamber of Commerce is pleased to announce its 2017 gala award finalists.
Central Equipment Inc., owned by Anthony Waugh and Chad Bower, has been selected as the recipient of the Community Credit Union Business Excellence Award, and Jack and Andrew Roop of Roops Esso have been selected to receive the BDC Business Persons of the year Award.
“Central Equipment Ltd. and Jack and Andrew Roop join an impressive list of business leaders to be recognized by the Chamber at its annual gala dinner and awards,” said Chamber President Alex Stevenson. “They are committed to providing excellent customer service and employment opportunities in Colchester County, along with supporting community events and organizations.
The awards will be presented on April 27 during the Chamber’s 127th annual gala dinner celebration at the Holiday Inn. The cost is $50 (+HST) per seat for members and $55 (+HST) for non-members. To reserve seats call the Chamber office at 902-895-6328, or email [email protected].
The Community Credit Union Business Excellence Award recognizes leadership achieving a demonstrated growth in sales, workforce investment, community involvement, support of the local business community, commitment to the environment, innovation and job creation.
Central Equipment Inc. is celebrating 59 years in Lower Truro this year. The business employs more than 20 people, dedicated to providing top-of-the-line products and customer service, while supporting the community in a number of ways from volunteering with 4-H, to serving with fire departments and providing companionship to residents in special care homes, and more.
The BDC Business Person(s) of the Year Award acknowledges a founder, owner, CEO, president or manager who has achieved significant success showing strong leadership skills contributing to the growth of the business.
Jack and Andrew Roop “grew up” in the family business working alongside their parents who took over ownership in 1971. Jack joined the family enterprise in 2004, followed by Andrew 2006. The brothers have continued to expand the business offerings that began as a service station which includes a convenience store, Tim Hortons Drive-thru and NSLC agency store.
The Roop’s business employs up to 38 full-time and part-time employees during the summer tourist season in rural Colchester County.
Nominations for the Chamber awards were open to all businesses in Truro and Colchester County.
The gala awards dinner will feature guest speaker Cathy Bennett, CEO of Bennett Group of Companies, recipient of several Top CEO awards and recognized as one of the top 25 Women of Influence in Canada. Bennett is currently serving as the Minister of Finance and President of the Treasury Board for Newfoundland and Labrador.
Everyone is invited to celebrate the accomplishments of local business at the Chamber’s gala, which is open to members and future members.
Business fraud topic of chamber Lunch and Learn
TRURO – Business fraud will be the topic of an upcoming lunch and learn hosted in Truro by the Truro & Colchester Chamber of Commerce.
A new report by the Canadian Chamber of Commerce says the increasing frequency of cyber attacks is costing Canada billions of dollars a year, hindering the ability of business to compete in the global economy.
“Small businesses, which account for about 98 per cent of the Canadian economy, often lack financial resources and technical expertise to protect themselves, making them susceptible to cyber attacks,” said chamber president Alex Stevenson. “Businesses need to be informed of the risks to protect themselves and their customers.”
The chamber is pleased to host guest speakers Leah White and Jaime Rudolph of Grant Thornton at a Lunch and Learn in Truro on April 12 to discuss real cyber fraud cases and share how businesses can protect themselves against attacks.
White, a Partner, and Rudolph, a senior manager, are responsible for operational advisory services across the Atlantic region. They facilitate enterprise and business-level risk assessments, evaluating fraud prevention and detection programs and controls, and have extensive experience conducting risk and control advisory services for a variety of organizations in both the private and public sectors. They frequently present on fraud-related topics and facilitate workshops to help identify red flags of fraud when reviewing typical financial reports.
White and Rudolph will break down fraud to the basics, and deliver real-life stories offering valuable information on detecting the red flags and protecting your business from employee or cyber fraud.
During the lunch and learn a special guest from the office of Regulatory Affairs and Service Effectiveness will also share information about its new Business Navigator program.
The lunch and learn will be held at the Rath Eastlink Community Centre, noon (12 p.m.), Cost $20 per person. To RSVP, call 902-895-6328 or email [email protected].