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.
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 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.
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].
Changes to building code positive for forest industry
TRURO - A recent announcement the province of Nova Scotia will align its building code with the National Building code is positive news for the forest industry and the overall economy of the province, say area chambers.
“This is a positive change that has the potential to boost timber sales in this region while supporting the overall economy of the province,” says Alex Stevenson, President of the Truro & Colchester Chamber of Commerce. “At a recent carbon pricing discussion hosted by the Chamber, panel experts outlined how locally sourced timber used in construction can help to reduce greenhouse gas emissions as the timbers store naturally captured carbon for the long term.”
The changes that came into effect April 1, allow for the maximum height of timber structures to increase from four to six storeys. The Fire Safety Act and Regulations will also be changed to enhance safety requirements for the taller wood buildings.
This will offer flexibility to designers and developers in their choice of building products in structures up to six storeys, while promoting the broader use of wood which can be locally sourced, providing valuable employment and economic spinoffs while offering sustainable ‘green’ building solutions.
“Our sawmills are vital to the rural economy but they are often at the mercy of ever changing lumber markets in North America and off shore,” says Jack Kyte, Executive Director, Pictou County Chamber of Commerce. “The announced changes offer the opportunity to increase lumber sales right here in Nova Scotia and provide more stability for producers.”
Eight percent of the province’s annual wood harvest is done in Colchester County and nine per cent in Pictou County.
Nova Scotia forests cover four million hectares, or 75 per cent of the province. The forest industry provides 11,500 direct and indirect jobs to Nova Scotians, contributing an economic impact of $2.1 Billion and $800 million to the provincial GDP.
2017 Federal budget cautious with minimal positive impact for business
2017 Federal budget cautious with minimal positive impact for business
Photo caption: Greg Mosher of MNP reviews the 2017 federal budget during a luncheon on March 23.
TRURO- A wait-and-see approach of the Federal budget does little to support small business growth.
“From the perspective of our member businesses it appears the budget will have minimum impact,” said Alex Stevenson, President of the Truro & Colchester Chamber of Commerce.
“Our Chamber shares the concerns of the Canadian Chamber of Commerce, which includes a need for government to reduce the cost of doing business in Canada and improve competitiveness.”
The March 22 budget offered new programs for enhanced skill and workplace development, however, there is concern these investments are partially funded by EI premiums set to increase in fiscal 2018-19 by five cents, up to $1.68 per $100 of insurable earnings.
“We welcome the focus on skills and innovation, but are less enthusiastic about an increase in EI premiums to partially fund skills training costs,” said the President.
The Chamber was pleased to see the federal government kept its pre-budget promise to avoid taxation of employee health benefits following a national campaign lobbying against that move.
Investment in trade-enabling infrastructure to boost productivity fell below Chamber expectations, an area Stevenson said the Chamber would like to see an enhanced focus. Those investments represent just 11 per cent of the total $120 billion in spending, with the remainder going toward green and social infrastructure.
“We also have concern regarding the deficit spending of $23 Billion in 2017 and $28.5 Billion by end of 2018. This will increase the overall debt and this in turn impacts our future.”
The Truro & Colchester Chamber of Commerce has been the voice of business in this region for 127 years. It represents more than 435 member businesses and advocates on their behalf at all levels of government on issues of political, economic and social importance.
Truro & Colchester Chamber of Commerce elects new officers
TRURO – The Truro & Colchester Chamber of Commerce recently celebrated 127 years serving the business community at its annual general meeting held in Truro. A new slate of officers and directors was elected by the membership which will see Alex Stevenson of CIBC step into the president’s seat.
Stevenson recognized the commitment to the organization of past-president Andrew Lake who served two consecutive terms.
“Over the past two years, his leadership, dedication, commitment and collaboration has raised the profile of the Chamber,” said Stevenson. “ He has guided it to the successful completion of a number of key initiatives.”
He thanked Lake for his efforts to engage members and stakeholders and offering leadership in a strategic planning process, “to help focus the chamber to maintain relevance and integrity through updated internal policies and strengthened board governance.”
“Going forward, my intention is to continue to build on the momentum we have created and continue to focus on the key initiatives that we have outlined in our 2017 Business Plan,” said newly elected president. “These initiatives include serving our membership, supporting tourism marketing efforts, advancing our economic development initiative, lobbying for transportation and infrastructure improvements, supporting youth retention, focusing on operational excellence, promoting investment and opportunities in information and communication technology and to work with all stakeholders to support a sustainable and prosperous business environment.
“We are also committed to establishing our Vision – where we see the Colchester business community as collaborative, connected and thriving.”
Other newly elected executives and directors are: Vice-President Dan Clarke, Stanfields; Treasurer Joanne McRae, MNP; Solicitor Heidi Walsh-Sampson, Patterson Law; and Directors Don Locke, RBC; Dr. David Gray, Dean of Dalhousie Agricultural Campus; Karen Baillie, Elegant Steps; Karen Gillespie, Nova Scotia Community College; Fran Grant, Remax/Fairlane Realty; Matt Robblee, Caldwell-Roach Insurance; Ron Smith, Old Fletcher’s Farm Property Ltd., Masstown Market; Bob Brown E. Lynds Enterprises; Nancy Johnstone, Lock and Stone Property Management; Peter Theisen P.T. Property Care; Connie Baird, Party Time Rentals and Sam Abushenaf, PuroClean Restorations.
Lake , Will-Kare Paving and Contracting, will remain on the board as past-president.
We are fortunate to have a board comprised of dedicated, progressive and engaged professionals who volunteer their time for the betterment of our business community,” said Stevenson.
Business Development Enterprise identifies board, sets priorities
TRURO - A pilot project focused on business attraction and retention has taken a step forward with the selection of a business-led board.
The nine-person board was selected following a nomination process which saw many diverse individuals across the county express an interest in participating. Those chosen for the inaugural board are Jo Ann Fewer, Dr. David Gray, Stephanie Jones, Dianne Kelderman, Jennifer Hamilton-Upham, Bruce Casey, Mark Wood, Don Hay and Steve Johnston.
“We saw a tremendous response from the business community with so many high quality candidates,” said Truro Mayor Bill Mills. “Choosing who would be part of the initial board was difficult, however, we feel we have a diverse group that balances youth, experience and business backgrounds that bring skill and knowledge we need at the table.”
In the weeks ahead, the board will be tasked with preparing a budget, setting a strategic direction and identifying staffing needs to meet an anticipated launch of early spring.
“Our Councils recognize collaboration with the business community is key,” said Colchester County Mayor Christine Blair. “Who better than those in business to lead this initiative of growing our economy? Their knowledge is crucial to our success.”
The business development enterprise, a combined effort of the Colchester region municipalities, Millbrook First Nation and the business community, will bring a focused approach to business attraction and retention in this area.
“Collectively, the funding partners, key stakeholders and the new board are excited and enthusiastic about the opportunities an identifiable regional business development organization offers the region,” said Andrew Lake, President of the Truro & Colchester Chamber of Commerce. “It will support existing and prospective business while being catalyst to job creation and population growth.”