Fredericton Chamber of Commerce "Insight" Sept. / Oct. 2013

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PUBLISHERSteve Boulter - Emerge Designs

PRINTERKwik Kopy Design & Print Centre

PROJECT MANAGERWendy Morrell

ADVERTISING CONSULTANTWendy Morrell

PRESIDENTChris [email protected]

CHIEF EXECUTIVE OFFICERKrista [email protected]

POLICY & RESEARCH MANAGERMorgan Peters [email protected]

EVENT MANAGERStacey [email protected]

BUSINESS IMMIGRANT MENTORSHIPPROGRAM PROJECT COORDINATOR Janet Moser [email protected]

OPERATIONS &COMMUNICATIONS MANAGERWendy [email protected]

BOOKKEEPER Brianne Phillips [email protected]

MEMBERSHIP DEVELOPMENT& MARKETING MANAGER Christine Little [email protected]

CONTRIBUTORSChris JohnstonKrista RossStacey MurrayMorgan PetersLee CoreyDave ArmstrongLieff SaloniusJana SteeleJorge Prudencio

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Please address all editorial and advertising inquiries to the Fredericton Chamber of Commerce, PO Box 275, 270 Rookwood Avenue, Fredericton, NB, E3B 4Y9, Canada. The Fredericton Chamber of Commerce is not held responsible for the loss, damage or any other injury to unsolicited material (including but not limited to manuscripts, artwork, photographs and advertisements). Unsolicited material must be included with self-addressed, overnight-delivery return envelope, postage prepaid.

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Fredericton Chamber of CommercePO Box 275, 270 Rookwood Avenue, Fredericton, NB E3B 4Y9Tel: (506) 458-8006 Fax: (506) [email protected]

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President’s Message

CEO’s Message

Chamber WelcomesNew Members

Advocacy Update

Corey Nutrition Company Inc.

Central Valley Adult LearningAssoc. Inc.

Celebrating the Success ofYour Business

The Spa Club

Science East

Member Pro�ile/ Events

Chamber’s Physician RecruitmentCommittee Hosts Reception

Shared Risk Pension Plan

Women Self Defence & Awarness

The Chamber Buzz

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68 Kent Street, Fredericton, NBCanada E3A 4Y1

Ph: 506.999.3332Fax: 506.206.5300Email: [email protected]

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s we celebrate small business in this issue of the magazine, it is important to keep in mind that while the businesses may be small, their collective impact on our economy and community is very large. In Canada, SMEs contribute over one quarter of the country’s GDP. In New Brunswick, 97% of businesses have fewer than 50 employees and these businesses employ one third of New Brunswickers . We also feel this impact at the chamber level with nearly 90% of members falling into this category. At the Fredericton Chamber of Commerce, we see our role as providing support to help all of our member businesses stabilize and grow. This is the central mission to all of our benefits and services. For our smaller members, a few chamber benefits can be particularly useful:

Health and Dental plan: Being able to tap into the chamber network’s health plan allows small business employers to level the playing field in terms of offering a competitive benefits package to employees. Particularly for small operations, being able to attract and retain the right employees is essential to success.

Networking: Several times per month, chamber members are presented with opportunities to make new connections and explore potential partnerships with other like-minded individuals in the community. For small businesses, personal connections can be the difference between surviving and thriving.

Professional Development: In response to our members’ feedback, the chamber has placed a greater emphasis on providing professional development opportunities over the past few years. From one hour to full day to eight-week sessions, the chamber provides at discounted rates the training that small

Chris Johnston, President

InsightSept.- Oct. 2013

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A business owners and employees need to compete in a variety of areas. Our annual membership survey is particularly useful in identifying the topics that members are most interested in learning.

Discounted rates for car rentals, fuel purchases and merchant point-of-sale services: With profit margins often being proportionately tighter for small businesses, being able to save money on needed business expenses on a daily basis can be a difference maker.

In October each year, the chamber celebrates small business in a couple of very visible ways. First, our Business Excellence Awards ceremony takes place on October 16th at the Delta Fredericton, where small businesses and entrepreneurs are recognized on an equal basis amongst our larger organizations. Second, Small Business Week is taking place across Canada during the week of October 21st. This year, the chamber, in conjunction with the Human Resources Association of New Brunswick is hosting a forum on one of the most commonly requested topics from our members – human resources practices.

Small business is the foundation of our economy on a couple of levels. First, as the statistics above indicate, the sheer number of small businesses and the people they employ are of such a scale that they are irreplaceable. Second, at one time most companies start off as a small business (or perhaps not even a business at all). These companies invariably needed the time to learn and grow and innovate as a small business before expanding. Often, it is organizations like the chamber, or Enterprise Fredericton, or the ACcerl8 Centre that are able to provide the early support that allows these companies to flourish. We need to encourage increasingly more entrepreneurs to take a shot (or two) and start a small business. Who knows where they will end up?

http://www.ic.gc.ca/eic/site/061.nsf/eng/02713.html http://www.c�b-fcei.ca/english/article/2227-new-brunswick-s-small-business-pro�le.html

he theme of our magazine this month is “Celebrating Small Business.” In preparing for this message, I began thinking about successful small businesses and about the business owners, managers or entrepreneurs that lead them. My thought was that I would come up with a list of criteria or characteristics that I have seen portrayed by the most successful business owners or leaders that I have encountered.... I thought this would make for an interesting article. The list I came up with, which is by no means complete.... is so broad and lengthy, that it started to make me realize why it is such a challenge to have a very successful small business over the long term. The qualities I listed sound like they describe about five different people. Perhaps that is how we define success in small business... the ability to successfully wear several hats, juggle many balls, and manage everything from our cash flow, to our employees and to our client’s expectations. For 14 years I owned and operated a small business, and early on in my journey someone said to me...”oh you are lucky... when you work for yourself; you only have to work half days”. I recall thinking... ‘I must be doing this all wrong because I’m working a lot more than half days.’ And then they completed their thought.... “whichever 12 hours each day you choose!” So... that adds to the definition of the successful small business person. As we enter autumn, and begin to look forward to Small Business Week in October when we will celebrate the ‘cream of the crop’ of Fredericton businesses, we must all take our hats off to those successful business owners, managers and entrepreneurs.... it is a most challenging occupation!

Here is a list of some of the ‘success’ words and phrases I see in successful business people... in no particular order: committed, passionate, dependable, problem solver, dedicated, driven, energetic, optimistic, fearless, analytical thinker, communicator, ambitious, patient, humble, ethical, negotiator, risk taker, innovator, leader, team oriented, credible, visionary, decisive, flexible, consistent, creative, enthusiastic, competitive,

networked, articulate, integrity, reasonable, confident, client focused, tenacious, curious, resilient, critical thinker, service oriented, balanced, self-motivated, and organized.

What is interesting about many of these words is that often times successful people will have both sides of a trait – and they have to know when to implement each aspect. Patience can be a great trait for success but... sometimes a successful business person has to be impatient to get the job done! So, in addition to having a huge repertoire of skills and talents, the ability to know when to use them, and to what degree, is paramount as well. And, of course, the ability to ensure that if a skill is missing in your skill set, you hire someone for your team who can contribute that talent.... but.... how to build a team and hire the right people... perhaps that is an article for another edition!

I’m sure everyone who reads this article could add many more words and think of many more traits for successful business people - this list was just a starting point. And it helps us to understand just how challenging success can be in small business! So, hats off to our members who are successful business owners, managers, leaders and entrepreneurs! You do an amazing job. And we applaud you.

Sept.- Oct. 2013

Krista Ross, CEO

Insight

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E J Mockler Professional Corporation495C Prospect StreetFredericton, NB E3B 9M4Tel: (506) 454-8200Fax: (506) 454-7300Email: [email protected]: ejmockler.com/enMain Contact: Hazel HowlandLegal/Paralegal

Syed Waseem Haider969 Regent StreetFredericton, NB E3B 3Y9Tel: (506) 472-3991Email: [email protected]

DeGante Jewellery115 York StreetFredericton, NB E3B 3N6Tel: (506) 260-8810Email: [email protected] Contact: Leticia DeGanteRetail/Specialty Stores

House of Stone115 York StreetFredericton, NB E3B 3N6Tel: (506) 260-8810Email: [email protected] Contact: Leticia DeGanteRetail/Specialty Stores

Rowan McGrath Lawyers403 Regent Street, Suite 206Fredericton, NB E3B 3X6Tel: (506) 451-0657Fax: (506) 451-8011Email: [email protected]: rowanmcgrath.caMain Contact: Donald RowanLegal/Paralegal

Leticia DeGante Landscaping115 York StreetFredericton, NB E3B 3N6Tel: (506) 260-8810Email: [email protected] Contact: Leticia DeGanteLandscpaing

Ducks Unlimited Canada752 Union StreetFredericton, NB E3A 3P2Tel: (506) 458-8848Email: [email protected]: ducks.caMain Contact: Eric MorganNot-For-Profit Organization

Greater Fredericton Social Innovation Inc.PO Box 30069Fredericton, NB E3B 0H8Tel: (506) 262-5060Email: [email protected]: gfsi-isrf.caMain Contact: Diane MorrisonNot-for-Profit Organization

OKI145 Bliss Carman DrFredericton, NB E3B 9P2Tel : (506) 460 -8980Email: [email protected]: Printer ManufacturerContact:: Susan Wade

Products & Services:Oki offers a full line of printers:Impact,POS Label,Color, Mono, Multifunciton Products andManaged Print Services Offerings.

Parto, Ali29 Abbott Court #306Fredericton, NB E3B 5V8Tel: (506) 262-5373Email: [email protected]

Hello toourNewest


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New Members

Munro Computer Sales & Service880 Hanwell Road, Suite 303Fredericton, NB E3B 6A2Tel: (506) 470-6676Fax: (506) 635-0619Email: [email protected]: gomunro.comEmail: Scott HacheyComputer Sales/Service

bēam Inc.Website: www.beaminc.coEmail: [email protected]: (506) 442-2258Contact: Julia RamirezMarketing, Coaching and Consulting

Products & Services:bēam helps small and medium sized businesses that are stuck in the gap of "not enough" and "If I just" that need more sales but don't have enough time or money. Our services cover the strategic part and the implementation, we tell you why, we show you the way and take you as far as you want to go.

Gusto Online Marketing461 King Street, Suite 203Fredericton, NB E3B 1E5Tel: (506) 474-2800Email: [email protected]: www.gustoweb.caContact: Andrew BedfordMarketing Development

Lift Personal Fitness Inc.520 Smythe StreetFredericton, NB E3B 3E6Tel: (506) 454-5438Fax: (506) 454-4592Email: [email protected]: liftpersonalfitness.caContact: Silas RobisonPersonal Fitness

Heavens The Salon281 Queen Street, Suite 3Fredericton, NB E3B 1A9Tel: (506) 450-7007Email: [email protected]: Carol HoweHair, Esthetics, Services, Supplies

Chickadee Larder GourmetCondiments17 Hollybrook StreetFredericton, NB E3A 4N8Tel: (506) 476-0066Toll Free: (855) 558-0066Email: [email protected]: www.chickadeelarder.caContact: Stephanie ShanksRestaurants, Food & Beverage

Endeavours Art & Think Play412 Queen StreetFredericton, NB E3B 1B6Tel: (506) 455-4278Email: [email protected]: www.artstuff.caMain Contact: Luke RandallRetail/Specialty Stores

Phoenix Petroleum Ltd.PO Box 3057 Station B Fredericton, NB E3A 5G8Tel: (506) 459-6260Email: [email protected]: www.phoenixpetro.caContact: Kevin NicklinPetroleum Products

Rebecca Steeves Realty.Com Inc.795 Hillcrest DriveFredericton, NB E3A 5K7Tel: (506) 476-2763Email: [email protected]: Rebecca SteevesReal Estate


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MembersNew Members

by Morgan Peters

I n his 2013 provincial budget speech, Finance Minister Blaine Higgs announced that in lieu of reducing New Brunswick’s small business income tax rate, the Province intended to “...work with stakeholders to explore options to encourage business investment and increase competitiveness by enhancing the existing Small Business Investor Tax Credit.” On 28 May 2013, members of the chamber board of directors met with Finance Department staff to get a better understanding of the program and how it can benefit our members. Below is a brief overview of the program, with full details found here: http://www.gnb.ca/0162/tax/sbitc/smallbusiness-e.asp. Chamber members are encouraged to contact a legal and/or financial professional before applying to the program.

Selected Investor InformationThe program provides a 30% non-refundable personal income tax credit of up to $75,000 per year (i.e. for investments of up to $250,000 per investor). To be eligible for the tax credit, an investment must be made by a minimum of three individuals for a total minimal amount of $10,000 (and a minimum of $1,000 per investor). The credit received may be carried forward seven years or carried back three years. Of note, shares acquired via of an investment under the Small Business Investor Tax Credit (SBITC) program must be held for a minimum of four years. Investors cannot use financial assistance from any government, municipality or public authority in the acquisition of the shares in the business.

Selected Corporation InformationBusinesses from all sectors are eligible to participate in the SBITC program after applying for and receiving a Certificate of Registration. The business must be incorporated and registered to carry on business in New Brunswick and have net tangible assets of less than $40 million. Additionally, the corporation’s assets and income

must all (or substantially all) be used to generate active business income in New Brunswick, with at least 75% of wages and salaries paid to individuals who are residents of the province in each of the four years following the investment. Funds raised through the program must be used as “active business income,” and not for strictly financial purposes (such as lending, purchasing shares of another person, investment outside of New Brunswick, payment of dividends, etc.).

Program History and UsageThe program began in 2003 with some updates to its criteria in 2007. From statistics gathered earlier in 2013 by department officials, there have been 526 approved applications since the program’s inception – with usage increasing year-over-year. The program has been used in the information and communications technology, professional services and retail sectors most often. This has led to $96.8 million in total investment and $29.1 million in tax credits to individual investors.

A challenge for the expanded use and growth of this program are restrictions on publicizing corporate registration in the program due to compliance issues with New Brunswick’s Financial and Consumer Services Commission. The FAQ section from the finance department website above states, in part: “The Government of New Brunswick cannot disclose which businesses/corporations are registered under the Small Business Investor Tax Credit program...In order for a potential investor to determine is a corporation is registered, the potential investor must ask the corporation to see the official Certificate of Registration.”

Department ContactsFor more details, contact the Department of Finance via phone at (800) 669-7070; email [email protected]; or visit the website at http://www.gnb.ca/finance.

New Brunswick’sSmall BusinessInvestorTax Credit


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he theme of our magazine this month is “Celebrating Small Business.” In preparing for this message, I began thinking about successful small businesses and about the business owners, managers or entrepreneurs that lead them. My thought was that I would come up with a list of criteria or characteristics that I have seen portrayed by the most successful business owners or leaders that I have encountered.... I thought this would make for an interesting article. The list I came up with, which is by no means complete.... is so broad and lengthy, that it started to make me realize why it is such a challenge to have a very successful small business over the long term. The qualities I listed sound like they describe about five different people. Perhaps that is how we define success in small business... the ability to successfully wear several hats, juggle many balls, and manage everything from our cash flow, to our employees and to our client’s expectations. For 14 years I owned and operated a small business, and early on in my journey someone said to me...”oh you are lucky... when you work for yourself; you only have to work half days”. I recall thinking... ‘I must be doing this all wrong because I’m working a lot more than half days.’ And then they completed their thought.... “whichever 12 hours each day you choose!” So... that adds to the definition of the successful small business person. As we enter autumn, and begin to look forward to Small Business Week in October when we will celebrate the ‘cream of the crop’ of Fredericton businesses, we must all take our hats off to those successful business owners, managers and entrepreneurs.... it is a most challenging occupation!

Here is a list of some of the ‘success’ words and phrases I see in successful business people... in no particular order: committed, passionate, dependable, problem solver, dedicated, driven, energetic, optimistic, fearless, analytical thinker, communicator, ambitious, patient, humble, ethical, negotiator, risk taker, innovator, leader, team oriented, credible, visionary, decisive, flexible, consistent, creative, enthusiastic, competitive,

FBy: Lee Corey, President

ounded in 1982 by Lee and Jane Corey, Corey Nutrition Company Inc. is an independent family-owned business, manufacturing pet foods, that recently celebrated its 30th anniversary.

During the first few years of operation, we simply imported and resold products to the new and rapidly growing aquaculture industry from our home. The first manufacturing facility was built at its current site, on Hodgson Road, in 1984. Since then, the company has grown steadily through reinvestment of profits and constant improvements in technology. The company currently employs 35 individuals.

Guiding Principles to SuccessFrom the very beginning, Corey has manufactured foods based on three guiding principles:1. Optimum Animal Nutrition2. Maximum Food Safety3. Customer Service ExcellenceThis means we always put the animal’s nutritional needs first. Good solid ingredients cost more, and as a consequence, we are seldom the lowest price supplier. We prefer to keep it that way. Food safety is critical to the health of animals, no different than humans. Finally customer service means we are always easy and pleasant to do business with. We ensure our customers receive the products and services they need and expect.

From Aquafeeds to Pet FoodsOver the past 30 years, Corey Nutrition has experienced the typical struggles of small businesses. These include the occasional cash flow issues, slow receivables, learning how to work with a bank, and finding and keeping great people. We’ve had great years and poor years – but that’s what business is, and we continue to grow amid these challenges.

Our biggest challenge to date has been the major changes in the aquaculture industry. The fish farming industry grew steadily for almost 25 years in Atlantic Canada. However, by 2006, the industry began to mature rapidly. Consolidation and vertical integration lead to a quick collapse from approximately 70 independent farms in 2006, to just 3 large farms remaining today. Our largest customers were fish farmers so we had to change, or let ourselves be absorbed by a large corporation.

The Evolution to Pet FoodsAlthough we had manufactured our first dog food years earlier, in 2006 we began to invest and diversify into becoming a pet food manufacturer. We quickly discovered that pet food is a very interesting, and a continually growing industry. Market research indicates that 42% of North American households have a dog or cat, or both. The dog population in Canada and USA alone is over 83 million animals. There was real potential there – it was time to act on it.

Further, our sophisticated core extrusion equipment could manufacture pet foods at a quality level not matched by most of our pet food competitors, even the biggest names in the industry. Manufacturing pet foods was not going to be a problem for us, and would create the diversification necessary to survive and grow again.

Remaining CompetitiveOne of the biggest challenges we face today is how to compete in the pet food industry, where our multi-national competitors have enormous marketing budgets, spending millions in advertising alone.

We must continue to be nimble and different, by offering innovative, high quality products with just plain good results. We continue to buy local ingredients including wheat, oats and fish oils. We work hard and we make great pet foods. We have expanded our marketing team, and now focus on social media and digital marketing. Investing is key to our success.


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Corey Nutrition

Our ProductsOur product lines include ProSeries Dog and Cat foods, sold through more than 100 retailers in Atlantic Canada. These include all Global Pet Food stores, Co-Op Country stores, Shur-Gain Feeds ‘N Needs, Pets Unlimited and many independent retailers.

We also manufacture Inukshuk Professional Dog Food, created for active and working dogs, sold directly through our headquarters. Partnering with North America’s leading camouflage company, we are also launching an exciting new product line, Realtree® High Performance Dog Food, for sporting dogs, available this fall.

International MarketsDiversification into the pet food industry has also expanded our international presence. We currently export to 20 countries worldwide, including the United States, Russia, Israel, Indonesia, Mexico, Iceland, and New Zealand, to name a few.

As our reputation as a quality manufacturer continues to grow and spread, inquiries continue to come in.

Doing Business in FrederictonFredericton is an excellent location for local, national and international business, and has been critical to our growth. It offers easy access to two great, year-round, deep-water ports in Saint John and Halifax, allowing us to quickly ship containers of products very efficiently. (It is actually cheaper to ship a container to the Middle East than to ship by truck to Saskatoon!)

The City and Chamber of Commerce continue to be incredibly helpful and supportive. Mayor Woodside has attended company functions and met with incoming foreign buyers, helping solidify our relationship with them. On one occasion, after a delegation from Japan visited our plant, we had dinner on the deck at the Delta Fredericton. After watching the sunset on the St. John River, they exclaimed, “Fredericton was beautiful. We lived in a garden!” How true.

The FutureAfter 30 years of business, the company is strong financially with deep technical knowledge. We have successfully transformed our company and have begun a new chapter with renewed growth in the pet food industry.

Succession is very important to the Corey family business. The Corey kids work in the company throughout the summer months, as they complete their studies. Most of the company’s senior staff has been with Corey Nutrition for more than 20 years. Our knowledge and experience is deep.

There is great opportunity in pet foods, and in our city. We look forward to our future as a pet food manufacturer. Corey Pet Foods……… Love in a Bag.

CoreyNutrition.ca


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Corey Nutrition


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www.cvala.ca,1-855-446-4052, [email protected]

FREE!

“It is importantto promote adult literacy as part ofa lifelong learning processso that literacy development is seen asa positive choice.

”

ODespite the extent of the problem, there is a general lack of under-standing of the literacy challenges facing New Brunswick. This is compounded by the fact that society still associates literacy needs with illiteracy, and there is still an unfortu-nate stigma attached to personal disclosure of reading and writing challenges. There is also a lack of awareness of the need for and benefits of improving literacy skills. It is important to promote adult literacy as part of a lifelong learning process so that literacy development is seen as a positive choice. Central Valley Adult Learning Asso-ciation Inc. (CVALA) was established in 2008 to make adult education more accessible in the Capital Region, and by doing so, to increase awareness of the importance of adult learning for full social inclusion and participation, reduce poverty and generate economic prosperity, and enhance the productivity of our region’s labour market. In order to achieve these ambitious goals, CVALA provides free public access to quality adult learning programs. CVALA currently offers three programs: academic upgrading classes, a digital literacy curriculum, and a new financial literacy course. These programs are delivered to learners in communities throughout York, Sunbury, and Queens Counties.

The Academic Program focuses on academic upgrading to and including the GED level. The GED certificate is widely accepted as a high school equivalency. Day and evening classes are available. Classes are small, between 8 – 12 participants, so that teachers have more time to spend one-on-one with each learner. There are flexible attendance options to meet the needs of the adults we serve, so if a learner has a full-time job, kids at home or other responsi-bilities, an individualized learning plan and schedule is customized to meet the learner’s particular needs. The Academic Program covers all five major subjects required for GED graduation: reading, writing, math, science and social studies.

The Digital Literacy Program is designed to provide an introduction to today's highly computerized world and workplace. Classes are held three hours once a week for ten weeks, with the program’s teachers travelling throughout the region to wherever there are learners interested in enrolling for the program. Each class consists of eight participants and the teachers come equipped with a laptop for each person to use during the course. The Digital Literacy Program covers a range of topics,

CVALA’s latest program offering is Financial Literacy. Thanks to a recently awarded TD SEDI Financial Literacy grant, CVALA will be providing free financial literacy programs to the public. This program is mobile and a teacher will travel to any com-munity in York, Sunbury and Queens Counties to offer this training. Classes will run three hours once a week for 4-8 weeks, delivering a comprehen-sive curriculum covering decision-making and goal-setting; budgeting; personal loans; banking; establishing and managing credit; saving and investing; and consumer awar-eness.

Through partnerships with government, employers and community and business organi-zations, CVALA is working to promote and support an educated, skilled and self-sufficient workforce enjoying a higher level of income and an improved quality of life.

CVALA is always on the lookout for new opportunities for part-nership. If you are an employer, a CEO or manager or a volun-teer interested in learning more about our programs and how they might benefit your busi-ness, workplace or community, we look forward to meeting you. Once a classroom site is confirmed and a group of potential learners has been identified, CVALA can have one or more of our programs up and running in a matter of a few weeks.

Over half of the adult population in New Brunswick has literacy skills that are considered to be below the level that enables them to function adequately at home, at work and in their communities, and to deal with the demands of a knowledge-based economy.

Central Valley Adult Learning Association Inc.

WWW.CVALA.CA

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Anna Migchels of Massage2Go and her mentorDonna Gardiner Thompson of Gardiner Realty/Royal LePage celebrating Anna’s graduation from LMI Canada’s Leadership Program.

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ntrepreneurs exit their businesses at some point; whether to move on to a new venture, stop the daily grind or transition the business to the next generation. Tax considerations are important to keep in mind when navigating a sale. Generally, the sale of a business involves either the corporation selling the assets or the shareholder selling shares of the corporation. The owner will typically prefer to sell the shares if they are qualified small business corporation (“QSBC”) shares (as described below). Conversely, buyers prefer to purchase assets as they can claim a higher level of tax deductions such as depreciation on the amount paid to acquire the assets.

The difference between the sale price and the cost of the shares is a capital gain. Generally, you will pay 23.4% tax on a capital gain earned in New Brunswick. Individuals are entitled to a lifetime capital gains exemption of $800,000 on QSBC shares. If your spouse and/or children own shares, the number of exemptions could be multiplied, shielding more of the gain on the share sale from taxation as a family unit. The definition of QSBC shares is complex, but generally the following must apply: • at time of sale, substantially all (90% or more of the value) of the business’ assets must be used principally (more than 50%) in carrying on an active business in Canada or be shares and/or debt in other connected small business corporations;• only you or someone related to you can have owned the shares in the two years prior to the sale; and• for the same prior two years, more than 50% of the corporation’s assets must have been used principally in an active business carried on in Canada or invested in other connected small business corporations.

In an asset sale, the company pays corporate tax on any taxable income arising on the sale, then distributes the after-corporate tax proceeds to its shareholders. This tends to give rise to the seller realizing a tax liability on internally generated goodwill (an asset not currently on the books). A gain from the sale of goodwill is 50% taxable as active business income, which incurs less current tax than a capital gain. Buying goodwill also creates a source of future tax deductions for the purchaser. Where significant goodwill arises in a transaction, it may turn out that an asset sale is more advantageous to the seller even though the capital gains exemption may not be utilized. After the assets are sold, the owner can either liquidate and dissolve the corporation or reinvest in another business or investment portfolio. As a shareholder, the owner would eventually receive the after-corporate tax sales proceeds as dividends from the company.

Whether you sell shares or assets, the purchaser likely will ask you to sign a non-competition agreement to protect the value of the business they have purchased. Any payment received for entering this agreement may be fully taxed as regular income. If certain requirements are met and the appropriate elections are filed, the payment may be taxed at a lower rate as a capital gain.

These are only a few of the issues you will need to navigate through -- tax and other consequences of selling a business are much more complicated and require professional advice.

About the AuthorDave Armstrong is Chartered Accountant practicing Canadian Taxation with KPMG Enterprise LLP in Fredericton. Please contact Dave if you have any questions about the sale of your business and if you should be planning today for a future sale. KPMG Enterprise is a network of professionals devoted exclusively to serving the needs of private companies in Canada. For further information about how KPMG Enterprise can help private companies, visit www.kpmg.ca/enterprise.

By Dave Armstrong, Senior Manager – Tax, KPMG [email protected]

Selling Your Shares or the Assets

Celebrating the Successof Your Business --

E


15


16

elcome to Fredericton’s premier full-service spa experience. Located on Bishop Drive, The Spa Club offers a complete menu of traditional and medical spa services, as well as full-service hair design, reiki and registered massage therapy.

Culturally, Canadians are embracing the European practice of self-care as critical to maintaining a healthy, productive lifestyle and a well-developed sense of self-worth at every age. The Spa Club’s comprehensive menu reflects their mission to provide the treatments and therapies integral to self-care and “making the most of what you already have.”

From the stress relief of therapeutic or relaxation massages and reiki treatments to the essential pampering from a variety of facials specific to individual skin types and the maintenance of well-groomed hands and feet through regular mani/pedis. The Spa Club can tailor their services to meet individual preferences and exceed expectations with the full spa experience.

Style is individual, and so are the personalized design services available from the team a The team at the Spa Club’s full-serviced hair studio. The Spa Club’s professional stylists are committed to helping you find the cut, style and products that genuinely work for you, in and out of the salon.

“Wrinkled is not what I wanted to be when I grow up” – from acne and other specific problems to changes in skin texture, tone or pigmentation; facial and leg veins, sagging skin on the face and body, “baby belly”, or the lines and wrinkles associated with aging skin the array of readily available and effective treatments is constantly evolving. What fits where? Understanding the choices that address these concerns, such as chemical peels, Botox®, dermal filters, laser and facial and body skin tightening technologies is the job of The Spa Club’s medical director and expert staff. A complimentary consultation is the first step to leaning how you can maintain and restore a clear, more youthful-looking appearance through expert skincare and treatment or specific concerns.

In the past decade, laser hair removal has become the number one medical spa service requested in Canada. The Spa Club uses the Soprano® system, widely recognized as the leading technology in hair removal to provide safe, effective results. Certified laser technicians will provide you with a comprehensive, complimentary consultation to ensure laser hair removal is right for you.

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N ext year will mark Science East’s 20th anniversary. Much has changed in the economic landscape of New Brunswick in two decades and Dr. David Desjardins, CEO of Science East, has been part of it as both a scientific innovator himself, and a man passionate about hands-on opportunities that develop the spark of ingenuity. As an experienced industrial chemist working at RPC, he managed R&D and industrial services in areas such as air quality, analytical services, and mineral processing and founded an electrochemistry group which developed a rechargeable lithium battery technology for NBTel and the Department of National Defense. Over 17 years, his work at RPC led to over 17 patents. “My career has been focused on the success of New Brunswick business and industry. I came to appreciate that I could equally contribute to that success by ensuring that our young people are engaged in learning while developing entrepreneurial and innovation skills. I also appreciated the opportunity to build a resource that is valuable to tourism, to families, and to the quality of life for everyone in our province.” He rejects the myth that non-profits are the poor cousins of economic development. Science East expenditures to provide its programs and services in 2013 were $630,000. That represents a social and educational value to over 40,000 people across the province and an associated total economic impact of $1,442,000 representing real jobs and real economic activity. He goes on to explain that “In order to create a culture of innovative thinking, which is vital to the economic development of New Brunswick, we must stimulate youth engagement and foster the “4Cs” – creativity, collaboration, critical thinking and communication– skills crucial to developing people that are inquisitive, able to see the bigger picture, challenge the status quo, and thrive when given the opportunity to collaborate with others to develop new solutions or improvements to new and/or existing processes.” These skills are the focus of programs delivered by Science East educators to families, youth and teachers.

In the last three years alone, Science East has engaged over 320 individuals science, technology, engineering and math (STEM) partners including government, non-profits, businesses and post-secondary institutions across New Brunswick to enrich the content of exhibits, education programs and events as well as providing partners a venue for showcasing careers, tools and new developments in their fields. Science East’s Illuminate! Shedding Light on Science, Technology, Engineering and Math career event/program utilizes its huge network of partners to develop rich experiences for the families, teachers and students in the communities they visit.

By partnering with Science East to provide 21st century skills, schools are provided with a professional gateway to motivation and real-world application. Desjardins sums up the last 30 years of his experience in industry and non-profits when he suggests: “It’s no longer about what you know, but how you learned it and how you can use that knowledge to solve problems or make improvements to processes or products. Those skills can be learned and fostered. Every aspect of science centre activity is focused on developing those critical skills that will fuel future economic activity for our province.”

Science East, a charitable, non-profit organization founded in 1994, is a provincial and community resource offering hands-on inquiry programs and services to all New Brunswickers. For more information, visit www.scienceeast.nb.ca.

Where Science Learning,Youth Engagement and

Innovation Meet


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By: Lieff Salonius

September 12, 2013Business After Hourshosted by the Fredericton Food Bank

September 18, 2013Lunch & Learn – Marketingheld at Kingswood Lodge

September 19, 2013Tri-Chamber Eventheld at the Riverside Resort andConference Centre

September 20, 2013E-Waste Collectionheld at Fredericton Exhibition

September 23, 2013Mastering Sales Solution 8 week sessionheld at the Fredericton Chamber of Commerce

September 24, 2013Early Bird Networkinghosted by Gorham Real Estate / PremiereExecutive Suites Fredericton

October 25, 2013HR Forum Details to follow

October 29, 2013Early Bird Networkinghosted by Capital Region CommunityTennis Centre

November 5, 2013Making the Perfect Pitch:presentation skills for businesssuccess held at the Fredericton Inn

November 7, 2013Business After Hourshosted by UNB Conference Services

November 13, 2013Lunch & Learnheld at Kingswood Lodge

November 14, 2013Access to Capitalheld at the Wu Conference Centre

November 21, 2013State of the City Address held at theFredericton Convention Centre

October 3, 2013Business After Hours hosted by Priority Personnel Inc.

October 9, 2013Lunch & Learn – Anti-Spam Legislationheld at Kingswood Lodge

October 16, 2013Business Excellence Awards held at the Delta Fredericton

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506 451-8676

Events


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n 25 July 2013, the efforts of the chamber’s 2012-13 Physician Recruitment Committee culminated in hosting a welcome reception for the city’s medical residents at the Delta Fredericton.

With the support of Horizon Health, the Department of Health and two dozen chamber member businesses, Fredericton’s medical residents were treated to an evening of wine and food pairings selected by local sommelier and chamber board member Doug Williams of the Garrison District Alehouse. The event was attended by nine of the city’s 14 residents and all were appreciative of the reception, which, in addition to the wine and food, was highlighted by a beautiful evening along the Saint John River.

Deputy Mayor Stephen Chase brought greetings on behalf of the City of Fredericton, focusing the quality of life that the city can provide its residents. Mr. Chase also spoke about his experience growing up in the city and his choice to remain here through his adult life. John McGarry, CEO of Horizon Health emphasized to the residents that he and other Horizon officials are prepared to work with each individual to find the best fit for them. Mr. McGarry also explicitly stated that billing numbers would not be a hindrance should they decide to practice here or anywhere else in the province. Sara Holyoke, general manager of the Delta Fredericton, told the residents that the city views the Delta as a community hotel, specifically their first-class food and beverage program – which they received a small sample of throughout the evening.

Established in 2008 as a response to members’ concerns about a growing waitlist for family physicians, the Physician Recruitment Committee works with partners and stakeholders to provide support, information, and a welcoming atmosphere to prospective physicians for the greater Fredericton area. The issue has remained at the forefront since that time - in the chamber’s 2012 annual membership survey, 67.5% of respondents placed “Access to a family physician” amongst their top five “most significant issues currently impacting your business and our community.” These findings were consistent across various industries and size of businesses. Members report that having access to primary care is an issue when trying to attract employees or even new businesses from other provinces or countries.

The chamber works closely with other stakeholder groups in its recruitment and primary care advocacy efforts. Over the past year, the chamber and committee have met with the Minister of Health, Ted Flemming, Medical Society CEO Anthony Knight, Horizon CEO John McGarry, other officials from Horizon Health and the Department of Health, as well as doctors, residents and students. Building these relationships is critical to ensuring that our efforts compliment the roles played by government and medical officials.

Providing assistance that is outside the scope of our medical partners has been part of the mandate of the committee since its inception. Through our 900 plusmembership, the chamber canprovide support to make thetransition to practicing andliving in the city easierfor new physicians. Thesupport and responsefrom our membershipfor such events andactivities is a crucialcomponent welcomingphysicians to the city andgiving them a reason tocome and stay.

O

Chamber’s Physician RecruitmentCommittee Hosts Reception

for City’s Medical Residentsby Morgan Peters


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ast year New Brunswick became the first province in Canada to change its laws to allow a new type of pension plan – the shared risk plan. The model was, in part, developed based on the Dutch pension regime, following recommendations made by the Pension Task Force. New Brunswick’s legislation for shared risk plans was designed to permit these plans in both the public and private sectors and in union and non-union workplaces. Shared risk plans can be created anew or an existing defined benefit or defined contribution pension plan may be converted under the laws. As a plan design option, the intent is that these plans may be used in the single or multi-employer plan context. Typically pension plans are either defined benefit (where the benefit at retirement is specified and contributions are made to ensure there are sufficient funds to pay it) or defined contribution (the contribution amounts are specified, but the ultimate benefit at retirement is unknown). These traditional models have been under increasing scrutiny. Defined benefit plans are in some cases unsustainable or unaffordable – people are living longer than had been anticipated, investment returns have been volatile, and interest rates have remained at very low levels for a sustained period of time. On the other hand, defined contribution plans may have retirement saving adequacy issues and don’t have the benefit of pooled longevity risk or, in most cases, pooled investment risk.

Shared risk plans, a type of target benefit plan, combine favourable aspects of both defined benefit and defined contribution plans. The contribution amounts to be paid by employees and the employer are set (subject to minor variations in accordance with the funding policy) and the targeted pension benefit for members is also specified. This targeted pension benefit is known as the “base benefit” and is subject to reduction in the future if severe economic conditions warrant it. Under a shared risk plan, there is also a pooling of longevity risk and investment risk, which benefits plan members.

A unique aspect of shared risk plans is the requirement for stress testing on the plan in accordance with the laws. The stress testing is done at the outset to set the contribution levels such that there is a strong probability that base benefits will not have to be reduced in the future. At establishment, there must be at least a 97.5% probability that base benefits at the end of each year will not be reduced over a 20-year period. There are also secondary risk management goals that must be attained. Stringent risk management testing is also imposed at other times such as when a permanent benefit change is made. These requirements are designed to help ensure that the targeted benefits can be attained.

Lby Jana Steele, Partner Osler, Hoskin & Harcourt LLP

Pension


18Insight 20

Stress testing is also done each year when the annual funding policy valuation is completed to determine what, if any, actions under the plan’s funding policy must or can be taken. For example, where a plan’s funded position is more robust in a year, cost of living adjustments or other benefit enhancements may be granted to members. By contrast, if a plan is less than 100% funded in two consecutive years, restorative actions must be taken, which may include minimal contribution increases by the employer and employees, reductions to ancillary benefits or ultimately, reductions in base benefits for all members. Any benefit reductions must be reversed once the plan’s funded status improves to the required level.

One of the more controversial aspects of the shared risk design is the ability to convert accrued benefits. The legislation contemplates that a defined benefit or a defined contribution plan can be converted and all benefits accrued up to the date of conversion, including retired member benefits, become base benefits under the new shared risk plan. In addition, on conversion of a plan to a shared risk plan, all future cost of living adjustments or indexation becomes conditional on there being sufficient funds in the plan. Inter-generational equity considerations were taken into account with this feature of shared risk plans. That is, the Pension Task Force considered the impact of the plan design changes on all generations of plan members. It was determined that conversion of accrued benefits and conditional COLA for all members were necessary elements of the shared risk design if equity was a key principle.

Shared risk plans also have different administration requirements from traditional designs. The law requires a shared risk plan to be administered by an independent trustee, not for profit corporation or board of trustees. In this way, the administrative function is separate and independent from the plan sponsor or sponsors.

The Pension Task Force worked with the Province and several unions to design the shared risk model with the objectives of sustainability, affordability and benefit security for pension plans in the province. Several plans in the province (in both public and private sectors) have already converted to shared risk. The shared risk design is innovative and attempts to address issues facing defined benefit and defined contribution plans.


21

Pension

DO AS YOU ARE TOLD AND YOU WILL LIVE! Would you know what to do in case of an ATTACK? The numbers state that females between the ages of 16 and 24 years old are the most targeted to be assaulted in some form. This age range just happens to be when many girls attend secondary educational institutions. This is when peer pressure to fit in and alcohol begins to play a larger factor. This is never an excuse for any type of assault. An assault could take place anywhere from your home, to your car, to a house party. Assaults can be committed by a stranger, a friend or even a family member. I do not state these facts to scare anyone but in today’s society, these are the real FACTS. I offer just a few suggestions to anyone who will heed:

Always park your vehicle in a well lit area. Before leaving work, give a call to your home or a friend to let them know you are on your way. If you are out at a social gathering and leave your beverage - buy a new one, a pill can be slipped in without your knowledge. Have a pen in your purse or pocket, this is a great weapon of opportunity to protect yourself against an assailant, always go for the soft tissue areas ie: eyes, throat, and ears.

I recommend to all who read this, if the opportunity arrives for you to take a Self Defense and Awareness Course, you should TAKE IT! To be aware of your surroundings and environment is very important to your SURVIVAL. Remember, a self defense course should be based on creating TIME and DISTANCE to enable your escape out of your current situation. Don’t become a statistic or a victim. Become a SURVIVOR! For more information about a self defense course offered at Advan Guard Protocol, please check out our website: www.agprotocol.ca.


22

On Tuesday, June 25, 2013 the Fredericton

Chamber of Commerce hosted the 19th Annual Past

Presidents Luncheon at the Ramada Fredericton. There

were twelve past presidents in attendance, who enjoyed a

delicious lunch catered by the Ramada Fredericton. Over

lunch, President, Chris Johnston asked the past

presidents which direction they felt the Chamber should

take on some of the advocacy issues we are faced with.

We received great feedback from our past presidents and

we are looking forward to the year ahead.

On Thursday, August 29, 2013 the Fredericton

Chamber of Commerce hosted their 24th Annual Golf

Tournament at Kingswood Golf. This was a sold out event,

with 144 golfers! The golfers enjoyed a great day of golfing,

networking and fun activities. Thank you to our prize and

silent auction donators and a big thank you to our tournament

sponsors: Crowne Plaza Fredericton Lord Beaverbrook Hotel,

Coastal Graphics, Capital FM / The Fox / Country KHJ,

Simpson Building Contractors Ltd., Moosehead Breweries,

Ginger Design, inCHfiniti Photography, Rob Blanchard

Photography, Jump+, Delta Fredericton, Cox & Palmer,

Clowater’s Plumbing & Heating, Literacy Coalition of New

Brunswick, Wilson Insurance Ltd., Allstate Insurance,

Scotia McLeod / Clark Wealth Management Group,

Comfort Inn Fredericton, Scotiabank,

Colpitts Developments Ltd., Office Interiors NB,

Hotchkiss Home Furnishings Ltd., Altus Group, and

Corey Insurance Inc. / Fredericton Outfitters & Anglers.

In celebration of our 25th annual tournament next

year, we’re planning something special, so don’t miss

out book your teams early!

On Thursday, July 25, 2013 the Fredericton Chamber of Commerce’s Physician Recruitment Committee hosted a welcome reception for the city’s resident physicians at the Delta Fredericton. There was a great turnout to the event, with over 60 physicians, community leaders, and chamber board members in attendance. Guests were treated to wine and food pairings selected by local sommelier and chamber board member Doug Williams of the Garrison District Alehouse. The residents received door prizes and gift bags containing items donated by nearly two dozen chamber members. Thanks to all involved for their overwhelming support.

NUMBERS NOT ADDING UP?

OURS DO…SEE WHY WE'RE CANADA'S #1 EMPLOYEE BENEFIT PLAN FOR SMALL BUSINESS.Call Blair or Robyn Corey 458.0102 or Vernon Boyer 452.1891 to tailor a plan suited to your needs. See what the Chamber Plan can do for you! www.chambergroup.ca

ext year will mark Science East’s 20th anniversary. Much has changed in the economic landscape of New Brunswick in two decades and Dr. David Desjardins, CEO of Science East, has been part of it as both a scientific innovator himself, and a man passionate about hands-on opportunities that develop the spark of ingenuity. As an experienced industrial chemist working at RPC, he managed R&D and industrial services in areas such as air quality, analytical services, and mineral processing and founded an electrochemistry group which developed a rechargeable lithium battery technology for NBTel and the Department of National Defense. Over 17 years, his work at RPC led to over 17 patents. “My career has been focused on the success of New Brunswick business and industry. I came to appreciate that I could equally contribute to that success by ensuring that our young people are engaged in learning while developing entrepreneurial and innovation skills. I also appreciated the opportunity to build a resource that is valuable to tourism, to families, and to the quality of life for everyone in our province.” He rejects the myth that non-profits are the poor cousins of economic development. Science East expenditures to provide its programs and services in 2013 were $630,000. That represents a social and educational value to over 40,000 people across the province and an associated total economic impact of $1,442,000 representing real jobs and real economic activity. He goes on to explain that “In order to create a culture of innovative thinking, which is vital to the economic development of New Brunswick, we must stimulate youth engagement and foster the “4Cs” – creativity, collaboration, critical thinking and communication– skills crucial to developing people that are inquisitive, able to see the bigger picture, challenge the status quo, and thrive when given the opportunity to collaborate with others to develop new solutions or improvements to new and/or existing processes.” These skills are the focus of programs delivered by Science East educators to families, youth and teachers.

In the last three years alone, Science East has engaged over 320 individuals science, technology, engineering and math (STEM) partners including government, non-profits, businesses and post-secondary institutions across New Brunswick to enrich the content of exhibits, education programs and events as well as providing partners a venue for showcasing careers, tools and new developments in their fields. Science East’s Illuminate! Shedding Light on Science, Technology, Engineering and Math career event/program utilizes its huge network of partners to develop rich experiences for the families, teachers and students in the communities they visit.

By partnering with Science East to provide 21st century skills, schools are provided with a professional gateway to motivation and real-world application. Desjardins sums up the last 30 years of his experience in industry and non-profits when he suggests: “It’s no longer about what you know, but how you learned it and how you can use that knowledge to solve problems or make improvements to processes or products. Those skills can be learned and fostered. Every aspect of science centre activity is focused on developing those critical skills that will fuel future economic activity for our province.”

Science East, a charitable, non-profit organization founded in 1994, is a provincial and community resource offering hands-on inquiry programs and services to all New Brunswickers. For more information, visit www.scienceeast.nb.ca.


23

The Buzz

by Stacey Murray, Event Manager

NUMBERS NOT ADDING UP?

OURS DO…SEE WHY WE'RE CANADA'S #1 EMPLOYEE BENEFIT PLAN FOR SMALL BUSINESS.Call Blair or Robyn Corey 458.0102 or Vernon Boyer 452.1891 to tailor a plan suited to your needs. See what the Chamber Plan can do for you! www.chambergroup.ca

Fredericton Chamber of Commerce "Insight" Sept. / Oct. 2013

Documents

Transcript of Fredericton Chamber of Commerce "Insight" Sept. / Oct. 2013