Business Matters - February 2017

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Y O U R

TRADE SHOW DISPLAYS

V O I C E

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B U S I N E S S

VOL 33 ISSUE 2 FEBRUARY 2017

BUSINESSMATTERS

SERVING OUR MEMBERS AND THE BUSINESS COMMUNITIES OF • OSHAWA • BOWMANVILLE • COLUMBUS • COURTICE • HAMPTON • ORONO • RAGLAN • TAUNTON Published by the Greater Oshawa Chamber of Commerce • Established 1928 • Reaching over 5,600 Decision Makers • Email: newsletter@oshawachamber.com • 905.728.1683

Regional Chair Addresses Oshawa Chamber Members Roger Anderson, Regional Chairman for the Regional Municipality of Durham, delivered an informative address at the Greater Oshawa Chamber's annual luncheon on January 24th, 2017 at the Oshawa Golf & Curling Club.

Roger spoke on the future development of the Pickering Airport lands and looking to the Federal government to make a decision soon. Roger encouraged all those in attendance to make the effort to write our politicians regarding the need here in Durham Region for an airport in Pickering. To ensure the correct politicians were contacted, Roger supplied the chamber members in attendance with a list of our politicians contact information. If you were not in attendance and are interested in this information please contact Roger Anderson’s office at 905-668-7711 Roger spoke on the 407 em-

ployment lands development and looking for businesses to invest and settle around the 407. He also mentioned the connecting link highways, the 412 and 418 will be tolled, unlike other links to the 407 which are not tolled.

Transportation continues to be an issue here in Durham and remains on the radar at the Region and all of our municipalities. We must continue to place pressure on the provincial government for funding.

The Greater Oshawa Chamber of Commerce greatly appreciated that Roger was able to attend the Annual Regional Chair Luncheon and address the members. The Members and the Staff of the Greater Oshawa Chamber of Commerce have Roger and his family in their thoughts during this challenging time.

On Tuesday, January 24, 2017, the Greater Oshawa Chamber of Commerce held its Annual Regional Chair Luncheon at the Oshawa Golf Club with keynote speaker Regional Chair Roger Anderson. Pictured from left to right are Greater Oshawa Chamber of Commerce Vice President Kyle Douglas of CRCS DKI and Regional Chair Roger Anderson.

Women In Business

Women in Business Roundtable, sponsored by the University of Ontario Institute of Technology, will be held on Tuesday, February 14, 2017 from 12:00 p.m. at Fazio’s Restaurant located at 33 Simcoe St., S., Oshawa. Guest speaker will be Dr. Theresa Miedema, Lawyer and Professor at UOIT. For more information visit web.oshawachamber. com/events.

The Annual Mayor’s Luncheon

The Annual Mayor’s Luncheon, sponsored by BMO Bank of Montreal, will be held on Tuesday, February 21, 2017 from 12:00 p.m. – 2:00 p.m. at Tosca Banquet Hall & Conference Centre with keynote speaker Mayor John Henry. For more information visit web.oshawachamber.com/events.

Biz After 5

The next Biz after 5, sponsored by Tee’s & Cue’s Indoor Golf, will be held on Tuesday, March 7, 2017 from 5:00 p.m. to 7:00 p.m. at Tee’s & Cue’s Indoor Golf located at 559 Bloor St., W., Oshawa (below the Best Western). Come out and practice your swing and join us for a night of networking. For more information please visit web.oshawachamber.com/events.

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Page 2

Greater Oshawa Chamber of Commerce – Your Voice of Business

February 2017

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Managers on be named Business of the Month for February 2017! Picture left to right, back, Chamber Ambassador Cameron Ackerblade of Grand & Toy, Independent Project Managers staff Mary Anne Watts, Warren Young, Leanne Perrier, Dawn Anthony, Denis O’Connell (Owner), front, Chamber Ambassador Lisa McKnight of McCAM Insurance, Chamber Ambassador Kevin Brady of The Digital Marketing People, and Independent Project Manager staff Chris Baylis (Owner). For more information on Independent Project Managers visit, www.ipmanagers.ca.

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February 2017

Greater Oshawa Chamber of Commerce – Your Voice of Business

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Page 4

Greater Oshawa Chamber of Commerce – Your Voice of Business

February 2017

Jennifer Baron, Elected Covanta Durham York

Jeff Hayes, 2nd Vice President Hayes Plumbing & Bathroom Renovations

Craig Mack, Appointed Mack Lawyers

Wendy Weber, Appointed Metroland Media

Clyde Catton, Treasurer BDO Canada LLP

Rick James, Elected James Printing & Signs

Ron Oberth, Appointed Organization of Canadian Nuclear Industries

Cassandra Wildman, Elected Roughley Insurance Brokers

Kyle Douglas, Vice President CRCS DKI

Neil Joshi, Appointed RBC Royal Bank of Canada

Jeff Robinson, Elected J.J. McGuire General Contractors

Doug Yates, Appointed General Motors of Canada

Email: newsletter@oshawachamber.com

Terri Fudge, Appointed Meridian Credit Union

John Kellam, Elected McIntosh Anderson Kellam Funeral Home

Natalie Sims, Past President Durham Medical

Web: www.oshawachamber.com

Linda Grieco, Executive-at-large P.R. Engineering Ltd.

Ivano Labricciosa, Appointed Oshawa Power and Utilities Corp.

Gary Valcour, President Oshawa Port Authority

Published by the Greater Oshawa Chamber of Commerce 44 Richmond Street West Oshawa, Ontario L1G 1C7 Tel: 905-728-1683 Fax: 905-432-1259

Business Matters is an information package provided to members of the Greater Oshawa Chamber of Commerce and businesses at large. The positions expressed in by-lined columns are the opinions of the author and do not reflect the position of the Greater Oshawa Chamber of Commerce unless specifically stated. The Greater Oshawa Chamber of Commerce assumes no responsibility for statements or claims made by advertisers. The Greater Oshawa Chamber of Commerce publishes Business Matters 11 times per year. Issue dates are January, February, March, April, May, June, July/August, September, October, November and December. Closing date is the 15th of the month prior to publication.

Business Matters is delivered to 5,000 businesses in the Greater Oshawa area. No part of this publication may be reproduced without the publisher’s written permission. Canada Post publication agreement #40804106.

PRESIDENT’S MESSAGE Gary Valcour

Pecking away at the keyboard while drafting my inaugural message as President of the Greater Oshawa Chamber of Commerce, I remembered a bit of (possibly apocryphal) history. It is reported that conquering Generals entering Rome at the head of their victorious legions had a slave standing behind them on the chariot whispering in their ear, “Memento homo.” My high school Latin is a bit rusty but, roughly translated, I think that means “remember you are only a man.” Now, one could take that to mean, in my case, that there is no way I can match the great work of my predecessor, Natalie Sims. Or, it could be taken in the more historical context that one should not get too puffed up just because they are at the head of the parade.

Either way, the message is clear to me: I have tall heels to fill and while we have enjoyed a great year in 2016, we have a lot of work to do if we wish to build on our successes. It’s a challenge I’m looking forward to taking up along with a dedicated staff and a fine group of colleagues on the Board and Executive Committee.

On January 17th, I attended my first event as President and, if it is a harbinger for the coming year, we are in great shape. The event was the launch of the former “New Members Seminar” rebranded in grand style as “Membership 101”. While we certainly had a number of exciting new member businesses attending, the surprise was the large number of existing business folks on hand. We had probably largest attendance we’ve had in years for this event and it speaks volumes about our fresh approach to some old standards. For me, it was also a great reminder of the many benefits, both monetary and non-financial, of your Chamber membership. With the Chamber, like so much of life, you get out in direct proportion to what you put in. We are fortunate to have great sponsors and partners who help ensure the success of or varied events and I look forward to working with them in the coming year.

As most of you know, I am a strong proponent of the policy role of the Chamber and I hope to continue the rich tradition of the Oshawa Chamber’s policy leadership at the local, provincial and national levels. As the voice of business for Oshawa, it is incumbent upon us to keep our members informed about regulatory and legislative headwinds and to convey the concerns of our member businesses to those in power who may have lost sight of the key function business, and especially small business, plays in the economic prosperity of our community. To those ends I encourage all of you to let us know about the challenges your businesses face and any suggestions you may have for addressing them. Together, we are greater than the sum of our parts.

Finally, I look forward to meeting as many of you as possible this year.

My door (metaphorically at least) is always open. Don’t be a stranger; whether it’s sitting on a committee, attending a lunch and learn, playing in our golf tournament or attending any of the many lunches and events on offer through the year, get involved – you’ll be glad you did and both you and the Chamber will be the richer for it.

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February 2017

Greater Oshawa Chamber of Commerce – Your Voice of Business

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The Front Lines Submitted by Gary Valcour

Happy New Year from your Government Relations Committee; the hardest working, best looking, brainiest and all-round most fantastic group of volunteers ever assembled in the history of the Greater Oshawa Chamber of Commerce. At least that’s what they told me to write – you are free to draw your own conclusions!

We start the year welcoming our new Committee Chair, Mr. Jeff Hayes. Jeff brings his considerable talent and deep understanding of the Chamber to bear on this task, just as he did while sitting as our

President two years ago. At least, that’s what Jeff told me to write – again, you are free to draw your own conclusions!

Jeff’s business is booming and so I’ve agreed to “ghost” these monthly reports for him until he’s able to find time to do them himself. So, while you get the benefit of Jeff’s skill as Committee Chair, you’re stuck with me as the Committee scribe.

The Committee had an excellent inaugural meeting led off by a presentation by Harry Horricks, CEO of the Oshawa Clinic Group. Harry brought us up to speed on Bill 41, “The Patients First Act” or as Harry’s group refers to it, “The Patients Last Act”. For those who missed it (which was easy to do as there was not much fanfare greeting this piece of legislation) the Bill made a number of big changes to the LHINs system. You may recall that the current government created 14 LHINs in April of 2007. Their mandate was planning, integrating, and distributing provincial funding for all public healthcare services at a regional level. LHINs are locally based associations, of the various health service providers, intended to generate enhanced community engagement. For many in the system, it was clear that the LHINs were not all they were cracked up to be. For the cynical, they simply created a barrier between the Minister’s decision making and the people who needed service. The new legislation,

The Greater Oshawa Chamber of Commerce Annual Golf Tournament is in full ‘swing’ and booked for Thursday, May 18, 2017 at the Oshawa Golf & Curling Club. Watch for more detailed information coming your way soon!

rather than scaling back the LHINs, creates 78 (or so) NEW sub-LHINS. More bureaucrats – no more money for front line services. In addition, there are concerns about the ability of these added bureaucrats to get more information about an individual’s health records, ostensibly to review billings issues.

In addition, the work of the Community Care Access Centres is being rolled into the new structure which may add even more complexity to an already Kafkaesque system. While this seems to be a done deal, Chamber members should be aware of the new structure and what it may mean for the delivery of healthcare services to their families and staff going forward.

We also learned that the Region has finally approved the official plan related to the Highway 407 Employment Lands and the City is now able to move forward with rezoning. Let’s hope we see some significant opportunities for industry and commerce in the zoning of these lands.

Members may recall that the City issued a call for expressions of interest regarding the construction/operation of a marina. Only two individuals responded and then only to say they’d like a job operating the marina if it was built. Ever optimistic, the City is taking another run at this by issuing another request for expressions of interest but to an apparently wider audience. The deadline is in about 6

weeks so it will be interesting to see what transpires.

Committee member Dave Hare reported that the new Designated Driver Regulations went into effect on January 1, 2017. I’m sure we all feel a lot safer now. Dave also reported that his sources indicated that the push by the Taxi companies for this by-law had a lot of support from Unifor.

We continue to work with our colleagues in neighbouring Chambers to stage a major event on the subject of energy prices this Spring. More details as they become available.

Finally, we were asked for our support in opposition to yet another terrible piece of legislation – this time from the Federal Government. It seems the Feds are exploring the idea of taxing Employer paid health and dental benefits. It is unclear at this writing what the specifics are but clearly any tax on these key benefits, whether of the employer or the employee, could have a significant negative impact on all concerned. Again, we’ll follow it.

Our next GR committee meeting is scheduled for Thursday, January 9, 2017 at the Chamber Board Room. As always, to volunteer, suggest a topic, arrange a presentation to the committee or just provide comment on any governmental regulation or policy that affects your business, phone or email 905-728-1683 or info@oshawachamber.com

Page 6

Greater Oshawa Chamber of Commerce – Your Voice of Business

February 2017

SAVE! Preferred Chamber pricing on processing fees for credit, debit, eCommerce, mCommerce and gift cards. Visit firstdatacanada.ca/chambermembers/ or call 1-888-265-4117.

New Members Roger Bouma Bouma Group 193 King St., E. Oshawa, ON L1H 1C2 (905) 434-5452 www.bouma.ca Real Estate

Carlee Fraser Fraser Ford Oshawa 815 King St., W. Oshawa, ON L1J 2L4 (905) 576-1800 www.ford.ca Automobile Sales & Service

Lucky Sodhi The Corral's The Other Side 433 Simcoe St., S. Oshawa, ON L1H 4J5 (905) 571-1422 www.thecorral.ca Restaurants & Clubs

Kristina Snelgrove Burrows Insurance Group Inc. 909 Simcoe St., N., Unit 1C Oshawa, ON L1G 4W1 (905) 435-0800 www.biginsurance.ca Insurance

John Shaver JE Shaver Construction 1174 Beaver Valley Cres.

Oshawa, ON L1J 8N3 (905) 432-0774 www.jeshaver.com Construction - General Contractors

Mohamed Rizwan Bachani Unique Accounting Services 909 Simcoe St., N., Ste. 204 Oshawa, ON L1G 4W1 (905) 903-7669 www.uniqueaccountingservices.ca Accountants - Chartered Professional

Donna Smith Durham Home Respiratory Services Inc. 462 Paxton St., Unit 104B Port Perry, ON L9L 1L9 (905) 982-2265 www.dhrs.ca Medical Supplies

Karen Low Karen Low Insurance & Financial Services Inc. 58 Rossland Rd., W., Ste. 206 Oshawa, ON L1G 2V5 (905) 579-7231 www.karenlow.ca Insurance & Financial Services

Carlee Fraser Fraser Durham Chrysler 799 Bloor St., W. Oshawa, ON L1J 5Y6 (905) 404-0525 www.durhamchryslerdealer.com Automobile Sales & Service

Stephen Gordon Paddington Place Bed & Breakfast 413 Paddington Cres.

Oshawa, ON L1G 7P3 (905) 404-5448 Bed & Breakfast

To view all of the new members, please visit www.oshawachamber.com and click on Business Directory >> New Members.

Renewing Members Armstrong Funeral Home Ltd. Aviation Supplies B & G Truck & Trailer Repairs/ Towing & Recovery Bathe & McLellan Construction Ltd. BDO Canada LLP Bell Canada Bob's Towing C.K. Collision Centres CA Consulting 2016 CAA Oshawa Travel Centre Canadian Mental Health Association Durham Churchills-Crossings City of Oshawa, Economic Development Services Clarington Hyundai Classic Flowers CONNECT! Equine Assisted Learning Centre Cooper's Auto Services Oshawa Ltd. Creighton Law LLP Deegan Denture Clinic - Brian D. Deegan D.D. Don Nick Fazio La Pizza & Pasta Durham Auto Works Ltd.

Durham Outlook for the Needy - St. Vincent Pallotti's Kitchen Executive Copier Systems Inc. FarmTech Energy Corp.

Fazio's Restaurant Inc. Flip Flop Foods Gay Company Limited George Moore Electrical Ltd. H. Kassinger Construction Ltd. Homeopathy by the Book / Dr. Joseph Kellerstein Hoofers Performing Arts Hostick Consulting Services Inc. JCB Performance Solutions Inc. Keg Steakhouse & Bar Lovell Drugs Ltd. LPA Moveable Partition Specialist Ltd. M.K. Tailoring McDougall Appleton Insurance Brokers McFaul Fencing Ltd. Nano Group Inc. Newton-Trelawnay Property Mgmt.

Ortho-Tec Limited Oshawa Carpet One Floor & Home Oshawa Refrigeration Service Ltd.

905-723-9898

Paragon Security Peacock Lumber Ltd. Peter Taylor & Associates Inc. Petley-Hare Ltd. Insurance Brokers Rockbrune Bros. Ltd. Rogers RPG Supply Inc. Silver Meridian Sixth Workshop Stephenson's Steering Specialists Ltd. Steve Moss Home Renovation & Repair Studio Jewellers The Mortgage Centre-Kurt Henry, Mortgage Broker. AMP The Mortgage Group Ontario Inc. Gabriella Bartha-Burke This Week Newspapers United Way of Durham Region Winexpert Courtice WSP/MMM Group

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2017 EXECUTIVE COMMITTEE PRESIDENT Gary Valcour is the Chair of the Oshawa Port Authority. A lawyer by education and training and a writer at heart, Gary has, over the course of his career, been a lawyer, a corporate executive and an entrepreneur. Gary has served on the Board of Directors of the Greater Oshawa Chamber of Commerce since 2013 as well as being an active member of the Chamber’s Government Affairs Committee. In all of these roles he has continued his community involvement in politics, education and youth sports as well as sitting on the Board of such organizations as YMCA National Council, Canadian Bar Association, Durham College, CLOCA and St. Gregory’s Finance Council. A resident of Oshawa for over 35 years, Gary is married and has four children. Gary served as Vice President in 2016.

PAST PRESIDENT Natalie Sims is President of Durham Medical Ltd. and has been involved with the business since 1998. In 2000 Natalie and her husband Bill bought the business from Jacquie Sims.

Durham Medical specializes in home medical equipment and supplies that allow clients to live independently in their homes. In 2007, Durham Medical was the recipient of the Greater Oshawa Chamber of Commerce Business Excellence Award. It is a strong supporter of Hearth Place, OSSC, Durham Community Foundation, Grandview Children’s Centre and many others. For its 25th and 30th anniversaries Durham Medical ran an Extreme Home Accessibility Renovation Contest, awarding a deserving family in the community a life changing renovation. Some of Natalie’s many responsibilities involve sales, HR, strategic planning, business development, quality improvement, supply chain management and community relationships. Natalie is professionally involved with its member associations Home Health Care Advisory Board. Growing over 200 per cent in the past six years, it is a leader in offering innovative products and prides itself on offering new home health care solutions. Natalie served as the Chamber’s Vice-President in 2014 and 2015, and was President in 2016.

1ST VICE PRESIDENT Kyle Douglas is a passionate cyclist who is an enthusiast about goal driven leadership, who wishes to assist with developing policies and strategic plans that will empower the community.

Shaping the community requires committed goals that will guide the membership to success.

Working as the Manager of Corporate Services for CRCS DKI, he directs and coordinates corporate programs within the company, while providing high level administrative, strategic planning and operational support. He also assists senior management on matters such as human resource management, information technology and fleet services. His experiences also include sitting on the Greater Oshawa Chamber of Commerce for the past three years, where he helps with serving the business members of the surrounding communities.

2ND VICE PRESIDENT Jeff Hayes is a lifetime Oshawa resident and has been running Hayes Plumbing & Bathroom Renovations for over thirteen years. His father, Brian, began the company more than thirtyfive years ago. Jeff is proud of the great customer service his team has been providing as evidenced by the company winning the Reader’s Choice Diamond Awards for over 6 years in a row. Brian Hayes Plumbing earned the Minister’s Award for Apprenticeship Training in 2012. Since 2005, Jeff has been a contributing member of the Government Affairs Committee with the Greater Oshawa Chamber of Commerce. Jeff served as the Chamber’s Vice-President in 2014 and President in 2015.

TREASURER Clyde Catton, CPA, CA, is a Tax Partner at BDO Canada LLP in Oshawa. He has over 20 years of public accounting experience and he specializes in corporate and personal income tax planning, corporate reorganizations, succession planning and estate planning. Clyde is currently Treasurer at the Greater Oshawa Chamber of Commerce

EXECUTIVE-AT-LARGE Linda Grieco is President of PR Engineering Ltd., A heavy manufacturing facility in Oshawa, Ontario. PR Engineering Ltd. Produces equipment for the mining industry as well as the Concrete & aggregate industry. Linda is Vice President of CAMESE (Canadian Association for Mining Equipment and Services for Export). An Active member of the CIM (Canadian Institute of Mining) also a member of the PDAC (Prospector and Developers Association) Linda served a two year term as Vice President with the Greater Oshawa Chamber of Commerce is currently a director. Prior to joining PR Engineering Ltd. Linda was Director of Marketing for a Show Production company that produced Trade and Consumer Shows. With many years in the event production industry, Linda has consulted for many different venues, A true entrepreneur, Linda has owned a variety of businesses from the construction industry to manufacturing specialty restaurant equipment, including an import business handling gourmet foods from around the globe.

MEMBERSHIP 101

The Greater Oshawa Chamber of Commerce held its first ‘Membership 101’ event of 2017 in the Chamber boardroom on Tuesday, January 17th!

Over 17 new and existing Chamber members attending the event, sponsored

by HMA The Benefits People, to network and hear how they can get the most out of their membership and maximize their business. The next ‘Membership 101’ will be held in May 2017!

February 2017

Greater Oshawa Chamber of Commerce – Your Voice of Business

Page 7

TAX-EFFICIENT WAYS TO WITHDRAW MONEY FROM YOUR BUSINESS Clyde Catton You’ve worked hard to build your business and create a profitable company. During the start-up years, you may have forgone paying yourself in favour of reinvesting in your business and growing your enterprise.

Perhaps you are now at a point where your business has become more established and you are ready to start withdrawing some of the profits out of your corporation. Maybe you want to bolster your personal cash flow for lifestyle reasons or to fulfill your family’s financial obligations.

Or instead, perhaps you are concerned about maintaining your corporation’s status as a small business corporation for the purposes of one day claiming the capital gains exemption. Whatever the reason, simply withdrawing cash from your business’ bank account will likely result in a significant tax bill. So the question then becomes: how do you take money out of your business in a tax efficient manner?

Unfortunately, the answer to this question isn’t as straightforward as you might think. The way in which it makes the most sense for you to take money out of your company may not be the same for another business owner. Consideration must be given to many factors, including the personal federal and provincial tax rates where you live, the corporate federal and provincial tax rates where your business is located, your cash requirements both in the short- and long-term, and whether your company possesses certain favourable income tax attributes that can be utilized to minimize tax.

This article discusses some of the more general approaches that business owners can take to withdraw money out of a business in a tax-efficient manner.

Some of these strategies may even allow you to access corpo-

rate profits on a tax-free basis.

However, to ensure that whatever money you do remove from your corporation does not create any negative tax consequences, it will be important for you to discuss your specific circumstances with your advisor first, before withdrawing any cash.

Pay Yourself And Family Members Typically, business owners will pay themselves a salary from the business in a way that is similar to an employee being remunerated. If family members also work in the business, a reasonable salary can be paid to them as well. This is especially beneficial if family members have little or no other sources of income. Generally speaking, a “reasonable” salary in this instance would be one that approximates what would be paid to an unrelated third party for the same services.

Alternatively, dividends can be used to distribute money from the corporation to both you and your family members. This would require that you, your spouse, and your children hold shares of your corporation either directly or indirectly (i.e. through a trust or a holding company). Keep in mind that when planning to distribute dividends amongst family members, certain traps must be avoided to prevent running afoul of some fairly punitive tax rules, including the corporate attribution rules and the “kiddie tax” rules. For this reason, it will be important to consult with your advisor before paying any dividends to your spouse or children.

Optimize Your Salary Versus Dividend Mix Remember, active business income of a Canadian-controlled private corporation (CCPC) is eligible for specially reduced rates of both federal and provincial corporate tax due to the small business deduction. In order to maximize the potential for this tax savings, it is common for owner-managers of CCPCs to

pay themselves a combination of both salary and dividends. In the past, where the active business income of a company exceeded the federal small business limit, it was common practice for a corporation to automatically “bonus down” to that limit since the total corporate and personal tax associated with retaining the excess income and paying it out as a dividend often exceeded the personal tax cost of being paid a bonus. This concept is referred to as the “tax integration cost”.

However, with the changes to the rules governing the taxation of dividends in the past decade and the gradual reductions to the federal and (some) provincial general corporate tax rates, the cost of retaining income within a corporation has declined. As a result, paying a bonus may not always yield the most tax-efficient result. Furthermore, where profits are left in the business (to be distributed at a future date as a dividend), the additional personal tax on the dividend will be deferred.

Take note that there are other factors that can influence your decision to take a salary versus being paid dividends. Your cash flow needs must be taken into account, since retaining income in your business won’t work in cases where you need money for other purposes. Also, bear in mind that drawing dividends alone will not provide you with earned income for purposes of your RRSP contribution. Moreover, on the corporate side, you will want to consider the impact of any relevant payroll taxes, as well as any remittance requirements and filing obligations that may arise. In addition, you may wish to consider the potential impact that your remuneration decision could have on your corporation’s ability to claim scientific research and experimental development credits, where applicable.

As you can see, establishing the best possible remuneration strategy can be a complex undertaking.

Convert “Hard ACB” Into Cash

THIS IS NOT A PROPELLER. It’s actually a series of inclined planes. Similar to how we’re not just accountants.

We are a partner-driven team available to you from engagement through delivery. BDO. More than you think.

419 King Street West, Suite 502 | Oshawa, ON | 905.576.3430 ASSURANCE | ACCOUNTING | TAXATION | ADVISORY SERVICES WWW.BDO.CA

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

If you purchased your business from someone else, it is possible that the shares you acquired have “hard” adjusted cost base (ACB) which can become relevant when planning to withdraw cash from your business.

Essentially, “hard ACB” is a tax term that represents the amount that you paid for the shares when you purchased them, and it can potentially be converted into cash (or debt that can be repaid later) using a holding company, thereby allowing you to access the capital you invested on a tax free basis.

In simple terms, a holding

company would be set up for the purposes of acquiring the shares of your operating company in return for consideration equal to the ACB of your operating company’s shares. In this way, you could potentially receive proceeds, as cash or debt, in an amount up to the cost base of your shares without attracting any tax. You may even benefit from other additional advantages of incorporating a holding company, which are discussed in further detail below.

You should note that attention must be paid where you acquired the shares of your business from a non-arm’s length person, such as a relative, who would have either claimed V-day protection (for capital properties owned on December 31, 1971) or the capital gains exemption (CGE) on the disposition of those shares to you. This is because hard ACB on acquired shares does not include the amount of the gain realized by a non-arm’s length person that was reduced either by the application of the V-day rules or the CGE. If ACB related to a non-arm’s length person’s Vday protection or CGE is cashed in, then a deemed dividend could arise. Since these rules can be very complex, make sure that you involve your advisor if you’re interested in converting the hard ACB of your shares into cash.

Repay Outstanding Shareholder’s Loans To help finance the start-up or growth of your business, you may have loaned funds to your company in the form of a shareholder’s loan. Now that your corporation is profitable, it may be a good time to consider having the company repay all or a portion of this loan. Any amount that you receive in settlement of your shareholder loan will be a tax-free distribution, similar to a return of capital.

Alternatively, you could also consider having your company start paying you interest on your shareholder loan. However, keep in mind that while any interest paid would be deductible to the corporation, it will be taxable to you as investment income.

Pay a capital dividend Another potential tax-free distribution to consider is to pay yourself a dividend out of your corporation’s capital dividend account (CDA). In simple terms, the CDA is a notional balance that most commonly represents the non-taxable (currently 50%) portion of any capital gains (or similar receipts) that a private corporation has realized on the disposition of capital assets and of eligible capital property. A positive balance in a corporation’s CDA can be distributed to Canadian resident shareholders

as a tax-free dividend, ensuring that the non taxable portion of the company’s capital gains (and similar receipts) do not subsequently become taxable in the hands of the shareholder.

You should note that CDA is calculated on a net cumulative basis, so the balance will be eroded by any capital losses realized by the corporation.

However, capital losses realized subsequent to a distribution of the CDA will not have a retroactive effect on having previously received this distribution tax-free even if the loss is carried back.

Accordingly, it is advisable to pay out the balance of the CDA as it becomes available.

That being said, calculating the CDA can be complex. There are rules which govern what can and cannot be included in the CDA, as well as timing considerations with respect to the recognition of additions (and depletions) to its balance. Unfortunately, there can be negative income tax consequences when a capital dividend is paid in excess of the corporation’s available CDA. Moreover, there are specific filing requirements that must be met when paying a capital dividend. For these reasons, it will be imperative that you speak to your BDO advisor in advance of paying a dividend from your corporation’s CDA. As a planning note: if your corporation currently has no (or very little) CDA, consideration can be given to undertaking an internal sale of company assets that have unrealized capital gains. Triggering the realization of these available capital gains will create CDA that can then be distributed as a tax-free capital dividend. Although tax will be payable on the gain inside the corporation, distributing a combination of taxable and capital dividends may be beneficial when compared with just paying a taxable dividend.

Once again, consult with your advisor before effecting this type of strategy.

Consider the use of a holding company While not a way to actually extract money from your business, the creation of a holding company could be a useful way to shift money out of your operating company and, in doing so, defer the realization of personal tax (payable on dividends subsequently paid to you) to a later time. A holding company can also be beneficial for the purposes of securitizing the corporation’s retained earnings, income splitting, and purifying your operating company to help ensure future access to the capital gains exemption by non-corporate shareholders.

With this type of corporate restructuring, shares of your

operating company would be transferred to a new holding company on a tax-deferred basis. Then, cash can be shifted out of the operating company by paying dividends up to the holding company on a tax-free basis (although, it is important to be mindful of the anti-avoidance rule under section 55 when paying such intercorporate dividends).

The money could then be used within the holding company for investment purposes, assuming that you won’t need access to the funds within the immediate future.

If you do require the cash, then this type of planning may not benefit you. Nevertheless, a potential deferral of personal income tax may be available if the money remains in the company (and is taxed there at corporate rates) until such time as your other sources of personal income decline and are consequently subject to a lower personal income tax rate.

A variation that has become more common is the use of a holding company as a beneficiary of a discretionary trust. This structure allows the benefits described above, plus the flexibility that a trust provides.

You should note, however, that the tax integration cost of earning investment income in a holding company and then paying it out as dividends may be an issue when compared to earning that same investment income personally. As a result, you should consult with your advisor to determine whether setting up a holding company is right for you.

Whether you find yourself in a situation where taking out some cash from your business is a question of necessity, or whether this is an issue that has arisen as a matter of course, taking the time to properly plan how you’re going to withdraw money from your business will ensure that you’ll pay the minimum amount of tax necessary. However, as we’ve seen, there is no cookiecutter approach to taking money out of your company in a taxefficient way. Instead, there are numerous potential avenues to explore, and many factors to consider, when selecting the most tax-beneficial plan for your unique situation. Your BDO advisor can help to create a strategy that works best for you.

If you have any questions related to the foregoing please contact our office at 905-576-3430.

This material is general in nature and should not be relied upon to replace the requirement for specific professional advice.

This article is from a BDO Tax Factor 2014-11, a publication by BDO Canada © BDO 2014.

Submitted by Clyde Catton, BBA, CPA, CA, Tax Partner

Page 8

Greater Oshawa Chamber of Commerce – Your Voice of Business

February 2017

Health, Dental & Life Insurance designed for Greater Oshawa Chamber Members and their Employees.

Contact Peter Bocking at 1.800.361.6996 ext. 239 or visit www.chamberplan.ca

N E T W O R K I N G

AT

A

G L A N C E

UPCOMINGEVENTS For complete details on these events, see the flyers in this edition of Business Matters or call the Greater Oshawa Chamber of Commerce at 905-728-1683 to have a flyer emailed or faxed to you.

TO REGISTER FOR A CHAMBER EVENT PLEASE FAX IN YOUR REGISTRATION FORM TO 905.432.1259, EMAIL TO INFO@OSHAWACHAMBER.COM OR PHONE 905.728.1683 TO HAVE A REGISTRATION FORM SENT TO YOU. ANNUAL MAYOR’S LUNCHEON

Speaker: Dr. Theresa Miedema, Lawyer & Professor at UOIT Join us for a Women In Business lunch as we hear from Dr. Theresa Miedema of UOIT on how networking can help save democracy while networking with other business women in the local community.

Women In Business Roundtable

Keynote speaker: John Henry, Mayor, City of Oshawa

VELOPMENT DUCATION at UOIT Sponsored by:

n-house 2016

Fazio’s Restaurant 33 Simcoe St., S., Oshawa

Tuesday, Marchext.

7, 2017 a • P: 905.721.8668 3290 5:00 p.m. - 7:00 p.m.

Members: $55.00 Plus HST Prospective Members: $65.00 Plus HST

Members: $45.00 PLUS HST Prospective Members: $55.00 PLUS HST

PRE-REGISTRATION IS REQUIRED! REGISTER ONLINE WEB.OSHAWACHAMBER.COM/EVENTS

BIZ AFTER 5 Tee’s & Cue’s Indoor Golf

Tee’s & Cue’s Indoor Golf 559 Bloor St.,W., Oshawa (Below the Best Western Hotel)

Tosca Banquet Hall & Conference Centre 800 Champlain Ave., Oshawa Join us at our Annual Mayor’s Luncheon for networking, lunch and to hear from Mayor, John Henry as he speaks on issues in and affecting the City of Oshawa.

*Pricing includes Lunch and Mayor’s presentation. Register ONLINE!!! Pre-registration is required

Wednesday, March 22, 2017 5:00 p.m. - 7:00 p.m.

BIZ AFTER 5 Chamber Bowl

Neb’s Fun World

Summer is coming! Are you ready? Practice your swing and join us for a night of networking at our first Biz After 5 Event of 2017! This event will allow you to perfect your golf game on one of the world’s best golf simulator while networking with fellow attendees.

Member Registration: $25.00 Plus HST Prospective Members: $30.00 Plus HST *Pricing includes finger foods and golf simulator

Tuesday, February 21, 2017 12:00 p.m. – 2:00 p.m.

Sponsored by:

Tuesday, February 14, 2017 12:00 p.m. – 2:00 p.m.

Sponsored by:

Pre-registration is required. Register ONLINE at web.oshawachamber.com/events

Calling all ‘World’s Best Bowlers’! It’s time to get the team together and come on out to the first annual ‘Chamber Bowl’! Join us for a night of fun and networking while having a little bowling competitive fun at Neb’s Fun World.

Member Registration: $25.00 Plus HST Prospective Members: $30.00 Plus HST *Pricing includes finger foods and golf simulator

Sponsored by:

Pre-registration is required. Register ONLINE at web.oshawachamber.com/events

Women Connect

Oshawa & Whitby Chamber Members: $75.00 plus HST Non-Chamber Members: $100.00 plus HST

Connect Women is an annual signature event that celebrates and supports women in business. Now in its sixth year, this day-long conference will leave guests feeling excited, engaged and empowered! This year, Connect Women will be held at the historic Trafalgar Castle School, where guests will enjoy a three-course plated lunch.

Emceed by Tracy Hanson, Vice President, Network & Member Relations, Ontario Chamber of Commerce, Connect Women 2017 features a jam-packed line up of inspiring speakers including: Uchechi Ezurike-Bosse, a business and lifestyle strategist, author, speaker, TV host, and founder of My Empowered Living. She’s committed to helping passion-driven entrepreneurs (and aspiring entrepreneurs) increase their wealth, confidence and freedom through mindset mastery, wealth consciousness and proven success strategies.

She’s been featured as a guest on Hay House Radio and is a regular contributor to The Huffington Post, Canadian Small Business Women, and Hat Trick Magazine.

Traci Trimble, a Metaphysician, M.Msc, in the field of energy psychology, who specializes in treating emotional trauma that causes acute stress, anxiety and depression. As an energy worker, her purpose is to share the tools that were instrumental in saving her from a life of clinical depression. As a teacher, she is in service as a business mentor and spiritual guide to women entrepreneurs who are dedicated

From Simple to Extraordinary

Solutions for every window.

MICHAEL CYR

Owner / Design Consultant

289-240-4009 mikecyr@gotchacovered.com

to creating and maintaining a conscious business. She holds a Bachelor of Arts in Psychology, a Bachelor of Metaphysical Science and received her Bachelor of Education. In addition, she currently pursuing her Doctor of Energy Medicine and her Ph.D in Metaphysical Counseling.

Jennifer Botterill was a member of the Canadian Women’s Hockey Team from 1997-2011 and has attended four Olympic Games. She is a three-time Olympic gold medalist (2002, 2006, 2010) and an Olympic silver medalist (1998). She is a five-time World Champion and was twice named the most valuable player at the World Champion-

MEMBERSHIP: a key to your success Join today! www.oshawachamber.com

ship tournaments. Jennifer is a graduate of Harvard University and completed her degree with honours. She also played hockey for Harvard and is the only two-time winner of the Patty Kazmaier award, which is given to the top player in women’s college hockey. She still holds the NCAA records for most consecutive games with a point and for most points in a hockey career. Jennifer is a keynote speaker and works in television with CBC and TSN. Connect Women also features a vibrant Marketplace, where guests are encouraged to explore and discover wares from local businesses.

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