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Sunday, September 25, 2011 - The Morning Star B11

www.vernonmorningstar.com

Business

EDITOR: GRAEME CORBETT

PHONE: 550-7903

E-MAIL: business@vernonmorningstar.com

MacLeod takes on top chamber role Vernon chamber welcomes new board members at AGM GRAEME CORBETT Business Editor

From the time he first started in business to his current role as a successful consultant, one thing has always remained a constant for Ken MacLeod – the support of the chamber of commerce. MacLeod’s corporate career took him across North America before he came to Vernon, including stints in northern and southern Ontario, Alberta, Lower Mainland and the U.S. As the Greater Vernon Chamber of Commerce’ newly appointed president, he plans on fostering that same support for the local business community. “One of the main sources of support I had back then was to become a member of a chamber of commerce. I felt that’s where I needed to learn and be around similar types of people so I could take advantage of their expertise,” said MacLeod, president of MacLeod Consulting and chair of TEC (The Executive Committee in the Okanagan). Soon after coming to Vernon, MacLeod started on the board of directors before making the commitment to joining the executive. Working his way through the second and first vice-president roles has been beneficial, he said. “It’s good for the chamber to have that process because you learn the nuances of the chamber. To just walk in and become president without knowing the history and backGRAEME CORBETT/MORNING STAR ground would be difficult, and it’s not really fair for our Ken MacLeod, a business consultant, is the new president of the Greater Vernon Chamber of Commerce. In addition to a shuffle in members,” said MacLeod, a former Morning Star business the executive, there are three continuing members on the board of directors, with seven joining the board by acclamation. columnist. Joining him on the executive are first vice-president Ingrid Dilschneider of Predator Ridge and past president “This new board is going to be extremely strong and but it boiled right down to a source of support for (their) Deb Leroux, owner of Harris Flowers. The second vice- I’m extremely impressed by the changes I’ve seen with business. This was coming right from them and I needed president and treasurer have yet to be the new members and the returning to know that.” announced. members. The board every year seems MacLeod doesn’t foresee any great changes in the way Continuing on the board of directo be getting stronger and stronger,” the chamber will operate moving forward. It will continue tors are Duane Vanekeimpema (JayDee to advocate and promote local business by working with said MacLeod. Associates), Deb Stoddard, (TD Canada “When I moved to the Okanagan, I the three levels of government to increase economic develTrust) and Jodi Koenig (Summit was pleasantly surprised by the style of opment. Financial). And as previous executives have done before this one, this chamber and the commitment the — Ken MacLeod Acclaimed to the board for 2011-13 local community had to our area, even MacLeod says the goal is to “set the direction...and allow are Jaron Chasca (Alternatives Funeral more than some of the bigger areas I’ve staff to be accountable for results. & Cremation Services), Dauna Grant (Vernon Public been involved in.” “We have a great team and we cannot allow ourselves Art Gallery), Adrian Johnson (KPMG), Randy Kazemir Once the board was announced at the Vernon cham- to get involved in the day-to-day because that undermines (The Mortgage Group Canada), Matthew Davidson (Sage ber’s recent AGM, one of the first things MacLeod asked their ability to do their jobs. Environmental Consulting), Roel van de Crommenacker members was what they look for in a chamber. “It’s good policy. By moving in that direction, you have (Innotech Windows & Doors) and Trevor Koenig (Blenz). “Every person has a different reason for belonging, a stronger chamber.”

“The board every year seems to be getting stronger and stronger.”

The cottage conundrum

T

hrough the principle residence sound financial planning reasons. exemption, your home is just about Let’s take a closer look at the principle the only investment you can profit residence exemption. Your family is allowed from without paying a cent in taxes. only one principle residence each year. If The Income Tax Act allows you own a multiplex and rent out this exemption on any housing the other units, you can claim the unit that you, your spouse or exemption only for the portion common-law partner or your of the building you inhabit. children lived in during the year. It can make sense to designate And that can include a unit in a your cottage for the exemption condo or apartment building, or when, for example, your family even a cottage, mobile home or has owned both a house and cothouseboat. tage for a number of years and If you own both a home and Andy Erickson you decide to sell your house, a cottage, you can designate one which has appreciated by $20,000 or the other as your principle residence, while your cottage has risen in value by even if you only take short vacations at your much more. If you believe cottage prices cottage. And you might want to do that for will continue to be stable, or rise, it can be

GUEST COLUMN

a better tax-saving strategy to place your exemption on your cottage. If you own a house on a few hectares of land, you can generally claim the exemption only for the house and up to a half hectare of land (the rest will be subject to capital gains). The exemption may be available for all, or part of, the excess land under certain circumstances. You will probably not lose your exemption if you take in a boarder or renter who shares your kitchen and your house. You will likely lose the exemption for any portion of your home to which you make structural changes to create a self-contained apartment. If you move out of your house to rent it, you will be deemed to have sold it at fair

market value. Because it was your principle residence, the immediate gain may be eliminated or reduced, but any future gain will usually be taxable. There are, however, some planning opportunities that may allow you to extend the exemption into the years after the conversion. The best tax-saving principle residence exemption strategy for you depends on many factors, including your overall financial and retirement goals. Your professional advisor can help you make the right choices for you and your family. Andy Erickson is the division director with Investors Group, Vernon. This article is provided for information purposes only. Consult with a professional advisor before implementing a strategy.

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Vernon Morning Star Sept 25, 2011

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Vernon Morning Star Sept 25, 2011

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