burnaby business news march2015

BurnabyNOW WEDNESDAY March 18, 2015 11

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BURNABY BOARD OF TRADE

EventsBUSINESS RECEPTIONwithFinance Minister Mike de JongMar 19 @ Hilton VancouverMetrotown

BBOT MUFFINS &MEMBERSHIP INFO SESSIONMar 25 @ BBOT Offices

HIGH TEA DIM SUM: HONGKONG/CANADABUSINESSMar 30 @ Fortune House SeafoodRestaurant (Metrotown)

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BBOT MUFFINS &MEMBERSHIP INFO SESSIONApr 16 @ BBOT Offices

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HIGH TEA DIM SUMwithCanadian Trade CommissionerApr 22 @ Fortune House SeafoodRestaurant (Metrotown)

QUARTERLYNETWORKINGMORNINGApr 24 @ Riverway Clubhouse

STATEOF THE CITY LUNCHEONApr 28 @ Delta Burnaby Hotel

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www.bbot.ca

MARCH

2015

By Michael [email protected]

The Burnaby Board of Trade (BBOT) hascome out in support of a cautious “Yes”vote, despite concerns, on Metro Vancouver’s

upcoming transit plebiscite for a 0.5% MetroVancouver Congestion Improvement Tax tohelp fund transportation expansion acrossthe region.

In a recently released policy bulletin, theBBOT cites reservations about the proposed

funding model and concerns about its impacton business, the accountability for the newrevenue, and the precedent the new tax mayset. Ultimately, though, it concludes that thevote likely represents the best chance toachieve sustainable, long-term funding and

accomplish meaningful improvements toregional transportation.“With over 2.3 million people, and

accounting for nearly 60% of all jobs inBC, Metro Vancouver is a major economicdriver for the provincial economy,” said

BBOT says ‘Yes’ but with concerns

12 WEDNESDAY March 18, 2015 • BurnabyNOW

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Transit con’t from cover

BBOT President and CEO Paul Holden. “Wehave seen recent studies that suggest trafficcongestion in the region is costing theeconomy around $1 billion every year, andthat could increase to $2 billion annually ifthere is no further investment in our transitinfrastructure.”

By funding the transit plan proposed bythe Mayors’ Council, the bulletin notes thatcongestion could be reduced by 10%, savingup to 30 minutes in commuting time on someroutes, and at the end of the plan, 70% of theregion’s residents would be within walkingdistance of regular, reliable transit service.

In Burnaby specifically, some highlightsof the plan include improved SkyTrain service(doubled Expo Line capacity by 2041),increased bus service including more B-Lines,and a new four-lane, tolled Pattullo Bridgeinto neighbouring New Westminster.

The Board of Trade does however pointout that the plan is not without concerns.In particular, the Board is concerned withthe impact of the proposed tax increaseon business, the auditing and accountingprocedures put in place to oversee the newrevenue, and the potential for future regionaltax increases to fund other government

spending priorities.“As Burnaby’s economic development

agency, we’re concerned that even a relativelyminor increase such as this has the potentialto negatively influence consumer spendingbehavior,” remarked Holden. “We don’t wantto see people spending disproportionatelyless at local businesses, or taking their dollarsto other jurisdictions such as WashingtonState or Mission and Abbotsford.”

In addition, the bulletin points out that theBoard considers the regional tax model asan exceptional case, and would be skepticalof any plan to copy the model to fund future

public projects, whether for infrastructureor other spending initiatives. The BBOT alsoseeks a commitment from government thatthe proposed regional tax undergo regular,mandatory reviews and that the tax rate of0.5% not be subject to future increases.

“The BBOT feels strongly that there shouldbe significant public oversight of the revenueraised from this new tax. When implementingthis new tax, if approved by voters, we urgegovernment to ensure it is done in the leastdisruptive manner possible,” said Holden.

Find the full policy bulletin at bbot.ca/advocacy.¾

ForHollyNorth,sustainability is not an actHollyNorth Production Supplies Presidentand General Manager Mike Kaerne has beenin the movie and television production supplybusiness for over 17 years. Coming from theauto parts recycling business where recyclingwas the DNA of the business model, it camenaturally to him to apply the same principlesof reduce, reuse, recycle to HollyNorth.

Recently the BBOT had the opportunityto talk to Mike about his commitment tosustainability both in his business as well asthe community.

What got you started thinking aboutsustainability?I have been interested and involved inrecycling for many years – I worked in andlater owned an auto parts recycling yard(auto wreckers). When I got into the filmindustry it just continued. The film industry isvery concerned with sustainability, recycling,and ecological practices.

How did you decide what was mostimportant to tackle first?I started with cardboard - we receive mostof our products in cardboard boxes thatwe wanted to dispose of properly. As thepossibility of recycling more of our ‘waste’became apparent, we added those to ourrecycling program. We now collect andrecycle batteries, plastics, newspaper andoffice paper, CFL’s and fluorescent tubes,unused paints, Styrofoam, propane canistersand other items.

Do you feel this has any impact on how youdo business?It does impact such considerations as how aproduct is packaged, how we deal with thatpackaging, what effort or arrangements wemust do to deal with it…so those are thingswe take into consideration when making apurchasing decision, we try to buy local asmuch as feasible.

It also has a financial impact because weassist our clients to recycle, so it does cost usa little bit. The TV commercial industry arevery temporary and transient productions,so they don’t always have time to dispose oftheir waste properly so it needs to be veryeasy for them to do. We offer our in-house

program to help collect that recycling thatotherwise becomes landfill – cardboard,paint, plastics, Styrofoam, paper, light bulbs,sometimes wood or metal.

What do you hope to achieve by makingyour business more sustainable?There are many things we wish to achieve– be friendlier to our planet, be moreresponsible in our purchasing decisions,reduce our waste footprint, be a goodcommunity example, just to name a few.

What are your next steps and goals?Find ways to reduce our use of heating(natural gas) and electricity. We haveinstalled timer light switches in some areasand are going to install programmablethermostats next.

You have been a member of the Pledge fora Sustainable Community since its launch2 years ago. What was your motivation forjoining and what have been its benefits?Yes, HollyNorth Production Supplies hasbeen a proud member of the Pledgefor a Sustainable Community for 2 yearsnow. (bbotpledge.ca) The Pledge is aninitiative of the Burnaby Board of Tradeand provides tools, resources, workshopsand opportunities to help make Burnaby agreener, more sustainable community. Thoseresources help educate our staff (and ourcustomers) in order to improve and increaseour green initiatives. We think the Pledge isa tremendous asset for the community andbusinesses alike.

Find resources to become more sustainableand promote your green initiatives today.BBOTPLEDGE.CA ¾

ARE YOU ASUSTAINABLE BUSINESS?

Nominate yourself for aCity of Burnaby Environmental Award!

Deadline: April 13th

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Aadvocacy

BBOTSupportsBalancedBudgetBy Cory [email protected]

Burnaby Board of Trade President & CEOPaul Holden was in Victoria for the release ofthe new provincial budget and attended thebudget speech by Finance Minister Mike deJong in person at the Legislative Assembly.The BBOT is generally supportive of this ‘staythe course’ budget and is especially pleasedto see the province announce anotherbalanced budget with a strong surplus.

The 2015 budget contained a projectedsurplus of $879 million for the end of fiscalyear 2014/15 and a surplus of $284 millionforecast for the coming fiscal year of 2015/16.As a result, British Columbia will likely bethe only province to post a budget surplusthis year. Minister de Jong also announcedforecasts for surpluses for the next twofiscal years of $376 million in 2016/17 and$399 million in 2017/18. The BBOT believesthat a balanced provincial budget serves toillustrate the strength of the BC economy andhelps set the province apart as an attractiveplace to do business when compared to otherjurisdictions.

The budget also included importantsupports for the digital media and film &television industries, among others, whichare two of Burnaby’s key business sectors.The BBOT has advocated in the past foradditional supports for these industries,and was therefore pleased to see thegovernment announce an expansion of theDigital Animation or Visual Effects Tax Creditas well as announce an extension to 2018 ofthe Interactive Digital Media Tax Credit. The

BBOT understands the importance of boththe digital media and film & television sectorsas cornerstones of our creative economy andwill continue to advocate on their behalf.

The budget contained someannouncements relevant to social andenvironmental concerns, including theexemption of child support payments fromincome assistance calculations, the roll-out ofthe BC Early Childhood Tax Benefit, and thenew Water Sustainability Act. As a triple-bottom-line organization, the BBOT willtask its Social Development Committee andEnvironmental Sustainability Committee toreview the budget’s social and environmentalproposals and continue to guide BBOTadvocacy in these areas.

Other highlights of the budget’s fiscalplan include $2.1 billion in infrastructurespending for post-secondary education,skills and trades training, $2.9 billion intransportation investments (including theEvergreen SkyTrain Line from Burnaby toCoquitlam), $2 million in additional fundingfor the Buy Local program, which helpsfarmers and food processors promote theirB.C. products, an extension to the BC TrainingTax Credit and an increase to the SmallBusiness Venture Capital Tax Credit.

As part of its review of the provincial budget,the BBOT sought analysis and commentsfrom the business and academic communitiesto share with its members:

Helmut Pastrick, Chief Economist, Central 1Credit Union:

“Budget 2015 contained no major surprises andwas a continuation of the government’s policystance. The fiscal plan confirms that B.C.public finances are in good shape with theprovince anticipated to run surpluses through2017/18. Debt-to-GDP ratios are projected todecline and will remain amongst the lowestin the country. Most of the public debt isto finance past and future capital spending

on infrastructure for health, education,transportation, and utilities purposes.

Budget 2015 projects average annualrevenue growth of 2.1 per cent and expensegrowth of 2.3 per cent through 2017/18. Thebudget surplus is projected at $284 millionin 2015/16, down from $879 million in2014/15, rising to $399 million in 2017/18. Theprojections are after the forecast allowanceand contingencies amounting to $750 millionin 2017/18. An additional buffer comes fromconservative economic assumptions on overallB.C. growth, the exchange rate, interest rates,commodity prices, and housing activity. Thereis a high probability that the economy willoutperform budget assumptions leading tohigher revenue and budget surpluses thanprojected.

Provincial government spending willnot be a significant driver of economicgrowth over the next three years under thisbudget plan. However, should the economyoutperform budget assumptions, it will allowthe government more room to nudge upfuture spending.”

Andrey Pavlov, Professor of Finance, BeedieSchool of Business, Simon Fraser University:

“This balanced budget is good for all of us. Iam pleasantly surprised that the governmentkept its promise to roll back the highestmarginal tax rate to 2013 levels. While theactual tax implications are small, this sends ahighly positive signal that our government isconsistent and reliable.

I am concerned about the increase inthe overall debt. Our infrastructure is clearlyin desperate need of investments, butthese investments should come from theprivate sector to the extent possible andbe supported by future user fees. The factthat debt-to-GDP is falling is a redeemingfactor, although this would be of little helpif GDP growth forecasts turn out to be toooptimistic.” ¾

Tax tipsfor yourunincorporatedbusinessBy Glenn PlunkettThe Accounting Store

If you operate a business that is notincorporated, one of the first questionsis “Are you self-employed or an employee?”Canada Revenue Agency publicationRC 4110 can help you make the correctdetermination.

Once you have determined that you areself-employed let’s look at how you canminimize your costs at tax time.

Avoiding late filing penalties seems veryobvious but entrepreneurs sometimes getcaught up running the business and forgethow costly these penalties are. They also bringyour business to the attention of the CanadaRevenue Agency which can result in reviews

and audits that may lead to more issues!Getting your documents organized will

minimize the cost of tax preparation andensure that you pay the least amount of tax.Contact your tax preparer or accountant andask how they prefer to have the documentsorganized then take the time to getorganized. Make sure you keep every eligiblereceipt and document any expenses incurredthat do not generate a receipt (i.e. parkingmeters). I also recommend that you scan alldocuments and save a copy. Using separate

bank and credit card accounts makes thisprocess easier.

Here are a few of the areas that can raiseRED flags at tax time:1. Home office expenses: If you’re self-employed, home office expenses must relateto a workspace that is either your principalplace of business or used exclusively for thepurpose of earning income for the business.Verify the rules that apply and claim themaximum allowable expenses. If you can’tclaim them in the current tax year you cancarry them forward to subsequent years.2. Salaries paid to a family member: Salariesare tax deductible to your business as longas the wages are reasonable in relation tothe services they have provided. Generallysalaries are considered reasonable if they’rerepresentative of an amount that would bepaid to an employee to do the same job.3. Auto expenses: Using you’re personallyowned automobile for business can generatesignificant tax deductible expenses butdoes require detailed record keeping. Therules governing automobile deductionsand limitations are complex and cannot becovered in detail here. Seek professionaladvice to ensure these expenses are beingclaimed correctly.

4. Meals and entertainment expenses: In themajority of cases these expenses are only 50%deductible. This includes gift certificates andthe rules apply to all businesses. It also appliesto the GST portion of the expenses, only 50%can be claimed as an input tax credit.

To get the most out of tax planning itmust be done early in the fiscal year. The firststep in the process is to determine the bestbusiness structure for you and your business.

Should you incorporate or not? What arethe advantages of incorporation?

If you decide to incorporate mostbusinesses assets can be transferred into thecorporation on a tax deferred basis. Thereare specific rules that apply and definiteprocedures that must be followed. Seekprofessional advice before making thedecision to incorporate.

At this time of year it is important toremember that tax preparation is reportinghistorical facts and there is very little you cando to save on last year’s tax bill. If you wantto take advantage of all the opportunitiesavailable to save on your tax bill you shouldwork with your tax advisor to develop a taxplan before the year-end for your business.theaccountingstore.ca ¾


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BBOTMembership InfoLunch & LearnFIND OUT WHY OVER 1,100BUSINESSES, ENTREPRENEURS ANDORGANIZATIONS HAVE DECIDED THEJOIN THE BURNABY BOARD OF TRADE!

Businesses looking to raise their profile,connect with the community, and accesscost-saving member benefits are invitedto this special Future Member Lunch andLearn to hear all about membership with theBurnaby Board of Trade.Enjoy a complimentary light lunch and thensit down with Paul, Marisol, Tessa and Cory atthis orientation and get a concise overview ofall the services and benefits that are availablefor BBOT members and what you and yourbusiness can get out of membership!

UPCOMING INFO SESSIONSDates:

April 7, April 29 and May 28Time:

Noon - 1:00 pmLocation:

BBOT Offices (201-4555 Kingsway)Register:

Call 604.412.0100or email [email protected]

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