Business Matters March 2015 by Greater Victoria Chamber of Commerce

Transportation Around the World

Tech Meets Technique

BUSINESS MATTERS

Regional Economic Development

March 2015 VICTORIACHAMBER.CA

tax tips: Keep Your Money Tree Growing

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BUSINESS LEADERS SERIES:

MIKE CORRIGAN, PRESIDENT & CEO OF BC FERRIES

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Cover Story Tax Tips: Keep Your Money Tree Growing p. 14

CONTENTS 4 9

Transportation Around the World

A look at successful transportation authorities around the world.

Tech Meets Technique

Do you hate voice mail? Do people seldom call you back? Maybe it’s time for a new approach.

10 Member News

Keep up with what’s happening in The Chamber community.

14 Tax Tips: Keep Your Money Tree Growing

Whether you’re newly in business or have been at it for years, learn how to minimize your taxes from a professional.

18 Slice the Pie or Grow it Together Local versus Regional Economic Development

21 Calendar of Events 23 New Members

Studies show that people prefer to do business with Chamber members. Check out who has recently made the decision to join us.

BUSINESS MATTERS March 2015 Business Matters is a bi-monthly publication of the Greater Victoria Chamber of Commerce and a key business resource targeted to 2,000 business leaders in our community. The Greater Victoria Chamber of Commerce is a progressive, inclusive and dynamic community leader. It is a supportive resource for business people who wish to learn, grow and create a stronger business and a more robust and sustainable community while respecting people, planet and profit. To advertise in Business Matters, contact us at:

30 Advocacy in Action

The Greater Victoria Chamber of Commerce #100 - 852 Fort St. Victoria, BC V8W 1H8 (250) 383-7191 chamber@victoriachamber.ca

30 2015 Policy Priorities

Publication Mail Poste-Publications 40005319

27 Industry Profile

Learn how the Times Colonist remains successful in a changing news world.

Mayor and Council Meetings, Equitable Application of Zoning Bylaws, Workforce Housing and Local Governments.

Find out The Chamber’s six priority areas for 2015.

Which transportation authorities made the shortlist? London, Vienna, Stockholm & Portland.

London, UK Transport for London

• 10 billion journeys annually • Public transportation mode share: 27% • Serves 32 boroughs and City of London Source: Acuere (2013)

Transportation Around the World From being tied up in traffic on your commute to work, to delayed delivery of goods, and the inability to obtain services at certain times of the day; transportation issues affect all of us as we go about our daily business in different ways. Not only are traffic congestion issues a hassle, congestion also slows down our region’s economic engine. Transportation in the Capital region involves overlapping jurisdictions of 13 municipalities, a transit authority, the Ministry of Transportation and a regional district. The current structure is dependent on collaboration among these jurisdictions on individual projects. This has resulted in the inability to address regional transportation needs. No single organization has an overarching mandate nor the authority to oversee transportation planning and implementation on a regional basis.

should look like, Crocker reviewed many to ascertain the positive attributes of effective transportation authorities. Which transportation authorities made the shortlist? London, Vienna, Stockholm, and Portland.

Why not TransLink? Transportation authorities are relatively new in Canadian cities, in the case of both Vancouver and Toronto, and they have gone through several governance changes recently. As of June 2014, Vancouver’s TransLink has had three governance model changes in its relatively short existence. Its uncertain future was further accentuated in February 2015, with the CEO of TransLink stepping down amid a funding referendum.

As a Chamber priority area, The Chamber commissioned a research study on regional transportation authorities conducted by Janet Crocker, MPA, BAPC. Highlights from the jurisdictional scan are included.

TransLink is Metro Vancouver’s transportation authority. The authority was created in 1999 and according to TransLink it was the first North American transportation authority to be responsible for “planning, financing, and managing all public transit in addition to major regional roads and bridges.”

While transportation authorities are quite rare in Canada, there are many around the world that have been very successful for decades. In the study, Crocker scanned best practices of authorities around the world in order to learn from other jurisdictions. As there is no single formula for what a successful transportation authority

When TransLink was first created it was governed by a 15-member board, which included 12 elected officials that were appointed by the Greater Vancouver Regional District from local municipalities in the Metro area. In addition, three MLAs from the area (or the minister responsible) could be appointed by the province.

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Vienna, Austria Wiener Linien

• 2.5 million passengers per day • Public transportation mode share: 39% • 2013 ridership: 900 million Source: Wiener Linien (2014)

In 2007, the provincial government made changes to the governance structure based on the recommendations of an independent review. The changes included an 11-member non-elected board of directors, a Mayors’ Council and the TransLink Commissioner. The rationale for these changes was that it would enhance public accountability through the Mayors’ Council and Commissioner while giving

Stockholm, Sweden Stockholm Transport

• 725,000 trips per

weekday • Public transportation mode share: 43% • Serves Stockholm County (26 municipalities) Source: Acuere (2013)

Portland, Oregon Metro and TriMet

• 318,000 trips per

weekday • Public transportation mode share: 11% • Serves 25 Municipalities Source: TriMet (2014)

responsibility of planning, construction, and operation of regional transportation to the professional non-elected board. In 2013, another review was conducted on TransLink, which cited many positive attributes including its mandate, diverse funding sources, full reach (not just transit) and its many achievements to date. However, this latest report criticized TransLink’s volatile governance structure as well as its frequent governance changes. Further, the review identified its governance structure as being insufficiently accountable due to the indirectly elected Mayors’ Council. By spring last year, the Minister of Transportation made further changes to the governance structure of TransLink. The changes gave the Mayors’ Council greater authority over longterm strategies. In addition, the new legislation dissolved the office of the TransLink Commissioner, with council assuming the duties. Further, there was an addition of two provincial appointees to “improve communication.” TransLink’s frequent governance changes make it difficult to determine its effectiveness as a regional transportation authority. Further, the most recent changes did not resolve accountability issues, specifically as the Mayors’ Council is only indirectly accountable to citizens. It remains to be seen whether or not the changes will be beneficial to the overall effectiveness of the authority.

London, UK—Transport for London (TfL) Transport for London (TfL) is Greater London’s transportation agency. TfL serves 32 boroughs (municipalities) and the City of London; and we think 13 is tough to handle! The TfL is a fully-integrated transportation system

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with the responsibility of public transportation, roads, planning and building infrastructure. It manages the day-to-day operation of buses, underground, light rail, overground, tramlink, and river services to name a few. Cycling has been emphasized since TfL was created in 2000 and boasts a 150 per cent increase in the number of cyclists in that time period. One of the most unique characteristics of the TfL is its governance structure as it is governed by the directly-elected Mayor of London. Under specific legislation, the Mayor of London is given the responsibility for developing policies that promote and encourage integrated, efficient, and economic transportation facilities and service. The Mayor is responsible for developing and implementing the Mayor’s Transportation Strategy. While the Mayor chairs the TfL board, he appoints members of the transportation and business community to the board. This transportation authority demonstrates clear accountability that rests with the directly-elected Mayor of London. Further, the self-titled strategy, the Mayor’s Transportation Strategy, adds further accountability.

Vienna, Austria—Wiener Linien Wiener Linien, aka Vienna Lines, is the transportation authority in Vienna, Austria. Once again, much like London’s TfL, it is a fully-integrated system. The City of Vienna is responsible for the entire transportation structure except for federal highways. Vienna Lines runs the buses, trains, trams and underground for the City of Vienna. The most intriguing aspect of this model is its focus on ridership (39 per cent public transportation mode share) and connectivity. With anticipated population growth the city has launched a Smart City Strategy to address challenges of a growing city. A significant part of the strategy is connectivity, which ensures that all modes of transportation within the system connect well with each other. Vienna’s latest project is the new U5 (Underground 5) that will connect the largest tram interchange with the underground network. Vienna appears to be committed to long-term integrated strategy with a focus on continuous improvement in its transportation planning, particularly with public transportation. The city reports on both individual and public transportation statistics, including tracking the number of motor vehicles, private car density, and number of

newly registered vehicles. For the 2011-2013 period, there were steady increases in all the public transportation indicators including number of passengers, length of network, number of lines and number of stations.

Stockholm, Sweden— Stockholm Transport Stockholm Transport is the region-wide transportation authority for Stockholm County. While the transportation authority has its own board of directors, the agency is accountable to the County Council. The Council is the highest level of government in the county and councillors are directly elected on a regional basis. Stockholm Transport focuses on developing and implementing traffic solutions that make life simpler for residents. Safety, security, collaboration and sustainable development are also important areas for Stockholm Transport. This focus on accessibility and safety is seen throughout the services it provides. For instance, it provides special services for those with disabilities. Stockholm has been quite successful with its public transportation system achieving a high mode share with 78 per cent of all modes of transportation during rush hour and 40 per cent all day.

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Stockholm Transport works to make public transportation an attractive choice for residents. They are committed to ecological, social and economical sustainability and currently have the worlds’ largest fleet of ethanol buses. Since 2004, Stockholm Transport also has a fleet that runs on biogas, which is a renewable energy source.

Portland, Oregon—Metro and TriMet Portland, Oregon has a very successful transportation system considering its relative size. The responsibility of transportation falls to both Metro (regional government) and TriMet (public transportation provider). Metro and TriMet serve 1.5 million people including 3 counties and 23 municipalities. Portland ranked 11th in the US in terms of passenger trips, yet only 24th in terms of population. With its strong commitment to public transportation, it has outperformed many larger metropolitan areas in the US. The governance structure of this transportation authority model is not as centralized as the previous examples. Metro is the regional government that is responsible for issues that are considered regional in nature or run

across jurisdictional boundaries. It is also responsible for regional land use and transportation planning. Interestingly, Metro was the first directly-elected regional government in the US.

All of the transportation authorities highlighted here are successful in their own right and work in the communities and cultures where they are located. As traffic congestion continues to worsen in the Capital region, we must consider what guiding principles for an effective and efficient transportation system will provide the backbone to support our region. Our region needs a transportation authority that meets the needs and addresses the concerns of our community.

TriMet is the primary public transportation body, which has its own board of directors that are appointed by the governor to represent a specific geographical region. Board directors include business people, accountants, community representatives and a retired city manager. While this is a skills-based board, each director must live in the region that they represent. Portland has a long history and commitment to public transportation. In the 1970s, residents rejected the idea of an eight-lane highway and decided to focus funding toward transit instead. By the late 1970s, the region had embraced the idea of linking land-use to transportation in order to manage growth and enhance livability. The results show that Portland has been successful in its vision.

Conclusion

We don’t want to end up like Hazel McCallion (Hurricane Hazel), the 36year mayor of Mississauga having only one regret as she left office…..not planning ahead for transportation.

To read the complete study, Regional Transportation Authorities—Stakeholder Analysis and Best Practices Scan for the Capital Region, please visit: www.victoriachamber.ca/news_policies

While the perfect transportation system is not transferrable from one region to the next, it is important to learn about what others are doing well.

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Tech Meets technique By Elaine Thomson Owner, Effective Training

“Mr. Watson. Come here. I want to see you.” Such mundane words to trigger a tsunami of change as Alexander Graham Bell made the first call to Thomas Watson. Nearly 140 years later, the message hasn’t changed that much but the delivery methods have. Whereas we once telephoned family and friends to keep in touch, the telephone has become an essential business tool. Maximizing the effective use of this valuable communication tool is of utmost importance to being successful. Technology has evolved the telephone from a simple hand-cranked communication device to an array of tools we can no longer live without ranging from the original answering machine invented only 22 years after the phone, to email, cell phones, tablets, texting, tweeting, and apps like Facebook and FaceTime. All this change has happened in a relatively short period and is still ever growing. Ask any teenager and you will discover even more sophisticated electronic communication methods, although sadly that won’t make them any more likely to listen to you. And that is the crux of communication, our busy world necessitates effective communication methods that reach and engage the person they are intended for. Businesses mustn’t lose sight of the constant need to keep a customer-centric focus. A good relationship with a client establishes a solid foundation for effective customer service; when trust is built through this, your business will flourish. Though communication technology has advanced quickly, technique still lags; it’s time to marry the two. Recent studies indicate that voicemail has lost its edge. In 2012, the international firm Vonage reported a drop in voicemail volume of eight per cent. Even more worrisome was the number of people not retrieving messages, which plummeted by 14 per cent. It is critical to become more aware and strategic in our approach to doing business over the phone. Voicemail is a useful tool but only if used properly. Perhaps it’s time to review your organization’s guidelines to ensure they are up to date or consider trying something new. For example, refreshing your personal greeting every day, stating when you will be checking messages, gives clients confidence that their message

will be heard. Mentally cringing at this suggestion? Try recording and reviewing your greeting before activation, ensuring it is friendly, brief and relaxed rather than rushed and abrupt. Should you really dislike doing the recording consider creating a brief script that allows you to highlight your personality. Personal greetings should be routinely refreshed with respect to your callers. Bearing in mind that 85 per cent of business calls go to voicemail, a clear strategy is required in managing your messages to others. Place the pertinent facts such as your name, organization and call back number prior to the reason for the call which could be a follow-up to an email, direct mail, lead qualification, event invitation or a reminder. No one enjoys a 90-second message, so keep it brief and to the point. It is redundant to state the time or date of your call as modern systems do this when the message is retrieved. If you have called several times and were unable to connect then mention that an email will be sent as follow up. In the promised email, request a convenient time to place another telephone call. There are individuals who will prefer one communication style over another

such as voicemail versus email. Wherever possible ask which style is preferable to your clients, as people appreciate this thoughtful approach. If you don’t make a connection first by telephone, don’t leave a voicemail for those who prefer email. Customers welcome the personal touch of a phone call, so place the call when they are most likely to be available but not busy (e.g., early am, prior to lunch, mid afternoon or an hour before closing). Conversely, should your intention be to leave a voicemail avoid these hours and call outside those time frames. Top customer service marks to the members of your team who place their client’s needs over what’s most convenient for them. All this activity should be coupled with a method of tracking the calls whether through email, voicemail or telephone with an indication of the results. Follow up calls where required, add an element of efficiency and are extremely useful in confirming previous arrangements, agreements, dates and personal details. The modern telephone with all its complexities and capacities to annoy on occasion is still the most personal and effective way to make contact with others when used wisely.

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MEMBER NEWS Gold Rush!

Photo courtesy of the Royal BC Museum.

In 1858, word of gold rang out in British Columbia’s Fraser Canyon, setting off a dramatic migration of people and propelling this once remote region of western North America into the modern age.

Suddaby has been frequently titled as professor of the year, and was also titled among the best business teachers in the US by Business Week magazine. He has also won numerous awards for his research papers and is the outgoing editor of the Academy of Management Review, one of the most influential academic journals in North America.

Gold Rush! El Dorado in BC, a major new exhibition created by the Royal BC Museum opens May 13th. Visitors will marvel at the dazzling Turnagain Nugget—the largest existing gold nugget from BC at 1,642g (52 oz.)—see a real stagecoach on loan from the Historic O’Keefe Ranch, and witness the cultural influences of gold. Gold Rush also includes the exclusive North American engagement of Allure of Gold—a companion exhibition of pre-Hispanic gold art loaned from the Museo del Oro in Bogota, Colombia. This is the only opportunity in North America to see these objects—some of which are on tour outside of Colombia for the first time.

“The extent of Gustavson School’s international network, paired with its commitment to sustainability, social entrepreneurship and research that is truly relevant to the changing needs for global businesses today is a perfect fit for my work,” said Suddaby.

This ornate gold artifact will be part of the Gold Rush! El Dorado in BC exhibit.

Suddaby joins UVic In 2015, the University of Victoria not only launched its 25th birthday celebrations for the Peter B. Gustavson School of Business, but it also welcomes world famous business and economics researcher Roy Suddaby as the Francis G. Winspear Chair.

Awards Celebrate Vancouver Island Businesses Invest Northwest Publishing hosted its 15th Annual Vancouver Island Business Excellence Awards Gala in January at the Westin Bear Mountain Resort. The annual awards gala celebrates the best Vancouver Island businesses. Congratulations to Chamber members

Spread Some Hometown Spirit. Victoria is a great conference destination. Help us fill our city with delegates who stay in our hotels and shop in our stores. By connecting us to your business, professional association or volunteer networks, you can make a big difference in helping us bring conference business home.

Every delegate spends $450+ per day in our community. Help us to identify future business. Call me and become a Business Ambassador. Monika Lebedynska, Senior Account Executive Direct: 250-361-1017

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MEMBER NEWS Atomique Productions, Fort Realty, Chard Development, Cascadia Liquor, and PBX Engineering who were among the prestigious award winners at this year’s ceremony.

Photo courtesy of Liberty Tax Service

Liberty Tax Service Opens New Location Just in time for tax season, Liberty Tax Service has opened a new location! This is the third location that local owner Shelby Parkinson has opened. Liberty Tax can now be found downtown at 911 Yates St. at Harris Green Plaza, in West Shore at 119 829 Goldstream Ave., and their new location near the Victoria/Saanich border at 268 - 2950 Douglas St. at the Douglas Centre.

Our Place Boosts their Board Our Place Society has experienced incredible growth over the last year. In response, its Board of Directors is pleased to welcome four new community members in its continued commitment to meet the growing

The Liberty Tax mascot waving to passersby.

necessities of those in need in our community.

Chair. “Along with our new advisory cabinet, these community leaders will further strengthen our board and enhance the vision of the organization.”

“We have ambitious plans for the future,” says Susan Haddon, Board

WorldHost® Fundamentals Workshop Does your staff have the skills they need to build your business and keep your customers coming back? The WorldHost Fundamentals workshop will provide practical tools and techniques for customer service excellence and ensure that your customers’ experience leaves them talking about your business - in a good way! Contact Nora for upcoming training dates and options for customized workshops. Nora Cumming p: 250.382.3303 ext 204 e: worldhost@chemistryconsulting.ca chemistryconsulting.ca

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MEMBER NEWS Our Place is an inner-city community centre serving Greater Victoria’s most vulnerable providing 45 transitional housing units, more than 1,500 meals a day, hot showers, education, counseling and outreach services.

TVic, VCC and local hotel community—Oh My! Tourism Victoria, the Victoria Conference Centre and the local hotel community are joining forces for a new campaign that will showcase Victoria, the Idea Capital, as an ideal meetings

Photo courtesy of Tourism Victoria

destination that connects people and stimulates ideas. The entire city will work together under a singular meetings brand with shared marketing and sales collateral that includes an innovative printed hardcover book with a four and a half inch video screen embedded in it to highlight the five reasons why meeting in Victoria is a “Capital Idea”. #CapitalIdeaYYJ will connect meeting delegates and planners with creative Capital Ideas for meetings throughout the region. The content will highlight innovative ideas on how planners and delegates can make their meeting in Victoria unique and exceptional. Hotel promotions and special deals can also be found with the hashtag.

Tourism Victoria’s #CapitalIdeaYYJ video book which highlights the five reasons meeting in Victoria is a capital idea.

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“Ideas and networking are the number one benefit of going to conferences and meetings, and Victoria is a destination that stimulates a deeper dimension of networking by virtue of its size and walkability,” says Trina Mousseau, Chief Marketing Officer at Tourism Victoria. “Delegates are bound to have chance encounters in our Inner Harbour or local waterfront pubs and it

MEMBER NEWS is through these chance encounters that deeper connections are made and more ideas are born.”

Harbour Authority Welcomes New Board The Greater Victoria Harbour Authority (GVHA) welcomed six new board members this year. New board members include Starr McMichael who has experience on local community boards and business expertise in tourism; Gordon Tweddell, who was Director of Corporate Strategy for Telus and manager of strategic planning for Edmonton; Oak Bay Mayor Nils Jensen; City of Victoria councillor Ben Isitt; real estate agent and owner of Hidden Harbour Marine Centre Nicholas Banks; and past Esquimalt Councillor David Schinbein. These new members are joining the current GVHA board members Chair Bill Wellburn, Vice Chair Chief Andy Thomas, David Marshall, Pete Hartman, Dave Cowen, Christina Clarke, and Doug Crowder.

Outgoing GVHA board members include Barbara Desjardins, Shellie Gudgeon, Graham Hill and Paul Ridout.

New Direct Flights from YYJ Pacific Coastal Airlines launched new direct flights from Victoria to Prince George in January. The six-day-a-week service — there are no flights on Saturdays — will see a 30-seat Saab A340 turboprop depart Victoria International Airport at 5 p.m. and arrive in Prince George at 6:40 p.m. It will leave Prince George at 7:05 p.m., and arrive back in Victoria at 8:45 p.m. “Any time a direct flight is introduced, it will bring a positive economic impact”, said Chamber CEO Bruce Carter “I think it is a particularly good connection for both the mining and forestry industries and there’s a lot of work that needs to be done here around that.” The Victoria-Prince George flight will attract government officials,

students travelling to post-secondary institutions in both communities, and workers heading to Prince George and on to other communities. Business people also have the convenience of flying into either location in the evening for a onenight hotel stay, have a full day doing business and return that night.

Correction: $30 million on Fairmont Renovations In the January Business Matters Member News section, the new owners of the Fairmont Empress were incorrectly identified. The new owners of the Fairmont Empress are Nat and Flora Bosa.

Milestones reached or changes made in your business? Contact Marielle Tounsi by emailing membership@victoriachamber.ca to be featured in the Member News section in an upcoming edition of Business Matters.

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TAX TIPS:

Keep Your Money Tree Growing For many business owners the start of a new year is the start of a new tax season. Whether you are on top of your game and pro-actively planning for 2015 or scrambling to sort out what happened in 2014, here are some income tax tips that you may find helpful.

Maximize cash flow As a business owner, it goes without saying that you want to minimize your taxes.

Control your personal income.

Make sure that your business accurately claims as much as possible. Here are a few options to consider. • Business meals – You may deduct 50 per cent of reasonable business meal and entertainment costs. Exceptions worth mentioning include: the cost of up to six all-staff functions may be fully deducted and the cost of fundraising events benefitting registered charities may both be fully deducted. • Business Travel – It is generally okay to combine business and pleasure. For instance, if your trip includes two days of business followed by a week of vacation, generally you can deduct all of the direct travel plus your accommodation costs for the business days. Any additional costs for bringing family members would be considered personal unless they are directly involved in the business. • Home office and vehicle expenses – Many business owners can deduct the business portion of expenses for their home and vehicle. These generally must be prorated based on actual use. In addition, be aware of the company-owned car. This may sound attractive at first, but

14 BUSINESSMATTERS

the taxable benefits can be costly if there is significant personal use - remember that your travel to and from home and your regular place of work is considered personal. • Pay your spouse and teenage children – You can deduct reasonable wages paid to family members. Income tax laws require that all business expenses be reasonable, so amounts paid to family should be commensurate for the services provided. If you do this, do it right. Ensure that wages are in fact paid, payroll source deductions are properly remitted, and T4 slips are filed. If family members are not actively involved in the business and your business is incorporated, you can still pay them dividends. Unlike wages, the reasonableness limits do not apply to dividends. Dividends generally should not be paid to children until the year they turn 18. • Corporate owned life insurance – Although the cost of life insurance premiums is not normally deductible (except when required for bank financing), consider corporateowned life insurance, as any benefits may be distributed to surviving shareholders tax-free and premiums may be paid using corporate profits rather than personal funds.

Don’t pay interest to the CRA. Stay on top of your instalment

and tax payments. The Canada Revenue Agency does not want to be your financial institution. Currently instalment and arrears interest are charged at a five per cent rate, compounded daily and are nondeductible. Except in challenging circumstances, you will be better off to borrow from the bank and not the CRA.

Buying equipment. If possible,

plan to make equipment purchases near the end of the year. You get the same tax deduction for purchasing a new computer whether you buy it on

the first day of your fiscal year or on the last day.

Borrow money from the company when it makes sense.

As a shareholder of a company, you can borrow money from your corporation for up to just under two years without being subject to personal income tax on the amount you borrow. For example, say your company’s fiscal year end is December 31st and you have $100,000 extra cash in the company. You also owe $100,000 on a personal line of credit. You can take $100,000 from your company today and pay down the line of credit. However, you must repay the $100,000 no later than December 31, 2016 as well as report a small taxable interest benefit in 2015 and 2016.

Provide non-taxable benefits to arm’s length employees: • Up to $500 per year in non-cash gifts; • Every five years an additional noncash long-service award may be given up to $500 in value; • Cell phones – a basic plan with a fixed cost should not result in a taxable benefit to employee where personal use does not result in incremental charges; • Private extended health plans; • Provide scholarship or bursary to an employee or an employee’s children.

Scientific Research or Experimental Development (“SR&ED”). The federal and BC

governments will refund up to 45 per cent of eligible SR&ED expenditures incurred by a corporation. In general, eligible SR&ED activities must have a technological or scientific uncertainty that by systematic experimentation results in a technological advantage.

Manage your risk Keep your receipts and stay organized. Get in the habit of using

expense reports for business expense reimbursements. For business meals and entertainment, make a note of who you were with. On a weekly or monthly basis, take all your personal business expenses and attach them to an expense report. Then write yourself a cheque from your business account. There are some handy phone apps for this or perhaps hire your teenage child to do this for you; you will save on accounting costs and Tylenol.

Don’t forget about the other taxes. If you are buying or selling

they reach you. Usually all penalties are waived and any interest charges on taxes owing can be significantly reduced.

Have things not turned out as you hoped? If your business did

not work out or you invested in your brother-in-law’s grand idea and now have nothing to show for it, all may not be lost. You may be able to claim a special business investment loss deduction. Talk to your tax advisor.

In BC, creditor protection is no longer a recommended reason for separating business and investment assets. However, there are other valid business and estate planning reasons: • $800,000 enhanced capital gains deduction (“ECGD”) – If you hope to one day sell the shares of your business company, you

Plan for the future Where are you in your business life cycle?

equipment or reorganizing your business, don’t forget about GST, PST, and property transfer tax. Make sure you talk to your tax advisor before you do anything significant.

• Getting started: Financing, home purchase, children’s education, insurance and retirement savings options.

Do you have any foreign investments? If you or your

• Ramping up: Shareholder agreements, management training, ownership transition (succession planning).

company own a rental property in Palm Springs or have a non-registered portfolio of US securities and the total cost is more than $100,000, you are required to file an information return disclosing details of these investments. Significant penalties may be assessed if you do not comply.

Keep your investments separate from your business.

• Getting out: Estate planning, wills, trusts, retirement income planning.

Do you need to make a voluntary disclosure? If

you have not been fully truthful in the past, or you are simply behind with your income tax filings and you want to come clean, consider a voluntary disclosure. The key is for you to reach them before

BUSINESSMATTERS

It’s simple. Hire a student. See results. Contact us today to hire a student.

will need to keep it “pure.” Cleaning up or “purifying” a company in anticipation of an actual sale can be problematic for a number of reasons. • If you own or plan to own an office or warehouse to run your business, you may want to hold it in a separate corporation. This may facilitate a future sale either by allowing you to sell the business without the real estate or to sell the real estate without the business. In either case, you may be eligible to claim the ECGD.

ramping up or getting out of your business, expert advice makes the difference between success or painful struggles. By working with a trusted advisor, you can do what you do best, just a little bit better.

• Discretionary family trusts may allow you to multiply the ECGD availability.

Life and other insurance. Life,

disability, and critical illness insurance often form an integral part of your business and estate planning. Seek advice from competent insurance and tax advisors.

Retiring allowances and individual pension plans.

When you are ready to sell or retire, there may be options to top-up your retirement savings and realize immediate income tax savings. Whether you are just getting started,

Article by Grant Kratofil CPA, CA Partner at Norgaard Kratofil Professional Group

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16 BUSINESSMATTERS

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Mixing and Mingling

Chamber members and their guests enjoyed good food and good company at the January Business Mixer hosted by Swans Hotel & Brewpub. A few lucky guests even got a sneak peek at Swans’ three-floor penthouse complete with full kitchen, room for 80 of your closest friends, and a private rooftop patio overlooking the water.

Monthly Mingles Where emerging business leaders need to be. Mark your calendars for the second Thursday of every month from 5:00 pm – 7:00 pm! These events are fun, laid back and can help foster great business connections in Victoria’s growing business economy. The opportunity is here to advance your career with the Prodigy Group.

Whether you’re a current or future member of The Chamber, come down and see what it’s all about – and invite your friends and colleagues! Jared Webb Prodigy Group Chair

For more information visit us at prodigygroup.ca

BUSINESSMATTERS

Slice the Pie or Grow it Together? Local versus Regional Economic Development

Cruise ships bring tourists to my business from here.

I work here. I travel to Vancouver for business trips here.

I get my business license here. I go to concerts with my family here.

Several municipalities in the Capital region are entertaining local economic development plans and approaches. While this focus on economic development is encouraging, it is imperative to look at this issue through both a regional and local lens. So, what is the difference between “local” economic development and “regional”? First—since “economic development” is not exactly a common household phrase—let’s explore its definition and context in our region. Economic development is when a governing body uses resources to effectively intervene in the economic performance of a city, region, or jurisdiction. Though the practice of economic development

18 BUSINESSMATTERS

has been around for many decades, performance and resiliency. Also, part there are varying approaches as well of this definition is the measurements as the stigmas and misunderstandings that show the impacts of the that accompany them. Regardless interventions over time. This helps of approach, the bottom line is that continually build the case for the economic development is about importance and direction of economic ensuring that people within a development when political and public jurisdiction have the incomes they interest often varies through time. need to support their household, lifestyle Economic development is the combination of and their ability to understanding, intervening in, and measuring contribute to the economic performance of a jurisdiction. community. The most common interventions used at the jurisdictional level involve policy, program, and infrastructure investments as a response to economic needs. An essential foundation to these interventions however, are the mechanisms of understanding how the economy is behaving and what gaps exist with regards to achieving better

Before we get to the local versus regional debate, we must ask, “What is the economy and how does it behave?” This is a bit less complicated at the provincial or national level because the boundaries in which we measure economic performance are relatively static (e.g., we pay taxes regardless of where we live in Canada, therefore the sum of its parts tends to

I walk my dog here.

I take my clients golfing here.

I live with my family here.

I kayak here. Photo courtesy of Harbour Air Seaplanes

equal Gross Domestic Product). At the provincial level it’s more complicated because in addition to imports and exports, we also have to add in trade and labour mobility between provinces (e.g., John works in Fort McMurray but lives in Sidney between shifts). But at the local level is where the calculation gets really complicated because intermunicipal trade and labour mobility is completely fluid within a regional economy. Let’s use the Capital region as an example; firstly, a significant proportion of the workforce in this region works in a different municipality than they live. This means the income that they use to pay local taxes and shop at local businesses is often derived from somewhere else (we call this a commuter-shed). Secondly, regional behaviour shows that citizens consume amenities within municipalities where they do not live (e.g., parks, trails, airports, restaurants, theatres, festivals, etc.). This means that our economy flows within a container, not dictated by arbitrary geo-political lines on a map, but within a more natural geographic boundary dictated by commuter-shed patterns and actual human behaviour.

from these sources. Typically however, municipal budgets tend to increase each year, or at least have upward pressure due to aging infrastructure, contractual obligations and other variable costs that go up. This means that a municipality usually needs to increase property taxes with relative frequency, but since raising taxes is not always politically acceptable, municipalities tend to off-set this income with new development. This is also known as growing the tax base.

New building permits are surprisingly important to both the bottom-line and the proposed cost increases of many of our local municipalities. There are only so many developers willing to take the risks required to make projects happen, plus the demand for housing relies on the region’s economic and demographic trends. As well, there are only so many retail and service businesses needed to adequately serve a slow-growing population; this all equates to the reality of inter-municipal competition for building permits.

Local With this understanding of the regional economy, let’s now define local economic development. Local governments rely on the economy for their income. Commercial building owners pay property taxes with income either derived from their customers or their tenants’ customers. They also pay their employees who in turn pay property taxes through their household (either directly or through their landlord). A municipality can accurately predict the income they will derive

BUSINESSMATTERS

In recent years, this inter-municipal competition has led to new retail development proposals where none existed before (e.g., Sandown), which in turn has led to higher-than-normal vacancies downtown. This is in the context of a population that is both aging and growing at a slower pace than the national average while we transition to the Millennial or Y generation – those born between 1980 and the turn of the century – who will soon dominate the workforce. This demographic cohort will drive different needs for regional transportation (they own fewer cars), housing (they live in smaller houses), employment (they work in collaborative and technology-driven offices requiring lower square footage per employee), not to mention the environmental and social implications of this generation’s growing influence.

and Calgary. Those are really our region’s competitors—not each other. Imagine if we created region-wide coalitions for world-class aspirations: growing the next generation of entrepreneurs, exploiting our worldleading position in ocean science and technology, growing our clean-tech sector and local food entrepreneurs, applying civic innovation into our region’s biggest problems, and the list goes on.

creation and household incomes that are attractive to our local values and goals, while feeding these wins into the regional asset portfolio (composed of approximately 13 municipalities and several First Nations communities). This approach will have the real sustainable impact that we all deserve, and it is the approach that the Greater Victoria Development Agency is designed to achieve.

The Local/Regional Dichotomy

This actually is not a dichotomy at all. The tendency might exist to take this information and spark a debate between the pros and cons or shortcomings and barriers of a regional versus local approach, but I don’t think it is warranted. Rather, the opportunity exists for each Vancouver, Seattle, In summary, local government San Francisco and Calgary. local economic to emphasize their development in Those are really our region’s unique position our context has competitors—not each other. within a vibrant become more regional economy. about real estate than about moving This means there will be energy spent the needle of the economy. Based on both local understanding, context, on downsizing boomers and rightand solutions, but with the essential sizing millennials, using real estate element that each municipality as a driver will be a less effective buys-into and helps lead a regional method of growing municipal revenue economic development agenda as well. reserves. Progressive tools to move Dallas Gislason looking for helpthe toregion growasyour business, let our Business this needle would instead includeIf you’reUsing this approach, Economic Development Officer, fostering a business climate to Bankinga Specialists whole is striving towards job Victoria Development Agency offer you the solutions tailoredGreater to your needs. increase household incomes, creating 1 opportunities for new graduates,We’re open earlier, later, and even on Sundays; so we’re ready and pursuing world-class goals that this region deserves rather than whenever there’s a convenient time for you. conventional policies focused on new retail with the hope that density can Bruce Read build out around it. Manager, Business Banking Services

Big plans for your small business?

Big plans for your

TD Business Banking Specialists are here to help.

Big plans for your small busines

TD Business Bank Big plans for your small If business? you’re looking fortoheh TD Business Banking Specialists are here

Regional Enter regional economic development. By taking a more macro-perspective at the region’s economy, it will be increasingly more apparent that this is where the most essential interventions must happen to take the region into long-term economic vitality, resiliency and sustainability. Is it good for Colwood when Scott Plastics (based in Sidney) creates a new job? The answer is yes. We know that economic impact is shared amongst the region regardless of where the job is situated. We also know that certain types of job creation will happen within specific parts of the region (Scott Plastics is less likely to locate downtown). This creates an opportunity to grow the regional pie together by organizing this value proposition at the macro-level and taking it to market against cities like Vancouver, Seattle, San Francisco

20 BUSINESSMATTERS

Big plans for your small

TD Trust your TDCanada Canada Trustcan canhelp helpwith with your Banking Specialists off If you’re looking for help to grow your business, let our Busin (250) 356-4018 ext. 301 TD Business Banking Specialists are here to help. TD Business Banking Specialists are here to help. business banking needs business banking needs Banking Specialists offer you solutions tailored to your needs We’re open earlier, late bruce.read@td.com If you’re looking for help to grow your business, let our Business If you’re looking for help to grow your business, let our Business

1 Victoria City Centre We’re open even on1to Bankingearlier, Specialists later, offer you youand solutions tailored toSundays; your needs. needs. Banking Specialists offer solutions tailored your 1080 Douglas Street We’re We’re open open earlier, earlier, later, later, and and even even on on Sundays; Sundays;1 so so we’re we’re ready ready whenever there’s time Victoria, BC V8W 2C3 whenever there’saa convenient convenient time for you. for you.

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there’s a con Small community. SmallBusiness BusinessAdvisors Advisorsservicing servicingyour yourwhenever community.

TD Business Banking Speciali

whenever there’s a convenient time for you.

Cheryl Duff Small Business Advisor 250-356-4018 ext. 300 cheryl.duff@td.com Victoria City Centre 1080 Douglas Street Victoria, BC V8W 2C3

Bruce Read Bruce Read Bruce ReadBusiness Manager, Business Banking Banking Services Services Manager, (250) 356-4018 356-4018 ext. 301 If you’re looking for help to growBusine your Manager, (250) ext. 301 Manager, Business Banking Services bruce.read@td.com (250)bruce.read@td.com 356-4018 ext. 301 Victoria City Centre Victoria City Centre Banking Specialists offer(250) you 356-4018 solutions 1080 Douglas Douglas Street Street 1080 bruce.read@td.com Victoria, BC BC V8W V8W 2C3 2C3 Victoria, bruce.read@td.c We’re open earlier, later, and even on S Victoria City Centre Cheryl Duff Duff Victoria City Cen 1080Cheryl Douglas Street Small Business Advisor Small Business Advisor whenever there’s a convenient time for 250-356-4018 ext. 300 300 Victoria, BC V8W 2C3 250-356-4018 ext. 1080 Douglas St cheryl.duff@td.com

Trisha Thame Trisha Thame Trish Thame 3675 St.St. Small Business Advisor 3675Shelbourne Shelbourne Victoria 250-405-5260 ext. 300 Victoria trisha.thame@td.com 250-405-5260, 250-405-5260,ext. ext.256 256 Victoria Cedar Hill trisha.thame@td.com trisha.thame@td.com

Cheryl CherylDuff Duff Small Business Advisor 1080 1080Douglas DouglasSt. St. Trish Thame Thame Trish 250-356-4018 ext. 300 Victoria Victoria Small Business Advisor Small Business Advisor 250-405-5260 ext. ext. 300 300 cheryl.duff@td.com 250-405-5260 250-356-4018, ext. 240 250-356-4018, ext. 240 trisha.thame@td.com trisha.thame@td.com Victoria City Centre Victoria Cedar Hill cheryl.duff@td.com cheryl.duff@td.com Victoria Cedar Hill

3675 Shelbourne Street Victoria, BC V8P 4H1

Bruce Read

cheryl.duff@td.com Victoria City City Centre Centre Victoria 1080 Douglas Douglas Street Street 1080 Cheryl Duff Victoria, BC BC V8W V8W 2C3 2C3 Victoria,

3675 Shelbourne Shelbourne Street Street 10803675 Douglas Street Victoria, BC BC V8P V8P 4H1 4H1 Victoria, Victoria, BC V8W 2C3

Victoria, BC V8W

Bruce Read Shawn Johnson Shawn Johnson Manager, Business 2406 Ave. 2406Beacon Beacon Ave. Banking Services Cheryl Duff (250) 356-4018 ext. 301 Sidney Sidney bruce.read@td.com 250-655-5244, 230 250-655-5244,ext. ext. 230 Business A Small Victoria City Centre shawn.d.johnson@td.com shawn.d.johnson@td.com 250-356-4018 e 1080 Douglas Street cheryl.duff@td.c Victoria, BC V8W 2C3

Victoria City Cen

Trish Thame Cheryl Duff 1080 Douglas St Small Business Advisor Small Business Advisor Victoria, BC V8W Banking Bankingcan canbe bethis thiscomfortable comfortable 250-405-5260 ext. 300 250-356-4018 ext. 300 ® 1 1 Individual branch hours vary. ® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank. Individual branch hours vary. The TD logo and other trade-marks are the property of The Toronto-Dominion Bank. trisha.thame@td.com M00574 (0914) (0914) cheryl.duff@td.com M00574 Victoria Cedar Hill Trish Thame ®/®/ Victoria Centre TheThe TDTD logologo andand other trade-marks areare thethe property of of TheThe Toronto-Dominion Bank or or a wholly-owned subsidiary, inCity Canada and/or countries. other trade-marks property Toronto-Dominion Bank a wholly-owned subsidiary, in Canada and/orother other countries. 3675 Shelbourne Street 1080 Douglas Street Small Business A Victoria, BC V8P 4H1

CALENDAR of EVENTS March

April

SUNDAY

MONDAY

TUESDAY

WEDNESDAY THURSDAY

FRIDAY

SATURDAY

SUNDAY

MONDAY

TUESDAY

Prodigy Group March Mingle Date: Thursday, March 12 Time: 5:00 – 7:00 pm Hosted by: Chard Development at the Escher Presentation Centre

NEW

Business Awards Finalists Announced Thursday, March 26

April Marketplace Mixer Date: Thursday, April 16 Time: 4:00 – 7:00 pm Hosted by: Harbour Towers Hotel & Suites

MARKETPLACE MIXER BOOTH COMBO PRICE! Thursday, April 16 Harbour Towers Hotel & Suites 4:00 - 7:00 pm

SATURDAY

Prodigy Group April Mingle Date: Thursday, April 9 Time: 5:00 – 7:00 pm Hosted by: Cascadia Liquor – Uptown

March Business Mixer Date: Thursday, March 19 Time: 5:00 – 7:00 pm Hosted by: Victoria Conservatory of Music

April Marketplace Mixer

FRIDAY

Easter Holiday Office Closure Friday, April 3 and Monday, April 6.

WEDNESDAY THURSDAY

Business Leaders Luncheon: Mike Corrigan, CEO of BC Ferries Date: Wednesday, April 22 Time: 11:30 am – 1:00 pm Location: The Union Club of British Columbia Annual General Meeting and Mayoral Address Date: Wednesday, May 6 Time: 11:30 am – 1:30 pm Location: TBA

CONNECT WITH NEW CLIENTS AT THE

TRADESHOW EVERY BUSINESS IS TALKING ABOUT!

BOOK TOGETHER AND SAVE

$ 50

More Info:

victoriachamber.ca or (250) 383-7191

BUSINESSMATTERS

The Chambers Plan business assisTanCe serviCe (bas) Provides for boTh The business owner and Their emPloyees. for business owners ManageMent ServiceS

Provides up to six hours of Legal, Accounting and Specialized Human Resource services combined, per calendar year. legal advice | When faced with a legal dilemma, this service provides practical and current interpretations of company, partnership, taxation and insolvency law, plus all relevant aspects of common and civil law. accounting advice | When the numbers donâ&#x20AC;&#x2122;t add up, advice from a professional enables owners and managers to strengthen management and control functions through expert counsel. specialized human resource services | When facing a technical human resource issue, from termination processes and overtime pay to legislative/labour law concerns, this service provides you answers confidentially, via telephone.

HuMan reSource coacHing

Confidential telephone coaching helps address a wide range of challenging people issues, including performance management, absenteeism, conflict and difficult behaviour.

for emPloyees When an employee is consistently absent from work, or underperforming, there is a strong probability a personal issue is the cause. Owners now have the resources available to help employees deal with situations affecting performance, through face-to-face counselling with a trained professional.

The Chambers Plan bas is a free serviCe builT inTo eaCh Chambers Plan emPloyee benefiT Program. you will inCur no ouT-of-PoCkeT exPenses when aCCessing These serviCes, nor are you required To submiT any Claim forms.

for more information on what the Chambers Plan can do for you, contact us today.

robert Jack | Jack insurance & financial services rob@jackinsurance.ca | Phone: 250.383.9866 | fax: 250.383.6241 #201, 1137 yates street, victoria, bC v8v 3n1

22 BUSINESSMATTERS

NEW MEMBERS: Dec 10 - Feb 2 Advantcomp Consulting Inc.

We build custom web and mobile software and apps. We are consultants, product developers and user experience experts. (778) 433-9157 www.advantcomp.com

AM Management Services Ltd.

AM Management Services provides bookkeeping and administrative support for a variety of businesses and sole proprietors. We work with the business owner by providing accurate and up-to-date financial information so they can make informed decisions. (250) 590-7901

Ann Hasselquist Inc.

High-performance web copywriting that gets your message out in a clear and authentic way can turn your website into your most valuable marketing asset. (250) 590-2437 www.compellingwebcopywriting.com/ annhasselquist-webcopywriter.html

BHK Property Promotions Inc.

At BHK Property Promotions Inc., our aim is to provide you with first-class customer service and superior products to help you market your listings more effectively and efficiently in order to keep your clients happy. (778) 679-9264 www.bhkpropertypromotions.com

Chamber members connecting at the January Business Mixer.

Danielle Moreau - Moreau Real Estate Team

DP World

DP World aims to enhance customers’ Danielle and Blake Moreau specialize in supply-chain efficiency by effectively residential real estate. Whatever your needs, managing container, bulk and other terminal let the “less talk, Moreau action!” real estate cargo. team work for you. (250) 722-2290 (250) 479-3333 www.dpworld.ca 15.VictoriaChamberAd 15-01-27 3:57 PM Page 1 www.blakemoreau.com

Bob Cooper Consulting

With years of successful experience that can provide valuable insight, Bob Cooper as your Business Coach will help you develop longterm and short term goals and strategies, as well as improve your business in areas that you might have overlooked. (250) 222-2667 www.actioncoach.com/robertcooper

Cascadia Liquor - Uptown

Locally owned and operated, Cascadia Liquor stores deliver outstanding service, surprising product selection and some of the best value pricing in Victoria. (250) 590-1940 www.cascadialiquor.com

Cold Water Divers Inc.

We are Vancouver Island’s only 100% mobile dive service based out of Victoria. We have the ability to stay on scene for weeks at a time because we own and operate all of our own compressors and operate a multiple of dive trucks and boats. (250) 888-2601 www.coldwaterdivers.com

Investing for Generations For over 90 years, Odlum Brown has been committed to helping generations of clients achieve their financial goals, whether it be retirement income, investment growth, or education savings. Our independent unbiased advice, our very successful hypothetical Model Portfolio, and our singular client focus provide value for every generation. Contact Branch Manager Peter Jando at 250-952-7777. Visit odlumbrown.com for more information. Member-Canadian Investor Protection Fund

BUSINESSMATTERS 23

Victoria Chamber members save up to 30%

UPS® Members Benefit Program Make the most out of your Greater Victoria Chamber of Commerce membership and take advantage of some of the most competitive rates available on shipping services with the UPS Members Benefit Program. Put logistics to work for you. You can receive these discounts even if you already have a UPS account. It’s free to sign up and there are no minimum requirements. See how you’ll save:

UPS Services

Member Discounts

Shipments within Canada

30%

Shipments to the U.S.

30%

Shipments to Worldwide Destinations

30%

Imports into Canada

25%

Freight Services: Heavyweight, LTL shipments The UPS Store : Printing, packaging and mailbox rentals ®

Brokerage entry preparation fees

Minimum 75% 10% by using the ‘Get More’ card 20%

Weekly Service Charge (Automatic Daily Pickup)

100% waiver

UPS On-Call Pickup® service

100% waiver

Freight Collect 3rd Party Surcharge

100% discount

Plus, UPS is committed to providing value that goes beyond cost and on-time delivery. Customized solutions and reliable services for shipping, tracking and billing drive greater efficiency and streamline internal processes.

To get started today: CALL 1-800-MEMBERS (636-2377) M-F, 5 a.m. – 3 p.m. PST VISIT membersbenefitprogram.com/victoriacc

24 BUSINESSMATTERS

NEW MEMBERS: Dec 10 - Feb 2 Dye & Durham

Dye & Durham is the most comprehensive supplier of worldwide registry and legal support services in Canada. We provide timely and accurate search, filing, registration and process-serving services supported by a satisfaction guarantee. (250) 953-1700 www.dyedurhambc.com

English Inn

The hotel and garden estate paired with its culinary capacity makes it a perfect venue for events, wedding ceremonies, receptions, romantic getaways and corporate retreats. (250) 580-7428 www.englishinn.ca

Inspired Communications

Inspired Communications is a boutique digital studio. We love working with small businesses and independent professionals to design websites, communications strategies, and businesses systems that help you grow intelligently and quickly. (250) 885-8652 www.jordanbower.com

King Sejong Restaurant

Blending Korean and Japanese cuisine together...King Sejong. Dainty and exotic Korean food. Fresh and pleasing Japanese food. You can join both kinds of fabulous food together at King Sejong! (250) 382-1289

Land Story Design Associates

Transforming challenging sites into places that engage the senses and imagination. Designing collaborative translations of client vision, site context and requirements for landscape and home. (250) 858-2163

Lewis Sheet Metal

We specialize in commercial and multi-unit residential HVAC (Heating, Ventilation And Cooling). Particularly retirement homes, extended care centres, recreation centres, food courts, restaurants, institutional buildings and multi-storey condominiums. (250) 383-0520 lewissheetmetal.com

Extreme Outreach Society

Extreme Outreach Society desires to develop future leaders with healthy, productive lifestyles by creating unique ministries and programs designed to positively impact each aspect of a childâ&#x20AC;&#x2122;s holistic development. (250) 384-2064 www.extremeoutreach.com

Fathom Research Group

Fathom Research Group is an Internet-based, investigative research firm that supports legal, due diligence and specialized research for individuals, companies, and governments worldwide. (250) 634-3303 www.fathomresearchgroup.com

Harris Victoria

Harris Victoria Chrysler Dodge Jeep Ram in Victoria, BC treats the needs of each individual customer with paramount concern. (250) 386-2411 www.harrisvictoriachryslerdodgejeepram.ca

Healthlinc Medical Equipment Ltd. HME began as a local medical equipment rental company, and during the past 18 years has grown to become one of the largest independent dealers of mobility and home medical equipment in the Greater Vancouver Regional District. (250) 386-0075 www.hmebc.com

Homeguard Building Inspections Ltd.

Since 1996, Homeguard Building Inspections has provided thorough, informative and affordable home and commercial building inspections to clients in Victoria and Duncan. (250) 920-8676

Iconic Communications

Iconic Communications is a team of marketers, strategic thinkers, designers and relentless problem solvers with extensive experience in the not-for-profit and public sectors. (250) 413-3223 www.iconiccommunications.ca

W NE BITE INTO YYJ Eats THIS JUNE.

YYJ EATS IS VICTORIAâ&#x20AC;&#x2122;S NEWEST FOOD FESTIVAL BROUGHT TO YOU BY THE CHAMBER. SPONSORSHIP AND FOOD AND BEVERAGE OPPORTUNITIES NOW AVAILABLE. MORE INFO? VICTORIACHAMBER.CA

BUSINESSMATTERS 25

NEW MEMBERS: Dec 10 - Feb 2 MACCRIM Solutions

MACCRIM Solutions is a tactically focused strategic driver of collaborative real estate customer sales acquisitions. We represent Victoria’s Royal Oak new premier development Travino Living, another Mike Geric Construction residential community. (250) 386-8914

McGregor & Thompson Hardware Ltd.

Picture This Today 3D Inc.

Venture Connect Inc.

Rumble

YYJ Airport Shuttle

Picture This Today is blazing its way through the industry with the ability to place furniture, fixtures and decorative items inside virtual renditions of homes. (778) 432-4990 www.picturethis.today

McGregor & Thompson is one of the leading distributors of doors, frames, finish hardware and construction specialty products in Western Canada and the Pacific Northwest. (250) 383-8666 www.mcgregor-thompson.com

Rumble’s here to change the way you snack. What is it? A tasty, hunger-fighting beverage, that delivers high-quality nutrients and a blast of natural energy to people who refuse to sit still. (778) 433-8818 www.drinkrumble.com

Merizzi Ramsbottom

Sea Breeze Power Corp.

Obara & Company

Urban Systems

Merizzi Ramsbottom customizes patent services by working closely with engineers, scientists and innovators to understand their individual patent needs. www.mrpatents.ca We offer services to individual, corporate and not-for-profit clients including: - Tax services (personal, corporate, estate) - Audit/review engagements - Financial statements - Consulting (250) 388-7879 www.obaraandco.ca

We work with business owners to plan and prepare for a business succession and assist owners and REALTORS® with marketing to connect buyers to sellers. (855) 421-0082 www.ventureconnect.ca YYJ Airport Shuttle operates a frequent, affordable and reliable service between Victoria Airport and downtown Victoria. We service all downtown hotels and many other convenient locations. Call us today to book your next trip to the Airport! (778) 351-4995 www.yyjairportshuttle.com

Sea Breeze Power Corp. is dedicated to meeting the growing demand for clean, sustainable, green power in British Columbia. (604) 689-2991 www.seabreezepower.com Urban Systems is an inter-disciplinary professional practice providing strategic planning, engineering, environmental science, and urban design services to both public and private sector clients throughout Western Canada. (250) 220-7060 www.urbansystems.ca

Mingling at the January Business Mixer.

Cedar Hill

Meetings & Banquets golfcedarhill.com

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250.381.3254 1124 Fort St, Victoria, BC

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26 BUSINESSMATTERS

1400 Derby Rd., Victoria BC

The Times Colonist Industry Profile

The Times Colonist is the primary source of news and information about whatâ&#x20AC;&#x2122;s going on in this community. They are also a voice for local businesses, enabling them to reach potential customers and help them build their brand. # of Employees: 260 Industry Sector: Print media Area of Town: The corporate office and press are located in downtown Victoria, serving South Island up to Campbell River for daily papers. Primary Product/Service: Daily newspaper (six days per week) How would you describe the Times Colonist in 30 words or less? The Times Colonist is the voice of the community. We give a voice to advertisers, community groups, arts groups, cultural organizations, nonprofits, those in need, and those that need to get their message heard. We truly serve the community and it takes many forms. What is the best part about doing business in Greater Victoria? The best part about doing business in Greater Victoria is that every action that we take has a ripple effect. For instance, we support the Mustard Seed, we also have our own Christmas fund, which last year raised a quarter of a million dollars that we gave to the community. The ripples of that effect our readers, they effect our advertisers, and they effect people of need in the community. In a bigger community with a larger market, a newspaper would not have that kind of impact. We can reach into the homes of so many residents with our actions and coverage. Thatâ&#x20AC;&#x2122;s the best part of what we do, we can really have an impact for good. What is the best thing the Times Colonist is doing for Greater Victoria? We support local organizations. Last year, the Times Colonist gave over $3 million in cash or in-kind donations to local organizations. We also have two major fundraisers, one is our Christmas fund that raised approximately $250,000 and the Raise a Reader literacy fund that raised over $250,000 for local schools. In-kind donations are made to various organizations

BUSINESSMATTERS 27

like muscular dystrophy, juvenile diabetes and the cancer society, many organizations that have events to raise money for their particular cause. The Times Colonist provides support to many organizations with in-kind advertising donations to make sure that people in the community are aware of their event. That’s one of the best things we do. What is it like working at the Times Colonist? It’s thrilling to be at the centre of everything happening in the community. I can say that honestly. I personally get a thrill when people ask me where I work, because I don’t have to explain it to them or I can just say I work at the TC. Our brand is very valuable here. It moves fast here because of the daily deadlines, to publish six days a week you have deadlines every day. People are here 24/7, around the clock, from advertisers, editorial, and human resources staff to the mail room and press. It’s a busy place, there is always something going on.

28 BUSINESSMATTERS

What are three things few people know about the Times Colonist? One of the first things that many people don’t know about the Times Colonist, and usually surprises people, is that is takes 1,600 carriers to deliver the paper every day. The second thing most people don’t know is that the Times Colonist was created from the merger of the British Colonist and the Victoria Daily. The British Colonist was started by Amor De Cosmos in 1858, and he later became the second premier of BC. Lastly, every daily edition of the paper needs 22 one-tonne rolls of news print. What is the Times Colonist proudest of? We are proud that in the environment that print newspapers find themselves today, we are not only surviving but thriving as a daily newspaper in our community. We have been successful through a variety of strategies. With the onslaught of digital we have diversified with social media, online versions, our free edition for non-subscribers, and a new magazine (Capital). We have made a concerted effort to be focused on local stories as well as promoting Victoria.

INDUSTRY PROFILE:

Are there any other fun facts about the Times Colonist we should know about? The biggest recent addition is that the Times Colonist now delivers to everyone that is not a subscriber once a week. The weekly paper is called Extra Extra, which is a compilation of advertisements and stories from the previous week in the Times Colonist. The number of papers printed has not changed much in the last ten years. Like all newspapers our circulation has declined incrementally in the last ten years because people choose to get their news digitally. But we are doing more things to make sure that more people read the paper and our readership is growing. We make sure that daily copies of the Times Colonist are in places where people congregate like Tim Horton’s, McDonald’s, Starbucks, BC Transit, in hotels and on the ferries. When compared to other print newspapers, our readership of 217,000 people a week is twice most other daily newspapers. It’s a phenomenal number in this market and we are pretty proud of it and that is why we continue to provide value to the advertisers.

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Advocacy in action Mayor and Council Meetings Chamber representatives have met with many new and returning elected officials recently in order to discuss Chamber activities, priorities and concerns. In addition, we wanted to hear from elected officials in regards to their ideas and vision for their respective communities and the region as a whole. As of the end of January, The Chamber has met with Mayors Helps, Atwell, Desjardins, Jensen, Finall, Price, and Williams as well as councillors Coleman, Lucas, Isitt, Loveday, Murdock, Brownoff, Brice and Plant.

Equitable Application of Zoning bylaws In January, The Chamber wrote a letter to the Mayor and Council of the City of Victoria regarding equitable application of zoning bylaws as it pertains to its Licensee Retail Stores Rezoning Bylaws. The “licensee business” has undergone significant changes in recent years and we have been pleased to see the application of fair competition principle in the marketplace.

Recent approvals of licensee establishments far exceed City policies and sets a precedent for approving premises that are much larger than those envisioned in the bylaw. The Chamber is concerned that policy decisions are being made/considered on an individual proponent basis rather than on sound policy decisions that reflect City priorities and the nature of the community. This lack of policy framework leads to the appearance of favouritism with the decision-making process of the City. The Chamber feels that new applications should be given equitable treatment for applications up to 785 square meters.

Workforce Housing and Local Governments The lack of workforce housing coupled with affordability challenges in the region is a growing concern. It also plays a significant part in attracting and retaining employees, particularly in an environment where we have a low unemployment rate.

2015 Policy Priorities While many policy areas are important, every year the Chamber develops a policy priority list in order to focus policy development in these areas. The Chamber has established six priority areas for 2015 that includes amalgamation, regional services, transportation, labour supply and retention, municipal financial accountability, and local economic development.

Amalgamation The Chamber believes that improved efficiencies, a unified long-term regional vision and planning are vital to economic prosperity. With overwhelming overall support at 75 per cent for the 2014 non-binding referendum question on amalgamation, it is important for the region to examine governance models that will best fit the needs of our community now and into the future.

Regional Services The Chamber believes that many of our local services could be more efficiently delivered. The regionalization and integration models that have worked include the Regional Water System and Oak Bay–Saanich Police integration. There are many other opportunities to

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achieve community gains through regionalization and we will work to develop greater knowledge in this area.

Transportation The region requires long-term transportation improvement to facilitate growth through overall coordination and ideally by better connecting land-use planning with transportation strategies. Better accommodation of all modes of transportation will result in improved efficiency in moving goods and people within the region.

Labour Supply and Retention Over the past year the region has experienced unemployment rates in the five per cent range with a rapidly improving economy. Continually, sector leaders and businesses cite challenges in hiring qualified staff as a barrier to growth. In order to meet our needs as a community, we will have to increase our labour supply while replacing workers that are leaving the workforce. In addition to the supply of labour being limited, the region is further challenged by an extremely high cost of housing. Working to retain the labour we have and adding to the ranks of the workforce is key.

The Chamber has met with many of the region’s mayors and councillors over the past few months. Through these discussions The Chamber has addressed concerns over workforce housing as well as the role local governments can play in reducing costs in order to build more housing. With today’s low vacancy rates, The Chamber is concerned that any policy changes that would designate current rental inventory as “affordable” units would result in rental rate increase for the remaining inventory. The unintended consequences of such changes could potentially increase the rental rates of remaining units, leading to higher rental prices for middleincome earners. The Chamber would rather see increases in rental inventory and thinks local government can help. Developers indicate that regulatory burden can drive up building costs by 30 per cent or more. Local governments can assist by streamlining their development and rezoning processes as well as reducing fees; something that Langford is considering.

Municipal Financial Accountability Of all government bodies, municipal governments often have the largest impact on businesses. The Chamber advocates for municipal governments to provide services in the most efficient and effective way. In addition, we need to hold elected officials accountable for all aspects of municipal financing. This includes revenue sources, taxation, user fees, capital expenditures as well as concerted efforts to reduce costs.

Local Economic Development Concerns are growing over closing businesses, particularly with storefront locations. Although this issue is most visible in the downtown, it is an issue across the Captial region. Finding opportunities for local business to be developed or expanded will be key to revitalization, as will a focus on business retention strategies and local opportunities for business succession.

Next Steps These priority areas will be the focus of The Chamber’s new policy development. New policies, as well as our current policies, will form the basis of discussion with elected officials on various issues.

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