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Report on Small Business -

June 29, 2017

Report on Small Business Newsletter: Toronto property prices, B.C. minimum wage and wrangling with the CRA -  

Do you want your business profiled in The Globe and Mail? We're looking for Canadian small businesses to share information on their financial situation for an upcoming series. What money challenges is your business is facing, and what are your biggest expenses and sources of revenue? Subjects will get personalized financial advice from leading experts; if requested, identifying details can be changed to protect your privacy. Contact me at smallbiz@globeandmail.com for more info. - Sarah Efron, Report on Small Business editor

Toronto’s property price surge has another victim – small business

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First-time homebuyers aren’t the only ones struggling due to the recent run-up in Toronto property prices – a new study shows that commercial property prices have experienced similar gains, putting small businesses sensitive to lease rate hikes at risk.

A recent City of Toronto study provided to The Globe and Mail looks at the assessed value of non-residential properties from 2012 to 2016 in the 84 business improvement areas (BIAs) across Toronto.

On average, the value of non-residential properties in the 84 BIAs increased during the four years by 40.9 per cent. That’s almost as high as the 42 per cent price increase in City of Toronto homes between 2012 and 2016, according to Toronto Real Estate Board data. Full story

B.C. business owners nervous about minimum wage hikes in wake of NDP-Green deal

B.C. is poised to become the third Canadian province to hike its minimum wage to $15 an hour, a move small businesses argue will make it even more difficult for them to make ends meet amid a growing number of rising costs. Full story

This is the weekly Report on Small Business newsletter compiled by small business editor Sarah Efron. If you're reading this on the web or someone forwarded this e-mail newsletter to you, you can sign up for Report on Small Business and all Globe newsletters here. Have any feedback? Let us know what you think.

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How to reduce the tax bite when selling your business

As they prepare to retire, a crush of entrepreneurs will soon be selling their businesses. And one of the biggest issues they should be contemplating – right now – is taxes. Full story

Fund aims to help Alberta’s Indigenous women start businesses

When Lou Ann Solway was trying to start a ranching business on Alberta’s Siksika Nation reserve two decades ago, banks wouldn’t give her the time of day. She had inherited 10 head of cattle and needed financing to purchase 20 more. Despite owning a small herd as collateral, and having lifelong experience ranching, bank after bank turned her down. Full story

How contract workers navigate the challenges of the CRA

Ms. Bamford is the only employee at her corporation, but she hires subcontractors when she needs help. Taking on more than one client and occasionally hiring contractors ​are moves that are not only a good idea for her business, but help to ​satisfy the Canada Revenue Agency (CRA). Full story

More small business news from around the web

Minimum wage law hearing coming to Niagara

The MPP for Simcoe-Grey is encouraging business owners and farmers to participate in upcoming hearings about the proposed $15 minimum wage increase. One of the hearings will be held in Niagara during the week of July 17-21, though it is not yet known on which day of the week the hearing will be in the region. The location is also still to be determined. Full story

McDonald’s says it will pay up to 55% of U.S. franchisees' upgrade costs

It was big news for the franchise industry when McDonald’s recently announced it would pay up to 55 per cent of the amounts required for its U.S. franchisees to put some major new upgrades in place. Referred to as the “Experience of the Future” project, the plan would require every McDonald’s restaurant to install new self-ordering kiosks and table-locating technology for foodservice delivery. Those are big changes and, as a recent user of the self-ordering kiosk, it must be said, unassailably cool ones, too. Full story

Squaring the circle on jargon. Why do we speak in riddles at work?

Phrases like ‘ideas shower’ are not only grating on the ear, they’re bad for business. But stopping people ‘reaching out’ for the latest buzzword is a challenge Full story

Startups change the world. But what happens when big brands bite back?

In April, news broke that British chip designer Imagination Technologies was losing its biggest customer. Apple, which has used the firm’s graphics technology for years, has been developing its own independent graphics design and expects to stop using Imagination’s technology within two years. Reports suggest the firm is braced for a battle over its intellectual property rights and is discussing alternative commercial agreements with Apple.

Ottawa’s new immigration program sparks talent pool debate

As Ottawa rolls out a two-year pilot program designed to speed up immigration for highly skilled foreign workers, Marty Reed said the government’s Global Skills Strategy should take a big-picture approach to attracting global talent. Full story

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