Business & Personal Finance

Business Inc.: "I Was Able To Successfully Complete A Business Plan"

 

People who have participated in the Business Inc. program have great things to say about it! Here are a few comments from recent graduates:

"Gathered very useful info on conducting market research and also building websites."

"Very good course."

"I'm so glad to have enrolled in this workshop."                

"Great discussions."

"Social media platforms were the highlights."

"I was able to successfully complete a business plan."

"The best course I have ever taken."

This nine-week business program is offered at Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre.

During the program, you will

• Learn how to prepare / update your business plan
• Access a business advisor and other valuable resources
• Network with other entrepreneurs

Upon completion, you will:

• Obtain a Business Seminar Series Certificate of Completion from the Toronto Business Development Centre
• Be eligible to apply for a small business loan ranging from $5,000 - $30,000 (Completion of the course is not an automatic loan qualification for the loan.)

 Orientation sessions for the next round of sessions will take place on the following dates:

• Date: Tuesday, March 6
• Time: 6:30 pm
• Location: Northern District Branch
• RSVP: 416-393-7610

• Date: Thursday, March 8
• Time: 6:30 pm
• Location: Maria A. Shchuka Branch
• RSVP: 416-394-1000

Read more about the program and see the application form.

Attend the orientation sessions to hear even more details and ask questions.

Don't miss out on such an incredible opportunity!

The envelope please - more great business movies

 

Well Hollywood's biggest night, the Academy Awards, is almost upon us.  As I mentioned in a previous blog, my family does Oscar night up big - we cast our votes in all the categories, with the winner having bragging rights and is the holder of our own (imitation) Oscar for the next year.  Business related movies seem to have staying power and resonate with all of us on some level.  And luckily there are some great ones out there.  Last years blog post generated enough discussion that I thought I would incorporate a few suggestions as well as a few more of my own.

 

 Check out some of these classic titles that are available at TPL:

     

     

     


I admit I cheated with including Moneyball, since it only came out this past year - but I think it is destined to be in the same class as some of these other titles.  And good news - another Michael Lewis business book, The Big Short, is being made into a movie as well!  Enjoy the show!

The Small Business Internship Program

Do you have a website but would like to get involved on the Internet in other ways as well?  The Small Business Internship Program can help.

Through the program, "your firm will receive financial support towards the employment of post-secondary students who will work on e-business projects. The Government of Canada will reimburse up to 75% of the eligible wages and related expenses such as statutory employee benefits, to a maximum of $10,000. Your firm is responsible for covering other expenses such as fringe benefits and overhead costs. Support will be available for twelve weeks."

What kind of e-business projects could be included?

• Email
• Blogging
• Social networking (Facebook, Twitter, MySpace, LinkedIn to name a few)
• Search engine optimization
• Viral marketing
• Podcasting

The program is overseen by Industry Canada. Check it out!

Also, have a look at some of the books available at the Toronto Public Library to learn more about what these types of projects can do for your business. Click on the titles below the book covers to find out where you can get these in the library.

Search Engine Optimization Secrets	Viral Explosions	MySpace for Musicians

Income Tax Clinics

It's that time of year again.  Time to prepare our income tax returns.

If you are unable to prepare you income tax and benefit return yourself, the Community Volunteer Income Tax Program (CVITP) may be able to help.

The CVITP assists eligible taxpayers who have low income, and simple, non-complex tax situations.

Eligibility criteria:
These suggested maximum income levels should serve as a guideline only.

Taxpayer Status                    Family Income
Single                                   Up to $25,000
Couple                                  Up to $35,000
One adult with child              Up to $30,000

Eligible taxpapers normally served by the CVITP include:

• Aboriginal peoples
• Low-income individuals and social assistance recipients
• Newcomers to Canada
• Seniors
• Students

Volunteer tax preparation clinics are generally offered between February and April of each year in various locations across Canada.

If eligible, click HERE to find a Volunteer Tax Preparation Clinic near you.

For more information on the Community Volunteer Income Tax Program, visit their web page at the Canada Revenue Agency's web site.  It outlines what volunteers do not prepare tax returns for; e.g. types of complex situations.

For individuals interested in preparing their own income tax returns, the Toronto Public Library has copies of Preparing Your Income Tax Returns published by CCH Canadian Limited. 

TFSAs or RRSPs

Tax-free savings accounts are becoming an increasingly popular savings option amongst Canadians.  In an article entitled 5 Reasons Why TFSAs are a Smart Retirement Investment by CBCnews.ca, it is noted that some financial advisors are recommending TFSAs over Registered Retirement Savings Plans.

Here are some of the major reasons for the rise of TFSA's popularity:

• Flexibility.  Money can be withdrawn without penalty in case of a financial emergency.
• TFSAs may contain various types of investments; i.e. TFSAs allows a person to put up to $5,000 a year of after-tax money into GICs, mutual funds, bonds, stocks or savings accounts.
• Although investors do not get an immediate tax break, investments inside a TFSA can grow tax-free.  In comparison, an RRSP gives a person an up-front tax deduction but the federal government takes its share in income tax assessed on the "back-end cash withdrawals, typically after the taxpaper retires".
• TFSAs don't have to be converted into a RRIF upon retirement.

The article continues "the numbers tell the tale:  At the end of their first year of existence, TFSA's held a combined total of $17.4 billion in assets in close to five million accounts, according to research firm Investor Economics.  Just a year and a half later, midway through 2011, the total asset amount had ballooned to $54.4 billion in 8.6 million accounts.  In other words, the average account holder has bumped up their TFSA holdings by 82 percent in just 18 months."

The articles concludes "perhaps the most stunning trend is that the TFSA is catching up to the RRSP as the tax-sheltered investment of chocie".

In 2010, TFSA contributions totalled $21.8 billion compared with $33.0 billion in RRSP contributions.

 

For those interested in learning more about TFSAs and RRSPs, the Toronto Reference Library is offering the following program by Kurt Rosentreter:

Financial Planning for your Future, RRSPs and TFSAs
Speaker:  Kurt Rosentreter
Date:  Wednesday, February 15, 2012
Time:  6:30 - 8:00 p.m.
Place:  Beeton Auditorium, Toronto Reference Library, 789 Yonge St.

Admission is free.  All are welcome.

 

For those unable to attend, the Toronto Public Library has 10 copies of Kurt Rosentreter's latest book:

	Wealthbuilding : Lifelong Financial Strategies for Success with Your Money

For those interested in TFSA contribution rules, the Canada Revenue Agency has an informative guide entitled RC4466 Tax-Free Savings Account (TFSA), Guide for Individuals. 

Business and philanthropy

 

 I recently went to the Art Gallery of Ontario to view the works of art donated to the gallery by Kenneth Thomson.  In addition to donating $70 million to the AGO in 2002, Thomson, an avid art collector, also donated more than 2,000 pieces of artwork valued at more than $300 million.

Many wealthy business people give generously to various charities, organizations and foundations for one reason or another. Take for example Bill Gates and Warren Buffett who, through the Bill & Melinda Gates Foundation, have joined forces to give billions of dollars to fight AIDS and fund medical research in the hopes of fostering global health equity. Or Andrew Carnegie who once said "The man who dies rich dies disgraced" and proceeded to give away his entire fortune. And then there is Michael De Groote , former CEO of Laidlaw Transport Ltd., who donated $105 million to McMcaster University's medical school.

To read more about other generous business people, check out these titles:

 

Or, to find out how your business can help make the world a better place, try these titles:

 

Art for profit's sake

 

(Snow Clouds by Franklin Carmichael, 1938)

 

Collecting antiques has been a hobby of mine for many years. I originally started collecting antiques because I took an interest in a particular period in history and wanted to have some of the objects from that period to display in my home.  Many people buy art purely as an investment while others buy art because they want to acquire beautiful things.  Not every piece of art is a good investment.  Anthony Westbridge, a Vancouver art dealer and auctioneer, recommends dealing with reputable dealers or auction houses. Attend numerous auctions and visit as many secondary market dealers as possible before making your first purchase. Do your research so that you can enter the market with the knowledge and confidence you need to make any purchase. And finally, Westbridge says, stay within your budget and don't get involved in a bidding war.

So, if this kind of investment is for you, start your research by taking a look at these books:

 

 

The cost of not keeping up with the times.

My great aunt had a killer portfolio.  Almost every stock that she owned shares in were considered blue chip at the time, with one of her most prized stock holdings being that of Eastman Kodak.  Kodak, at that time in the 1960's, was a safe investment that returned good dividends - after all who wasn't taking pictures and getting them developed at the drugstore?

It was my aunt I was thinking of as I was reading of the recent downward spiral of Kodak, on the brink of bankruptcy, trying to sell off its vast patent holdings to stay afloat.   In a recent article in the Toronto Star, entitled "The last picture show", David Olive points out that companies that become complacent risk losing everything, especially today, where technology touches every aspect of our lives. 

How do you keep relevant in today's fast changing environment?  Brian Nichelson outlines 4 steps in "Keeping Up with Technology", by developing a technology awareness strategy.  It's easier than you would think and many of the resources he suggested are available at the library, including magazines, newspapers, the Internet and seeking out knowledgeable colleagues. 

Check out a few recent additions to our collection on business technology management:

         

 Interested in the storied history of Kodak and the man who founded it?  Try some of these titles:

      

 

 

There's no business like show business

It's that time of year.  Oscar buzz is abounding at our house.  Once the nominees are announced the race is on to predict who will take home the golden statue.  This years race is particularly interesting, with the silent film "The Artist" up for 10 awards, including one for best picture.  If it wins, it will be the first silent movie to win top honors since the very first award was presented in 1929 for the picture "Wings".

"The Artist", follows the path of a silent film star who is not able to make the leap to the "talkies" in the late 1920's.  If an actor could not make the transition, his career would most likely be at an end.  The movie industry today is going through another major upheaval, with video streaming, bootleg copies of current films abounding, the industry is faced with similar challenges that it encountered when it had to accept that talking pictures were the future. 

So what is the future of movies?  A vast array of ideas come up (mainly technology related) including holograms, 3D.  Check out a PBS discussion on this topic.

According to a DataMonitor industry report (available through Marketline -an on-line database available at North York Central Library and Toronto Reference Library),  the global movies and entertainment market shrank by 1.1% in 2010.  The North American market accounts for 42% of the market value of this industry, and despite its shrinking market value, this industry still has a large number of buyers and investors, since it is such a major part of popular culture.   Sony Corporation is identified as the top player in the market.  Check out this source and other business databases available through the TPL website.

Want more information about the history of silent films?  Check out Silent Films, a website that will take you through some of the great silent movies of all time.  Want to read up on the history of film companies?  Check out a few titles available at the library:

       

   

Enjoy the awards ceremony on February 26th.  Guess which movie I will be rooting for!