Business & Personal Finance

Emerging Economies of China and India

The Toronto Reference Library will be hosting an interesting Investment Program entitled Gravity Shift: How Asia's New Economy Shapes the Twenty-First Century.

The speaker is Wendy Dobson, Professor at Rotman School of Management, University of Toronto.  This presentation is based on her book, Gravity Shift, which provides a vision of how China and India will reshape the Asian region, and transform global economic institutions.

	Gravity shift

For those interested in the rapid growth, diversity, and strategic importance of the emerging Chinese and Indian economies, here are details regarding the above-mentioned program:

Wednesday, March 28, 2012
Gravity Shift: How Asia's New Economy Shapes the Twenty-First Century
Speaker:  Wendy Dobson, Professor, Rotman School of Management, University of Toronto
6:30 - 8:00 p.m., Beeton Auditorium, Toronto Reference Library
789 Yonge St., Toronto, Canada
Admission is free.  All are welcome.
If you have any questions regarding this program, please call Answerline at 416-393-7131.

 

For additional information on China's and India's emerging economies, try the following subject headings in the Toronto Public Library catalogue:

Economic forecasting - China
Economic forecasting - India
China - Economic conditions - 21st century
India - Economic conditions - 21st century

 

For economic information on countries around the world, view country reports in the following online databases at the Toronto Public Library website:  (Note:  An active Toronto Public Library card is required for access.)

Mergent Online
Country Profiles are available on the bottom right side of the home page; i.e. underneath the Corporate Calendar.  Includes statistical data with country map.

ViewsWire (The Economist)
Country Analysis is available from the left side of the home page.  Provides analysis and forecasts on 200+ countries.

 

Income Tax Tips

The Canada Revenue Agency states that your 2011 Tax Return for Personal Income Tax needs to be filed on or before April 30, 2012.

When completed, most hope to receive a refund or try to minimize the amount owing.

The February/March 2012 issue of Healthy Directions offers several tips that may help individuals reduce their tax bills.

Here are some of their tips on tax breaks:

1. Plan Ahead
Gather all of your receipts and be sure to submit your income tax and benefit return before the tax-filing deadline in order to avoid paying late-filing penalties.

2.  Registered Retirement Savings Plan  (RRSP)
Any income you earn in a registered retirement savings plan is exempt from tax, as long as the funds stay in the plan.  RRSPs also give you a break at tax time.

3.  Tax-Free Savings Account (TFSA)
A tax-free savings account is a "great way to save money" because you don't have to pay tax on any income earned from investments in your TFSA.

4.  Public Transit Tax Credit
If you or someone in your family is a regular user of public transit, you may be able to "claim a non-refundable tax credit based on the cost of eligible transit passes."

5.  Child Care Expenses
For those who have children, you may be able to claim "child care expenses that you or your spouse or common-law partner paid so that either of you could work, do research, or go to school."

For additional tips, the Canada Revenue Agency has an interesting section entitled "Know Your Credits, Deductions, and Benefits" at their Get Ready to File Your Tax Return page.  This section provides tips on how to reduce your taxes for:

• Individuals and Families
• Seniors
• Persons with Disabilities
• Homeowners
• Students
• Self-employed
• Tax professionals
• Tradespersons

Likewise, the Certified General Accountants of Ontario publish a booklet entitled Your Personal Tax Planning Guide.  It is available for free on the internet.  Click HERE to view the 2011-12 edition. 

Starbucks effect: Not just a great cup of coffee

 

I love going to Starbucks, and judging by the statistics so do you!  Maybe it's their coffee or snacks or maybe it's just the atmosphere.  Whatever it is that attracts us to them, the success of Starbucks has influenced the way we do business and has spawned the publication of many books on various business topics.

In 1971 Starbucks opened their first store in Seattle, Washington at the historic Pike Place Market. Jerry Baldwin, Zev Siegler and Gordon Bowker started the company with the encouragement of their friend Alfred Peet who had his own store called Peet's Coffee and Tea. By 1980 the partners had grown the company to six retail outlets and it had become the largest coffee roaster in Washington State. In 1987 Howard Schultz bought the comapny and turned it into the business that it is today by fashioning it after the coffee houses he visited while on a trip to Italy.  The company is now the largest coffee store chain in the world with over 17,000 stores in 50 countries.

What makes Starbucks unique is their sense of community, the same sense of community that is evident in corner coffee houses all over Italy. It is a place where employees and customers are treated with respect and dignity, and being green is a an important part of how the company conducts its business. Although experts have been predicting the demise of Starbucks for some time because of it's efforts to keep up with shareholder expectations, Starbucks seems to have shrugged off the naysayers by continually introducing new products that keep customers interested. Books about Starbucks continue to be published, and from Beijing to Moscow and Toronto to Seattle the coffee keeps on brewing.

Here are some titles you can borrow from the library:

Start your own restaurant business

Do you ever wonder how much work it must take to run a restaurant?  Being successful in the food-service industry takes a lot of hard work, dedication and commitment but there are many rewards, be it financial, emotional or creative.

Many things need to be considered before starting such a business:  who is your competition, who are your potential customers, what are the industry trends and so on. Or maybe you want to start small with a pizzeria, sandwich shop or bakery. In any case it is very important to do your research and do it thoroughly.  Speak to people in the business, read books, get financial advice, check statistics and demographics. The Ontario Government provides individuals interested in starting a business with information on funding, taxes, how-to guides and much more through its  ONe-Source for Business . The Canada Business Network is a federal government site that also provides entrepreneurs with information on topics such as how to develop a business plan, how to finance your business, how to buy an existing business and more.

If you need a bit of inspiration to start your restaurant, take a look at these books:

Or if you're already inspired and just need to know where to start, check out these titles:

          

 

 

 

After the money tree dies - teaching kids about money

"If you aren't making money, you are spending it"  was a favorite phrase my Dad repeated many times during my childhood.  Like most families, he didn't get much of a chance to spend it, working long hours to support a stay at home wife (this was the 50's) and a family of 6 kids who liked to eat and spend money when they had it.  Needless to say, we all began working at a pretty young age at some not so pleasant jobs so we could buy the things that teenagers want.  And I don't think we were so different from a number of our friends, who had steady after school jobs.

Flash forward to today, where many kids can get all the way through high school and university without ever having to earn a buck.  The Bank of Mom and Dad have provided for everything.  Increasingly more young adults are running into financial troubles because they never have had to manage or earn money.  

There is a wealth of information out there to assist parents and young adults.  How to teach your kids about money makes some of the following suggestions for parents of young children:

• Give children control of money  - take some money that you have in your budget and give them control of it - such as money for clothes
• Teach your kids about earning with pocket money - give your child some money every week - earned or unearned - your choice.
• Teach your kids to save for money goals  - want to buy a big ticket item?  you will have to save your money to get it.
• Teach your children how to create a budget - it doesn't have to be complicated, just teach them how to plan

Check out an interesting article that appeared in the New York Times, entitled "The Frugal Teenager" that chronicles a family's forced decision to begin saying no to their teenage children.

The past few years have garnered a wide variety of books on this topic.  Check out the following titles available at TPL branches:

     

     

Want even more information? check out my colleague's earlier blog on this topic as well.

North York Central's Business Department is hosting programs entitled "Generation Next", which will include a program on managing your finances. 

Living in a world without Twinkies

One of my fondest memories of childhood was the occasional treat of the pure indulgence of a Twinkie.  My mother in law, when my husband was young, would put a candle in the middle of one, and presto - a ready made birthday cake!

Hostess, the maker of Twinkies, as well as the equally delicious Ding Dongs, Hostess Cupcakes, and Snow Balls, recently announced that the company was filing for bankruptcy protection.  It seems that today's consumer is after healthier snacks. 

This whole discussion about Twinkies got me thinking about the snack cake industry in general. So I decided to have a look to see what I could find.  A field trip to my local grocery store showed that a couple of other companies are out there in terms of competition.  Vachon, a Quebec company founded in 1923, has multiple lines of products, as does Little Debbie, a Tennessee based company also founded around the Great Depression had significant shelf space.

But all of these companies are privately held - therefore they don't need to give any sales figures.  So how does one find information on industries that are rife with private companies? 

I began my search with the Gale Virtual Reference Library, which has a directory called The Market Share Reporter.  A quick search revealed that Little Debbie and Hostess are the top brands for sales.  This reference also gave me a NAICS (North American Industrial Classification System) code to work with.  This gives what the company sees as its major line of business.  In this case it was 311812 (Commerical Bakeries).  With this code I could now search a number of databases to find out more information. 

Other possibilities for searching for more industry information, to name a few, include:

• Scott's Online

• Marketline
  

• Business and Company Resource Centre

• Canadian Business and Current Affairs

All accessible with your TPL library card through our website.  Marketline is the only exception - you need to be at one of the Research and Reference branches of the system.  This approach can be used for almost any industry that you are looking to find information on.  Industry periodicals, and statistical sources such as Statistics Canada and the Census Bureau of the United States compiles industry statistics  are also great sources for information.

By the way - Hostess has assured that the flow of Twinkies will continue despite its bankruptcy filing.  Another crisis averted!