October 21, 2008

The Canadian Credit Crunch

Whew! What a week! What's in store for Canadians?

Canadian consumers didn't receive the full benefit of the emergency interest rate cut by the Bank of Canada.

The intensifying financial crisis caused the big five banks to brake with tradition and only partly reduce the prime lending rate. In an extraordinary development not seen in more than a decade, Canada's top banks decided not to pass on to consumers the Bank of Canada's full half percentage point cut in rates. Borrowers can no longer count on their lenders to cut rates on mortgages and loans.

Finance Minister Jim Flaherty said the US money market squeeze has spilled into Canada and is starting to restrict the ability of households and businesses to obtain loans for mortgages, car loans and investments.

Government of Canada Supports Canadian Credit Markets The Government will take steps to maintain the availability of longer-term credit in Canada by purchasing up to $25 billion in insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC). This action will help Canadian financial institutions raise longer-term funds and make them available to consumers, homebuyers and businesses in Canada. The first initiative is planned for October 16.

"You can't purchase financial freedom with a credit card."

Small Business Week Oct. 19 - 25

Small Business Week began as a small event in British Columbia in 1979 and has since grown substantially in size and scope to a nation-wide celebration of entrepreneurship.
Organized by the Business Development Bank of Canada, activities held throughout the Small Business Week provide training and development opportunities for entrepreneurs and potential entrepreneurs, enabling them to meet other business people and share ideas. Events include conferences, trade fairs, seminars, workshops and business luncheons.
For more information, visit www.bdc.ca/sbw or call 1-877-BDC- BANX (1-877-232-2269).

At The Watercooler

With everything that's swirling around in the US and Canadian economies these days, are you burying your head in the sand along with your goals and ambitions?

Focus on what is working for you and your clients.
If you keep doing what you've already done, then you'll keep getting what you've always gotten. Shake things up a bit and see if you can take five new actions or modify existing ones to grow your business and your clients' businesses.

1. Develop and implement an effective business plan. Make sure it is grounded in facts.
2. Focus on innovation. Developing new processes and services.
3. Make it easy for customers to do business with you.
4. Increase your productivity. Put procrastinating on the back burner.
5. Make decisions with real time and market data. Gathering real time data is to visit customers, markets, suppliers, and competitors. Most business failures and mediocre business results can be traced back to flawed market intelligence, competitive assumptions, or customer assessments.

"Failing to plan is planning to fail."

The IPBC News Desk

Tip of the Week

Capital gains or losses,on U.S. securities held by Canadians are taxed in Canada. There usually is a gain or loss related to currency fluctuations. If the currency gains/losses are less than $200, they don't have to be reported.

From The Executive Director's Desk

IPBC was the Bronze Sponsor at this year's Simply Partner Conference held in Vancouver Oct. 15- 18. With three huge screens showing our life-size logo to 450 people for three days, I am sure IPBC will get many new members. While they had some wonderful key note speakers, from Peter Mansbridge, Brent Butt to Brian Scudamore, the highlight for me was the members' reception, where about 25 of our members got together for cocktails and appetizers. I enjoyed meeting members who came in from all over the country. Next years Simply Conference will be in Montreal and we will host another members' reception at that event as well.

On another note, several members have suggested services that they would find helpful in running their business. In every case, we listen to what our members want and need to be a successful as possible. Keep an eye on the newsletters for the launch of these new services in the next few months, and of course, always feel free to suggest how we can be of better service to you.

IPBC would like to thank all of our members who wore the "I am a proud member of the IPBC" stickers at the conference. I greatly appreciate your help in building this great organization.

Do you have a website? If you are an IPBC member, you should proudly be displaying the IPBC logo along with a link, so your visitor can learn a little about your professional association. Membership in IPBC gives you an edge over your competition.

UPCOMING MEETINGS

Regional meetings are being organized in Vancouver, Edmonton and Toronto. If you are interested in facilitating a meeting in your area, please email info@ipbc.ca for an information package. Please include your full contact details.

RECENT GRADS
The IPBC congratulates the following IPBC members in achieving the Certified Professional Bookkeeper (CPB) certification.

ALBERTA
Shirley Ceal, Peace River
Michelle Leikam, Peace River

BRITISH COLUMBIA
Anthony Foster, Maple Ridge
Wayne Geddert, Chilliwack
Tammie Gilbert, Peachland
Wendy Heppner, Quesnel
Wendy Mills, North Vancouver
Sheila Yip, North Vancouver

NEWFOUNDLAND/LABRADOR
Glenn Gosse, Mount Pearl

ONTARIO
Adrienne Golden, Parry Sound

WELCOME NEW IPBC MEMBERS IN SEPTEMBER

ALBERTA
Jacqueline Andriet, Sherwood Park


BRITISH COLUMBIA
Susan Curzon, Vernon
Anthony Foster, Maple Ridge
Petra Gutmann, Tofino
May Haak, Burnaby
Barbara Kalloch, New Westminster
Bart Labuike, Vancouver
Susan Mclearon, Surrey
Noel H. Murray, Cache Creek
Wendy Punter, Parksville

NOVA SCOTIA
Ron MacGillivray, Antigonish

ONTARIO
Connie Augi, Cornwall
Sylvie Cousineau, Hawkesbury
Michelle Devison, Brantford
Ali El-Baitam, North York
Colleen Ewing, Oakville
Denise Franklin, Frankford
Louie Prosperi, Woodbridge
Marilyn Reist, Tiverton
Jo-Anne Thomas, Swastika
Tuyet Truong, Concord
Jodee Webb, Hamilton

The purpose of the IPBC newsletter is to assist Canadian bookkeepers with tools, ideas, and resources to make your business efforts easier, and to help your business grow by delivering timely and thoughtful information. Do you have a story to share? Words of wisdom. Pass them along to us. Email to: donna@ipbc.ca