If you were to walk into a bank today seeking out a business loan, it would be advised that you better come prepared. That is, prepared to put a lot on the line to secure your money.

Since our inception, Synergy Merchant Services has touted the concept of an alternative source of extra working capital that does not put the business owner at great risk. We offer a simple and convenient alternative to getting money for Canadian entrepreneurs. Of course, banks are traditionally known for only wanting to provide loans to businesses that are not necessarily in need of the money.

That way, the bank is at less risk of not having the money paid back. One of the things that is required of a business owner looking to get a loan is collateral. This essentially ensures that the owner is at risk, not the bank. If payments cannot be made, something of great value, be it the business itself or even the owner’s home could be up for grabs!

Imagine having to put your house on the line. It sounds like something someone would do on an over-the-top trip to Las Vegas! With Synergy’s merchant cash advance program, no collateral is necessary. Putting up your home or business is not something we would ever ask. We wouldn’t mind, however, if you invite us out for dinner after our money takes your company to greater heights!

A standard credit check is also a general requirement of a bank when it is considering lending money. This obviously is a question of one’s credibility. Does the bank believe – based on your history – that you are capable of making timely payments? Remember, you are borrowing their money. The money is never truly yours. Therefore, if your history doesn’t show that you are credible enough to make those payments, your loan is not likely to come your way.

Most business owners despise the idea of a credit check simply because it initiates a “knock” against their credit scores. Many can’t imagine why a harmless check of one’s credit history is regarded as a negative thing. Neither can we. Imagine having a police check done on your behalf to naturally find that you have never been in trouble with the law. Meanwhile, the check itself somehow has made you to be considered more likely to be a criminal. Doesn’t make sense, does it?

To be approved for a merchant cash advance, Synergy does not require a standard credit check. More specifically and more importantly to business owners, this means that one’s credit bureau rating is not affected. Keep in mind that when you are receiving a cash advance, you are not borrowing money. The money has been advanced to you based on your previous Visa, MasterCard and Interac transactions.

Essentially, we are forwarding you cash that we are aware you will be making eventually. You are simply paying the money back through your future credit and debit sales, so your “credibility” never really comes into question.

We understand that the majority of our potential clients are simply used to the concept of getting a business loan. To some, the merchant cash advance is still a foreign concept. It’s time, however, to try something new. Give yourself the benefit of opening your business to a new option. See if a merchant cash advance is right for you. No collateral, no credit check required.

Last October, the Synergy Merchant Services Blog visited the news story of the Canadian dollar’s growing value and its attempt to reach parity with its American counterpart. Interestingly, some economists proposed that the strengthening loonie would pose a threat to the rebuilding of Canada’s economy as it would make Canadian exports more expensive to foreign markets.

In our October 13th post, we quoted Prime Minister Stephen Harper as saying that “the value of the Canadian dollar is a risk to recovery. I don’t think it’s a risk to choking off the recovery but if it goes up too rapidly it does have difficult effects on our economy.”

Today, QMI Agency’s Sharon Singleton reports that the loonie will be at its strongest as soon as this summer. In fact, in an article posted on The Toronto Sun’s website, she reveals that the Canadian dollar is expected to surpass the U.S. “greenback” in value. By September, she writes, the loonie will likely trade at $1.02 to the American “single”, although it may dip down to about 97 cents by the end of 2010.

Citing a recent report by CIBC World Markets, Singleton notes that the “demand for commodities and the perception of Canada as financially solid” is helping to push up the value of the national currency. The forecast is based on the Bank of Canada’s increasing interest rates that are expected to rise this summer. This would be a half year sooner than an increase expected to be made by the U.S. Federal Reserve.

Most Canadians view the Canadian domination of the dollar wars as a good thing. It makes sense to feel a sense of pride in knowing that your national currency is stronger than that of the United States. However, economists warn again, as they did months ago, that the nation’s manufacturing sector may suffer as Canadian goods become more expensive overseas.

Said CIBC Senior Economist, Peter Buchanan: “The economy has shown more momentum in the recent quarter and the higher dollar may slow things down. We are also expecting the U.S. economy to downshift in the second half as stimulus spending runs out.”

Others aren’t as worried however. Scotiabank currency strategist, Sacha Tihanyi believes that the Canadian economy is currently in a better state to handle the impact of a stronger loonie that it was years ago. As of today, the Canadian dollar sits at 97.89 cents U.S.

Singleton offers more positive aspects of the growing strength of the loonie: “On the upside, the strength in the Canadian currency may help to reduce the impact of inflation, allowing the central bank more leeway in containing rate increases…A perception of Canada as fiscally solid may also help the local currency as other governments around the world struggle to control deficits.”

Synergy Merchant Services provides merchant cash advances to small and medium-sized businesses in Canada. This alternative source of funding is much different that a traditional bank loan in that it is not borrowed money. Instead, we purchase a certain amount of a merchant’s future credit and debit sales by providing them with a lump sum of cash within five business days.

Now, this is something that we have been communicating to business owners all over the country for the past few years, and yet many have still not heard about this type of funding for businesses. And we completely understand that. Still in its “toddler stages” if you will, the concept of the merchant cash advance is foreign to most Canadians.

That being said, our staff is fully aware that many business owners are skeptical when first hearing about our program. This is why our team works diligently to break down that “wall of skepticism”. The Synergy Merchant Services staff is highly trained to attentively listen to the concerns of our potential clients in an effort to quell any fears that they may have about the many “scams” that are out there.

Rest assured, we did not become “Canada’s Merchant Funding Company” by scamming anybody. In fact, we take great pride in being the nation’s leader in supplying entrepreneurs with the working capital they need to take their companies to the top of their respective industries. We ask that you give us the opportunity to speak to you so that we may answer some of the questions you may have about our program.

For most who first hear about it, they become immediately skeptical about the fact that there is “no interest rate” affixed to our cash advance. While this is absolutely true, by no means are we saying that we give out free money! Now, that would be nice, wouldn’t it?

Of course, there is a charge for the cash advance that is known as our “discount fee”. This is simply a one-time cost for the cash advance that represents the amount a merchant must add to the cash advance he or she receives when paying it back.

Some owners are also skeptical about the idea that there is “no fixed repayment schedule”. This too, is true. Now, this is not to insinuate that a merchant can take his or her sweet time and repay the advance whenever it is convenient. The way in which we get paid back is one of the most beneficial aspects of the program.

We literally only receive a payment when the merchant makes a sale. Through a seamless automated process, Synergy receives payments towards the cash advance by withholding a small percentage of the credit and debit transactions that go through a merchant’s terminal. It’s known simply as a “withholding perecentage”. If no sale is made, no payment is made. It’s that simple.

For most, of course, it isn’t that simple at all. And again, we completely recognize that many business owners may have reservations about becoming involved with this foreign concept. This is why we introduce our program by offering an absolutely free review of a merchant’s credit and debit card summaries in order to provide information on exactly how much money your company would be approved for and what it may cost.

There is no obligation at all to take the cash advance. We simply ask for the opportunity to break down the wall of skepticism that you may have. We’re confident that you will be happy with what you see on the other side.

There is only one day left for you to experience Canada’s largest hospitality show. Since Sunday, the Direct Energy Centre has been hosting the CRFA Show which, according to www.crfa.ca, “brings together 12,000 industry professionals, 1,200 exhibitor booths, 12 top Canadian chefs, seven mixologists and much more under one roof.”

An amazing showcase of restaurants, food suppliers and other foodservice industry professionals, the CRFA Show is the perfect meeting place for entrepreneurs to socialize, network and of course, sample the endless supply of foodstuffs.

Synergy Merchant Services has enjoyed the past two days at booth #1009, speaking to business owners from all over Canada and the rest of the world. Introducing them to our innovative cash advance program has become an annual treat for us.

For some of these professionals, it is their first time hearing about the concept of merchant cash advance. And as we experience every year, so many of them are greatly interested in this alternative source of extra capital for their businesses.

As a result, we remain very happy and loyal members of the Canadian Restaurant and Foodservices Association. The opportunity provided to us by the CRFA Show continues to pay dividends as it always increases our customer base.

As CRFA president and CEO Garth Whyte explains: “The CRFA Show is largest gathering of foodservice professionals in Canada, and a unique opportunity to network, exchange ideas, shop for new products and services and celebrate this $60-billion industry. A show of this magnitude is especially important in the restaurant industry, where innovation is a hallmark.”

As if the networking opportunity wasn’t incentive enough, the CRFA Show always provides its visitors with tons to experience. This year, the show has a few new additions. The “Centre for Sustainability” joins the event as a brand new showcase of “a variety of innovative and sustainable products, ranging from energy-efficient fridges and non-toxic cleaners to low-flow fixtures and bamboo placemats.”

In addition, The Sysco Innovative Products Pavilion has been added to the event. This includes a display of “exciting new food and beverage products from some of Canada’s leading foodservice industry suppliers.”

As well, back by popular demand are the series of free workshops including an awesome wine and spirits tasting experience. Visitors also receive tips from the nation’s top chefs and mixologists by taking in cooking demos and competitions.

There’s only one day left to experience the 2010 CRFA Show. Bring your business cards and your appetite. We look forward to seeing you there.

With all of the excitement going on with our upcoming CRFA Show this weekend, the Synergy Merchant Services Blog neglected to reflect on the recent 8.8 magnitude earthquake that rocked the South American nation of Chile about a week ago. And while a higher level on the richter scale was reached in Chile than the destructive quake in Haiti just a few weeks earlier, thankfully the death toll is significantly lower.

Recent reports reveal that nearly 300 people were killed in central Chile while numerous buildings, bridges and roads were destroyed. We would like to take this opportunity to encourage you to open up your hearts and your wallets, once again if possible, to provide the much-needed aid to those who are suffering from this disaster.

Canadians more than answered the call to support Haiti in the Caribbean nation’s time of need. We trust that our country will undoubtedly do us proud once again in showing their heartfelt concern and compassion for their fellow human beings in Chile. There are a number of ways that we can all help out.

The Canadian Red Cross is accepting donations on their website, www.redcross.ca or by calling toll free at 1-800-418-1111. Of course, donations will also be accepted at any local Red Cross office. According to The Toronto Star, so far “ The International Federation of Red Cross Red Crescent Societies has contributed $300,000 to Chile from its disaster emergency fund.”

Etobicoke’s GlobalMedic is also accepting donations at their website, www.globalmedic.ca. They provide emergency relief after natural disasters by supplying technological equipment and training. Your support, of course, is greatly appreciated.

The Star also reports that World Vision will also continuing to do its part to assist with the relief effort in Chile: “World Vision has worked in Chile for 30 years and have more than 100 staff in the country, many living and working in areas close to the quake epicenter. However, given the magnitude of this disaster, World Vision is preparing to deploy additional staff to support the relief response.”

Make no mistake, the damage in Chile is vast. Similar to the earthquake in Haiti, this disaster has caused mass destruction. In fact, the quake triggered a tsunami that even threatened coastlines as far away as Hawaii and Japan, according to Reuters’ Jose Luis Saavedra. He posted comments from Chileans who experienced the earthquake on Reuters’ website.

Said Santiago housewife Dolores Cuevas: “It came in waves and lasted so long. Three minutes is an eternity. We kept worrying that it was getting stronger, like a terrifying Hollywood movie.”

According to 27-year-old Temuco receptionist, Claudia Rosario, “it was like we were being shaken around in a box…But thank God it was just small things (broken). It could have been worse.”

Of course, things will get worse without immediate aid. Thanks in advance Canada for being the humanitarian nation that you are. The world looks to us to be leaders in humanitarian efforts. We know we will not let anyone down.

Better make it quick. Your last chance to register for the upcoming CRFA Show at the Direct Energy Centre in Toronto is fast approaching. The three day extravaganza begins this Sunday, March 7th and lasts until Tuesday, March 9th marking yet another incredible opportunity for business owners and consumers alike to mix, mingle and network with industry professionals in the restaurant and foodservices field.

This event is literally a can’t-miss. The online registration fee is only $20 so head on over to www.crfa.ca right way. Or at least, when you are finished reading this blog! Once you are there, you will be prompted to follow a quick and simple step-by-step process to secure your spot at the greatest hospitality event of the year. The registration fee at the door is $30. And quite honestly, still very well worth it.

As it promises every year, The CRFA Show comes fully prepared with seminars, presentations and workshops that everyone can enjoy. Among them this year is “Canada’s Top Chefs” which is presented by Garland Canada and McCain. You will be able to meet the best culinary artists in the country and be dazzled by their cooking presentations.

“Cooking With The Stars” is yet another amazing feature of this year’s event. Presented this Sunday and Monday by Garland Canada and Manitowoc, this is a live culinary event that will pair Ontario’s top chefs with members of the audience for a special contest. As CRFA’s website explains it: “Together, the professionals and their newly recruited sous chefs will prepare two plates for judging, based on mystery ‘black box’ ingredients.”

Escoffier Society of Toronto will be bringing you the “Culinary Salon”. This event, which spans the full three days of the CRFA Show, will showcase top chefs as well as culinary apprentices to compete in a showcase of their cooking prowess. Considered the “Culinary Olympics”, the focus of the competition will be on cold plates that are created by the professionals and their students.

Making its return to the show this year is Tabasco and BartenderONE’s “Cocktail Stage”. Also to be presented on all three days, visitors will get to “see master mixologists sharing the latest trends in cocktails and demonstrating the difference that fresh quality ingredients and proper technique can make in preparing and serving cocktails.”

Now how can you miss all of that? Of course, your friends at Synergy Merchant Services will be waiting to meet with you over at Booth #1009. Be sure to stop by and meet our Vice President of Marketing, John Meloche. While you’re at it, you may want to bring him a snack.

The office still likes to rib John about his exploits at the CRFA Show from 2008. With a wealth of free food samples to be had all over the building, John decided that he would buy his lunch. Feel free to make fun of him for that. See you there!

We must say, we are pretty proud of our Synergy Merchant Services Blog. With it’s recent facelift complete with photos and easier access to other related posts, our blog is one of our most effective sources of communicating with our client base on a regular basis.

Although we pay close attention to Canada’s financial climate and discuss small business and our alternative source of funding, our blog also likes to peruse through the many wondrous current events that affect our nation. Everything from weather to sports to various stories involving our industry, this very blog is a favourite go-to destination for many an online reader to discover what’s happening in today world.

We would like to take this opportunity to thank all of you who have been loyal readers of this blog since its inception in 2008. Of course, at just two years old, your favourite blog only continues to get better. We’d like to ensure that you continue to reap the great benefits of this fascinating daily read by inviting you to subscribe to our RSS feed.

If you haven’t yet joined, it’s as simple as going to http://www.synergymerchants.com/blog/feed. The sign-up process is simple. Doing so will allow you immediate access to all of our latest posts. There are a number of easy ways to subscribe to the feed including through Google Reader and iGoogle.

As we have mentioned a number of times before, maintaining a frequently updated blog keeps your customer base aware that things are happening with your company. A website that goes un-updated for lengthy periods of time becomes virtually useless. Your clients want to know that you are on top of your game and that you are continually working towards becoming a leader in your industry.

Our blog has not only secured Synergy Merchant Services a constantly growing number of loyal readers, but it has also opened up a nation of small to medium-sized business owners to the prospect of securing extra captial for their compaines in a way they never before knew about.

Sometimes a blog is the best way to communicate to your customers. Industry jargon set to the side, blogs are most often written in a conversational, everyday speech type of fashion. They lend themselves to being more “friendly” than your average article or news piece.

Often explaining our program in a simple and to-the-point way, the Synergy Merchant Services Blog continues to help grow our business. As always, we recommend that you take advantage of blog writing for your own company’s website.

Now, don’t worry yourself if you can’t get your blog to look and read as snazzy and as slick as ours (we try our best). Simply ensure that your topics are relevant to your business as well as the readers who you are trying to attract to your brand. Feel free to keep them light and be sure to touch on a variety of subjects.

Blogs help to add that human side to an otherwise cold business world. So subscribe to our blog and help us to keep in better touch with you. Perhaps you may even have some ideas that you would like us to blog about. We are always open to suggestions. Thanks for reading!

From time to time, the Synergy Merchant Services Blog discusses the crazy weather that is often a topic of conservation at water coolers across Canada. For example, who knew that the 2010 Winter Olympics in Vancouver, British Columbia would require snow to be flown in to be dropped onto Cypress Mountain for the alpine skiing events?

Well apparently, the residents of Vancouver knew. Known to be among the warmest cities in Canada, Vancouver was anything but wintery over the past few weeks. Meanwhile, the rest of the world appears to be clinging on to its steadfast belief that the Great White North actually is perpetually covered in white year round.

And while the west coast is not as akin to getting snow as much as the rest of the nation is, southern Ontario has surprisingly also received very little snowfall this winter. Now that March is here, many Torontonians are eagerly anticipating the end of a winter where winter never really came, save for a few relatively light snowfalls.

In fact, just yesterday Charlene Close of 680News.com reported that there was only 48 centimetres of snowfall in Toronto in the month of February. This is significantly less that than the 91 centimetres of snow that the GTA is accustomed to this time of year. The number is even more bewildering considering that last year at this time, 148 centimetres was recorded.

Environment Canada senior climatologist, David Phillips believes that most Torontonians are thinking that this next-to-snowless winter is just too good to be true. Said Phillips: “I know that it strikes fear into Torontonians because they think oh my gosh if it’s going to begin lamb-like it’s probably going to end lion-like. There’s no creedence at all to that kind of weather lore. sometimes it can “baa” in and “baa” out or the vice versa.”

That being said, Toronto residents are cautioned to not do away with their shovels and heavy winter jackets just yet. Phillips notes that chances are, the worst is yet to come as it relates to impending snowfalls.

He advises: “About 20 per cent of our annual snowfall occurs after the first of March. So don’t write the obituary on winter. We haven’t seen the end of the snowflakes quite yet. This week looks pretty tame, nothing to inconvenience us but what’s beyond that, there are storms not even born yet that will probably come our way.”

And although Phillips does predict that no major snow is expected for the rest of the week, the temperatures will remain cold. Even still, The Weather Network’s website indicates that the city will see temperatures around the freezing mark for most of the week. For a Toronto winter at the beginning of March, that is still relatively warm.

So where did all the snow go? Unless you’re a snowman-making child who loves the outdoors, chances are that you’re saying, “who cares?”. With less than a month to go for the official end of winter to come, it would appear as if this will be Toronto’s ‘unsnowiest’ winter in many years.

Okay, so it’s March. By now, it’s no longer “the new year” but instead we are firmly planted into 2010 with the expectations that last year was…well, last year. Most Canadians are hoping that what happened in the past will stay in the past as they look forward to a much more prosperous future.

With the adverse effects on the economy that the global recession had, Canada is now working its way back up a strong financial status than it had in 2009. Today, the Canadian Press reports that things are, in fact, looking up.

According to their report on The Toronto Star’s website: “The economy boomed back in the fourth quarter of last year, pushing well past expectations…Real gross domestic product grew at an annual rate of five per cent in the fourth quarter, a full point above what analysts had expected and the largest quarterly increase in nearly a decade.”

Canada’s economy actually grew by 1.2 per cent in the fourth quarter marking its largest rise since the third quarter of 2000. It looks as if the nation has finally made a “clean break” from the recession-strapped situation that hit in October of 2008. At least, it has according to economist Douglas Porter of BMO, who remarked that the fourth quarter of 2009 displayed a very significant change from the “devasatating 7.0 per cent decline in the first quarter of last year.”’

Paul Ferley, assistant chief economist at Royal Bank, believes that the numbers provide strong evidence that Canada’s economy escaped the recession as early as 2009’s third quarter. Said Ferley: “The strong rise at the end of the fourth quarter suggests strong momentum going into the first quarter of 2010.”

The hope, of course, is that job opportunities will continue to see a significant increase over the course of 2010. With the excessive job losses over the past year, the nation has become home to too many unemployed citizens. We would like to take this opportunity to remind Toronto residents, that Synergy Merchant Services is keeping its doors open to those who are seeking a career in the merchant cash advance industry.

We encourage you to contact us at 1-866-299-0101 to discover if the career opportunities offered by Synergy are right for you. Of course, we also continue to strive towards helping the Canadian economy by offering our unique merchant cash advance program to Canadian owners of small and medium-sized businesses.

We have long believed that even during tough economic times, it is wise for business owners to look into their funding options for the purposes of growing and expanding their companies. That way, once the recession ends, these owners will find themselves in a strong position to dominate their respective industries. Many of our clients used merchant cash advances to purchase new inventory at very competitive prices during the recession.

With the current state of the strengthening economy, these owners are in the process of reaping great profits through the sales of the relatively inexpensive items that were purchased last year.

Especially with the closing of the 2010 Winter Olympics yesterday in Vancouver, B.C., Synergy would like to wish a hearty congratulations to the entire country. With a record-setting gold medal performance and the escaping of the recession coming almost simultaneously, it is certainly time to forget 2009 and rejoice in a new era for Canada. We have already achieved great successes so far this year. There are certainly more to come.

Football players have the Super Bowl. Hockey players have the Stanley Cup. Baseball players have the World Series. Restaurant owners have The CRFA Show.

The ultimate annual event for members of the food and foodservice industries returns to Toronto’s Direct Energy Centre between March 7th and 9th this year. An absolutely fantastic display of the many amazing entrepreneurs who are also members of the Canadian Restaurant and Foodservices Association, this event is a major highlight of the year.

As explained by the CRFA’s website: “The CRFA Show 2010 is the leading foodservice and hospitality event in Canada. A comprehensive forum of industry products, the CRFA Show attracts 12,000 industry professionals and puts them face to face with exhibitors showcasing all their latest products.”

We often discuss the importance of building your brand, networking and increasing your customer base here at Synergy Merchant Services. With the many clients that we have developed relationships with over the past few years, we have become very well aware that the constant growth of contacts is a key factor in the success of many businesses. The CRFA Show provides the ultimate opportunity to network with so many other members of the food industry, making it a must-take-part-in annual event.

Business owners literally come from all over the world to attend this spectacular show. As recommended members of the CRFA, Synergy Merchant Services could not be any more excited to be returning to the CRFA show for the third consecutive year. Be sure to come visit us at Booth #1009 as we’d be happy to discuss with you the wonderful options we provide business owners looking to seek extra capital to grow their businesses.

Restaurauters and other members of the food industry could not pick a better place to network. As it says on the CRFA website: “From new trends in foodservice through to the latest in energy efficient equipment, restaurant owners, operators and buyers will find everything they are looking for at this convenient, one-stop marketplace.”

In addition to the ability to greatly increase your connections and market your brand to others in your field, visitors to the show will also have the pleasure of partaking in a number of seminars and demonstrations from leaders in the industry. Superstar chefs, notable celebrities and other knowledgeable speakers will all be on hand.

As the CRFA encourages you: “Don’t miss this must see, hands-on opportunity to discover that perfect new idea that is just right for your business…Find the most comprehensive collection of products and services for your restaurant, hotel, or catering business. The CRFA Show offers more of the latest foods, beverages, equipment, services and technology than any other event in the country.”

If that doesn’t convince to get down to the Direct Energy Centre between March 7th and 9th, then perhaps this will. You will most certainly not leave hungry. The number of complimentary foodstuffs that you will be encouraged to sample is incredible. There is no question that you will stuffed and satisfied, in addition to knowing you made the right move for your business. We hope to see you there!

Last year, daily news about the nation’s financial status was consistently bleak. In 2010, stories about Canada’s economic recovery appear to be more frequent. A welcome sound to the ears of entrepreneurs across the country, the idea that the economy is on its way back to a level of strength and stability is becoming more and more widespread. Or is it?

Some Canadian business owners are not so quick to jump for joy about the rise in the Canada’s economic status. Many believe that recovery will take longer than expected, as reported by the QMI Agency on website today. Says the report: “The majority of small and medium-sized businesses in Canada don’t believe the economic recovery will fully get underway until the second half of this year, or next, a survey found.”

According to a poll conducted by Grant Thornton, 35% of 300 executives say that they do not expect a turnaround to take place until the latter half of 2010. 22% actually don’t see recovery taking place until next year. Nevertheless, most executives polled felt positively about the direction of Canada’s financial situation and that recovery was still on its way.

One area that those polled were not so optimistic about, however, was the job market. More than half forsee no change to their hiring projections this year, even though they may forecast an increase in their company’s profits. Investment in research and development, new buildings and exports are all areas in which executives also predict will not experience much growth this year.

There were varying opinions, however, based on where in the country these executives were. Those with businesses in Western provinces seemed to be the most optimistic as 84% of poll respondents from that part of the country replied with optimistic responses. Compared to 78% positive outlook replies in Ontario and 68% in Quebec and the Maritimes, the West Coast looks to be in the best mood as it relates to the nation’s financial future.

Perhaps the 2010 Winter Olympic Games in Vancouver are making their projections more rosy. Then again, it could be because their hardest hit sectors are likely to experience the greatest recoveries.

Says Bill Brushett, Grant Thornton’s national leader of privately held business in Canada: “Those sectors that were the hardest hit will experience the strongest recovery in the coming months…Because of this, the Western provinces have good reason to be optimistic because the resources and energy sectors were greatly affected during the recession.”

The owners of small to medium-sized businesses across Canada are generally concerned about the outlook of the nation’s economic status. This only makes Synergy Merchant Services that much more concerned about these owners. We, therefore, make it our mission to assist such owners in the growth of their businesses in an effort to have Canada’s financial future looking brighter and brighter each day.

Back on December 3rd, 2009, the Synergy Merchant Services Blog discussed the impending implementation of Harmonized Sales Tax in the provinces of Ontario and British Columbia. Already in effect in other parts of Canada including Newfoundland and Labrador, New Brunswick and Nova Scotia, the new HST proposes to combine the current Provincial Sales Tax (PST) of 8% and the 5% Goods and Services Tax (GST) taxes into one combined 13% tax on all purchases.

Set to commence in Ontario and B.C. on Canada Day this year, this new tax has been confronted with great criticism as it is forecasted that taxes will be increased on products and services that did not before include both the PST and GST. In yesterday’s edition of The Toronto Sun, Antonella Artuso confirmed the fears of many residents of Ontario and B.C. by revealing the many different ways in which the new HST will bring about increased costs for residents of each province.

Among the most interesting items up for an increase thanks to the new tax is breast augmentations. Yep, you read it right. Women who are looking into cosmetic breast surgery will have the prices for the procedures increased by $400 to $800, writes Artuso. The price for the surgery, along with other types of cosmetic surgeries, did not previously incorporate the 8% PST. With HST the new norm as of July 1st, these surgeries will evidently be getting larger along with the body parts going under the knife.

More importantly, however, both Ontario and British Columbia residents are most likely still unaware of just how drastically the new HST will be affecting their regular spending. Services that were previously exempt from PST will become noticeably more expensive. This includes gas, heating and electricity bills which, of course, will affect just about everyone with a home.

Dr. David Ellis, of The Art of Facial Surgery in Toronto believes this will only hinder the nation’s progress in recovering from the recession. He shared his opinion of what is to come: “I think it’ll be catastrophic and everyone in July will buckle in their straps and stop spending money…And we need people to spend money for the economy.”

Many other services will be affected as well, Artuso points out. As she writes, “gasoline, haircuts, lawyer bills and accountant fees: All on the way up. And just this week Toronto City Council passed a motion to recalibrate taxi metres to include the additional 8% tax on cab fares.”

Said Ellis: “It’s going to cause further hardship. So people who go to their hairdresser, say once a month or once every six weeks, may have to do it once every two months or three months. And someone who has their botox three or four times a year, they may have to stretch it out twice a year.”

The 13% HST will generally apply to procedures that are considered cosmetic. As a result, skin grafts for a burn victim or laser eye surgery may not incur HST charges while botox or laser hair removal will. Artuso notes that a face lift currently costs around $15,000 to $20,000. With HST, patients can expect to tack on another $1,200 to $1,600 to their final bills.

It is not yet known if Ontario and B.C. residents are flocking to their cosmetic surgeons in an effort to get their procedures in before July hits. When it does hit, however, it is safe to say that the new Harmonized Sales Tax will not be a hit.

Yesterday, the Synergy Merchant Services Blog discussed the positive impact that the 2010 Winter Olympic Games is having on the Canadian economy. Helping with the boost of a number of industries throughout the nation, hosting the Winter Games is proving to be a lucrative investment for Canada.

Today, there is further evidence that the Olympics, specifically the Winter Games, provide a great opportunity for financial gain for Canada’s winter Olympians. As reported by QMI Agency’s Stefania Moretti, “Canada’s winter Olympians typically fare better than their summer counterparts when it comes to scoring lucrative sponsorship contracts.”

Sam Galet, vice president at global sports management firm IMG’s Canadian division, believes that the Winter Games seem to be more profitable for Canadians over the Summer Games as sports like snowboarding, skating and of course, hockey are so popular in Canada. Furthermore, there is also a history of Canadian athletes faring better at the Winter Games than the Summer Olympics as the nation’s gold medal record haul has shown.

Meanwhile, the opposite is true for our American counterparts. According to Jim Andrews, sports marketing agency IEG’s senior vice president, American summer athletes make approximately 50% more than their winter athletes.

U.S. swimmer and eight-time gold medal winner, Michael Phelps is a prime example of the American summer athlete who has profited greatly due to his success at the Olympics. Word has it that he accumulated over $100 million after his dominant performance in Beijing at the last Summer Games.

By comparison, gold medal winning snowboarder, Shaun White scored approximately $7.5 million last year by attaining sponsorships from such companies as Burton, Red Bull, Target, Oakley, Ubisoft and AT&T. Meanwhile, White finds himself among the highest paid Olympic athletes at this year’s Winter Games. The list of top-earning Winter Olympic athletes, in fact, have no Canadians, according to Forbes.com – NHL hockey players excluded.

As Moretti reveals: “Canadian athletes training for the Olympics receive $1,500 a month from Sport Canada to help subsidize their income and pay for coaching, equipment and nutrition. Still, many Canadian Olympians are forced to hold down day jobs while training for the Olympics.”

Skeleton racer Jon Montgomery, she writes, will very likely have to return to his part-time job as a sales consultant and automobile auctioneer, even after winning a gold medal in Vancouver. However, let’s not forget that the Canadian Olympic Committee does award bonuses of $20,000 to gold medalists, $15,000 for silver and $10,000 for bronze.

Alexandre Bilodeau, the first Canadian ever to win gold on home turf, is expected to take in at least $1 million in endorsement deals while Olympic speed skater Cindy Klassen is reported to have signed a $1 million deal with Manitoba phone company, MTS Allstream Inc. This would be one of the biggest deals ever for a Canadian amateur athlete.

So even though Canadian winter athletes may not make as much as their competitors in the United States, they do seem to make out better than the summer athletes of the nation. If only the Winter Olympics happened more frequently in this country, perhaps it would rid itself of financial hardship for good!

With the 2010 Winter Olympics in full swing, most Canadians are reveling in the fact that much unlike the 1988 Games held in Calgary, Team Canada is achieving impressive results. As of this writing, Canada sits fourth, behind only France, Germany and the United States in the medal standings with five in total. With a bronze, two silvers and two spectacular gold medals, Canada is poised to have one of its best Olympic showings yet.

Other Canadians, however – especially British Columbia residents – are concerned about the impact that the Olympic Games will have on the local economy. Many point to the 1976 Summer Olympics in Montreal that forced the city into financial hardship, as a reason to believe that this year’s Winter Games will spell economic doom for Vancouver.

In November of 2009, a press release from the province worked to quell any fear of financial strain brought on by the Olympics. Issued by The Honourable Gary Lunn, Minister of State (Sport), and B.C. Minister of State for the Olympics and ActNow BC, Mary McNeil, the release announced the results of a Socio-economic Impact Study conducted by PricewaterhouseCoopers. It reported numerous positive impacts that the Games would have on the province’s economy.

Covering the period between 2003 and 2008, the report found that one of the greatest impacts that the Games have is the creation of jobs. Said the release: “More than 22,000 jobs were created; sport development, where our athletes have improved tremendously; environmental sustainability; and arts and culture.”

As well, it was revealed that the Games generated between $684 million and $884 million in real gross domestic product to British Columbia and an additional $170 million in real GDP to Canada.

Said Lunn: “While this is just a snapshot of what has already happened, the report provides concrete evidence that the Games have given the B.C. and Canadian economies a boost…Our investments are achieving their intended results, including improved athlete performance in international competition, made-in-Canada innovations in building design, and unprecedented Aboriginal participation.”

The November release also revealed that the nation’s investments in sport were paying off as Canada’s winter athletes were “reaching new heights in performance and medal finishes.” A bold prediction, perhaps, but the recent results at the Games are showing signs that the nation’s athletic programs are indeed, improving.

Said McNeil: “We’ve always believed that the Games would provide the catalyst for economic, social, and athletic development provincially and nationally…These results are just the beginning, and we know that once we start to measure 2009 and 2010, we’ll see that British Columbia is continuing to get a powerful economic lift from the Games just when we need it most.”

Surprisingly, some team members at Synergy were informed today that a few businesses in Vancouver had closed their doors for the duration of the Olympic Games to avoid the “havoc”. Time will soon tell what the actual impact the 2010 Winter Olympics will have on both the provincial and national economy. Of course, as with the athletes themselves, the nation is hoping for a golden outcome.

On February 10th, we blogged about the benefits of buying a franchise. With notes from Business.com’s Nate Waymire, the Synergy Merchant Services Blog worked to highlight some of the attributes that make purchasing a franchise a wise choice for entrepreneurs in this new decade.  QMI Agency’s Stefania Moretti strengthens our view in today’s edition of The Toronto Sun.

She points out that starting your own business requires the raising of a fair bit of capital. Opening a franchise, however, helps for upstart business owners to have the advantage of running a business with a proven track record as a means to secure profits.

Explains Moretti: “Franchising is a business model whereby a company or individual (franchisor) licenses the right to use a trademark, brand and operating system for a fee to a franchisee. Franchised business accounts for 40% of all retail sales, or $90 billion per year, and 10% of Canada’s Gross Domestic Product, according to the Canadian Franchise Association.”

Evidently, franchises throughout Canada are proving to be lucrative ventures for many franchisees. This is especially true for owners of Tim Hortons locations throughout the nation. According to Moretti, the Canadian coffee and donut shop is “arguably Canada’s most famous franchise.” The cost to open one, in fact, is close to the half a million dollars mark.

Nevertheless, the pressures associated with a recession-laden economy over the past year has encouraged more entrepreneurs to buy into franchises as a way to better determine their future economic successes. According to Lorraine McLachlan, CFA president and chief executive, the “demand for franchises remained strong even through the height of the financial meltdown.”

Said McLachlan: “The recession created the desire within people to control their own future…their own finances.” For would-be business owners, it is important to know what types of industries are the best to become involved in. Moretti points out that the CFA’s annual directory listed the top five franchise growth categories as seniors and home, business consulting, retail, health/fitness and nutrition and food.

This weekend, the CFA is hosting a Franchise Show at the Toronto Congress Centre to further assimilate entrepreneurs with the concept of buying into a franchise. If you haven’t yet started up your own business, attending this show may be the very first step you need to finding yourself in a more profitable business situation.

It is important to act quickly though. As Moretti advises: “Waiting lists for the most popular franchises can be long, but you can bump yourself up on that list if you are willing to relocate to areas the company has outlined as desirable.”