The recession has caused Canadians from all over the country to rethink their spending habits. As touched on by the Synergy Merchant Services blog recently, this is the time of year where students especially, are concerned about their budgets as the new school year quickly approaches.

In about a week, students across Canada will be re-entering the classrooms for yet another year of their educational careers. Of course, this occasion comes with the necessary preparation for classes which includes the purchase of new clothing, books and other supplies. As well, you cannot forget the heavy tuitions that post-secondary education students are required to fork over.

According to the Canadian Press today, a recent study shows that back-to-school spending is not one of those events that should be greatly affected by the recession. The study, which was conducted by Harris/Decima between August 7 to 11, involved 1,000 parents with children aged 17 and under living in their households. Apparently, these parents “are not planning to scrimp on back-to-school spending.”

Scotiabank reports that parents will spend approximately $310 this year to prepare their children for going back to school. The study has determined that this is about the same level of spending as last year although parents can expect to spend an additional $406 on school-related activities throughout the year. Interestingly, the same survey concludes that 71 per cent of parents have not yet budgeted for these costs which may include everything from pizza lunches to field trips.

Aron Gampel, Scotiabank’s deputy chief economist was quoted as saying: “Spending by Canadian households on school-related goods and services typically is more stable than other discretionary purchases in both good and not so good times.”

Of the provinces across Canada, Quebec was found to inhabit the parents who plan on spending the most on their children's upcoming school year with an average budget of $399. Meanwhile, parents from Ontario were reported to be spending the least at $266.

Especially of note to Canadian business owners who may be interested in considering a merchant cash advance to help stock up on school supplies: “The study also found that 64 per cent of parents plan to use debit (if not) cash to pay for most of their back-to-school purchases.”

What would you do with an extra $50,000? Take a vacation? Buy a car?

This is the question that is sometimes posed by our Funding Specialists here at Synergy Merchant Services to our clients. Now, unlike traditional financial institutions, Synergy does not actually require that clients inform us of what the plans are for their merchant cash advances. The truth is, once a business owner receives a cash advance, it is his or hers to do with as he or she pleases.

More out of a combination of curiousity and to simply spark some imaginative ideas for the growth of businesses across Canada, the question is one that is met with a countless supply of different answers.

Some business owners choose to open new locations for their stores. Sometimes, half the reason a business does so well is because of where it is located. When a store is successfull, it is often advantageous to open another one, perhaps in a more densely populated area or in a place where the products and/or services offered are well needed.

For many business owners across Canada, owning more than one branch of their business is a dream that merchant cash advances have helped to come true.

Advertising, is another popular avenue taken by clients who take advanatage of our merchant cash advance program. With the addition of ads in newspapers and other local publications, many businesses find an increase in sales an inevitability. Often, the extra capital used towards advertising comes with a special event or sale being put on by the business.

This most often occurs when new inventory is purchased and the company looks to cash in on the excitement surrounding the new products. Many owners have found that with the extra capital provided by the cash advance, affordability of new inventory in bulk becomes a lot easier.

Profit, of course, becomes the name of the game. The majority of business owners who participate in our cash advance program have profit at the forefront of their decision- making processes.

“How can I take this money being offered to me to turn it into two and three times as much in profits?” This is the real question that should be asked. The answer is up to you.

Synergy Merchant Services specializes in providing small and medium-sized businesses across Canada with the extra capital needed to help expand, grow and succeed in the marketplace. However, the recession that has affected the nation and the world at large has caused some Canadian business owners to be hesitant about taking their companies to the next level.

So many businesses have been hurt by the economic downturn, it has caused most owners to become concerned with getting back on their feet rather than taking the next leap. Management Consultant, Tony Wanless feels however, that it is at a time like this – the beginning of the recession's turn around – that business owners should consider expansion.

In an article published by Financial Post earlier this week, Wanless encourages Canadian small business owners “to move from survival mode to strategic examination of their operations in terms of new products and markets.”

“For most businesses,” writes Wanless, “the past year has probably been all about trimming, cutting, sometimes chopping, and basically staying alive. The next year should be about reinvention, diversification and expansion into different markets. Now is the time to transform to move beyond survival.”

Wanless believes that small businesses, who don't enjoy the financial cushions that large corporations do, should diversify in an effort to provide added value to their products and services. Developing new lines of business, he says, will have companies better equipped for a struggling economy.

He writes: “If you're a product maker, for example, start introducing services as an added value or to lay the groundwork for another line of business…If you're a service operation, you have to do the opposite. Some professional services firms are beginning to do this by packaging and selling their expertise.”

Small businesses need to be aggressive in order to reach new financial heights. Wanless believes that the recession has caused larger companies to re-examine their relationships with smaller ones in an effort to potentially cut costs. He asserts that for small businesses to take advantage of this, they need to “deliver a clear value proposition of superior quality and service combined with lower costs.”

Perhaps, doing so may just make the recession a blessing in disguise for Canadian small businesses after all.

Synergy Merchant Services is proud to announce the addition of numerous new members to its family. The question is, would like to be part of it?

If the answer is yes, then hopefully you would agree with an adage that has become popular around our headquarters. The adage being that having a “JOB” means that you are “Just Over Broke”!

Instead, Synergy is gearing towards offering hard working, determined and forward- thinking individuals the opportunity to begin and flourish within a new career. We are currently in the process of hiring people who possess a passion towards being successful in the merchant funding industry.

Those looking for a career in this field, and not just a job, should have a number of very important traits in order to attain success with our company. Ask yourself the following questions and consider this your first “pre-interview” if you are thinking of applying for a position at Synergy:

Am I serious about taking advantage of a full-time career opportunity? Am I a proactive problem-solver? Am I able to thrive in a fast-paced and constantly changing work environment? How good is my ability to develop a rapport with clients and fellow employees?

In addition to having an ambitious mindset and a strong set of skills, you should also possess a certain amount of experience to determine if you are truly cut out to join the leaders in the Merchant Cash Advance business.

Can I demonstrate a strong ability to communicate over the phone to provide the highest calibre of service available in the industry? How good are my computer skills? Do I have a reputation for setting goals and persuing them until they are achieved? Am I adept at combining my good judgment with my business knowledge in order to make sound decisions?

The obvious truth is that Synergy Merchant Services is looking for driven individuals who have answered with a resounding “YES” to all of the above questions. If you are looking for a REAL opportunity, you need not look any further. Seek a fulfilling career by contacting Synergy immediately.

We are accepting serious applicants by phone appointment only. Please call 416-512-1366, extension 555 and begin your new career by selling yourself. No, not in that way!

Leave an energized and well thought-out message communicating your desire to join the Synergy Merchant Services family. Take the time to describe some of your goals, skills and experience. You may be just one phone message away from starting your new career!

The recession has been on the minds of Canadians for quite some time now. Needless to say, it is a situation that has many worried as affording everyday life necessities is becoming a more and more difficult task to accomplish.

The Synergy Merchant Services Blog has kept up on this situation as both good news and bad news concerning the nation's financial climate seem to trade off on a day to day basis.

Sadly, without surprise, one of the major casualties of the recession is job retention. Job losses continue to mount all throughout Canada. As a result, many Canadians are finding it harder to cope with their bills and daily requirements as employment is scarce.

Instead, many are left with no choice but to apply for Employment Insurance benefits. According to Althia Raj of the National Bureau in her Sun Media published article earlier today, the number of EI recipients in the country continue to rise. Her piece reveals some troubling information about the state of the economy in Canada and its affects on working class citizens.

EI applications rose by 5.1% in the month of June, writes Raj. As Statistics Canada reports, “the number of jobless getting benefits increased by 39,500 to 816,630.” This startling number indicates that not only are layoffs rampant in the Canadian workforce but new hiring is certainly not a popular practice as of late.

As Raj writes, Liberal human resources critic Mike Savage explains that even though the statistics indicate that more Canadians are applying for benefits due to lack of employment, they still do not depict the reality of the unemployment situation in Canada. 1.6 million Canadians, says Savage, are jobless and yet are unable to get access to Employment Insurance.

He reports that up to 50% of Canadians who are unemployed cannot get benefits. Not only does this piece of information confirm that the rate of unemployment is increasing but more pressingly connotes that more and more Canadians are being forced to live without the financial means to survive.

Clearly, many citizens across the country are angry and frustrated with the economic downturn facing the nation. The loss of one's job is certainly hard to cope with emotionally. However, when one cannot find an alternative means of securing an income, his or her life is forced to change dramatically.

The recession has been referred to as a “roller coaster” a number of times on the Synergy Merchant Services Blog. On some days, it seems as if things are looking up, and on others the situation is seen as bleak. Unemployment is, without question, the lowest of the “downs” on the recession roller coaster. For most Canadians, the recession will not truly be over until their jobs are restored.

With the summer winding down, a lot of Canadians are planning for a new season of expenses. Students will be headed back to school in a week or two and a whole new list of expensive requirements are on the horizon. Tuition and books are among the obvious priorities. And after a tumultuous summer where a recession has hit the country hard, many are looking for ways to afford these new costs.

Before the school season has even begun, one of the most important lessons that a student can learn is how to save money during the current economic downturn. There, of course, a lot of suggestions on how to save money. But the important thing is to know which ones suit your individual needs while you set out to accomplish your goals.

The internet is filled with numerous websites offering advice. Ehow.com, for example, provides sensible suggestions for people of all ages to keep in mind during hard financial times. One is particularly helpful for students and other people “on the go”.

Says the website: “Decide which of the things on your list you can't do without and which items you might be able to cut back or cut out to save money. Look at each item and see if any could be replaced with a cheaper alternative. For example, instead of buying a cup of coffee at the donut shop on the way into work, make an extra cup at home and take it with you in a travel cup.”

Nearly every website out there agrees on the concept of dining out less. While many students may not necessarily have the time to prepare their meals on a daily basis, it may be wise to cook a meal at the beginning of the week, making enough for at least two to three meals that can be brought to school with them.

This is one of the most cost effective ways to stay fed without having empty pockets. LearnFinancialPlanning.com offers the most reasonable argument to eat at home: “If you eat out everyday, you’re wasting hundreds, maybe even thousands of dollars, every month year. Consider that the average meal is $10, eating out just once a day costs $300 a month, or $3,600 a year. You could easily slash that amount in half by buying groceries and making your meal.”

Needless to say, it is never easy for students to save money while accomplishing their day to day tasks. Especially when these tasks require money in order to be completed. However, the smartest ones out there will find a way to save and study at the same time.

Is there really ever such a thing as “having enough money”? I suppose, if you're speaking about a specific item or task that requires a set amount of cash in order to afford it, you might. But in the long run, couldn't we all use “more” money than the amount we all currently have?

Interestingly, Donald Trump is a person who comes to mind whenever I hear someone announce that he or she has “enough money”. On Trump's hit television show “The Apprentice”, he is seen as a stern, business man who, during the course of setting up tasks for the show's constestants, wakes up early each morning with one thing in mind – making money.

So if Donald Trump, a certified, world renown billionaire, still possesses the mindset that he wishes to make more money, shouldn't we all be trying to do the same thing?

The merchant cash advance program offered by Synergy Merchant Services offers owners of small and medium-sized businesses from all over Canada the opportunity to achieve that very task – make more money.

Like Donald Trump, the clients who take part in our merchant cash advance program think first of how they can use the extra capital to increase the success of their businesses. For example, some owners buy greater amounts of inventory in bulk knowing that the larger the order, the less expensive each individual item becomes. With the appropriate amount of advertising and the setting up of a sensible price point, the sale of these items can help a business double and triple their profits.

This is a situation that we have come across many times. Our clients are well aware that with smart business planning, the extra capital attained from Synergy Merchant Services can allow for their company to grow to heights that may not have been previously possible. Expansion, the purchasing of new equipment, advertising and opening new locations are just a few of the ideas that our clients have made realities through the help of our program.

Perhaps, many of them watch “The Apprentice”. Getting a handle on the concept of spending money to make money just may help Canadian business owners to become Donald Trumps in their own rights. After all, “The Canadian Apprentice” would have a nice ring to it.

Yesterday a number of colleagues at Synergy Merchant Services were having quite an interesting conversation. Mixed in with the general banter and joke telling, we discovered a lot about each other’s personal finances. Interestingly enough, the main topic of the discussion was, in fact…interest.

Like death and taxes, we all, at some point in our lives will be unable to avoid having to pay some form of interest towards a balance. Houses, condos, cars, student loans and credit cards are among the most common reasons that interest is required to be paid, as the balances due generally never make for a “pay in full” type of situation.

One associate remarked about her student loans that she began paying off a number of years back after graduating from university. Originally, she was requested to make minimum monthly payments of $150.00 to pay off the loan. The payback information provided by her financial institution reminded her that by making these payments, she would be able to pay off her debt in full by the year 2022!

Our associate could not even recall what her interest rate was. However, she calculated that making the requested minimum payments for the number of months leading up to her final payment would have totaled an amount in excess of $10000.00 more than what she had borrowed to put towards her education!

Needless to say, she made much larger payments towards the student loan on a regular basis and eventually paid it off within two years of her graduation date. The concept of interest, in this case, she felt was “ridiculous”.

Another associate recalled purchasing his first home – a one bedroom condo in Toronto. Excited about the prospect of having his own place to live, he told us of how he first learned about how much his mortgage payments would be once he moved in. “Less than a grand a month!”, he excitedly told us. The team remarked on the sweet deal he got, of course.

Then he proceeded to reveal how shocked he was to discover that of the approximate grand he was spending monthly on mortgage payments, about $400.00 of that amount was actually going towards his principal balance. He couldn’t believe that the majority of his payments were being “thrown away” into interest payments. It was “unbelievable” he exclaimed.

After the discussion, we concluded that interest can be regarded as a life requirement since large sums for major purchases are generally unaffordable. However, the biggest problem with interest is the idea that you never really know how much you will pay over time. Factors including the length of time it takes you to pay off the balance and the amount of the payments both help to determine what the actual cost of something really is. And how much interest you will have had to pay as a result.

Thankfully, interest is never something that a client of Synergy Merchant Services has to deal with. And our clients are very interested in that!

The Canadian Federation of Independent Business represents over 105,000 independent businesses from all over Canada, lobbying to protect the rights of their members at the federal, provincial and local levels of government.

For over 35 years, CFIB has represented small and medium-sized Canadian businesses becoming world renown for the high quality of their research and economic analysis.

In keeping with this trend, earlier today, CFIB released a report declaring that the 2007 City of Toronto Act that granted the city the power to tax and regulate smaller businesses has done a “disservice to small and medium-sized businesses” across Toronto.

As reported by 680News, CFIB's study found that in terms of economic growth, 74 per cent of respondents to a survey feel that the City of Toronto Act has done the opposite of its supposed intention. Toronto, as a result of the Act, has not become a better place to do business. 83 per cent of respondents believe that the Act has neither encouraged the creation of new jobs nor helped to attract investors to the city.

It is uncertain, at this point, what measures CFIB may intend to take in order to repair the apparent damage that the City of Toronto Act is having on small and medium-sized businesses in the city. Being a member of CFIB, Synergy Merchant Services has enjoyed the benefits of knowing that we are being fought for in times of necessity, such as this one.

CFIB's excellent reputation keeps us confident that they will work to undo some of the hardships incurred by the City of Toronto Act.

As their website affirms, “We are determined to strengthen the democratic system, promote free enterprise, and prevent abuse of power by government agencies, public service monopolies, corporate giants and trade unions. Our actions in the areas of tax, labour laws and public sector spending have brought real dollars-and-cents benefits to our members, helping them prosper.”

For more information about the Canadian Federation of Independent Business, visit them at their website: www.cfib.ca.

Earlier this month, the Synergy Merchant Services blog discussed the automobile industry's role in potentially strengthening the Canadian economy. It had been reported that the car industry, notably Ford, was enjoying an increase in success in 2009. Consumers, it appeared, were more confidently spending money on new vehicles.

Perhaps, with the purchases of so many new vehicles, less Canadians are need of getting their cars repaired. According to Kristine Owram of The Canadian Press, “Canadian car and truck owners are spending less on maintenance and repairs than they did in 2008.”

In an interesting twist, a study conducted by consumer survey firm J.D. Power and Associates found that “average annual expenditures on vehicle maintenance and repairs shrunk to $856 in 2009 from $920 in 2008 — a decline of 7%.”

Regarding these findings as an example of further “consumer belt-tightening”, Owram conveys that the automotive industry is still experiencing the effects of the recession. She goes on to reveal that the survey also concluded that 28% of costumers admit to locating the “cheapest place” for service for their cars. This is a 6% increase from a survey conducted in last year.

Darren Slind, senior director and Canadian automotive practice leader at J.D. Power was quoted as saying, “In a difficult economy, vehicle owners seem to be delaying what they perceive to be non-essential maintenance or seeking out the lowest-cost option…In the long run, this may prove more costly in terms of vehicle reliability, but in the short term, consumers are dealing with other spending priorities.”

Interestingly, Slind also comments about the decline of new vehicle sales, adding a damper to previous reports of growth in Canadian auto sales. Sales, in fact, are down 16%, according to Slind.

In addition, the J.D. Power survey discovered that consumers are coming to rely more on independent mechanics and autobody shops for maintenance work as opposed to the generally more expensive car dealerships.

The recession continues to prove to be a complicated issue for both businesses and consumers alike. It is not surprising that most Canadians will search for the best deals possible for all of their basic needs. It is too bad, however, that this may result in more stalled cars on the road…as if traffic wasn't bad enough as it is.

As is the norm around Synergy Merchant Services, there is always a lot of excitement involved when it comes to money. Our Funding Specialists pride themselves on assuring each and every one of our clients that their business needs are met and that their road to attaining a merchant cash advance is a smooth one.

Getting that much needed extra capital is something that business owners across Canada can get excited about, especially when bank loans are so hard to come by during these tough economic times. With Synergy Merchant Services providing an alternative source of funding to Canadian businesses, it is not uncommon for us to see how “high on life” our cash has made others.

However, we had absolutely no idea that the money we provide could literally get someone high!

In an astonishing report released earlier today by 680News, it was revealed that Canadian paper money is often contaminated with – get this – cocaine! According to the eye-opening report, released by ScienceDaily, “a group of scientists conducted an analysis of cocaine contamination in banknotes and found that Canada and the U.S. had the highest levels, with an average contamination rate of between 85 and 90 per cent.”

We couldn't make this up. Who knew?

Apparently, a number of scientists tested a series of banknotes in over 30 cities from five different countries: Canada, United States, Brazil, China and Japan. In this peculiar study, it was found that cash from China and Japan contained the least amount of contamination, ranging between 12 and 20 per cent.

Canada and the United States won (or has it lost?) this odd contest by having the highest percentage of contaminated paper money of all countries tested. In fact, the findings showed that “cocaine was present in up to 90 percent of paper money in the U.S., particularly in large cities such as Baltimore, Boston, and Detroit. The scientists found traces of cocaine in 95 per cent of the banknotes analyzed from Washington, D.C., alone.”

Let it be known that Synergy Merchant Services, in no way, advocates the use of illegal drugs. However, we “highly” recommend to Canadian business owners to get yourselves a free, no-obligation quote for a merchant cash advance. There is no telling just how much fun you may have with all of that extra cash!

In recent weeks, it has appeared as if the recession “roller coaster” has broken down. The struggling economy, seemingly going through a series of ups and downs, was apparently stagnant in a “down” state with very few positive developments taking place as of late.

Today, it would appear as if the wheels have been oiled on the old coaster and the economic ride is headed upwards again. At least it is, for now, anyway.

Kristine Owram of The Canadian Press reports that there are signs that Canada could be digging itself out the recession after all. The heroes, note Owram, would appear to be the resale housing market and the manufacturing sector.

Owram provides some statistics to strengthen her claim: “The Canadian Real Estate Association reported that 50,270 homes traded hands on the Multiple Listing Service in July. This is up 18.2% from a year ago and set a record for the month of July. Meanwhile, manufacturing sales rose 1.9% to $39.7 billion in June, partially reversing the 4.9% decline seen in May, according to Statistics Canada.”

While Owram’s report admits that there is still a long way to go before the nation sees its economy grow to the point it was at before the recession, CIBC chief economist Avery Shenfield is quoted as saying that we are currently seeing “the beginning of the climb out of the hole”.

Shenfield agrees that the real estate market and the manufacturing industry will both play key roles in the rebounding of Canada’s economic status. In support of this prediction, Owram notes that home sales within Canada have been seeing steady increases since the beginning of the year.

She quotes CREA chief economist Gregory Klump as saying, “Home sales through the MLS systems in July provide clear evidence that sentiment about making major purchases continues to improve.”

And although “The manufacturing sales data from Statistics Canada was less unabashedly positive than that out of the housing sector… it still represents an important reversal from a weak May…New manufacturing orders jumped 18.4% in June, the largest gain on record,” writes Owram.

For now, Canadians are hopeful that such a report is true. If such trends continue, the “roller coaster” ride that is the struggling economy will soon be over. There are a lot of people anxious to get off the ride.

The recent end to the strike involving Toronto's city workers has allowed for citizens of the city to breathe easier…especially now that garbage is being picked up after accumulating for nearly seven weeks. In addition to the trash heaps piling up throughout the Greater Toronto Area, the city also suffered through the loss of a number of other well-needed services.

Along with swimming pools and daycare centres, summer camps were also prevented from opening, as employees represented by CUPE Local 79 and Local 416 battled the city on issues that kept city workers off the job from June 22nd to July 31st.

With the resumption of services coming halfway through the summer, many children have missed out on the recreational activities that they often enjoy during the warmer months of the year while they are out of school. As a result, parents across the GTA have been forced to scramble for alternative methods to both entertain and care for their kids.

These children, and their parents, received a bit of good news today. As John Spears of the City Hall Bureau reports, over 60 camp sites across Toronto which were scheduled to close tomorrow will remain open an extra two weeks in an effort to make up for the lost time due to the civic workers' strike.

Some camps will remain open until August 28th while others will have services available up until September 4th.

Summer camps have often provided children with fond lifelong memories in an environment that bonds them with other youth. Including playing sports, producing arts and crafts and even camping out overnight, the many activities provided by these summer camps give children opportunities to learn and grow while having fun and making new friends.

If you are a parent who is interested in enrolling your child into a summer camp, you may register by visiting www.toronto.ca/torontofun or by calling customer service at 416-338-4FUN (4386).

To get more information on the dates of service for camps all over Toronto, visit www.toronto.ca/parks.

A lot has been said about the global recession and the harrowing effects that it has had on the Canadian population – both business owners and consumers alike. The financial crisis affecting the nation, however, has perhaps had a more adverse effect on students moreso than anyone else.

Students across Canada, of course, tend to find themselves summer jobs in an effort to pay for their tuition once the school year begins in September. As a result of the struggling economy, statistics have been showing that the majority of students who would regularly be working during the summer months are currently unemployed.

The unemployment rate in Canada, as has been followed closely by the Synergy Merchant Services Blog, is reaching highs it hasn't seen in a very long time. Not surprisingly, the students victimized by this fact are looking towards attaining financial aid in order to be able to afford their upcoming school fees.

Ciara Byrne of The Canadian Press reports today that “the number of requests for student financial aid is on the rise in Ontario after a dismal economic year for young people, and university officials say it could be just the start of a flood of applicants that will wash over universities this fall.”

Byrne notes that Ontario's rise in financial assistance requests has also come due to the job losses that many parents have suffered in 2009. Unfortunately, there are more families with lower incomes this year than last.

Says David Sidebottom, manager of financial aid services, admissions and awards at the University of Toronto, “Parents' incomes have taken a hit in some cases (and) students have been having trouble finding full-time jobs going the whole summer.”

According to Byrne's report, The University of Toronto has noticed a 12 per cent increase in financial aid applications so far this year. “Ontario Student Assistance Program applications are up 5.7 per cent this year for colleges and 4.6 per cent for universities,” she writes, “Last week's job report also painted a bleak picture for young people, showing a record student unemployment rate of 21 per cent in July.”

Sadly, it looks as if this tough summer will be providing students with an even tougher forthcoming school season.

One of the things that we are most proud of here at Synergy Merchant Services is our ability to help business owners across Canada meet their financial goals. Especially during these gruelling economic times, we encourage business owners to consider the growth and prosperity of their respective companies.

Because the repayment of a merchant cash advance is made through a small percentage of the credit and debit transactions a business makes, owners are ensured that they are never required to pay more than what they can reasonably afford.

Unfortunately, for many Canadians this past year, an increase of debt and an inability to make monthly payments to their banks and creditors are situations that are becoming the norm. So much so, that The Toronto Star's business reporter, Madhavi Acharya-Tom Yew writes today that Canadians are filing for bankruptcy seemingly more than ever before.

Writes Acharya-Tom Yew: “The number of bankruptcies rose by a staggering 51.6 per cent in June compared to the year before, as more Canadian consumers and businesses were unable to pay their debt. The report from the Office of the Superintendent of Bankruptcy of Canada, released yesterday, shows there were 11,338 filings in June, up from 7,478 for June, 2008.”

Sadly, such statistics only help to confirm that a startling number of Canadians are struggling with debt while unemployment rates continue to rise. The recession is truly taking its toll on the nation. While businesses are clearly feeling the effects of the recession, consumers seem to represent the majority of those filing for bankruptcy.

Acharya-Tom Yew writes that credit card delinquency has been steadily increasing across Canada for months with Toronto being cited as the city with the highest delinquency rate: 2.03 per cent.

Businesses in Toronto, naturally, have also been hit the hardest. Ontario and Quebec, in fact, lead the nation for having the most businesses declare bankruptcy. Two thirds of all businesses in Canada who are filing come from these two provinces. According to a report issued by Equifax Canada last week, “companies in retail, manufacturing, and construction accounted for most of the bankruptcies.”

Evidently, Canada has a long way to go before it is completely out of the recession. It is our hope, at Synergy Merchant Services, that we can help small to medium sized business across the country with meeting this goal.