With all the talk about the Canadian dollar reaching parity this week, it now goes without saying that the nation’s economy is quickly growing back to a healthy state. Further evidence of this was revealed today by The Toronto Star‘s business reporter, Emily Mathieu in an article proclaiming the gaining of 18,000 new jobs last month.

She reports that Ontario made up for the bulk of the hiring as 10,000 new jobs were added. The news came as a result of a recent Labour Force Survey from Statistics Canada. Ontario’s unemployment rate now sits at 8.8 per cent, down 0.3 points.

BMO Capital Markets economist Benjamin Reitzes advises that while some sectors saw gains, others still experienced losses offsetting the overall rate of growth in the province. The strongest sectors included trade, education and public administration. The weakest were transportation, warehousing, management and administrative services.

Said Reitzes: “There is a lot of volatility in those numbers. Some big pluses and some big minuses…Overall any positive for Ontario is a good thing…(The province is) moving closer, slowly but surely, to the national average. It will be a while before we get there but moving towards it is always a big positive.”

In addition to Ontario, Mathieu reports that Quebec and Saskatchewan also saw increases in their employment rates. The rest of the nation saw little change in their job growth. Nevertheless, March marked the third straight month of employment growth in Canada. Clearly, 2010 has been off to a good start in the job market.

Mathieu unveils some of the data from the Statistics Canada survey in her report. She writes: “The service sector noted increases in professional, scientific and technical services, up 38,000 and offset by declines of 30,000 in repair and maintenance, and personal and laundry services. The report also showed a 26,000 loss in business, building and other support services and a 20,000 decline in transportation and warehousing.”

She also reveals that although the goods-producing sector has shown strength recently, its employment rate is below its peak of October 2008. It should be noted, however that the service sector’s rate is 45,000 above its October 2008 level.

Finally, Mathieu writes that the largest employment gains since July 2009 have been among women aged 25 to 54. During that eight month period, men aged 55 and older also saw an increase while youth, men aged 25 to 54 and women 55 and older all only reported slight gains.

As always, Synergy Merchant Services supports the nation’s effort to provide more job opportunities. We continue to keep our doors open to those seeking a career in serving Canadian business owners through our great merchant cash advance program.

As we reported earlier this week, the Canadian dollar has reached the pinnacle of its ascent towards parity with the American greenback. Perhaps, it hasn’t yet finished its climb in value. As a result, Canadians are naturally seeking deals south of the border considering that the loonie now carries more weight in the United States.

Canadian retailers, however, are fighting back in an effort to not lose precious sales to their American competitors. As QMI Agency’s Sharon Singleton reports, they “are beginning to act to cut prices to stop shoppers rushing south of the border for bargains as the loonie rises.”

Sears Canada, in particular, will be fighting the good fight to retain their customers by re-introducing “Sears Day” tomorrow featuring the “best of the season pricing”. The company released the following statement: “While much is being reported about prices across the border, Sears Canada emphasizes the great value Canadians can get right here at home especially considering the typical cross-border shopping experience.”

This past Tuesday, the Synergy Merchant Services Blog also mentioned that luxury carmaker Porsche would also be slashing prices to attract customers while the loonie is strong. Singleton also reports that clothing company, Brooks Brothers will be cutting prices in its Canadian stores by 15% for the duration of the loonie’s current value status.

Claudio Del Vecchio, chairman and CEO, Brooks Brothers had this to offer: “For some time, Canadians have questioned why the U.S. and Canadian dollar exchange rate has not been reflected in Canadian retail pricing. With the Canadian and US dollars approaching parity, cross-border shopping is at a ten year high for apparel.”

Turns out that, as expected, that Canadian shoppers will be the first to benefit from the stronger Canadian dollar. Economists are estimating that the loonie hitting parity with the greenback this week is not a short-term deal. Chances are that based on the strength of the Canadian economy and its quick rise from the impact of the recession, the nation’s money will remain as strong as U.S. currency for quite some time.

Singleton notes that the last time the loonie hit parity with the U.S. single, many Canadian retailers failed to reduce their prices, even though the cost to import the goods had decreased.

Explains BMO Capital Markets Economist Sal Guatieri: “What’s different this time around is the dollar is strong against a broad range of currencies, including the pound and the euro, which means that things we import should be cheaper. Retailers should be passing on the affects of these cost savings.”

Savvy Canadian shoppers, however, will look for the right bargain, and if it’s across the border, so be it. Singleton reminds us that it may take some time for Canada’s retailers to adjust their pricing, especially if the inventory was purchased when the dollar was weaker. We are certain that many will go out to seek those deals, putting their strong loonies to good use.

What would you do with an extra $50,000 in your bank account? This is the type of question that we generally pose to many of our prospective clients who are considering a merchant cash advance. For the most part, we find that these clients did not previously have any specific ideas on how they would grow their businesses.

The reason for this has often been that they had no means by which to make their aspirations to grow come true. It’s no different than a person who takes public transit to all of his or her destinations. Chances are that this person has no plans to buy a car simply because it is likely not affordable. If this person was given the opportunity to receive a large sum of cash within the next five days however, the possibility of him or her buying a car would surely increase.

Very simply, Synergy Merchant Services provides business owners the opportunity to make their otherwise unattainable dreams come true. And while unlike a bank, we do not require merchants to specify what their plans are for the money, we do encourage them to consider the possibilities that the money can open up for them.

Most often, our clients utilize our merchant cash advance program for the purpose of renovating, advertising or buying new equipment or inventory. Our licensed funding specialists will openly admit that our program is not necessarily for everyone. Truthfully, if you find that you are in a situation where you are struggling financially, a merchant cash advance may not be your best option.

This is because our program benefits those who are looking to use the money they receive to take their businesses to the next level. This is important to a merchant because of the way in which the merchant cash advances are paid back. This is, in fact, the best part of our program. We only receive payments towards the cash advance through the daily credit and debit sales of a merchant. As a result, we ensure that no payment is unaffordable.

Clearly, we only get paid when the merchant makes a sale. However, we also know that it is important that a merchant can afford the small percentage of their sales that are used for their repayments. If a merchant has no aspirations to grow his or her business, this percentage may be difficult to afford. Merchants who are investing into their companies, on the other hand, find that this is the easiest way to make payments that they have ever experienced.

The seamless automated payment process makes it so easy on the company owners. They literally do not even have to think about it, as payments are made automatically through the daily batch outs of their credit and debit sales. In the meantime, the additional income that is being earned as a result of the renovations, advertising or new inventory that is being sold makes the repayments to Synergy that much easier to complete.

More importantly, these owners enjoy increased profits. The bottom line is that Synergy’s merchant cash advance program is designed to help small to medium-sized businesses in Canada to grow. When the money is used properly, it proves to be a great investment.

Well, we couldn’t just leave this story hanging considering that just yesterday, the Synergy Merchant Services Blog reported that the Canadian dollar was about to reach parity with the American greenback. Just one day later, it has become official. Canada’s loonie is now of equal value to the U.S. single.

Confirmed by a QMI Agency report earlier today, the loonie and its American counterpart currently sit at the same value for the first time since July 2008. Before that, Canadian currency had reached parity with American currency in September 2007. At the time, it had been over 30 years since it last occurred.

The loonie is flying high today as it gained 0.1% this morning. In fact, it eventually slightly surpassed the American dollar in value by reaching as high as 100.12 cents US later in the day. Following its ascent to parity in 2007, the Canadian dollar then dropped as low as 77 cents US in October 2008.

The QMI Agency report affirms however, that this time around, the loonie’s strength will remain for a much longer time. Said BMO Capital Markets deputy chief economist Doug Porter: “The bigger picture is that we will be above parity for some time. We are entering a brave new world for the Canadian dollar.”

The loonie’s current rise to parity has come as a result of Canada’s rich resources which are fueling the national economy – now “seen as one of the strongest in the industrialized world, expanding at 5% in the fourth quarter.” According to Knightsbridge Foreign Exchange President Rahim Madhavji, “Canada has everything global investors want.”

At this point, Canadian consumers are overjoyed at the idea that American goods won’t run them any extra cash as the loonie and the greenback are both of equal value. Canadian exporters, on the other hand, now face greater resistance to purchases from overseas buyers who will regard their goods as more expensive. As Porter exclaimed, “a strong economy is good for consumers, but bad for producers.”

The QMI Agency report revealed that some companies have already taken measures to “pass on some of the benefits of the strong currency to Canadians.” Porsche, for example, reports that they will be slashing their prices by between $4,000 and $10,500. Who knew that the loonie’s rise to parity may result in the sale of more luxury vehicles?

The Synergy Merchant Services Blog will, from time to time, monitor the state of the Canadian dollar. It is hard not to take pride in the fact that Canada’s economy is growing stronger at a pace far exceeding that of most countries. The loonie is, indeed, flying high.

An important news item that the Synergy Merchant Services Blog has been following for the past few months is the growing strength of the loonie. The Canadian dollar has been slowly creeping up on its American counterpart over the past year and now sits closer than ever. According to a report published today by QMI Agency’s Sharon Singleton, the loonie is at its highest level in 20 months, currently sitting at 99.90 cents US.

It doesn’t get much closer than that. And as we have mentioned in blogs past, this occurrence could potentially allow for Canadian consumers to get more bang for their buck while travelling this summer. Canadian businesses, on the other hand, fear that the rising loonie could affect exports.

The continued strengthening of the Canadian dollar has been supported by the growing oil prices that are propelling the nation towards being among the top in the world in overcoming the recession. As Knightsbridge Foreign Exchange President, Rahim Madhavj puts it: “This is the new reality for Canadian business. As long as oil prices continue to trade at between $85 to $100 a barrel, the loonie will oscillate around par.”

In addition, Singleton reports that the demand for oil is, in fact, expected to increase due to strong expansion in China as well as other “emerging economies”. She notes that while economists expected the Canadian dollar to reach parity with the US dollar this year, it was not anticipated so quickly. Economists see it as “imminent” at this point.

Interestingly, Bank of Canada Governor, Mark Carney is urging “businesses to take the opportunity to invest in equipment to upgrade their business and boost productivity.” A common recommendation by all of our funding specialists here at Synergy, investing into your business in an effort to generate greater profits has never been as good an idea as it is now.

While the stronger Canadian dollar may deter American shoppers from crossing the border for the purposes of shopping, the loonie’s increased worth will most certainly be beneficial for those looking to grow their businesses by buying new inventory, equipment or even advertising.

As always, it is hard to determine just how long the loonie will remain as strong as it is now. It is expected to hit parity any day now and perhaps surpass the value of the American dollar shortly thereafter. Utilizing this time to get the most out of your dollar may be the key to taking your business to the next level.

To receive a free quote with no obligation to enter into our cash advance program, simply give Synergy a call at 1-866-299-0101 today. A simple review of your monthly merchant statements is all it takes to find out how much you will be approved for and how much the cash advance will cost you. With the loonie as strong as it is now, you may want to get your hands on as many of them as you can.

Here we are, at the beginning of the first long weekend of the spring season. The Greater Toronto Area, however, is already feeling as if it’s the first long weekend of the summer. True, it is Good Friday today, but it feels like Great Friday considering that Toronto experienced a high of 24 degrees Celcius today. Factoring in the humidity, today’s record-shattering temperature feels a bit more like 27 degrees.

This should bring joy to the many people who are celebrating Easter this weekend. According to 680News meteorologist Jill Taylor, we can expect the warm weather to remain throughout Saturday and Sunday as well. Sadly, Taylor does also warns that seasonal temperatures are expected to return by the beginning of next week.

But in the meantime, there’s no reason why the summer-like Easter weekend can’t be fully enjoyed. And while today’s holiday means that most stores, banks and shopping malls will be closed, there are a number of ways in which Torotonians can enjoy the warm weather.

Many of those observing Good Friday took in the St. Francis of Assisi Church Parade which was held in the College and Bathurst area between 3 and 6 p.m. Families also had the opportunity to enjoy the day together at the AGO, which remained open to continue showcasing its incredible King Tut exhibit. Those interested in viewing the exhibit still do have until the 18th of April to check it out.

Also remaining open today was The ROM, Ontario Science Centre and Casa Loma. In addition, the Toronto Zoo presents its Easter “Egg” Stravaganza which will run all throughout the Easter weekend into Monday. If golf is more your speed and you don’t have to entertain the kids, there are a number of golf courses throughout the city that may provide the best way to enjoy the sunshine throughout the weekend.

Keeping in mind that Easter is this Sunday, not everywhere will be back open for business. Supermarkets, beer and LCBO stores, all closed today and will do so again on Sunday. On Easter Monday, stores and banks will be open, but government offices and mail delivery will remain shut down.

As well, even though the Eaton Centre in downtown Toronto was open for Good Friday, it too will be closed on Easter Sunday. The same goes for Vaughan Mills just north of the city.

Markham’s Pacific Mall, however, will remain open throughout the weekend as will some stores on Yonge Street and in the Bloor-Yorkville areas. And don’t worry if your garbage wasn’t picked up today. Service will resume tomorrow.

So no matter what your long weekend plans are, be sure to get out and enjoy the sun as perhaps, the warm weather is all you will truly need to have a good time.

Over the past week, this blog has discussed the potential for office workers to be pranked on the first day of April. While many employees who have been polled in various surveys believe that workplace pranks are inappropriate, so many others advocate harmless jokes to lighten up the mood in the office. That goes double today, which is notoriously known for making fools out of friends, family members and co-workers.

According to Wikipedia.org, the earliest recorded acknowledgement of April Fools’ Day was found in Geoffrey Chaucer’s collection of stories, The Canterbury Tales. One of the stories entitled “Nun’s Priest’s Tale” is set on “Syn March bigan thritty dayes and two” which was interpreted by readers as March 32nd (or April 1st), although it probably meant 32 days after March.

That being May 2nd,, it marked “the anniversary of the engagement of King Richard II of England to Anne of Bohemia, which took place in 1381.” Nevertheless, in Chaucer’s story, the rooster character of Chauntecler is tricked by a fox.

Today, April Fools’ Day is celebrated throughout the world and has given birth to some of the craziest pranks ever pulled. Among them is the British astronomer, Patrick Moore’s announcement on BBC Radio 2 in 1976. He declared that at 9:47 AM, the planet Pluto would pass behind Jupiter creating a shift in gravitational alignment that would cause the Earth’s gravity to decrease.

According to MuseumOfHoaxes.com, “Moore told his listeners that if they jumped in the air at the exact moment that this planetary alignment occurred, they would experience a strange floating sensation.” Apparently, the radio station received “hundreds of phone calls from listeners claiming to have felt the sensation.”

Back in North America, fast food chains have seemingly enjoyed getting in on the April Fools’ action. In 1996, Taco Bell announced that it had purchased the Liberty Bell and renamed it the Taco Liberty Bell. As MuseumOfHoaxes.com describes, “Hundreds of outraged citizens called the National Historic Park in Philadelphia where the bell was housed to express their anger. Their nerves were only calmed when Taco Bell revealed, a few hours later, that it was all a practical joke.”

Two years later, Burger King announced the introduction of the “Left-Handed Whopper” which was specially designed for the 32 million Americans who were lefties. Advertised in a full page advertisement in USA Today, this new Whopper incited both lefties to order it and right-handed customers to request the “regular version” – even though the ad was revealed to be a hoax the following day.

The staff at Synergy definitely had their fair share of fun today. Between cell phones being stolen, being told that there would be no breaks taken today and having one employee screamed at for inproper use of a toilet, many members of our team became victims of an April Fools’ Day prank.

As cautioned by previous blogs however, our team knew to keep the jokes lighthearted and enjoyable for all those involved. We hope you enjoyed your day as well. And that’s no joke!