On the eve of Canada Day, we would like to take this opportunity to welcome all visitors to our great country. And hey, if you haven’t yet had the pleasure of visiting the Great White North (it’s really not all that white, to be honest with you!), now would be the best time.

In addition to the numerous Canada Day celebrations that will be taking place all over the country tomorrow, the summer months offer up the best weather and most exciting experiences. And believe it or not, Canadians really know how to party! Please don’t let the events surrounding this past weekend’s G20 Summit in Toronto deter you.

Now if you were to travel to Canada this summer, you would be joining a long list of others who have made our nation their travel destination of choice this year. As The Canadian Press reported earlier today on The Toronto Star‘s website, “tourism spending in Canada increased 1.3 per cent in the first quarter, as both international visitors to Canada and Canadians spent more.”

Statistics Canada reports that this marks the “third straight increase in tourism spending after four consecutive quarters of declines.” Spending by international visitors also increased by 5.9 per cent, creating the largest quarterly increase in visitor spending since the end of 2003.

Naturally, the Vancouver Olympics and Paralympic Winter Games held earlier this year contributed to the increase. People from all over the world flocked to the west coast of Canada to cheer on their country’s athletes in what became one of the most thrilling Olympic events ever.

Canada, of course, must have left a great impression on the many visitors by racking up a record number of medals. Not to mention, the hospitality that Canadians are known for always makes a great impact on those visiting the country.

It’s no wonder then, that “spending by international visitors on accommodation, food and beverage services, recreation and entertainment, and non-tourism commodities, such as groceries and clothing, all increased during the first quarter.”

So on the day before Canadians celebrate the birth of their nation, we would like to congratulate…well, ourselves! Good job Canada. You continue to lead the world in recession recovery AND showing the world your nation is a great place to visit.

The past weekend, and practically all of last week, the G20 Summit made headline news. The Synergy Merchant Services Blog also covered the events and sadly, pointed out that the news was not all very positive. Of course, as we all know, protests swelled into riot-like behaviour causing extensive damage to a number of businesses in the downtown core.

Today, CTV reports that “Toronto business owners are looking for compensation for smashed windows and damaged storefronts resulting from the weekend’s G20 protests, but so far the federal government has given no indication whether it plans to pay up.”

Ironically, many of the protesters were rallying against the G20 Summit due to the enormous cost it had for the City of Toronto to host it. Now, many of the protesters who involved themselves in acts of criminality will essentially be costing the nation even more money to repair the abundance of damage.

CTV’s website points out that the federal government did think about offering compensation for business owners who were operating within security zones before the Summit began. Evidently, many of these businesses had to shut down over the weekend while the G20 Summit was taking place.

However, business owners operating outside of the security zone who still became victims of vandalism and senseless destruction are unsure about whether or not they will be compensated.

According to Joe MacDonald of the Downtown Yonge Business Improvement Area, owners will be contacting their insurance companies to discover the type of coverage they have against the damage done to their storefronts. However, recourse from any level of government is very much on the minds of many who operate businesses in the downtown core.

Said MacDonald: “There is a clause that seems to work in our favour, but we have to pursue that with the federal government and with the City of Toronto.”

City councilor Adam Vaughan represents a downtown Toronto ward that was hit hard by rioting. He remarked that most of the businesses in his district are small, family-run companies.

Implored Vaughan: “They are simply asking Ottawa to provide compensation and pick up the tab for what clearly is exceptional damage to businesses and much of it is not covered by insurance — you can’t get much coverage for broken windows and vandalism in Toronto…Surely Ottawa and Stephen Harper has an obligation to render the city whole again.”

Well, we were warned. But even with all of the information provided by the news media last week about the threat of impending violence at the hands of G20 protesters, it was still horrifying to witness the unabashed events of this past weekend.

Last week, the Synergy Merchant Services Blog discussed the G20 Summit being held in Toronto, Ontario by touching upon some of the financial implications that it would have on local business. In addition, we discussed the numerous rallies and protests that were in the works. Everything from equal rights to poverty were issues that were being raised by protesters.

But, as was alluded to earlier, the protests were marred by merciless vandalism and destruction by who most people would refer to as “thugs”. Television sets across the nation were emitting live feeds from the streets of Toronto depicting police cruisers being torched and storefronts being vandalized. Known as the “Black Bloc”, this group of people took to the streets with one thing on their minds: destruction.

To be clear, Wikipedia.org describes “black bloc” as a tactic, not an organized group. So the individuals dressed in black garments causing most of the damage this past weekend were not necessarily part of some vigilante organization. Instead, they were viewed as hoodlums who were hurting the overall objective of the peaceful protesters who took to the streets to raise awareness for their causes during the G20 Summit.

As Don Peat of The Toronto Sun reported earlier today, a shocking 900 arrests were made in Toronto over the past weekend. He describes: “Most of those arrests occurred after a peaceful protest turned into a violent rampage through the city by a group of protesters using so-called Black Bloc techniques. Before Saturday’s riot that left four police cruisers burning in the city’s streets, police had only arrested 32 individuals for G20 security-related incidents.”

By today, the various world leaders attending the Summit had already left the city. But left behind was the damage done to numerous shops on Toronto’s major streets. Stores and banks on both Queen Street and Yonge Street were among those that suffered the most significant damage.

The Integrated Security Unit reports that while a number of individuals who were arrested over the weekend will be released, many others will be attending court. As of today, the security perimeters that were set up are now essentially being lifted so that citizens are no longer required to show identification to move through it.

The G20 Summit is over. But the scars left on the City of Toronto have been left behind. News reports have indicated that Prime Minister Stephen Harper has viewed the Summit as a success. However, many business owners and citizens alike in the downtown area likely disagree.

The G20 Summit is officially underway in Toronto. As has been reported widely throughout the week, the meeting of twenty world leaders in the largest city in Canada has brought with it great controversy leading to mass protests and rallies.

In support of many seemingly forgotten issues and in opposition to the monstrous cost of hosting the summit, citizens have gathered in abundance in an effort to make a point. Predicting conflict, police donning riot gear have been stationed all over the downtown core.

Today, Jenny Yuen of The Toronto Sun reports that protesters have been clashing with police and some arrests have been made. There has been pushing and shoving in addition to the throwing of random objects, but thankfully no major violence to speak of.

Some G20 protesters were marching along Carlton Street in downtown Toronto today. Organized by the Ontario Coalition Against Poverty, its organizer John Clarke warns that the protests that are approaching in the upcoming days “will not be friendly”.

Announced Clarke: “Down with the filthy G-20 and everything it represents. Your system is bankrupt, your system is vile and we’re going to fight it.” Yuen reports that, so far, police have made 18 arrests. Clarke’s words caution, however, that there may be more.

According to Ontario Community Safety Minister Rick Bartolucci, the police have responded very well to the security of the international event. Earlier today, he spoke about their ability to keep both the citizens of Toronto and the participants of the summit safe.

Said Bartolucci: “My understanding is that there has only been 18 arrests and only two of those 18 arrested are being detained. When you consider what has happened in the past in other jurisdictions, I think there’s something to be said for the level, the competency and the expertise of the policing in the province of Ontario.”

It is advisable, however, that if you are in the Toronto area, you may want to avoid visiting downtown this weekend. There are many barricades up that citizens are being requested not to come five metres within. Needless to day, police are taking the security of the G20 Summit very seriously.

In addition, with more protests to come, it is evident that many people plan on doing everything they can to express their displeasure with the event being hosted in Toronto.

Is there really ever such a thing as the “wrong time” to get money for your business? Many business owners across Canada have responded by saying that “it’s not the right time” when they were first asked about getting additional working capital for their companies.

What exactly does that mean though? It would be strange if a business owner actually meant to say that he or she would wait until things got worse for the company before considering trying to save it. Synergy Merchant Services, of course, is not in the business of trying to save companies.

Instead, our objective has always been to work with companies who are doing well…in an effort to help them to do even better. So when entrepreneurs respond with a “not the right time” response when asked if they could use some extra money, we always remind them that there is no better time than the present to invest into their businesses.

We are firm believers that to assume that there is any time when a business owner should NOT think about growing his or her business is equivalent to having a defeatist attitude. It is no different than assuming that one cannot be successful if they were to put forth an idea into action.

Most often, business owners feel that they will not be successful with their plans because they do not have the working capital necessary to put the plan into action. The notion that banks are making it harder for business owners to get business loans is getting more and more popular.

This is, obviously, due to the fact that banks are lending less and less these days. So, it’s no wonder that some company owners feel that now may not necessarily be the time to grow their businesses through expansion, renovations or the purchase of new inventory.

The quick and easy steps taken to get a merchant cash advance, on the other hand, have helped many a Canadian entrepreneur become successful in making their business dreams come true. There is never a wrong time to take your business to the next level. There is only a wrong attitude in thinking that your business cannot grow now.

Give one of our licensed funding specialists a call today and we are sure that you’ll be glad you did. You know the time is right.

Talking about small businesses in Canada is what the Synergy Merchant Services Blog does best. And how couldn’t it? Providing small businesses in Canada with the easiest way to get extra working capital is what Synergy Merchant Services does best. So it’s not surprising for this blog to discuss different ways in which entrepreneurs in Canada can grow their own small businesses.

This week, however, the City of Toronto – which happens to inhabit Synergy’s headquarters – has been taken over by the anticipation of this coming weekend’s G20 Summit. And while we have touched upon the disruptions in the city as a result of protests and rallies, today we recognize those who have taken the G20 situation as an excellent business opportunity.

In yesterday’s edition of The Toronto Star, Emily Mathieu revealed that “gas masks, flexible plastic sheeting, T-shirts and bullet-proof glass” are all the rage now that the G20 has hit T.O. Apparently, these items will be and are in high demand due to the controversies surrounding the hosting of the summit this weekend.

Mathieu discusses Stadia Industries Ltd., a window and door installation and repair business, which is preparing its workers for action “the moment a brick or rock is thrown through a window.” Apparently, the potential of a riot can translate into big business. However sad this may be, Stadia owner Tim Byrne is confident that this is true.

Said Byrne: “All the guys, all the trucks are being parked at every single building…They are going to sit there until the first rock hits the glass.” He will have employees set up in temporary workshops all over the downtown core this week with several more on call. In the event of a violent protest, they will be ready.

Mathieu writes that “there will also be trucks on standby, ready to drive around the city to seal off broken windows with plywood and boards.” She also notes that Byrne has invested about $65,000 into buying supplies, expanding his staff and arranging for transportation during the G20 Summit.

Evidently, from potential tragedy can come financial triumph. As Byrne explains: “As a Canadian I don’t want anything to happen. But I am also a businessman and I need to take advantage of the situation as business arises.”

Menswear store, GreenShag Bespoke Clothier on Queen Street West feels the exact same way. They currently have a limited edition collection of G20 t-shirts that feature the CN tower fashioned in a way to resemble two fingers flashing the peace sign. They have another with the same tower transformed into just one finger. We’ll allow you to guess which one.

In yesterday’s blog, we visited the most pressing issue in Toronto today. The G20 Summit takes place this coming weekend and has created quite a stir among a large number of citizens of the country’s largest city.

In today’s Toronto Sun, Tom Godfrey reports that protesters of the Summit will be targeting banks and gas stations in the downtown area in the days ahead. Knowing full well that people visit both banks and gas stations on a daily basis, it is evident that protesterts intend on causing major disruptions for Torontotians this week.

At a news conference earlier today, protesters insisted that this weekend’s meeting at the Metro Convention Centre will be met with “days of action” that include rallies in favour of equal rights for people of all genders and races. Two of downtown Toronto’s major streets – Queen and Yonge – became the venues for such rallies earlier today.

Sharmeen Khan, of Toronto Community Mobilization Network, feel that activists are being targeted by police as every rally organizer has been spoken to by law officials. As Godfrey writes, Kahn noted that “two protesters were detained and realeased without charges during a rally on Monday.”

Syed Hussan is the spokesman for Toronto Community Mobilization Network. When asked about why gas stations were being targeted as locations for protesters, he mentioned that they are symbolic. Specifying a short-lived occupation of an Esso station yesterday, Hussan said that “Esso was one of the multinationals bailed out by the government. This is part of our ongoing resistance.”

Toronto sports fans may have something to protest themselves. The furor of the upcoming G20 Summit in Toronto this weekend has forced Major League Baseball to relocate the Toronto Blue Jays’ weekend series with the Philadelphia Phillies to Philadelphia. Blue Jays fans were eagerly anticipating the return of Roy Halladay to Toronto, and now will not get the chance to watch one of their favourites pitch again.

In an extreme rarity, even though the three game series, which takes place June 25-27 will be played in Philly, they will still be considered Toronto home games, with the Jays batting last. The designated hitter rule, which is reserved for American League play, will be in effect as well, even though the Phillies are a National League team.

Needless to say, the G20 Summit in Toronto this weekend is already having a far-reaching impact.

Back after a one week hiatus is your favourite blog – the Synergy Merchants Services Blog! Hey, we all need a vacation right? And with today being the first day of summer, you would figure that a lot of people likely have a lot to get excited about. Well, not so much so in Toronto.

This week, Ontario’s capital is preparing for the G20 Summit. And while this event has made news headlines for weeks, things are truly coming to a head this week as the summit is set to get underway this upcoming weekend. The protests are starting as angry citizens are making their displeasures heard loudly.

G20.org explains that “The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, on December 15-16, 1999, hosted by German and Canadian finance ministers.”

In today’s edition of The Toronto Sun, Ian Robertson explains that the first major disruptions surrounding this year’s summit are beginning to mount in the city of Toronto. Apparently, such issues as animal liberation to the overwhelming cost of the summit are drawing the ire of Toronto residents.

One protester, Kitchener student Chris Barton insisted that he was present in Toronto for a “peaceful” protest. A member of Ontario Coalition Against Poverty (OCAP), Barton simply wished to express the “rights and freedoms” of his group, which has been made to feel ignored by powerful governing bodies.

Said Barton: “If I’m going to be corralled, I’m going to try and break out by any means as long as it’s not violent against a human being.” Robertson reports that no arrests were made today, but the outlook for the rest of the week does not appear as promising.

Venay Menon of The Toronto Star went so far as to suggest that Prime Minister Stephen Harper must hate Toronto for having the G20 Summit take place there. Insisting that the summit has effectively “shackled” the city, Menon outlines that because of the event, Torontonians will be subject to “squadrons of heavily armed officers”, street cameras and military-style checkpoints.

Writes Menon: “Toronto the Good has morphed into Toronto the Caged. We are animals in Mr. Harper’s riled kingdom and he’s the one growling.” The Synergy Merchant Services Blog will keep its eye on this situation throughout the week.

Why get a merchant cash advance? Naturally, this is a question that many a Canadian business owner will ask him or herself when first hearing about this innovative, alternative source of extra working capital. In many ways, a merchant cash advance is a foreign and strange concept to entrepreneurs in this country.

Of course, going to the bank is a much more familiar activity. Sure, owners are aware that they may be asked for collateral, to put liens against some of their assets or personal properties, be subject to an intrusive credit check and be required to submit a detailed business plan if trying to secure money from a bank.

Nevertheless, most often business owners assume that this is the only legitimate means to getting the money they need to grow their businesses. What else are they going to do, right? Well, Synergy Merchant Services proudly offers free quotes at no obligation for this very reason. We are aware that most owners of small and mid-sized businesses in Canada are unsure of how our program works.

By offering them a no obligation quote at no cost, we are convinced that these owners will be given the opportunity to adequately compare our option to the others they may have. The decision is always up to them. There is never any pressure to take the cash advance. It is this approach that has kept us very successful. So successful, in fact, that Synergy is proudly Canada’s top merchant funding company.

We have commented, in recent blogs, that the mainstream media is getting hip to the game when it comes to the lending practices of banks. Evidently, it is getting harder for small businesses in Canada to secure money from banks, even when they put themselves at risk. Of course, the risk of losing one’s business is always a possibility when borrowing money from a bank.

Not so with Synergy’s merchant cash advance program. No collateral. No liens. No credit check. We are confident that no bank can offer that. In addition, the best part about our program is the fact that there is no fixed repayment schedule. Wouldn’t be great if this was the case with all types of borrowing?

Imagine not having to pay back a friend who loaned you some money until you made enough money to do so? Well, if you have a generous and trustworthy friend, you may have experienced this kindness. At Synergy, we only get paid when the merchant makes a sale. No sales mean no payments.

It is a “friendly” way of receiving payment, if we do say so ourselves. That being said, we would like to, once again, encourage owners of small and mid-sized businesses in Canada to contact one of our licensed funding specialists in order to receive a free quote. We promise we’ll be friendly!

A lot of people talk about how much they can’t wait to retire. Some have daydreams about winning the lottery and going on to live an exciting yet relaxing life on as many beaches as they can find. Others just enjoy talking about a time when they no longer have to get up every morning to get ready for work.

Interestingly, however, most are not legitimately thinking about how they will spend their retirement years. A recent report by the BMO Retirement Institute discovered that less than half of Canadians are nearing their retirement ages have a strategy in place to afford being retired. Sadly, about two thirds of the nation haven’t considered that they could possibly outlive their savings.

According to a QMI Agency report that was published yesterday, the majority of Canadians are just not sure what they’re going to do when they’re no longer working. It is, of course, fun to talk about retiring. However, many seem to be headed towards a very harrowing situation that may see the lack of regular income become a major hardship in their latter years.

The report reveals that the BMO study concluded that only 48% of those polled have a plan in place to structure their investments in such a way that it will support a life in retirement. The majority of those polled are under the impression that unknown factors may arise that could affect the stability of their finances.

Tina Di Vito, who is the head of BMO Retirement Institute, believes that Canadians need to more seriously concern themselves with this time in their lives. Neglecting to consider one’s retirement years can seriously impact one’s lifestyle. Clearly, it’s important to have your finances in order to support a life without generating a steady income.

Said Di Vito: “As Canada’s boomers draw closer to their retirement years, having a strategy to manage investment income throughout retirement should be a top priority. Financial resources available through programs such as the Canada Pension Plan and other pension schemes likely won’t be enough to support the average retirement lifespan.”

QMI points out that nearly all baby boomers in Canada will be eligible for retirement within the next two decades. Most, however, fear that their savings will not be able to cover their living expenses once they are no longer working.

Those in the 55 to 65 age group are encouraged by BMO to closely look at their investments to ensure that they can support their lifestyle of choice once retired. Retirement, of course, is always something great to daydream about. It would be a shame to have it become a nightmare through poor planning.

In yesterday’s blog, we discussed the uncompromising ability of small businesses in Canada to hold on to the loyal members of their staffs. In the post-recession era, businesses that employ 50 or less workers have forfeited the least number of job positions, according to a recent CFIB report. Intergral to the growth of the Canadian economy, job security is evidently best supported by small business.

In a recent article, The Vancouver Sun‘s Brian Morton cites Chuck Chamberlain, the owner of Tomahawk Restaurant in North Vancouver, as an entrepreneur who has stuck to his guns by retaining his staff all throughout the recession. Some business owners looked towards layoffs as a method of surviving the world’s financial meltdown. Not Chuck.

The loyalty Chamberlain showed his staff of 21 has not only encouraged a stronger bond amongst the employees, but has allowed for his restaurant to prosper in spite of the economic downturn. Tomahawk Restaurant, evidently, is an establishment that has gone against the grain to rebound from the recession. And luckily for Chamberlain, his plan has paid off.

Explains Chamberlain: “Basically, we didn’t lay anybody off. We knew hard times were coming and the numbers started slowing down. We explained everything to the staff and reassured them that layoffs were not imminent (and) that to lay anybody off was a last resort.”

Instead of firing his employees, Chamberlain found other ways to cut corners and save dollars. Regarding layoffs as the last thing on his list to do in order to save money, Chamberlain discovered that there were other ways to survive the recession. It took some creativity and some careful planning, but battling through the economic crisis with his entire staff kept intact was something he was determined to do.

Said Chamberlain: “We might have reduced the hours a bit to reduce some overhead costs. And we watched pennies and got through it.In the service industry, the last thing you want to do is get rid of staff. It’s like cutting off your nose to spite your face. In all small businesses, you’re only as good as your employees and your employees are only as good as you.”

The show of support, loyalty and dedication to his staff is sure to continue to help Chamberlain go a long way in the restaurant business. The same can be said for many other small businesses owners across Canada who have adopted the same principles.

Morton’s report points out, however, that the nation still has a ways to go before it can consider itself completely recovered from the recession. In the CFIB’s “A Peak At The Trough” report, it was revealed that, last year, the Canadian economy lost approximately 360,000 jobs.

Public sector employment, however, is rising. With this continuing trend, Canada is sure to continue its own trend of returning to economic prosperity quicker than most countries. So to business owners like Chuck Chamberlain across the nation, who are working to spring the country back to financial vitality, we thank and congratulate you. Job well done.

It’s no wonder that Synergy Merchant Services works so diligently to support small and medium-sized businesses in Canada. According to a recent report issued by the Canadian Federation of Independent Business, small businesses are most likely to maintain their staff, providing the type of job security and lengthy employment necessary for recovery in the post-recession era.

On May 25th, Brian Morton of The Vancouver Sun wrote about of how the nation’s smallest companies seem to be supporting employment the most. Due to the relatively modest size of these businesses, it appears as if it works in the best interests of all involved to hire and keep staff for the long-term.

According to CFIB’s vice-president and chief economist Ted Mallett: “The cost of losing an employee is considerably higher for a small firm than for a larger firm. Losing one person in a staff of 10 is 10 per cent of your workforce. It has a massive effect on the capability of the business.”

Morton points out that the CFIB report, known as “A Peek At The Trough”, took a look at the percentages of payroll employment that was lost following the recent recesssion. Large business lost 5.6 per cent of their staff while medium-sized business lost 5.9 per cent. Small businesses employing less than 50 people, on the other hand, only experienced a 2 per cent decline in job positions.

Apparently, this is a trend that has existed for some time. Mallett explains that smaller companies see layoffs as a last resort and, as a result, generally hold on to their employees longer than bigger businesses who may view members of their workforce as expendable. He views small business as “a stabilizing force in the economy.”

Brian Bonney, CFIB’s director of provincial affairs in British Columbia agrees. He believes that small business owners need to hold on to their staffs in order to rebuild following the recession. Essentially, a smaller staff generally encourages a tighter-knit workforce.

Said Bonney: “Having a trained employee who can help the small business grow after the recession is huge. (Small business owners) stop paying themselves so they can hold on to their staff. Larger businesses are more bottom-line oriented. They say ‘we have to cut people to get costs down.’ They’re not on the front lines. They don’t make the connection between the bottom line and the fact that to rehire staff will cost even more.”

Our hats off to small business owners all over Canada. With job loss among the highest concerns of Canadians following the global financial crisis, the record of small businesses maintaining their staffs is one to be proud of. We are confident that small business in Canada will continue to be a driving force for the national economy. And we will be doing our best to continue to support these businesses.

This past Saturday, Canada celebrated its Tax Freedom Day. To those of you scratching your heads wondering if you’ve missed the opportunity to go shopping tax-free, you can think again. Not to worry, you didn’t miss any super sales this past weekend. Instead, as Wikipedia.org defines it, “Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden.”

Not quite yet at the halfway point of the year, Canada has reached its Tax Freedom Day just three days later than it did last year. Last week, QMI Agency’s Stefania Moretti wrote that “it should have come weeks later if the government were living within its means, according to the Fraser Institute, which calculates the day’s arrival every year.”

She notes that the three-day delay for this year’s Tax Freedom Day was due to Canada’s improving economy as it rebounds from the global financial crisis. She adds that the higher a family’s income is, the greater their tax burden. Fraser Institute’s senior economist, Niels Veldhuis believes that “Canadians have to have the debate about whether they are getting value for all this money we are sending to government.”

Veldhuis points out that many provinces have hiked up their taxes over the past year citing Quebec’s gas and mining taxes, British Columbia’s health premiums, Saskatchewan and Manitoba’s tobacco taxes and Nova Scotia’s increased income and sales taxes as examples.

Veldhuis estimates that Tax Freedom Day would have come 25 days later “if governments hadn’t deferred the tax burden from unprecedented spending by running deficits.” He said that the federal stimulus dollars proved to have little impact on boosting the economy. Instead, it was the private sector that most helped with the nation’s financial development.

Said Veldhuis: “So that’s one area where I think Canadians would question whether or not that money was wisely spent…Every single government across Canada, federally and provincially, is running a deficit and that of course means we are deferring some taxes into the future.”

Acknowledging, of course, that tax dollars do help to pay for certain necessities, Veldhuis still questions whether or not Canadians are getting the most out of their tax dollars. This year, the average Canadian family will pay more than 42% of their income towards taxes. This is an increase from last year.

Writes Moretti: “Ottawa estimates it will rack up a $47 billion deficit this year, much of that stemming from its two-year $19 billion stimulus package…The total tax bill will increase 3.8%, or by $1,441, between 2009 and 2010 while income will increase by just 2%.”

For the average Canadian, Tax Freedom Day essentially means that they will be taking home everything they make from this point forward for the rest of the year. Perhaps then, today should be every employee’s favourite Monday of the year!

The Synergy Merchant Services Blog has been keeping a close eye on the Canadian economy for several months now. Coming out of a recession, Canada has proven to be a world leader when it comes to rebounding from the global financial crisis. Today, QMI Agency’s Sharon Singleton provides more good news for the nation as job growth – a major contributor to recovery – continues in the nation.

Singleton reports that in every month so far this year, Canadian employers have hired more employees than they have fired. Meanwhile, the United States continues to struggle with boosting employment. Statistics Canada reveals that more than 25,000 jobs were added in April, blowing away the prediction that economists made of 15,000.

In May, the trend continued as the private sector added a whopping 43,400 new workers. According to BMO Capital Markets economist Benjamin Reitzes: “The sizeable gains in private-sector and full-time jobs bode well for Canada’s recovery as they show businesses are driving growth.”

Writes Singleton: “Canada’s economy expanded at its fastest pace in more than a decade in the first quarter as strong consumer spending and investment in property continued to fuel the recovery from last year’s recession.” Economists note that the U.S., on the other hand, is also showing signs of a rebounding economy, although it has not translated into job growth.

“Disappointing” is how TD Bank Financial senior U.S. economist, James Marple puts it. “A slower-than-expected pace of job growth reveals the headwinds still facing the U.S. recovery in terms of heightened uncertainty and risk aversion,” said Marple.

In Canada, the unemployment rate remained steady at 8.1% instead of declining to 8% as was previously predicted. Nevertheless, more people are entering the workforce and it is expected that this will continue in the coming months. The provinces of Ontario and Alberta have shown the largest gains in employment in 2010. Interestingly, Canada’s only two provinces that are known by their initials – B.C. and P.E.I. – experienced declines.

StatsCan has also reported that the transportation and warehousing sectors added the most jobs across Canada in May with 26,000 new positions. Healthcare and social assistance added 18,000. The manufacturing sector saw practically no change while the culture, information and recreation sectors saw declines.

As the Canadian economy continues to grow, more jobs become available. As always, Synergy Merchant Services takes great pride in doing its part to offer employment opportunities. Our ever-growing staff is a testament to Canada’s ability to overcome economic adversity.

What would you do with an extra $20000 in your bank account? Many people would go on vacation. Some would buy a new car. Others would invest it. Those “others” are more than likely entrepreneurs of some kind. Most business owners constantly think about ways that they can grow their businesses. So how do you want to grow your business?

Especially in the post-recession era, it’s no secret that banks are making it harder and harder for small and mid-sized business owners in Canada to secure bank loans. Near the end of April, the Synergy Merchant Services Blog commented upon a recent piece in the Financial Post that outlined one business owner’s difficulty in trying to get his business money to renovate.

As a result, some entrepreneurs don’t actually have an answer for the question we posed to begin today’s blog. This is because without the extra working capital necessary to actually make their plans come to fruition, they figure that there is no use in planning. However, when these same owners are presented with a legitimate path to fast cash, their ideas become endless.

At Synergy, we believe strongly that our merchant cash advance program is best taken advantage of when the recipient of the cash advance invests their newly-acquired money back into his or her business. Of course, our money is not “borrowed”, and due to that fact, our clients have every right to do whatever they like with their cash advances.

Obviously, the ones who are most successful within their respective industries are the ones that put the funds towards growing their companies. Some clients choose to buy as much inventory as possible during the months of the year when the items are not in demand. That way, the inevitably cheaper purchase translates into greater profits once the seasons change, and the demand for the products increase.

This is especially true for clothing stores who stock up on winter gear in the summer, knowing that when the cold returns, they will be well-prepared to service their clients. Not only does the cash advance allow them to pick up more inventory at bargain prices, but it ensures that they don’t have to dip into their own savings to do so.

Some clients enjoy utilizing our program practically on a yearly basis to take advantage of the aforementioned idea. Others use the money to renovate their locations in order to ensure increased sales all year round. Restaurants refurnish their patios. Auto repair shops buy new tools and equipment. And no matter what industry you are in, advertising your brand always helps.

The old adage “it takes money to make money” is one of the truest statements ever uttered. These days, “it’s hard to get money to make money” seems to be a phrase that is becoming more common for those who have been turned down by their banks. Here’s our favourite saying though: “A merchant cash advance is the quickest and easiest way for Canadian business owners to get money today”.