With July already drawing to a close, most people who are working summer jobs have been doing so for at least a month or two now. And those who haven’t been working that long, likely aren’t working at all. QMI Agency reports today that students across Canada are really having a tough go at finding those all-important summer jobs this year.

For necessities such as tuition, books and rent for accommodations throughout the school year, the summer job is something that nearly all students need. However, the recent recession, it seems, is making it difficult for employers to open up their doors to taking in more staff this year.

As QMI reports, economist Alex Koustas recently wrote that about 300,000 seasonal jobs have been created for students this year. However, the student jobless rate is at 15.9 per cent. This is significantly higher than the 11 per cent jobless rate of 2009. One of the reasons for this is that some businesses have been cutting back on hiring to save money.

This is especially true for those industries that provide goods and services that are considered “non-essential”, such as tourist attractions. After all, if consumers are spending less on certain things, those businesses can only spend so much themselves. Unfortunately, for many students, going through the summer without jobs will present major financial hardships throughout the school year.

QMI points out that tuition fees across Canada are steadily on the rise. According to Koustas, they have risen 7 per cent over the past twenty years “with an average 2 per cent annual increase in the overall inflation rate.” In fact, rising tuition costs are prompting most college and university students to work all year round and not just in the summer.

Said Koustas: “It remains clear that the student labour market lags the general economic recovery by a significant margin at a time when students are highly dependent on part-time or full-time work to fund their studies and living expenses.” QMI adds that some students can only find work as interns.

And while such work helps for one to gain experience and heighten his or her understanding of a particular course of study, it does not pay. If you’re a business owner experiencing a slower than usual summer, we’d love to have you speak to one of licensed funding specialists about how our merchant cash advance program can assist you through your slower than usual season.

Last week, we blogged about the recent discovery that Toronto was Canada’s most expensive city to live in. In fact, a Mercer study determined that the city where Synergy Merchant Services is headquartered is the world’s 59th most expensive town. Yesterday, however, Sharon Singleton of QMI Agency revealed in an article that there is good reason for Toronto’s pricey ways.

In what is easily a more favourable view of Canada’s largest city, “Toronto tops 24 other Canadian cities in a survey of metropolitan economies, with jobs growing and property prices rising”, wrote Singleton. Based on a new CIBC World Markets study, Toronto is home to the “hottest” economy in Canada.

Singleton notes that Kitchener, Ontario and Winnipeg, Manitoba rounded out the top three economically sound cities in Canada. The strong job market was one factor that helped Toronto to outdo the national average during the rebound from the recession. She writes that in the first quarter of 2011, employment rose by 2 per cent.

But what else has helped propel the nation’s largest city to become its strongest financially? According to CIBC deputy chief economist Benjamin Tal, “The multi-channel nature of Toronto’s economic engine is the secret not only behind its current top ranking but also behind its ability to maintain a relatively high ranking position over the past two years.”

In addition, Singleton points out that consumer bankruptcy rates are decreasing. So much so, that Toronto ranks the lowest in Canada for cities experiencing bankruptcy amongst its citizens. Winnipeg experiences quite the same financial atmosphere, helping it to be one of the country’s strongest economic cities.

Said Tal: “The positive momentum in Winnipeg is a relatively new development. During the recession, the city followed the trajectory of the national economy very closely. However, recent quarters have seen the city outperforming the national average, with the performance gap currently at a record-high.”

Unfortunately for Quebec’s cities, the news is not so bright. Montreal, in fact, was formerly Canada’s strongest economic city. It now sits in fifth place. Quebec is also home to the last place finisher, Saguenay. We wonder, however, if this new revelation will make Torontonians any happier about being the most expensive city in Canada!

This past weekend, the City of Toronto experienced a sweltering dose of summer. It was hot! Not that we’re complaining. We’ve made it pretty clear on the Synergy Merchant Services Blog that we’re pretty fond of summer. We’ve also made it clear that business owners across Canada should love summer too.

Summer is a time when people love to go outside, have fun with their family and friends and naturally…spend money. In previous blogs, we’ve encouraged entrepreneurs to throw events that would help to lure more customers in to their stores. There’s no time like summer to party it up with your customers to help develop strong relationships with them.

This past weekend, Alison Griffiths confirmed this belief in an article posted on Moneyville.ca. She writes that summer brings out the big spenders in the majority of Canadians. In fact, a recent TD Canada Trust Summer Spending Survey found that consumers practically overdo it during the summer season.

Among some of the statistics that came out of the survey was that 67 percent of Ontarians spend more money during the summer simply because they’re happier. It has been said that the end of the year holiday season is the one “to be merry” in. But you can’t argue that summer is the season of fun!

The survey confirms this by noting that 74 percent of people are more relaxed in the summer…and so are their spending and saving habits. For example, 51 percent of those who took the survey admit to letting their bill payments slip. Of course, this isn’t something we recommend!

Griffiths also reveals that “40 percent forget about budgeting, 38 percent forget about saving, 63 percent eat out and drink more with friends, 62 percent take more holidays in the summer (and) 11 percent are more likely to book off work even if they feel fine.” Because of this, she goes so far as suggesting that we abolish summer to help our finances!

Now while we definitely don’t support the “abolish summer” stance, we do agree that smart financial planning is important for both consumers and business owners alike. With that being said, business owners should know that this is definitely the time of year to take advantage of the moods that people are in. And people like to spend during the summer!

Being headquartered in Toronto, Ontario, Synergy Merchant Services and its staff are very well aware of how expensive it is to live in this city. In addition, working with numerous business owners in Canada’s largest city, we know how important it is to invest money properly in order to turn a profit.

If you had asked us, we would likely have told you that Toronto is Canada’s most expensive city. However, as QMI Agency’s Sharon Singleton wrote yesterday, Toronto only just recently overtook Vancouver as the nation’s most expensive city. Singleton reveals that a recent survey, conducted by Mercer, found that Toronto is actually the 59th most expensive city in the world.

The consultancy firm’s annual cost of living report also discovered that Vancouver currently sits at number 65. Incredibly, Toronto leapfrogged the west coast city by jumping up 17 spots from its position in last year’s survey. Other expensive Canadian cities include Montreal in 79th and Calgary at 96th globally.

Interestingly, the survey also noted that Canada’s capital of Ottawa is also the nation’s least expensive city to live in. It is ranked at 114th in the world. Causing Toronto’s lofty jump on this year’s list was the cost of housing, says Singleton. As well, in general, the stronger loonie pushed more Canadian cities up on the list.

The survey takes a look at cities in 214 countries on five continents. As Singleton points out, “it compares the costs of more than 200 items, including housing, transportation, food, clothing, household goods and entertainment. The report is used by companies when deciding where to locate staff.”

Topping the charts as the world’s most expensive city is Angola’s capital of Luanda. Tokyo, Japan came in at second with N’Djamena, Chad claiming the third spot. Interestingly, these findings highlight the fact that some of the world’s poorest countries contain some of the world’s most expensive cities.

One of our Synergy team members pointed out today that he wasn’t surprised by Toronto’s spot on the list. “I’ve always thought it was expensive to live here,” he pointed out, “You can buy a house in Ajax (a town just east of Toronto) for the same amount of money it takes to buy a condo downtown!”

In yesterday’s blog, we took a look at the concept of finding a summer job, and how to present yourself in such a way that you are successful in doing so. Many young job seekers miss out on job opportunities because of simple missteps that can easily be avoided.

Yesterday, we took a look at recent Moneyville.ca article posted by Sheryl Smolkin that offered some tips on how to land that all-important summer job. First impressions go a long way, she alluded to. In today’s blog, we’d like to revisit her suggestions to job hunters in hopes to help them improve their chances.

No matter what job you are applying for, you’ll want to ensure you manage your personal hygiene properly. There really is never a reason to show up at a job interview looking dirty or smelling unpleasant. While this may sound obvious, you may be surprised at how often this happens.

One of Synergy’s hiring managers commented upon an experience he had during an interview not long ago. “The applicant came in looking as if he had just woken up in the clothes he was wearing,” he recalls, “Not only that, but I literally had to push my seat back in an attempt to avoid the foul stench of his breath.”

However, for the majority of job applicants that do show up neat, tidy and clean, there is another element to the job hunt that often gets overlooked. “More than one in five hiring managers also said they are less likely to hire a candidate who didn’t send a post-interview thank you note,” writes Smolkin.

She notes that “omitting this step shows a lack of follow through and sends a message that the applicant is not really serious about the opportunity.” Writing a short hand written note is all that is necessary, says Smolkin. It demonstrates an enthusiasm for the job and a great respect for the hiring manager.

Finally, we’d like to add that it’s always important to bring a résumé to a job interview. While this may also appear obvious, we’ve experienced a surprising number of job interviews with applicants who didn’t think it was necessary to bring one along. Doing so simply shows that you are prepared and serious about getting work. Good luck in your job search!

With summer in full swing, there are many students out there who are currently working summer jobs. Then again, there are also a lot of students out there who may still be seeking work. Going to job interview after job interview and not landing any positions can be frustrating.

It can be especially upsetting if you simply can’t figure out what it is that is preventing you from landing a job. On The Toronto Star’s Moneyville.ca website this past weekend, Sheryl Smolkin commented upon a number of things that can prevent people from impressing their would-be employers during job interviews.

She writes about a recent CareerBuilder.com study that confirmed that many job applicants are still not following “proper job etiquette”. As a result, they severely hurt their chances of getting the positions that they are applying for. Smolkin offers up a number of tips that may help young job seekers avoid these missteps.

Number one, according to Smolkin, is to present a professional image when you come to a job interview. It’s true that one should not judge a book by its cover…but then again, it’s also true that you don’t have a second chance to make a good first impression. In order to make sure your first impression is a great one, follow a few simple steps.

Ensure that you don’t dress too casually, suggests Smolkin. Have your clothes neatly pressed and clean. Be sure to have your hair neatly groomed as well. Don’t go overboard with perfume or cologne and avoid putting on too much makeup. In fact, while some people don’t put enough effort into their professional appearances, others tend to overdo it!

It’s important to be mindful if you have any piercings or tattoos as well. Many young people take part in the trend to get tattoos or multiple piercings without considering how this may affect them in their job hunts. Be sure to cover up any inappropriate ink and keep the earrings in your ears!

As Smolkin points out, your style of dress will depend primarily on the nature of the workplace. Of course, if you’re applying for a position at a tattoo parlor, you may want to consider ignoring some of the tips mentioned above! We’ll continue to take a look at this concept in tomorrow’s blog.

Happy Canada Day everyone! Now, it goes without saying that everyone across Canada loves a long weekend. But this long weekend is sure to be a favourite this year. With Canada celebrating another year as a nation today, we were reminded in the Synergy Merchant Services office yesterday that Canada Day doesn’t always fall on a Friday.

As a result, Canadians don’t always get a long weekend at the beginning of July. This year, however, with Canada Day on a Friday, our reps and many of our clients couldn’t be happier. The truth is, however, having a long weekend off of work is not the sole reason why Canadians are so happy today. There is a great sense of pride being shared throughout the nation.

We took the opportunity to speak to our reps about this sense of Canadian pride yesterday and, in fact, even received some sentiments from some of our clients as well. As we celebrate Canada Day today, we’d like to share some of these thoughts with you. Of course, we are always proud here at Synergy to be “Canada’s Merchant Funding Company.”

Offered one of our funding specialists yesterday: “I take great pride in being Canadian. Our nation is truly comprised of a unique collective of individuals from all walks of life. Having the opportunity to speak to so many of these people across the county on a daily basis, I’m fully aware of how incredible our country is.”

“Canada is made up of very hard working individuals who also happen to be among the most friendly and courteous people in the world. In fact, I know that we’re known for that worldwide. There is a genuine sense that together we can build as a nation. And for a country with no many different people in it, it’s awesome to experience that sense of unity.”

One of our amazing clients had this to say: “Isn’t it wonderful to be Canadian? Our economy is strong and our people are even stronger. We may not be the biggest country in the world, but I got news for you. We are among the most respected. I have many tourists come into my store who mention how much they love this country. I’m proud to be Canadian every day.”

Hockey, beer and beavers. These may be the stereotypical images of what people associate with Canada. But on Canada Day today, we celebrate a nation of multiculturalism and unique talent. We know that you must be just as proud as we are to be Canadian. Enjoy your day…and your long weekend everyone!

The unique and innovative merchant cash advance program offered by Synergy Merchant Services has been available to small and medium-sized businesses for the better part of the past five years. Nevertheless, there are still many business owners across Canada who are unaware of just how quick and easy it is to get money for their companies.

The simplest criteria for participating in our program is to own a business that accepts Visa, MasterCard and/or Interac as methods of payments for products and services. Once you’ve got that covered, you are well on your way to discovering just how much money would be available for you to grow your business.

And although a good majority of Canadian business owners do accept credit and debit cards in their stores, there are still some out there who are not yet taking plastic. This isn’t a business practice that will remain for very long, we’re sure. In fact, earlier today QMI Agency reported that Canadians are looking forward to a future where all transactions will be made without having to use cash.

That’s right! In case, you were unaware, we are currently living in a somewhat cashless world. Especially in Canada, where consumers are known to use debit cards more than anyone else in the world, it seems like we are headed towards a cash free future. QMI reveals that a new PayPal Canada survey found that more than half of Canadian shoppers prefer using methods of payment other than cash.

Polling just over 1,500 Canadian adults, Leger Marketing also found that 34 per cent of respondents would rather carry a smartphone than a pocket full of change. This is an incredibly similar sentiment to the one shared by many of our clients who reveal that with each passing year, they find that their customers are increasingly using credit and debit cards to make payments.

Said Darrell MacMullin of PayPal Canada: “From avoiding the search for ATMs, to finding easier ways to split restaurant bills with friends or making payments anytime, anywhere and from virtually any device, Canadians want easier, faster and safer ways to shop, share expenses, send money or get paid back.”

The moral of the story? It’s time to get on board and allow your customers to use alternative methods of payment to cash. We may not be headed to a completely cash free world. But we are certainly living in an era when using credit and debit cards is the norm. And for our clients, accepting plastic is ironically the way to get themselves more cash!

It truly has been an unfortunate couple of weeks for many Canadians. Since the beginning of the month, mail has been delayed and then inevitably halted due to the Canada Post strike. Add to that, the fact that the Synergy Merchant Services Blog took a vacation! These simultaneous occurrences have created a time when there was practically nothing for the nation to read! Sorta…

Embellishments aside, we are glad to be back, providing our great clients and colleagues with more great blogs. At least, we didn’t go on strike! And although it is reported that the Canada Post strike is set to end tomorrow, the suspension of mail delivery these past few weeks has caused havoc for small businesses throughout the country.

Earlier today, QMI Agency’s Sharon Singleton reported that entrepreneurs throughout the nation are incredibly frustrated with not being able to send and receive mail since early June. It has produced a decline in sales, as products have been “trapped within the postal system”.

Singleton reveals that a CanadaOne survey conducted last week found that a whopping 85 per cent of small business owners felt that the strike was hurting their companies. Larger businesses, of course, are generally able to eat the costs of delayed shipments. Either that or they can afford such postage options as FedEx or UPS.

Singleton notes that some Canadian small business owners have reported a deduction in sales as high as 80 per cent! Chantal Clermont of Gym Star Apparel in Regina, Saskatchewan has upwards of $1,200 of inventory “being held hostage by Canada Post”. And Alexis Corbin of Little One Treasures reports losses of about $800 to $900 a week!

Said Corbin: “The only good thing is that we have been picking up local customers and that will be good in the longer term. A lot of my American customers are not buying at all as they are not prepared to wait.” Singleton suggests that the frustration of small business owners across Canada is bound to bring about some change.

Perhaps, an alternative to shipping items through Canada Post will have to materialize to avoid such financial losses in future. Singleton writes that Derek Silva, president of Orpheum Hosting Solutions, feels that the strike may “encourage small business owners to invest in upgrading their technology to move more operations online.”

Earlier this week, we blogged about the Canada Post strike that has now been in effect for the past week. Beginning with a 24 hour lockout in Winnipeg, the strike has since spread nationwide affecting the delivery and receipt of mail for business owners and everyday citizens alike. We can’t imagine anyone is all that happy about it.

On Monday, our blog touched on the fact that the mail strike is especially hard on small business owners who still often receive payments in the mail. Not to mention, the delivery of invoices to clients is being delayed by the strike, so it is further impacting their bottom line.

News coming out yesterday about the strike is sure to not make small business owners any happier. As The Toronto Star‘s business reporter Vanessa Lu writes, there has been little movement on the bargaining table between management and the Canadian Union of Postal Workers.

As a result, the 48,000 unionized employees of Canada Post have been regulated to delivering mail just three days out of the week. There is some good, we suppose, in that the delivery of mail has not been cut off completely. Of course, to some entrepreneurs, receiving mail every other day simply is not good enough to run a business efficiently.

As some of our clients have mentioned to us, receiving a payment even one day late can be detrimental to the everyday running of their businesses. Supplies are needed and payments of their own need to be made. Needless to day, a quick end to the strike is what most small business owners across Canada are hoping for.

To be clear, Lu reports that beginning next week, letters, flyers and small packages will be delivered on Monday, Wednesday and Friday. Parcels and other priority post services will continue to be delivered every day. Post office operating hours are not expected to be affected. As well, mail will still be picked up from street mailboxes.

While we know that small business owners are not thrilled about the strike, we imagine that the postal workers themselves can’t be too happy about it either. Lu writes that low mail volumes are affecting the number of hours that employees can be given to work. Spokesman for Canada Post, Jon Hamilton commented on the situation.

Said Hamilton: “Our volumes have dropped off a cliff since the union started their rotating strike activity. We just need to act now to avoid significant losses. Our costs are the same while our revenues have taken a plunge.” Canada Post and CUPW are expected to meet again in Ottawa today to continue negotiations.

The merchant cash advance program offered by Synergy Merchant Services is one that can be put to many uses. As we have often described, the money we offer services small to medium-sized business owners across Canada for such initiatives as renovating, advertising, buying new equipment or expanding.

For business owners who are looking to expand by opening new locations or perhaps even relocating, we have some good news. Setting your business up in a classy retail strip is not only a possibility, but a very likely one considering the country that you are living in. Yesterday, Stefania Moretti of QMI Agency reported that “lease rates along Canada’s most chic retail strips are among the lowest in the world.”

She writes that, for example, Toronto’s recently renovated Bloor Street was 37th on Colliers International‘s annual top 50 list for having an average lease rate of $291.66 US per square foot. As well, Montreal’s Rue Ste-Catherine averages $204.16 per square foot while Vancouver’s Robson Street average a lease of just $194.44 per square foot.

Meanwhile, informs Moretti, the rest of the world has been met with constantly increasing lease rates in an attempt to rebound from the recession. For example, New York City’s Fifth Avenue, had its prices jump from $900 US to $2,150 US per square foot! It is now considered the world’s most expensive retail corridor.

Also among the top five most expensive places to set up retail spaces in the world are Russell Street in Hong Kong, Old Bond Street in London, Bahnhofstrasse in Zurich and Via Monte Napoleone in Milan. Therefore, it should come as no surprise that foreign retailers are flocking to Canada for its relatively cheap prices to set up shop.

Colliers International believes that Canada’s ability to strongly bounce back from the recession has helped for the nation to be a choice destination for retailers. Said Colliers vice president, Drew Keddy: “Canada is positioned in a unique place in terms of market attractiveness to retailers. Our economy has bounced back faster than other markets around the world and our currency continues to strengthen.”

It is our hope, here at Synergy, that international retailers will certainly not be the only ones to get in on the action. Staunch supporters of Canadian businesses, Synergy looks forward to partnering with entrepreneurs across the county to help them take advantage of the nation’s competitive lease rates for retail spaces.

Our merchant cash advance program has been helping small to medium-sized business owners across Canada renovate and expand for years, and we look forward to continuing to do so well into the future. Let us get you your free quote today, in hopes that you can get yourself into a state of expansion shortly thereafter!

With Canada Post initiating a strike late last week, it is sure to cause quite the inconvenience for people all over the country. Many may think that not receiving your mail on time is not as big a problem as it once was, as so many people are used to communicating with each other over the internet, nowadays.

However, receiving bills in the mail may lead some to posting their payments for their credit cards late! You may just want to make sure that doesn’t happen, regardless if the bill comes on time or not. We’re pretty sure that most companies will not see the Canada Post strike as a legitimate reason to not have your payments in on time.

Speaking of businesses, this strike is bound to have a major impact on them as well. Says to QMI Agency’s Sharon Singleton in an article published on The Toronto Sun‘s website last Friday, this is especially true for Canada’s small to medium-sized businesses. Also known as the group of people who make up our amazing clients, these entrepreneurs are in line to lose upwards of $250 a day!

According to the Canadian Federation of Independent Business, many small companies still heavily rely on Canada Post services despite the increased use of email and other courier services that are more prevalent today. In fact, the Canada Post strike is bound to cause a major disruption to small business practices if it is prolonged.

Said Dan Kelly, the senior vice president of legislative affairs at the CFIB: “Compared with postal strikes in the past, the cumulative effect will be less serious as there are now alternatives. However there are still many sectors of the economy and many different types of firms that will be hit.”

Online retailers are prime examples of businesses that will be severely impacted by the postal strike. Consider that their items are to be shipped to consumers. Undelivered packages, of course, are bad for business. In addition, many of these companies also still use standard mail services to send invoices and receive payments by cheque.

As Singleton informs us, “Canada Post workers walked out in Winnipeg late Thursday after unions and management failed to reach agreement over working conditions.” Unfortunately, there is no word on just how long this strike is expected to last. As a result, there is also no telling just how negative the impact will be on small to medium-sized businesses throughout Canada.

With June finally here, people across Canada are officially gearing up for the summer time! With its official start taking place later this month, the summer season definitely brings a lot of Canadians outdoors to take in the sunshine and warmth. Naturally, many businesses will begin introducing new ways to be part of the Canadian summer.

New and innovative ways to promote your business during the summer are key components to having a successful season. No matter how big or small your business is, continually giving your customers new reasons to visit you is always important. Just under a month ago, we blogged about how Toronto’s world-famous CN Tower is doing just that this summer.

Introducing “EdgeWalk”, the CN Tower is now offering visitors the opportunity to walk hands free along the outside of the pod which is over 350 metres above the ground! Now, we admit, when we first heard of this new feature, we thought people would be crazy to even think about taking the CN Tower up on it.

Well, it appears as if we were the crazy ones! As Dan Robson of The Toronto Star reports today, the CN Tower has received an overwhelming response to its new “EdgeWalk” attraction. Having gone on sale starting just yesterday, tickets for “EdgeWalk” are flying out the doors!

Robson reports that one customer, Stacey Kennedy attempted for hours to buy her husband “EdgeWalk” tickets for his 40th birthday. Willing to cough up the $175 fee for the opportunity, Kennedy was met with busy signals each of the two dozen times she called trying to buy tickets. Unfortunately, it seems that the “EdgeWalk” website is not set up to accept orders online.

Needless to say, the first day of sales for “EdgeWalk” has been amazing. Jack Robinson, the CN Tower’s chief operating officer, had this to say: “We are thrilled with the response. Due to the huge response, customers may experience some delays in getting through, but we ask them to keep trying. It’s worth the wait.”

“EdgeWalk” will launch its inaugural walk around the pod on August 1st. If you’re looking to pick up tickets, you may have to wait on the phone for a while. Clearly, there is quite a demand for walking around the outside of one of the world’s tallest buildings. It must be quite a thrilling experience. Either that, or a lot of people have gone completely crazy!

As a small business owner in Canada, you are naturally always thinking of ways to grow your company. Having worked with numerous entrepreneurs over the past several years, Synergy Merchant Services has become well-acquainted with this strong entrepreneurial spirit, and we are proud to assist such people with their dreams.

Of course, we often recommend utilizing our merchant cash advance program for such business-building decisions as renovations, advertising and expansion. There are, of course, numerous ways that one can grow his or her small business in Canada. However, according to QMI Agency’s Stefania Moretti in an article published yesterday, a tax break is not one of them.

She writes that economists Jack Mintz and Duanjie Chen have determined that tax breaks actually stifle the growth of small businesses. Based on a new report released yesterday by the University of Alberta’s School of Public Policy, this discovery is quite the eye opener.

Mintz and Chen found that some provinces that recently either nixed or reduced corporate taxes discovered that it neither boosted economic growth nor produced more job opportunities. And even though tax cuts have helped some new businesses to get off the ground, not many have grown.

Offered Mintz and Chen about this finding: “The incentives undermine the neutrality of the overall tax system and the goals of simplification, economic efficiency and fairness. Ironically, the current system encourages companies to break up into smaller, less efficient units (to avoid paying more).”

As well, Moretti mentions that the tax cutting system creates a “wall of taxation” that actually penalizes companies in the process of growing. She writes that “effective tax rates virtually double when a company goes from $1 million to $30 million in asset size. And small business tax breaks disproportionately benefit wealthy Canadians.”

So what would be an alternative solution to helping Canadian small businesses to grow? Mintz and Chen believe that both the feds and the provinces should push the concept of investing in depreciable assets. As well, they should “create a capital gains incentive for small businesses going public and reduce the lock-in effect of capital gains taxes.”

In today’s world, it seems as if just about everyone has smartphones. No longer satisfied with the calling and texting abilities of the standard cell phone, people’s obsessions with smartphones generally lie in the device’s ability to do just about everything. Between surfing the internet and making purchases, smartphones are genuinely do-it-all gadgets.

It would appear that in today’s business world, one must use a smartphone to be truly connected. Google Inc. is among the latest to take advantage of this as it has recently made attempts to utilize the smartphone as a replacement for credit cards, coupons and receipts!

If you’re scratching your head, wondering how this could be possible, you’re likely not alone. Yesterday, Peter Svensson of the Associated Press explained that Google is launching a new payment system in cooperation with MasterCard and Citibank. To be open to consumers this summer, the new initiative is expected to expand across the United States shortly thereafter.

As Svensson explains, Google’s new “smart payment system”, known as “Google Wallet” will initially only work on one smartphone – Sprint Nextel’s Google Nexus S 4G. As well, it will only connect to MasterCard PayPass terminals. The way it is expected to work is through what Google calls a “single-tap solution”.

Shoppers will be able to make payments for purchases through single taps of their phones on payment terminals. In other words, consumers may swipe their phones instead of their credit cards to make a purchase. However, they will apparently still need to sign a screen to complete the purchase.

It has not yet been reported if this new feature will be expanded to other smartphones and point-of-sale terminals. As well, Google’s launch of”Google Wallet” in New York last Thursday saw a Google executive have to tap his phone twice before signing the terminal screen. So perhaps there a still a few kinks in this new service.

According to Osama Bedier, who is Google’s vice-president of payments, retailers may decide whether or not they want their customers to sign the screen. Nevertheless, he is confident that the new mobile payment system is more secure than the magnetic stripes on credit and debit cards. As Svensson writes, convincing both retailers and consumers of this will likely present a challenge.