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Jason Kenney, Minister for Employment and Social Development, and Minister for Multiculturalism was the star attraction at the 23rd Indo-Canada Chamber of Commerce’s (ICCC) Annual Awards and Gala Night Saturday June 14 at the lavishly decorated Metro Toronto Convention Centre in downtown Toronto.

While accepting the President’s Award from Naval Bajaj, ICCC’s President, Minister Kenney exhorted the sterling contributions of the Chamber in being a key player in the resetting of the Canada-India bilateral relations. Minister Kenney expressed confidence that with the new government in Delhi, the Canada-India relations are bound to grow and gather momentum.

Minister Kenney was among the recipients of ICCC’s Annual Awards. The Annual Gala and Awards Night is a marquee event where ICCC promotes trade and commerce between India and Canada and recognize the achievements of Indo-Canadians from all across Canada by way of an award presentation. Indo-Canada Chamber of Commerce’s Advisory Board independently chooses the award recipients. In 2014, Grant Thornton LLP was tasked with conducting due diligence of the nominations received.

The 2014 award recipients included a spectacular mix of community stalwarts, entrepreneurs, professionals, academics, and young achievers. The evening, replete with entertainment skits and speeches from VIPs, was attended by over 1,200 guests comprising the who’s who of the Indo-Canadian society.

The 2014 recipients of ICCC’s Annual Awards & Gala Night include:

In keeping with the growing significance of the Indian diaspora to Canada-India bilateral ties the theme for 2014 Annual Awards & Gala Night was ‘Unleashing Diaspora Power Building for a New Future.  The latter part of the theme highlighting the Chamber’s new headquarters that it acquired in 2013 in Toronto’s West end, and began operations in 2014.

Honourable Joe Oliver was the chief guest and the keynote speaker at the event. He said, India is the 21st century giant. Referring to a recent book India: The Rise of an Asian Giant, Oliver stated that the title was fitting in the sense “if the 21st century is destined to be the Pacific century, it will belong to a significant degree to this Asian giant (India).” 

The Minister said that it should be “a historic opportunity (for Canada)” as relations between the two countries are so strong that he attributed to similarities between the two countries – similarities in the sense of both being “democracies” and both being members of the Commonwealth.

Minister Oliver said Prime Minister Stephen Harper was “one of the first government leaders to congratulate Prime Minister Narendra Modi for his party’s outstanding electoral success.” He quoted Harper emphasizing how the two countries have now come to “enjoy a rich, long-standing relationship, underpinned by strong people-to-people ties.”

He said Canada was looking forward to working with the new government of India to further strengthen the social and economic partnership to the benefit Canadians. Minister Oliver drew attention to Prime Minister Harper’s second official visit to India November 2012 when he signed the Canada-India Social Security Agreement: “It enables Canada and India to better coordinate pensions and other benefits for those who have worked in both countries.”

In his Presidential address, Naval Bajaj, said, “Last year ICCC created history when it acquired a new 6,000 square feet building that will become its headquarters. This is a significant event in the 37-year-old history of the Chamber. The building will open new growth avenues at a time when the Canada-India economic relations are on an upswing, and the Indo-Canadian population is coming into its own. In addition to serving as a venue for events, and being the operational headquarters, the new building will also house the proposed Centre for Excellence in Entrepreneurship that the Chamber will be launching this year.”

Naval emphasized the continuing relevance of the Chamber and its pivotal role in both the bilateral ties between Canada and India, and in promoting the interests of Indo-Canadians. In an interview published in the National Post on the eve of the Annual Awards and Gala Night, the ICCC President said, “India has moved to the next level in the last 20 years. The Canadian-Indian diaspora has also grown quickly. This community is more and more about enterprise and high-level professionals. They are helping fuel the economy of Canada.”

His Excellency Nirmal Verma, High Commissioner of India to Canada also spoke on the occasion.

Indo-Canada Chamber of Commerce (ICCC) organized an interactive session on tax incentive programs for start-ups and small businesses as part of the ICCC-CIBC series for Canadian small businesses.

Grant Thornton’s Martha Oner and Jaipreet Bindra were the key speakers at the session. Oner is the Senior Manager, Tax Incentives, and Bindra is Manager, Tax Incentives / Financial Advisory.

Rajeev Misra, General Manager Small Business, GTAW Brampton Vaughan SB Cluster, CIBC, introduced the speakers for the evening. As leader of Grant Thornton’s Ontario Tax Incentives practice, Oner’s role is to help clients across all industries to file maximized and substantiated tax credit claims, and Bindra helps clients across Information Technology, Computer Engineering and Electrical Engineering in the preparation and defense of SR&ED tax credit claims.

In their presentation Oner and Bindra provided a general review of tax incentive programs available for start-ups and small businesses conducting research and development or creating interactive digital media. They specifically discussed the Scientific Research & Experimental Development (SR&ED) and the Ontario Interactive Digital Media Tax Credit (OIDMT) credits.

The presentation, made jointly, introduced the SR&ED and the OIDMT programs. delineating the activities and expenditures that qualify, program statistics and incentives, recent changes, and tips for maximizing SR&ED and OIDMTC claims.

The Scientific Research & Experimental Development Tax Credit is Canada's largest program to promote/assist Private Sector R&D and grants $3.5b in tax credits to over 21,000 taxpayers annually. The benefits are structured to favor start-ups and smaller firms (i.e. Canadian Controlled Private Corporations - CCPCs) and 75 per cent of the claims are from small/medium CCPCs.

SR&ED requires "a systematic investigation or search that is carried out in a field of science or technology by means of experiment or analysis" and that is basic research, applied research, experimental development, including support activities.

The eligibility criteria doesn’t require the claimant to own a R&D lab, and is open to small businesses operating in the field of of Science/Technology in Canada (i.e. Manufacturing, IT/Software, Oil & Gas, Chem./Plastics, Engineering, Agriculture, Food Science, Biotech., Aerospace, Medical, Environmental, etc.).

Similarly, for claiming the Ontario Interactive Digital Media Tax Credit, a product must be developed at a permanent establishment in Ontario, it is not used primarily for: Interpersonal communication, Present or promote the qualifying corporation, Present, promote, or sell the products or service of the qualifying corporation. All or substantially all (90%) of the product must be developed in Ontario by the qualifying corporation.

Speaking on the occasion, Brij K. Sharma, Director, Trade, SME & Sponsorship, said, “The purpose of holding the speaker series in collaboration with CIBC, the Chamber’s lead corporate sponsor, is to highlight the benefits that are available to the small businesses.” He emphasized that the Chamber is keen to impart information that can materially benefit the small businesses. Naval Bajaj, President, ICCC, also spoke on the occasion.

Indo-Canada Chamber of Commerce (ICCC) organized an interactive session with Deepak Manchanda last week in Mississauga. Titled Life is a Game of Snakes and Ladders, the event also saw the launch of Deepak Manchanda Inc. – the boutique company that offers advice on franchising, joint ventures, life coaching, training, among others.

The event witnessed participation from ICCC’s members and guests that included corporate leaders, executives and professionals. During his hour-long session, Mr. Manchanda went on to explain that be it for the rich or for the poor, the talented or the hard-working, the skilled or the novice or even the educated or the unschooled, life has to have its ups and downs, the good and the bad days, the pitfalls and the soaring flights.

“That's the way it is, that's the way it always has been and that's the way it'll always be,” he said, and added, “The bottom-line is that the show must go on. Keep walking, keep swimming, keep bouncing back. That's the key to success.”

Mr. Manchanda punctuated the one-hour presentation with anecdotes from his own life, how he survived and succeeded at every turn and shared with the audience the insightful life mantras he gleaned from his experiences. He then propounded a simple equation (Choices + Conscious Decisions = Reality) that he said was the key to success.

Mr. Manchanda then launched two upcoming training programs, one targeted at those aspiring to be a trained public speaker, the other designed for young entrepreneurs.

Naval Bajaj, President of Indo-Canada Chamber of Commerce, informed the participants of the ICCC’s Annual Awards, and encouraged everyone to send nominations. Jagdish Bajaj, Vice President & Director, Programs & Events, ICCC, was the master of ceremonies.

Indo-Canada Chamber of Commerce in collaboration with CIBC organized a Speaker Series on Funding for start-ups and small businesses as a part of ICCC-CIBC series for Canadian small businesses, Tuesday, March 25 in Mississauga.

The program witnessed enthusiastic participation from members, stakeholders and guests. It was well received and attended by close to 100 guest. Dharma P. Jain, Indo-Canada Chamber of Commerce’s Treasurer and Director anchored the program and delivered the welcome remarks.

Naval Bajaj, ICCC’s President also spoke on the occasion.

Rajeev Misra, General Manager, Brampton, Vaughan/Etobicoke, CIBC; and Mike Marshall, Senior Director, Small Business Banking, CIBC; were the main presenters for the evening. The program's objective was to provide an opportunity for start-ups and small businesses  the funding opportunities available through the Canada Small Business Financing Loan (CSBFL) and other modes of financing.

Misra and Marshall started with various kinds of business ownership and then covered CSBFL program, eligibility criteria, requirements and exclusion, if any, and also discussed the key determinants that lenders and underwriters examine while approving a deal.

“It is indeed heartening to note that our Chamber’s programs continue to attract such a large audience. This is because we at the Chamber continuously strive to remain relevant to our core constituency – the small business owner. This relevance is reflected in our general programming, and is most definitely the case today,” Mr. Jain said.

Misra and Marshall then discussed the advantages offered and the challenges posed by different forms of ownership such as sole proprietorship, partnership and corporation, and the role of different advisors in launching of a business, the significance of people, product, place, price and promotion in business.

After a general discussion, the presenters then explained the method of operations of the Canada Small Business Financing Loan. Briefly, Misra and Marshall elucidated that up to 90 percent of the loan obtained under the CSBFL may be used for purchasing or improving land and buildings used for commercial purposes, purchasing new or existing renovations to premises occupied by the business as a tenant, purchasing or improving new or used equipment (including commercial vehicles).

They also informed the participants that the maximum loan amount a borrower can access under this program is $500,000, of which $350,000 can be used to finance the purchase or improvement of equipment and the purchase of leasehold improvements. All, for-profit small businesses or start-ups operating in Canada, with gross annual revenues of $5 million or less are eligible for the loan.

The presentation then moved on to discussing the significance of a business plan. The eight critical factors in a business plan included performance advantage, market readiness, uniqueness, first customers, distribution, market size, personal qualities and the financial plan.

The presenters then discussed the role of a banker in the process. This part formed a bulk of the presentation. In addition to the process, the presenters also identified the key parameters of lending criteria.

Tony Chawla, ICCC’s Infrastructure Director, introduced the speakers.  Jagdish Bajaj, Vice President -Events and Director gave vote of thanks.

What is the meaning of success? Does it mean the same thing to everyone? Does gender influence the interpretation of success? A lot of research has gone into the subject of success. What makes a person successful? How do we recognize success? To some, success may signify wealth; to others it is recognition. It could well be family for another set of people. In most cases it is a combination of many factors and attributes. Indo-Canada Chamber of Commerce (ICCC) organized the third annual International Women’s Day panel discussion on Saturday March 8, 2014, at the Pearson Convention Centre, to discuss what success means to women. The theme of the panel discussion was On Success: A Woman’s Perspective.

Hon. Amrit Mangat, MPP and Parliamentary Assistant to the Minister of Children and Youth Services, Ontario, was the keynote speaker at the event and also read the special greetings from the Premier of Ontario. The panelists and the audience included highly successful women entrepreneurs, professionals, and public figures. The panelists were: Dr. Usha George, Professor & Dean, Ryerson University; Asha Luthra, Director, Balmoral Marketing, & Former President, ICCC; Raj Girn, President & CEO, Anokhi Media; Sunita Malik, Crown Attorney; Sarab Hans, Managing Director, Hans Dairy. Rajni Tekriwal, Corporate Secretary and Director, Women Entrepreneurs & Professionals (WEP) committee, moderated the discussion.

Dr. Usha George during her presentation spoke about the need for women to work hard to attain their goals. However, she said, success often came not merely from working hard, but from working smart. She extoled the virtues of working smart, saying often it was the distinguishing features between the successful and the also-rans. Former President of Indo-Canada Chamber of Commerce, Asha Luthra, who was the first woman President in the three-and-a-half decade history of the Chamber, said to her the single biggest contributor to success is the ability to say “No.” She said women who could say “no” tended to take care of themselves better because they were able to better manage expectations. She also said that single women often found it daunting to meet their responsibilities and also to succeed, but she said all they needed more was a good dose of determination.

Raj Girn shared her experiences as a young person growing up in the United Kingdom and emphasized that while personality did play a crucial role in a person’s success, personal appearance never really matter as much. Giving her own example, she said that she always focussed more on what she wanted to achieve rather than what others thought of her. Sunita Malik said women need to focus on what they want to achieve rather than living other people’s dreams – and by that she meant parents, husbands, children, in-laws. Giving her own example, she said she was expected to become a doctor or an engineer, and then a teacher, but she was determined to be a lawyer.

Sarab Hans emphasized that one of the keys to success it to ask the right person for the right help. She said people are willing to help others succeed, but often they are not aware that such help is sought. Women should develop confidence. In her introductory remarks and during the moderation of the discussion, Rajni Tekriwal said that while the definition of success was a matter of interpretation and would naturally differ from a person to person, in case of women, success had to mean being able to achieve something significant on their own.  “I define success as a manifestation of good luck that results from inspiration, aspiration, desperation and perspiration,” she said, and added, “Success and happiness go hand in hand. Success is getting what you want and happiness is wanting what you get.”

The panel discussion drew tremendous response from the Indo-Canadian community, and was attended by an overwhelming number.

Indo-Canada Chamber of Commerce (ICCC) organized a business reception for the Indian mining delegation visiting the annual Prospectors and Developers Association Convention (PDAC) in Toronto earlier this week.

R. Sridharan, Additional Secretary, Ministry of Mines, Government of India, led the Indian delegation comprising over 35 representatives from the government and the private sector. Akhilesh Mishra, Consul General of India in Toronto, and Pradeep Kumar, Head of Chancery and Commercial Consul, were among the prominent guests who participated in the business reception.

In his welcome remarks, Naval Bajaj, President, ICCC, emphasized the significance of the PDAC convention and the role it has played in promoting bilateral trade and investment between Canada and India in the mining sector. He also spoke about ICCC’s pivotal role in promoting the sector especially through its mining committee.

Akhilesh Mishra, Consul General of India in Toronto, in his remarks lauded the remarkable work of ICCC in promoting bilateral trade between Canada and India, and its focussed approach in keeping the mining sector on the agenda.

In his remarks, R Sirdharan, the Additional Secretary of the Ministry of Mines of Government of India, spoke of the long and fruitful relations between Canada and India.  D. S. Misra, Joint Secretary, Ministry of Mines, Government of India, K. Pradeep Chandra, Principal Secretary, Industries and Commerce Department, Government of Andhra Pradesh.

Aditya Rebapraggada, Partner, Norton Rose Fulbright LLP, a prominent law firm, spoke about the tremendous opportunities of collaboration in the sector between Canada and India. Susan Veigas, Senior Advisor at Toronto Economic Development, emphasized that Indian companies need to explore Toronto as an investment destination.

Several prominent members of the Indo-Canada Chamber of Commerce (ICCC), including Satish Thakkar, immediate Past President of ICCC, and Indira Singh, Chair of ICCC’s Mining Committee, were present on the occasion.

Indo-Canada Chamber organized an economic briefing session in collaboration with RBC Royal Bank where Paul Farley, the assistant chief economist of the bank made a presentation on Global, U.S. and Canadian Economic Outlook: Growth to Strengthen as Downside Risks Ease.

Mr. Farley analysed the emerging global economic scenario and made the following observations for the near-term:

Strong business investment, rising U.S. demand, modest gains in consumer spending, and accommodative Bank of Canada policy are expected to help strengthen growth next year.  In addition, strong demand for natural Resources is a benefit for Canada though growth is still largely dependent on sustained U.S. recovery. The recovery in Canada since the recession has generally been moderately stronger than in the U.S.

He said, the Canadian economy has benefited from strong, albeit slowing, demand from emerging markets, particularly in Asia, for various natural resources. Though commodity prices have recently moved lower, they have remained, and are expected to continue to remain, historically high.

These factors are expected to be beneficial to exports and business investment, particularly in 2014, though with still high household debt both limiting consumer spending and weighing on residential investment while fiscal restraint will curtail government spending. Export growth has under-performed relative to U.S. growth though the recent depreciation of the Canadian dollar is expected to help close that gap.

Mr. Farley said, economic growth in Canada is expected to be sufficiently strong to put further downward pressure on the unemployment rate. Though the unemployment rate has moved lower, there remains sufficient slack in the economy to keep core inflation below target through the forecast.

To sustain growth, the Bank of Canada is expected to remain on the sidelines until 2015 reflecting modest growth and the absence of inflationary pressures. Bond yields to rise as financial markets anticipate eventual central bank tightening in both Canada and the U.S.

The Canadian dollar to remain historically high though on a depreciating trend reflecting the recent weakness in export growth.

On the subject of trade between Canada and India, he said, the two-way trade between India and Canada has been steadily rising though this is occurring from still very low levels. Canadian exports to India are skewed towards natural resources with aircraft being the only exception among the top six items. Canadian imports from India are more diversified. Strong business balance sheets and strengthening confidence is expected to contribute to a strengthening in business investment.

There was a large jump in investment by India in Canada in 2008 that was in part related to a large purchase of a Canadian steel operation. However, the dollar amounts were small relative to Canada’s bilateral investment with other countries.

In addition, the Assistant Chief Economist of RBC Royal Bank also said that the advanced economies are expected to take the lead in boosting growth. In particular, the recovery in the U.S. is expected to boost activity among both advanced and emerging economies. Although in this regard, he cautioned that though annual U.S. growth in 2013 at an expected 1.9% was disappointingly modest, the quarterly numbers point to a strengthening trend through the year.  Strengthening growth among advanced economies in 2014 is expected to be relatively broad based though with Japan being an exception

While discussing the emerging economies, Mr. Farley said higher U.S. bond yields are raising concerns about higher funding costs to emerging economies which is weighing on the currencies of those economies. He also said that the strengthening activity among emerging economies may be restrained by relatively steady growth in China.

Brij K. Sharma, ICCC’s Director for Trade, SME & Sponsorship, in his welcome remarks emphasized the significance of organizing such informative sessions with members and stakeholders of the Chamber. He said, “In today’s globalized environment, it has become imperative for our members to take economic decisions based on a proper understanding and analyses of key emerging trends. Mr. Paul Farley’s observations will go a long way in aiding our members take those informed decision.”

Mr. Imtiaz Seyid, Vice President, South Asian & Middle East Markets, RBC Royal Bank, and a former director of ICCC, introduced the speaker. Mr. Naval Bajaj, President, ICCC, also spoke on the occasion.