Newsletter - November 2020
President's Views
Pramod Goyal
Indian Diaspora – India's Brand Ambassadors
The Indian Diaspora may have voted with their feet to emigrate out of India. But their influence is increasing both in their motherland and their homeland. Thanks to their educational and economic status and their social and political mobility, the Indian Diaspora is today a powerful influence in their motherland and their homeland.
They influence India’s economy directly through their remittances and investments. Diaspora finance in the form of remittance and investment helped India to come out from its foreign reserve crisis and fueled its economic growth. India has overtaken China in terms of receiving foreign remittance recently.
The Indian Diaspora gave true meaning to the Sanskrit aphorism ’Vasudaiva Kutumbatam’ – the entire world is one family – by remaining faithful to their matrubhoomi and their karmabhoomi.
The approximately 20 million diverse Indian Diaspora has enriched their profile through skills and inspiration from their civilizational values. Though they are heterogeneous, drawn from different historical and cultural contexts of migration, they retain their Indian identity and a deep cultural and emotional bond towards India.
Indian Diaspora imbibes as well as imparts values – taking in the best their new home has to offer and giving back the best from India. It is little wonder, then, that in most parts of the world, the Indian Diaspora is considered an ideal community.
Read more: President's Views
Happy Diwali
Let's make this Diwali joyous and bright
Let's celebrate in true sense this festival of light
Programs & Events
Cleantech Mission to India - 2021
25 - 26 February 2021
Download
Flyer
Application Form
If you are interested in participating in this no-cost virtual mission, please contact Mayank (mbhatt@iccconline.org)
Mission organizers
Funding Partner
Upcoming Webinars
Skills Development & Entrepreneurship
Keynote address
Hon. Mahendra Nath Pandey
India's Minister of Skills Development & Entrepreneurship
Details to be announced
Past webinars
Real estate investment opportunities in India
29 October
Small Business Week 2020
26 October
Covid19's Impact on Canada's Immigration
22 October
In the News
Ontario Budget 2020
Provisions aimed at assisting small businesses
Minister Prabhmeet Singh Sarkaria as the Ontario's Minister of Small Business, on behalf of Ontario’s Small Business community, has worked closely with Minster Rod Phillips and his team to focus efforts on the things that matter most to small business. In particular, the following initiatives are aimed particularly at assisting small businesses in Ontario through the new budget’s provisions.
A New Electricity Plan for Growth & Job Creation
The 2020 Budget outlines our plan to reduce the burden on employers of the high-cost energy contracts signed by the previous Liberal Governments with non-hydro renewable energy producers. Starting January 1, 2021, roughly 85% of these high cost wind, solar and bioenergy contracts will be funded by the Province, not business ratepayers. Removing these costs from electricity bills will result in medium size (Class B) and larger industrial and commercial employers (Class A) saving about 14% and 16% respectively, on average, on their electricity bills. The Ontario Electricity Rebate will continue to protect households, farms and small businesses, including main street restaurants and retail shops.
A New Property Tax Plan for Employers
The 2020 Budget outlines our plan to reduce the burden on employers of varying business property taxes. To address this inequity, the Province will lower the significant Business Education Tax (BET) component of property bills to 0.88%. This will benefit over 200,000 business properties or 94% of all business properties in Ontario, providing an annual savings of $450M beginning in 2021.
A New Property Tax Plan for Small Businesses
The 2020 Budget will enable municipalities to partner with the province to reduce the burden on small businesses of business property taxes, by allowing municipalities to create a reduced small business property tax subclass. For all municipalities that agree to create a lower small business property tax subclass, the province will consider matching these municipal property tax reductions in order to provide further support for small businesses. Total municipal and provincial property tax relief for small businesses could total $385M by 2022-23.
With both property tax reductions, a small bakery shop in Toronto with an assessment value of $1.5M could save $10,500 in property taxes annually.
A New Employer Health Tax Plan for Small Business Employers
Due to the COVID-19 Pandemic in March our government expanded our exemption from the Employer Health Tax (EHT) for 2020 from $490,000 to $1 million. In the 2020 Budget we are making this change permanent. This change will permanently reduce the EHT on a restaurant with $700,000 in payroll from $4,095 to 0, and would reduce the EHT on a Building Contractor with a payroll of $1.5 million from $19,695 to $9,750.
Ensuring Business Property Tax Assessments are based on permitted land use not speculative land uses – in the 2020 Budget to ensure the government is well-positioned to respond to input and any necessary amendments to the Assessment Act, the government is proposing the creation of optional new assessment tools to address concerns regarding assessments on permitted land use versus speculative land use.
Read more: In the News
Insight
How Canadian entrepreneurs are adapting
to the pandemic
Business Development Bank of Canada (BDC) published a study on the impact of the Covid19 pandemic on Canadian entrepreneurs and how they are coping with the economic uncertainties
As we all know, the world changed dramatically in spring 2020. Operating in an enviable economic environment before that date, businesses and consumers alike have been impacted by the lockdown. The global health crisis has led to one of the largest economic crises in history. Fortunately, governments have implemented exceptional measures to help citizens and businesses maintain and relaunch their activities. We are currently on the road to a slow recovery.
In this new business environment, many Canadian entrepreneurs are showing ingenuity in adapting to post crisis challenges. This report outlines the five priorities that small and medium-sized enterprise (SME) leaders across the country intend to pursue over the next few years. The purpose of the report is to inspire all entrepreneurs and help them put their businesses back on track to prosperity. This report also demonstrates that there are opportunities for businesses of all sizes.
While the situation remains uncertain, it is important to remember that all crises ultimately pass. It is therefore essential that Canadian entrepreneurs position themselves now to take advantage of current and future business opportunities.
Read more: Insight
From risk to resilience
An equity approach to Covid-19
Dr. Theresa Tam, Chief Public Health Officer of Canada's Report on the State of Public Health in Canada 2020
Read more: An equity approach
Notice
As a result of an internal decision by RBC Insurance and Aviva General Insurance to discontinue group insurance, the ICCC's Affinity Partnership with RBC Insurance for Home and Auto Insurance will be concluding in November 2020.
The discount offered to ICCC members for new policy will not be available from 15 November 2020. For ICCC members who have already availed of the discount, the cancellation date will be 21 January 2021.
ICCC members are still able to obtain the discount up until 15 November and those policies renewing before 21 January 2021 – will continue to obtain the Group Home & Discount until their next year renewal.