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Barry Timbury’s Retirement

Recently, one of our employees Barry Timbury retired. He brought over 30 years of service to ON Business and it was bittersweet to see him go. He always stressed how wonderful ON Business is as a company to every new employee and beyond. We cannot thank him enough  want him to know what a blessing it has been to work with him over these 30 years. Enjoy retirement Barry!

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ONBusiness Buccaneers Win Dragon Boat Race

Arrrrre you ready for some good news? Dragon Boat Racing was a huge success! Collectively, the ONBusiness Buccaneers raised over $1,600 for cancer research. Our team WON in the last race…AND… we didn’t capsize!

Here’s a few words from our mighty leader Dave Terrick:

We speak of the ONBusiness “Team” so often, but getting ten of us to do a new thing at the same time in the same way proves it! You will hear more stories around the office in the coming days- we each have our own- and I hope that next year there will be a wait list to get aboard.

Perhaps my favourite moment of the event came at the conclusion of our last race when we all high-fived our competitors after pouring ourselves out of our boats: exhausted and all glowing with satisfaction of a “job” well done.

Till next year? Aye Matey

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New Proposed Tax Legislation for Canadian Corporations

Last Tuesday July 18, the Federal government announced proposed tax legislation aimed at curtailing certain tax planning strategies using private corporations which -in the government’s opinion- undermine the equality and fairness of our tax system.  The announcement focused on these areas:
  • Sprinkling income using private corporations:  draft measures include the extension of kiddie tax rules to adult family members, elimination of the Lifetime Capital Gains Exemption (LCGE) to minor kids, elimination of the LCGE to gains accrued by trusts, etc.
  • Holding a passive investment portfolio inside a private corporation:  draft legislation includes alternative methods to discourage businesses from accumulating excess funds taxed in the corporations at lower tax rates.
  • Converting a private corporation’s regular income into capital gains:  the proposed measures include the extension of the anti-avoidance provisions currently targeting income stripping transactions that take advantage of capital gains treatment (whether or not LCGE claimed).
Earlier this year, the 2017 Federal Budget documents mentioned the government was looking into studying certain measures to limit abuses to the tax system by private corporations.   However, the timing and extent of the announcements far exceeded our understanding of the government’s intentions.
These measures are currently in draft mode and subject to consultation until October this year.  If implemented without changes, they could become effective either as of the announcement date or 2018.  However, there does not seem to be any grandfathering for corporate structures in place prior to the announcement date.  The new measures though seem to include a transition period.
In the weeks ahead, we will be analyzing these legislative changes in further detail and determine the best course of action in your particular case -if any- which might need to be implemented immediately.
We will keep you informed of any progress on this matter.  In the meantime, please feel free to contact one of us (Ariel Epstein or Scott Johannson) at the contact information provided below if you have any questions.

 

Ariel Epstein, CPA, CGA
Senior Tax Manager
  
Scott Johannson, CPA, CA
Senior Manager of Financial Services
Direct: (204) 985-4008
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Customer Service Via Email

Studies consistently show low levels of customer satisfaction with the ways in which businesses use emails. Too often, companies seem to be using email as a means of avoiding other forms of contact with their customers and their customers aren’t pleased. Their most common complaints include:

– No confirmation that their email had been received,
– No reply received from businesses,
– Late replies received from businesses,
– Inappropriate replies received from businesses, and
– Replies received that they can’t understand.

Email-based customer service has to date been a let-down for most customers. They expect their communications to be given the same attention as a letter or telephone call and instead feel that their emails have largely been ignored.

The Customer Respect Group Inc. say that only 69% of the 100 largest companies in the U.S. respond to online enquiries; the situation appears to be even worse for smaller firms.

BenchmarkPortal, a leading source of CRM best practices for contact centers, conducted a study that found that online customer service provided by SMEs is even worse than the service levels offered by large enterprises.

Conducted in early 2005 the study, sponsored by eGain Communications Corp, evaluated 147 SMEs across five sectors: retail, travel and hospitality, financial services, e-business, and hi-tech manufacturing. Some of their key findings were:

– 51% of the companies did not respond at all,
– 70% of the companies failed to respond within 24 hours,
– 79% of the companies responded with an inaccurate and/or incomplete answer.

Astonishingly, 40% of online-only businesses – a category that includes online recruiters and shopping comparison sites, failed to reply to customer e-mail inquiries!

And what do customers do when this happens? The answer is simple – they go away. Forrester Research studied customer behavior and found that 70% of online customers will go to a competitor if they don’t receive a timely response from a company. Only 22% of online customers return to a website after a negative experience.

There are thankfully some solutions that even smaller firms can implement to capitalize on the cost-savings and timeliness of emails without turning customers away.

1. Automatically respond to all emails received

People will be more willing to wait for a reply if their initial communication has been acknowledged. This email acknowledgement should include a statement that their email has been received, a commitment that it will be acted upon, and a maximum time by which a response will be sent.

2. Monitor email communications

A monitoring system should be set up that tracks progress of incoming emails and their responses. It should initiate an alarm for any message that hasn’t been responded to by the stated maximum time.

3. Have a suitable response structure

Emails are perceived by customers as being just as important as a letter or a telephone call. They should be answered in the same manner as any other form of communication – politely and with the intention of retaining the customer. Those persons responsible for preparing a response need both communications skills and the authority to resolve situations.

4. Consider webforms for use by customers

It’s simple enough to set up a series of webforms for customers to use, depending on whether their communication is a product enquiry, a complaint, a request for information about how to use a product, or for some other purpose. This make it easier for the customer and for the team members charged with responsibility for preparing a reply.

5. Make use of FAQs

It’s surprising just how many customer communications are for the same reasons; enquiries tend to repeat themselves. Create a database of your most common questions and answers that can be used to create an ‘FAQ’ (Frequently Asked Questions) section on your website. It can also be used as a source of content for those preparing responses to customer emails.

6. Analyze trends in customer communications

A sudden upsurge in complaints about a particular aspect of your company or a rise in enquiries about warranties can be pointers to important trends that are beginning to develop. Analyze all incoming customer communications to spot these trends and keep on top of them.

Email is one of our most valuable channels of modern business communications. It can bring real savings in time and money when applied in areas where customers and companies interact, but only if it’s used wisely.

Article courtesy of RAN ONE: http://www.ranone.com/features/news.asp?ID=4142