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Publication of the Swiss Canadian Chambers of Commerce Ontario and QuebecPublication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec
February/March Février/Mars 2012
Prévisions économiques
Economic Outlook
2012
Quand un espresso d’exception rencontre une mousse de lait exceptionnelle… en une seule pression
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5612-CANjan12 Ricardo Lattissima 8x10.75_CB.indd 1 15/11/11 11:14
CON
TEN
TS /
IND
ICE
FEATURE / REPORTAGE
Economic Outlook 2012 / Prévisions économiques 2012
4 Rétrospectives et perspectives 2011 – 2012
Review of 2011 and outlook for 2012
10 Swiss Monetary Policy After Hildebrand
21 2012 In The Shade of 2011?
BUSINESS AND OTHER NEWSNOUVELLES ECONOMIQUES ET INFORMATION
12 Insight: Canada’s Fiscal Transformation
15 Transferring Capital Losses to a Spouse
15 Improving Your International Cash Flow: Bridging The Gaps
17 Save Time and Money at the Border
18 Karin’s Performance Solutions – Are You Moving Sideways?
22 Travel News
24 Medical Information by Employees on Sick Leave
27 Business News
28 Trade Fairs
CHAMBER NEWSNOUVELLES DE LA CHAMBRE
2 President’s Message SCCC/Upcoming Events
3 Message du Président CCCS / Evénéments
11 Scholarship Fund
11 New Members – SCCC
23 Quote of the Month
23 Nouveaux Membres – CCCS
25 The 2011 SCCC Dinner Dance
28 SCCC Group Health Plan
Publication of the Swiss Canadian Chambers of Commerce Ontario and QuebecPublication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec
European Central Bank, Frankfurt, Germany
Banque centrale européenne, francfort, allemagne
IN FO SU I SS E2
BOARD OF DIRECTORS • 2011 – 2012President / Director:Phillip GyslingMesh Innovations Inc.174 Hallam Street, Toronto ON M6H 1X5Tel: 416-871-8159Email: [email protected]: www.meshinnovations.com
Vice-President / Treasurer/ Director:Urs VilligerRE/MAX WEST REALTY INC. 1678 Bloor Street West, Toronto ON M6P 1A9Tel: 416-562-7701Email: [email protected]: www.remaxwest.com/UVilliger
Secretary & Legal Counsel:Bernard LetteLette LLP20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3Tel: 416-971-4898Email: [email protected]: www.lette.ca
Past President / Director: Hans MungerAuto Motion Shade Inc.400 Bentley Street; Unit 7-11; Markham ON L3R 8H6Tel: 905-470-6198 x 33Email: [email protected] Website: www.automotionshade.com
Directors:Babette BaarsMarché Restaurants Canada Ltd.8 King Street East, Suite 838, Toronto, ON M5C 1B5Tel: 647-341-1444 Cell: 647-969-1445Email: [email protected]: www.marche-int.com
Rudi BlatterLindt & Spruengli (Canada) Inc.181 University Avenue, Suite 900, Toronto ON M5H 3M7Tel: (416) 351-8566Email: [email protected]: www.lindt.com
Mirko CapodannoSwitzerland Tourism480 University Avenue, Suite 1500Toronto, ON M5G 1V2Tel: 416-695-3375 Cell: 416-841-6644Email: [email protected]: www.MySwitzerland.com
Yves-Daniel CochandSwiss Reinsurance Company150 King Street West, # 2200, Toronto, ON M5H 1J9Tel: 416-408-5945Email: [email protected]: www.swissre.com
Julien FavreUBS154 University Avenue, Toronto ON M5H 3Z4Tel: (416) 345-7033Email: [email protected]: www.ubs.com/1/e/canada
Roger HunzikerThe Bata Shoe Museum327 Bloor Street West, Toronto ON M5S 1W7Tel: 416-979-7799 x 242Email: [email protected]: www.batashoemuseum.ca
Sandra Leuba136 Curzon Street, Toronto ON M4M 3B5Tel: 416-616-4251Email: [email protected]
Ronnie MillerHoffmann-La Roche Ltd.2455 Meadowpine Boulevard, Mississauga ON L5N 6L7Tel: 905-542-5522Email: [email protected] Website: www.rochecanada.com
Daniel OehySwissmar35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3Tel: 905-764-1121Email: [email protected]: www.swissmar.com
Urs UhlmannZurich400 University Avenue, 25th Floor, Toronto ON M5G 1S7Tel: (416) 586-2959Email: [email protected]: www.zurich.ca
Andrea Von MoellerB2-125 The Queensway; Toronto ON M8Y 1H3Tel: (416) 907-8012Email: [email protected]: www.2marketinternational.com
Honorary Director:Bernadette HunkelerConsulate General of Switzerland154 University Avenue, Suite 601, Toronto ON M5H 3Y9Tel: 416-593-5371Website: www.eda.admin.ch
Liaison Offi cer Consulate General of Switzerland:Emil WyssConsulate General of Switzerland154 University Avenue, Suite 601, Toronto ON M5H 3Y9Tel: 416-593-5371Email: [email protected]: www.eda.admin.ch
Executive Assistant:Patricia Keller Schläpfer – SCCC756 Royal York Road, Toronto ON M8Y 2T6Tel: (416) 236-0039 Fax: (416) 551-1011E-mail: [email protected] Website: www.swissbiz.ca
Electronic Typesetting and Assembly: Nancy Raitt @ corptype
Printed by: J. B. Deschamps
Dear Members,
Happy New Year to you all, we, from the Swiss Canadian Chamber
of Commerce, wish you a happy and prosperous 2012!
The Chamber elegantly wrapped up 2011 with the annual
Dinner Dance event at the King Edward Hotel downtown Toronto.
The theme of the evening was “a journey through Switzerland”
and guests were treated to typically Swiss entertainment
contributions as well as a slide show highlighting many beautiful
sites in the country. The donations from Switzerland Tourism, Swiss
Air Lines and Kempinski were combined so that we were able to offer one magnifi cent
grand prize.
After the Dinner Dance event things calmed down quite a bit at the Chamber. There have
been no offi cial Chamber events since then; our next get-together will be a Swiss night in
February. Behind the scenes there has been quite a bit of activity and we are preparing for
some substantial changes for the new year. The SCCC and Canadian German Chamber of
Commerce and Industry have decided to unite their forces and organize, for the fi rst time,
a joint golf tournament. Some details still need to be ironed out, but we think that this is a
win-win proposition as we will be able to offer a much more attractive tournament to our
members as well as to our sponsors. We look forward to this year’s golf day and we will
communicate details as soon as a date and tournament location have been determined.
Our Chamber’s outlook for 2012 is thus an exciting one, marking a new beginning through
the collaboration with our German friends. The general economic outlook for 2012 is likely
a much less exciting one as the road this year is sure to be a bumpy one. Even though
Canada’s economy is relatively robust we are nonetheless sure to be affected by the
stresses in the euro-zone. I wish you good luck and Godspeed and look forward to seeing
many of you in the months ahead.
Happy reading!
Philipp Gysling
President
Swiss Canadian Chamber of Commerce (Ontario) Inc.756 Royal York Road • Toronto, Ontario M8Y 2T6Tel: (416) 236-0039 • Fax: (416) 236-3634 • E-mail: [email protected] • www.swissbiz.ca
2012 COMING EVENTS
February 7, 2012: Swiss Night @ Marché Restaurants
April 18, 2012: AGM @ Le Meridien King Edward
May 31: Das Food und Drink Fest @ St. Lawrence Market
June 13: AHK/SCCC 2012 Golf Tournament
November 17: Gala Dinner Dance @ Le Meridien King Edward
Further Information can be found on www.swissbiz.ca/upcoming_events
Dates above are subject to change
FE B R UA RY/MA R C H 3
La Chambre de commerce canado-suisse (Québec) Inc.Swiss Canadian Chamber of Commerce (Quebec) Inc.
1572 Avenue Docteur Penfi eld, Montréal, Qué. H3G 1C4 • Tél: (514) 937-5822 • Fax: (514) 954-5619 • E-mail: [email protected] • Web site: www.cccsqc.ca
CONSEIL D’ADMINISTRATION / BOARD OF DIRECTORS2011 – 2012Président / PresidentMr. Jean Serge GriséDirecteur, Communications et Affaires publiquesFondation Lucie et André Chagnon Conseiller en affaires publiquesTel: 514.380.2001, # 1058E-mail: [email protected]
Secrétaire / Secretary Mr. Raphaël DelacombazTel: 514.296.1943 E-mail: [email protected]
Vice-présidents / Vice-PresidentsMr. Olivier SchlegelGeneral Manager for CanadaSwiss International Air LinesTel: 514.954.5600, # 6610E-mail: [email protected]
Mr. Bruno SetzConsultantTel: 514.767.5123 E-mail : [email protected]
Trésorier / TreasurerMr. Othmar WidmerConsultation WidmerTel: 514.290.4822E-mail: [email protected]
Directeurs / DirectorsMr. Jacques DemontManaging Director NespressoTel: [email protected]
Mr. Ch. Dubois Conseiller de la Ville Ville de Montréal (Arrondissement Pierrefonds-Roxboro)Tel: [email protected]
Me Jean-Marc FerlandAvocatFerland, Marois, Lanctot Tel: 514.861.1110E-mail: [email protected]
Mr. Moritz GruberPrésidentSystem Huntingdon Inc.Tel: 450.264.6122E-mail : [email protected]
Mr. Olivier RodriguezGestionnaire de portefeuilleMirabaud Canada Inc. Tel: 514.393.1690E-mail : [email protected]
Me Monica SchirdewahnAvocate / Lawyer Lette & AssociésTel: 514.871.3838, # 213 E-mail: [email protected]
Mr. Paul Wieser PDG pour le CanadaBusch Vacuum Technics Inc. Tel: 450.435.6899E-mail: [email protected]
Directeur honoraire / Honorary DirectorMr. Claude DuvoisinConsul général de SuisseTel: 514.932.7181 E-mail: [email protected]
Liaison au Consulat général de SuisseMr. Paolo Bezzola Consul Tel: 514.932.7181 E-mail: [email protected]
Conseiller juridique / Legal CounselLette & AssociésTel: 514.871.3838, # 213 E-mail: [email protected]
Responsable de l’administration / Administration Offi cer Mr. Andreas Kräuchi Tel: 514.937.5822 Fax: 514.954.5619 E-mail: [email protected]
Chers membres,
Mes collègues du Conseil d’administration et moi-même désirons
profi ter de ce premier numéro de 2012 afi n de vous offrir nos
meilleurs vœux pour une très belle année remplie de succès
commerciaux et personnels. Nous avons travaillé pour vous amener
beaucoup de nouveautés en 2012. Par exemple, nous aurons très
bientôt une conférence d’un de nos membres, Jacques Demont, de
Nespresso qui nous parlera du succès retentissant de cette grande
marque au Canada.
Cet événement sera suivi par notre raclette traditionnelle qui nous réunira à l’Auberge Saint-
Gabriel, le 23 février prochain. Un autre membre nous prépare une belle surprise au début
du printemps alors qu’il nous annoncera l’expansion de son entreprise et nous présentera
ses nouvelles installations montréalaises. Et ce n’est que le début de cette année…
Au début de l’été, vous pourrez assister à notre très populaire tournoi de golf, qui aura lieu
le 4 juin 2012, au magnifi que Club Whitlock.
Nous faisons tout pour avoir au moins une activité par mois afi n de créer l’occasion à tous
nos membres de se retrouver et d’échanger entre eux.
We strongly believe that, if we create occasions to meet often, our members will know
each other better and will want to do business together.
Récemment, les membres de votre Conseil ont eu l’occasion de rencontrer le nouvel
ambassadeur de Suisse au Canada, monsieur Ulrich Lehner. Nous avons pu échanger sur la
situation économique au Québec. Nous avons pu constater que monsieur Lehner porte un
vif intérêt pour toutes les actions qui peuvent favoriser les échanges commerciaux entre la
Suisse et le Canada.
Je vous écrirai sous peu afi n de vous demander de nous tenir informés des
développements de vos entreprises; nous désirons partager avec tous nos membres les
bonnes nouvelles économiques qui vous touchent. Envoyez-nous vos communiqués, nous
soulignerons vos réalisations sur notre site.
Bonne lecture et à bientôt,
Jean Serge Grisé
Président du conseil d’administration
EVÉNÉMENTS / UPCOMING EVENTS 2012
23 Février / February 23rd Soirée Raclette / Raclette evening
7 Mars / March 7th Petit déjeuner – Causerie / Breakfast presentationNespresso, un concept uniqueNespresso, a unique concept
4 Juin / June 4th Tournoi de Golf Mémorial Jacques Thévenoz / Golf Tournament Jacques Thevenoz Memorial
Dates sujet à changements / Dates subject to change
INFORMATION et détails/and details : www.cccsqc.ca ou/or (514) 937-5822
IN FO SU I SS E4
Economic Out look 2012
Prévis ions économiques 2012
RÉTROSPECTIVES ET PERSPECTIVES 2011 – 2012Par Mirabaud Canada Inc.
ENVIRONNEMENT ÉCONOMIQUEAprès avoir bénéfi cié d’une croissance
relativement forte en 2010, l’économie
mondiale a dû faire face en 2011 à une
expansion nettement plus modérée. Au
cours du premier semestre, deux chocs
exogènes ont mis un frein au redressement
conjoncturel, à savoir le « Printemps arabe
» et le tremblement de terre de Tohoku. Le
premier a engendré une hausse des coûts
énergétiques et une modération de la con-
sommation, alors que le second a provoqué
une chute du produit intérieur brut japonais
et une interruption d’un certain nombre de
sites de production. La seconde partie de
l’année a été marquée par l’intensifi cation
de la crise sur les dettes souveraines euro-
péennes dont la conséquence a été une
détérioration des conditions de fi nancement
sur la zone euro, s’élargissant à l’ensemble
des zones géographiques. Lors des six
premiers mois, les pays émergents ont
contribué fortement au redressement du
cycle économique pour devoir ensuite subir
un fl échissement de leur activité industrielle
initié par les resserrements monétaires. Au
sein des pays avancés, la mise en œuvre des
plans d’austérité et la raréfaction de l’offre de
crédit ont contraint fortement les demandes
intérieures européennes, augmentant les
risques de récession pour le quatrième tri-
mestre. A contrario, l’économie américaine
s’est redressée pendant le second semestre,
soutenue à la fois par le dynamisme des
investissements en biens d’équipement
et par l’augmentation des dépenses des
ménages, rendus plus optimistes par
l’amélioration du marché de l’emploi.
Déjà fortement incertaine au cours de
l’année écoulée, l’évolution économique
le sera tout autant en 2012, les déséquili-
bres d’hier s’amplifi ant et se multipliant.
Les dettes excessives accumulées par les
économies avancées doivent désormais se
réduire et limitent la croissance. Les excé-
dents commerciaux très importants dégagés
par la Chine et l’Allemagne, ainsi que les
défi cits externes accumulés par les Etats-
Unis exacerbent les variations conjoncturel-
les. L’endettement public trop important
contracté par les états exige l’austérité
budgétaire en période de ralentissement de
l’activité.
Grâce à la réduction des pressions infl a-
tionnistes dans les nations en développe-
ment, nous assisterons à un élargissement
et à une intensifi cation des assouplisse-
ments monétaires. Les forces contradictoires
exercées par les stimulations orchestrées par
les banques centrales et les resserrements
fi scaux décidés par les gouvernements occi-
dentaux, européens plus particulièrement,
rendent les perspectives économiques
pour 2012 très aléatoires. Le fl échissement
conjoncturel s’accélérera pendant le premier
semestre. La zone euro sera en récession et
ses partenaires européens feront face à une
stagnation de leur niveau d’activité. La con-
MIRABAUD Canada Inc. - Olivier Rodriguez / MIRABAUD Gestion Inc. - Yves Erard1501, avenue McGill College - Bureau 2220 - Montréal (Québec) H3A 3M8 - T +1 514 393-1690 - F +1 514 875-8942MIRABAUD Canada Inc. est membre de l’Organisme canadien de réglementation du commerce des valeurs mobilières inc. et du Fonds canadien de protection des épargnants.
MIRABAUD ÉLARGIT SON HORIZON, AUTANT POUR LA GESTION PRIVÉE QUE L’ASSET MANAGEMENT ET L’INTERMÉDIATION.S’ENGAGER AUTREMENT POUR ALLER PLUS LOIN.
www.mirabaud.com
TANT D’HORIZONS À EXPLOR R
FE B R UA RY/MA R C H 5
joncture américaine s’essouffl era en raison
de l’arrivée à terme d’un certain nombre de
réductions fi scales et de la reconstitution du
niveau d’épargne des ménages. L’expansion
sur la zone émergente faiblira sous l’effet du
ralentissement de la demande externe et
des resserrements de l’offre de crédit.
Dès le second semestre, la forte expan-
sion des politiques monétaires engendrée à
la fois par la réduction généralisée des taux
d’intérêt dans les pays en voie de dével-
oppement et l’expansion des bilans des
banques centrales occidentales favoriseront
une reprise progressive de la croissance,
en Asie tout d’abord, en Amérique ensuite,
ultérieurement et de façon plus modérée
en Europe. Une expansion durable de la
conjoncture mondiale exigera cependant
une diminution des risques systémiques
sur la zone euro. Les interventions accrues
de la Banque Centrale Européenne et le
déploiement de la puissance de feu du
Fonds Européen de Stabilisation Financière
appuyé par la mise en œuvre d’une gou-
vernance économique renforcée devraient
en effet permettre à moyen terme d’apaiser
les tensions survenues sur les rendements
des dettes souveraines et au sein du marché
interbancaire.
MARCHÉS OBLIGATAIRES Les marchés obligataires gouvernementaux
se sont globalement appréciés en 2011 pour
atteindre de nouveaux records historiques.
L’augmentation de l’aversion au risque
des investisseurs et l’accroissement des
pressions défl ationnistes liées au proces-
sus de désendettement sont à l’origine de
la détente substantielle des rendements
observés sur les emprunts d’état. La dette
émergente a aussi progressé, mais de façon
plus limitée en raison de l’augmentation des
primes de risque due à la détérioration des
conditions de fi nancement et des perspec-
tives conjoncturelles.
Les emprunts privés ont poursuivi
leur hausse en 2011. Leur évolution a été
néanmoins plus contrastée et rendue très
sélective à la fois au niveau monétaire,
mais aussi sur le plan des débiteurs, les
émetteurs bancaires européens ayant forte-
ment sous-performé.
Malgré leur niveau historique très bas,
les taux d’intérêt prélevés sur les actifs à
revenus fi xes gouvernementaux évolueront
latéralement au cours du premier trimestre
en raison du recul attendu de la croissance
nominale mondiale et de l’augmentation
temporaire des ressources productives
disponibles. Lors du second semestre, la
réduction des pressions défl ationnistes et
le redressement de la conjoncture engen-
dreront progressivement un recul des obli-
gations d’Etat et favoriseront une réduction
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050_300_Tailfin_7.25x5_Canada 1 13.12.11 10:20
IN FO SU I SS E6
de la prime de risque sur les dettes privées
et émergentes
MARCHÉS DES ACTIONS A l’exception notoire de Wall Street, les
bourses ont reculé au cours de l’année
écoulée, les valeurs émergentes ayant le plus
baissé. La contraction des multiples induite
par la détérioration de l’environnement
fi nancier et la réduction des estimations
bénéfi ciaires ont été à l’origine de la baisse
des actions, les titres américains ayant été
soutenus par des conditions monétaires et
conjoncturelles plus favorables. Les secteurs
fi nanciers et cycliques ont été au cours du
second semestre les plus durement touchés,
les premiers par la hausse des risques
systémiques et les seconds par le ralentisse-
ment économique.
Malgré une évaluation attrayante à long
terme, les indices boursiers demeureront
dans leur tendance baissière pendant le
premier trimestre. Le coût du capital ne se
réduira pas en raison du maintien des primes
de risque à un niveau élevé et la croissance
des bénéfi ces des sociétés sera amoindrie
par le recul de la conjoncture.
Sous l’effet de l’amélioration des condi-
tions de fi nancement initiée par la forte
expansion des offres monétaires, les actions
se redresseront graduellement au cours du
deuxième trimestre pour progresser plus
sensiblement lors du second semestre grâce
à l’accélération du cycle économique.
Sur le plan géographique, la bourse
américaine grevée désormais d’une valorisa-
tion plus onéreuse s’appréciera de façon plus
limitée, alors que les marchés émergents et
du Sud-est asiatique se reprendront plus
fortement grâce à la mise en œuvre de poli-
tiques économiques très accommodantes.
Sous l’effet de la stabilisation de la zone
euro favorisée par le relâchement monétaire
de la Banque Centrale Européenne, les titres
européens se revaloriseront en corrélation
avec la baisse de l’euro et ne sous-perform-
eront plus à moyen terme leurs homologues
des pays avancés.
MARCHÉS DES CHANGES Les marchés des changes ont été globale-
ment marqués par deux phases, à savoir
au cours des six premiers mois de l’année
par une baisse du dollar américain, puis
lors du second semestre par une reprise du
billet vert vis-à-vis des principales devises.
En variation annuelle, les devises ont néan-
moins au cours des douze derniers mois peu
fl uctué, à l’exception de certaines monnaies
émergentes, telles que le réal brésilien, le
peso mexicain ou la roupie indienne qui se
sont dépréciés de près de dix pourcents.
Le yen et le Renminbi font partie des rares
exceptions qui se sont appréciées en 2011.
En Europe, l’événement majeur a été la fi xa-
tion par la Banque Nationale Suisse du taux
plancher de l’euro à 1.20.
Au cours du premier semestre, le billet
vert restera ferme par rapport à l’ensemble
des monnaies en raison d’une situation
économique plus favorable aux Etats-Unis et
du resserrement temporaire des conditions
de fi nancement sur la zone dollar induit par
la fragilisation du système bancaire mondial,
européen plus particulièrement.
En l’absence d’une redéfi nition partielle
de l’euro exigée par la sortie de certains de
ses membres, la monnaie européenne se
dépréciera de façon ordonnée, permettant
aux autorités monétaires helvétiques de
maintenir le taux de change fi xe défi ni.
Le redressement attendu de la con-
joncture mondiale et la stabilité fi nancière
retrouvée au sein de la zone euro mettront
pendant le troisième trimestre un frein à
l’appréciation du dollar et conduiront à un
redressement des devises émergentes et
sensibles à la hausse du prix des matières
premières. Un apaisement plus tangible des
tensions au sein de la zone euro favorisé
par l’amélioration des perspectives de crois-
sance en Europe sera la condition nécessaire
en 2012 pour mettre un terme à la baisse
Economic Out look 2012
Prévis ions économiques 2012
Source: Thomson Reuters Datastream
Q1 Q2 Q3 Q42011
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
SWISS CONFEDERATION BOND 10 YEARGERMANY BENCHMARK BOND 10 YR (DS)US TREASURY CONST MAT 10 YEAR (D)
FE B R UA RY/MA R C H 7
de la monnaie européenne et l’obtention de
sa réévaluation par rapport au franc suisse.
Bien que Mirabaud Canada Inc. et les
entités du Groupe Mirabaud aient sélec-
tionné les meilleures sources d’informations,
l’exactitude des indications fi gurant dans
la présente ne saurait être garantie. Le but
de cette publication n’est qu’informatif, et
ne représente en aucun cas une offre de
conclure. Les analyses et conclusions détail-
lées dans cette publication sont susceptibles
d’être révisées en tout temps par Mirabaud
Canada Inc. et les entités du Groupe
Mirabaud. Les références aux performances
passées ne sauraient garantir l’évolution
future.
MIRABAUD Canada Inc. 1501, avenue McGill Collège, bureau 2220, Montréal (Québec) H3A 3M8
Téléphone : (1 514) 393 1690 Télécopie : (1 514) 875 8942
Membre de l’Organisme canadien de régle-mentation du commerce des valeurs mobilières Inc. et du Fonds canadien de protection des épargnants.
www.mirabaud.com
REVIEW OF 2011 AND OUTLOOK FOR 2012By Mirabaud Canada Inc.
ECONOMIC ENVIRONMENTAfter enjoying relatively strong growth in
2010, the global economy had to contend
with a signifi cantly slower rate of expansion
in 2011. Two external shocks put the brakes
on the faltering economic recovery during
the fi rst quarter, namely the “Arab Spring”
and the Tohoku earthquake. The former trig-
gered a rise in energy costs and a slowdown
in consumption, while the latter caused a
decline in Japanese gross domestic product
and disruptions to various production facili-
ties. The second half of the year was charac-
terized by the intensifying European sover-
eign debt crisis, which resulted in worsening
fi nancing conditions for the eurozone and
ultimately trickled through to all geographic
regions. The emerging economies played a
key role in rebalancing the economic cycle
over the fi rst six months, only to see their
industrial activity contract in the second
half of the year in the wake of monetary
tightening. In the industrialized nations, the
introduction of austerity measures coupled
with shrinking credit supply kept a tight rein
on European domestic demand, increasing
the risk of recession in the fourth quarter.
By contrast, the US economy picked up in
the second half, supported by growing
investments in capital goods and increased
household spending as consumer optimism
was buoyed by an improving employment
market.
The global economy will remain shaky
in 2012 as the problems that plagued it in
2011 intensify and multiply. The excessive
debt incurred by the industrialized nations
must now be scaled back, which in turn
will limit growth, while the major trade sur-
pluses accumulated by China and Germany
and the trade defi cit racked up by the US
will exacerbate economic variations. The
high levels of government debt will require
IN FO SU I SS E8
Economic Out look 2012
Prévis ions économiques 2012
strict budgetary tightening at a time when
economic activity is slowing.
Owing to the reduced infl ationary pres-
sures in the developing nations, we will
see an expansion and intensifi cation of
monetary easing going forward. The contra-
dictory forces resulting from the economic
stimuli injected by central banks and the
fi scal tightening measures implemented
by Western governments, in particular in
Europe, mean that the economic outlook
will remain extremely uncertain in 2012.
The pace of economy contraction will pick
up during the fi rst six months. The eurozone
will fall into recession and its European part-
ners will see their levels of activity stagnate.
The US economy will run out of steam when
some of the implemented fi scal cuts expire
and household savings rates rise. The growth
being witnessed in the emerging economies
will weaken on the back of slowing external
demand and contracting credit supply.
In the second half of the year, the
extremely expansive monetary policies
prompted by the general reduction in inter-
est rates in developing countries and the
expansion of central bank balance sheets in
Western nations will trigger a gradual uptick
in growth, fi rst in Asia, then in the US, and
ultimately in Europe, albeit at a more mod-
erate level. However, the global economy
will only be able to post more sustainable
growth once the eurozone has reduced its
systemic risks. The increased interventions
by the European Central Bank coupled with
the fi repower deployed by the European
Financial Stability Facility through stricter
economic governance should help ease ten-
sions over sovereign debt yields and within
the interbank market in the medium term.
BOND MARKETS The government bond markets appreciated
globally over the course of 2011 to reach
record highs. Heightened risk aversion
among investors and increased defl ation-
ary pressures linked with the deleveraging
process are at the root of the signifi cant
drop-off in yields on government paper.
Emerging market debt has also risen, albeit
to a lesser extent due to the increase in
risk premiums in view of the deteriorating
fi nancing conditions and gloomier economic
outlook.
Corporate bonds continued their upward
trajectory in 2011. However, performance
was very mixed and investments extremely
selective, not only at a monetary level, but
also in terms of debtors, with European
banking stocks signifi cantly underperform-
ing their peers.
In spite of their historically very low level,
the interest rates on government-issued,
fi xed-income assets will trend laterally over
the fi rst quarter in light of the expected drop
in nominal global growth and the temporary
increase in available product resources.
In the second half of the year, declining
defl ationary pressures and the recovering
economy will gradually result in a write-
down on government bonds and favour a
reduction in risk premiums on corporate and
emerging debt instruments.
EQUITY MARKETS With the notable exception of Wall Street,
the stock markets fell over the course of
last year, with emerging market stocks
posting the sharpest drops. The contraction
in multiples triggered by the deteriorating
fi nancial environment and poorer earnings
expectations were the main reasons behind
the decline in equity prices, while US stocks
were propped up by more favourable mon-
etary and economic conditions. The fi nancial
and cyclical sectors were the hardest hit
during the second half of the year, fi rstly by
the increase in systemic risks and then by
the economic slowdown.
Despite being attractively valued over
the long term, stock market indices will
continue their downward trend in the fi rst
quarter. The cost of capital will remain high
due to the ongoing elevated risk premiums,
while companies’ earnings growth will be
hampered by the cooling economy.
Equities will stage a gradual recovery
during the second quarter on the back
of improved lending conditions resulting
Source: Thomson Reuters Datastream
Q1 Q2 Q3 Q42011
1.0
1.1
1.2
1.3
1.4
1.5
1.0
1.1
1.2
1.3
1.4
1.5
SWISS FRANC TO EURO (WMR) US $ TO EURO (WMR&DS)
FE B R UA RY/MA R C H 9
from the signifi cantly expanded monetary
supply, and will then pick up even more in
the second half of the year as the economic
cycle improves.
In geographical terms, the US stock
market will see only limited gains due to
its current overvaluation, while markets in
the emerging nations and South-East Asia
will rebound more sharply as a result of the
implementation of more accommodating
economic policies. As the eurozone begins
to stabilise thanks to the quantitative easing
measures introduced by the European
Central Bank, European stocks will gain
ground in line with the falling euro and will
no longer be outperformed by their indus-
trialized nation counterparts in the medium-
term view.
FOREX MARKETS The forex markets were marked by two
phases globally: over the fi rst six months of
the year by the fall of the US dollar, and in
the second half by the recovery of the green-
back versus the major currencies. In annual
comparison, however, currencies fl uctuated
only mildly over the last 12 months, with
the exception of certain emerging market
currencies such as the Brazilian real, the
Mexican peso and the Indian rupee, which
depreciated by almost 10%. The yen and the
renminbi are among the few currencies that
appreciated in 2011. In Europe, the major
event was when the Swiss National Bank
set the minimum exchange rate at CHF 1.20
per euro.
The greenback will remain fi rm against
all currencies over the fi rst six months on the
back of the more favourable economic situa-
tion in the US and the temporary tightening
of fi nancing conditions in the dollar zone
due to the global fragile banking system and
in Europe in particular.
In the absence of its partial redefi ni-
tion resulting from the exit of certain of its
members, the euro looks set to depreciate
on a systematic basis, which will allow the
Swiss monetary authorities to maintain the
fi xed exchange rate as already set.
The anticipated recovery of the global
economy and the restored fi nancial stability
within the eurozone will put the brakes on
the appreciation of the US dollar in the third
quarter, and will help emerging market cur-
rencies as well as those currencies sensitive
to commodity price hikes to regain some of
their ground lost. Going forward, the euro
will only be able to stem its depreciation
and be revalued against the Swiss franc if
tensions within the eurozone see a more
tangible improvement on the back of the
continent’s better growth prospects.
Although Mirabaud Canada Inc. and the
subsidiaries of the Mirabaud Group employs
the best available sources, there is no
guarantee as to the accuracy of information
presented in this document. This publica-
tion is for information purposes only, and
does not in any way constitute an offer or
solicitation of an offer. The analyses and
conclusions detailed in this publication may
be revised by Mirabaud Canada Inc. and the
subsidiaries of the Mirabaud Group at any
time. Past performance should not be taken
as a guarantee of future performance.
MIRABAUD Canada Inc. 1501, McGill College avenue, suite 2220, Montreal (Québec) H3A 3M8
Telephone: (1 514) 393 1690 Fax: (1 514) 875 8942
Member of the Investment Industry Regulatory Organization of Canada Inc. and the Canadian Investor Protection Fund.
www.mirabaud.com ■Source: Thomson Reuters Datastream
Q1 Q2 Q3 Q42011
70
75
80
85
90
95
100
105
110
70
75
80
85
90
95
100
105
110
Rebase MSCI EM U$ to 100Rebase STOXX EUROPE 600 E to 100Rebase S&P 500 COMPOSITE to 100
IN FO SU I SS E10
SWISS MONETARY POLICY AFTER HILDEBRAND• SNB Chairman Philipp Hildebrand
resigned January 9th 2012.
• Ad interim SNB Vice Chairman Thomas
Jordan will run the bank. He’s also
a likely succession candidate for Mr.
Hildebrand.
• We don’t expect any change in the SNB’s
policy to hold the EURCHF fl oor of 1.20.
Although attacks on the fl oor in the near
term cannot be excluded.
On 9 January, Philipp Hildebrand resigned
as Chairman of the Governing Board of The
Swiss National Bank. Although he came
under heavy fi re due to foreign exchange
transactions allegedly executed by his wife
in 2011, the resignation came as a surprise.
The Governing Board of the SNB, which
decides on monetary policy, consists of
three members, of whom one is the chair-
person, and one the vice chairperson. The
Governing Board is appointed by the Federal
Council upon recommendation of the Bank
Council. Ad interim, current Vice Chairman
Thomas Jordan and the other member of
the Governing Board will head the SNB. We
expect the Federal Council to decide upon
succession very soon (i.e., in the next few
days). In contrast to Mr. Hildebrand, who
worked in the fi nancial sector before joining
the SNB in 2003, Thomas Jordan has an
academic background. Jordan is a professor
at the University of Berne, specializing in
monetary theory and policy in his academic
work. In order to accelerate the completion
of the Governing Board, the vacant posi-
tion will probably be fi lled by an internal
candidate, likely one of the three Alternate
Members of the Governing Board. Another
candidate is Ulrich Kohli, the SNB’s former
Chief Economist, who left the Bank in 2009
and is now working as a Professor at the
University of Geneva.
We do not think that Hildebrand’s resig-
nation will change Swiss monetary policy.
The Swiss monetary policy concept is based
on an infl ation forecast, similar to an infl a-
tion targeting regime. The primary objective
of Swiss monetary policy is price stability,
defi ned as an infl ation rate between 0% and
2% on a horizon of three years. Decisions
on monetary policy are made by the three
members of the Governing Board, usually
unanimously. No minutes of the monetary
policy decisions are published. However,
the turbulences surrounding the SNB’s
Chairman come at an inopportune time.
On 6 September 2011, the SNB imposed a
minimum rate for EURCHF at 1.20, in order to
stem the excessive appreciation of the Swiss
franc. Credibility is of utmost importance to
Economic Out look 2012
Prévis ions économiques 2012
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FE B R UA RY/MA R C H 11
defend the minimum exchange rate. The
recent events could draw the attention of
fi nancial markets to the political tensions
within Switzerland and, in the worst case,
provoke a speculative attack. The SNB would
then for the fi rst time have to demonstrate
its commitment to defend the minimum
exchange rate. A speculative attack could be
very costly to Switzerland: If the SNB were
to defend the lower bound by intervening
on the FX markets, it would further increase
liquidity, and thus infl ation risks in the
long run. If it yielded the lower bound, the
SNB would suffer massive losses on its FX
portfolio, and Swiss exporters would be hit
very hard. We do not expect a reassembled
Governing Board to change the current
policy of a minimum exchange rate. Recent
history shows that the SNB was capable
of introducing the fl oor, which was well
accepted in Switzerland. Therefore we think
today’s decision does not materially change
monetary policy.
Authors of the article: Caesar Lack, economist, UBS AG([email protected])Thomas Flury, strategist, UBS AG (thomas.fl [email protected])Andreas Höfert, PhD, Chief Economist, UBS AG ([email protected]) ■
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IN FO SU I SS E12
Ins ightCanada’s F iscal Transformation
CANADA’S FISCAL TRANSFORMATIONBy Beat Guldimann,
Tribeca Consulting Group
Over the past twenty
years, Canada went
through a rather dra-
matic transformation
from systematically
producing unsustainable defi cits to becom-
ing the beacon of fi scal responsibility within
the G8 group of leading industrial nations.
Federal defi cits had an uninterrupted
run from the mid eighties to the 1997/98
fi scal year, the fi rst of an unprecedented 11
years in which the Canadian federal budget
produced net surpluses between $1.4bn and
20bn. While other nations struggled to keep
their defi cits in check, let alone balancing
their budgets, Canada was able to bring
down its overall debt level from its peak
of $609 billion in 1997 to just over $516
billion in 2008. In retrospect, this is a truly
remarkable achievement, which laid the
foundation for Canada asserting a leadership
position within the G8 and in the world.
Both, Liberal and Conservative govern-
ments can take credit for riding up federal
debt and bringing it down over the past
thirty years. While Trudeau and Mulroney
have created a debt bubble that scared the
world, the governments under Chretien,
Martin and Harper have not only created
budget surpluses of around $100 billion,
but also paid back debt while reducing
the overall tax burden of Canadians. Part
of the federal strategy was to download
expenditures to the Provinces, which is why
the provincial budgets did not fare quite as
well over the same time period. But even
if including the less favourable development
of budgets such as the one of Ontario, the
total debt of Canada and its provinces has
seen a steady decline from 2000 to 2008.
No other G8 nation can show this kind
of a record. Canada has shown the rest of
the world how prudent fi scal management
can be put to work for the benefi t of citizens
by combining a reduction of the overall debt
load with targeted tax breaks.
The decade of fi scal prosperity has also
laid the foundation for Canada being able to
absorb the unprecedented stimulus spend-
ing that has been put in place over the past
three years to prevent a free fall of the
Canadian economy in the wake of the Wall
Street induced Global Financial Crisis.
Expressed in percentage of GDP, Canada’s
federal debt stands at roughly 30% and if
you add the provincial debt, this number
changes to roughly 75%. The latest annual
budget defi cit of both levels of government
comes in at below 4% of GDP. These ratios
are a far cry from the disastrous situation
that Canada found itself in during the 1980s
and today, even with the latest accumula-
tion of defi cits and sovereign debt, Canada is
still in much better shape than the European
Union or the United States.
Aside from the impressive debt reduc-
tion effort since the mid-nineties, Canada
is now also fi rmly embarked on creating
the lowest business tax environment in
the G8. This is noteworthy as we are now
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FE B R UA RY/MA R C H 13
seeing international companies considering
moving head offi ces into Canada or at least
locating a larger portion of their global busi-
ness into Canada in order to be able to take
advantage of the low corporate tax rates.
Anybody that predicted a decade ago that
this could happen would have been declared
insane. Today, a New York based fi nancial
services fi rm that is fed up with delivering
close to half of their profi ts to the IRS, can be
caught actively thinking about moving their
business to Toronto because the reduced
tax liability in the shadow of the CN Tower
makes a big difference to them.
Not only are the owners of this fi rm
impressed with our tax rate; they are
envious of Canada having a political system
that works and can get things done, as
opposed to the dysfunctional Congress being
preoccupied with itself in Washington.
It would be wrong to say that every-
thing looks rosy on the Northern Canadian
horizons. We are, of course, fully embedded
in the various crises that continue to rattle
the world. But what has been achieved over
the past decade or so, combined with the
stable political environment we enjoy for
the next almost four years makes Canada
a much more attractive place for interna-
tional corporations and individuals to do
business in. It is not a stretch to imagine
that Canada will once again become a safe
haven for European interests, similar to what
transpired several decades ago during the
Cold War.
The credit for this development belongs
to the last two Liberal and our current gov-
ernment for they set the right priorities of
reducing debt and reducing taxes, rather
than using past surpluses to expand the
reach of public sector programs.
LA TRANSFORMATION FISCALE DU CANADAAu cours des vingt dernières années, le
Canada a connu une spectaculaire transfor-
mation depuis la production systématique
de défi cits excessifs jusqu’à devenir le pays
phare de la responsabilité fi scale au sein du
G8 des principaux pays industrialisés.
Avec une suite ininterrompue de défi c-
its fédéraux dès le milieu des années 80
jusqu’à l’année fi nancière 1997/98, la pre-
mière de onze années exceptionnelles au
cours desquelles le budget fédéral canadien
annonçait un surplus net entre 1,4 et 20
milliards de dollars. À l’heure où les autres
nations avaient du mal à maintenir leur
défi cit sous contrôle, sans parler d’équilibrer
leurs budgets, le Canada a réussi à faire
baisser son niveau d’endettement global
de 609 milliards $ à son sommet en 1997 à
un peu plus de 516 milliards $ en 2008. En
rétrospective, il s’agit là d’une remarquable
réalisation qui a jeté les bases de la position
dominante du Canada au sein du G8 et dans
le monde.
À la fois les libéraux et les conserva-
teurs peuvent s’attribuer le mérite de
l’accroissement de la dette fédérale de
même que de sa diminution au cours des
trente dernières années. Alors que Trudeau
et Mulroney effrayaient le monde avec la
création d’une bulle d’endettement, les
gouvernements Chrétien, Martin et Harper
ont non seulement créé des excédents bud-
gétaires de 100 milliards de dollars, mais
aussi remboursé la dette tout en réduisant
le fardeau fi scal global des Canadiens. Une
partie de la stratégie fédérale était de
transférer les dépenses aux provinces, ce qui
explique pourquoi les budgets provinciaux
ne s’en sont pas tout à fait aussi bien sortis
au cours de la même période. Mais même
en incluant l’élaboration de budgets moins
favorables, tel celui de l’Ontario, la dette
totale du Canada et de ses provinces a connu
une baisse constante de 2000 à 2008.
Aucune autre nation du G8 ne peut faire
montre d’une telle performance. Le Canada
a démontré au reste du monde comment
une gestion budgétaire prudente peut être
mise à contribution dans l’intérêt des citoy-
ens en associant une réduction de la charge
globale de la dette avec des allégements
fi scaux ciblés.
La décennie de prospérité fi nancière a
également jeté les bases pour que le Canada
soit en mesure d’absorber des dépenses de
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ALEXANDER SENNECKE
Für weitere Fragen stehe ich gerne zur Verfügung.
Helping youmake the Right
Moves
IN FO SU I SS E14
relance sans précédent, qui ont été mises
en place au cours des trois dernières années
pour empêcher la chute libre de l’économie
canadienne dans le sillage de la crise fi nan-
cière globale déclenchée à Wall Street.
Exprimé en pourcentage du PIB, la dette
fédérale du Canada s’élève à environ 30 %
et en ajoutant la dette provinciale, ce chiffre
se transforme approximativement à 75 %.
Le dernier défi cit du budget annuel des deux
paliers de gouvernement arrive au-dessous
de 4 % du PIB. Ces ratios sont très loin de
la situation désastreuse où s’est retrouvé
le Canada au cours des années 80 et en
ce moment, même avec les accumulations
de défi cit les plus récentes et la dette sou-
veraine, le Canada demeure dans une bien
meilleure position que l’Union européenne
ou les États-Unis.
Mis à part l’effort impressionnant de
réduction de la dette depuis le milieu des
années 90, le Canada est aussi fermement
engagé dans la création de l’environnement
fi scal des entreprises le plus bas au sein
du G8. Ceci est digne de mention, car nous
remarquons que des sociétés internationales
envisagent maintenant d’installer leur siège
social au Canada afi n d’être en mesure de
tirer profi t des faibles taux d’imposition des
entreprises. Toute personne qui aurait pu
prévoir cet état de fait il y a dix ans aurait
été déclarée insensée. Aujourd’hui, un
cabinet de services fi nanciers new-yorkais
qui en a assez de payer près de la moitié de
ses profi ts à l’IRS (Internal Revenue Service)
peut songer sérieusement à transférer ses
activités à Toronto, car l’obligation fi scale
réduite à l’ombre du la Tour du CN fera une
grande différence pour l’entreprise. Non
seulement sont-ils impressionnés par nos
taux d’imposition, mais ils envient égale-
ment le système politique du Canada qui
fonctionne et fait avancer les choses par
opposition au Congrès dysfonctionnel et
égocentriste de Washington.
Il serait évidemment faux de dire que tout
semble rose à l’horizon du Nord canadien, car
nous sommes, bien sûr, totalement intégrés
dans les différentes crises qui continuent à
secouer le monde. Mais ce qui a été réalisé
au cours des dix dernières années, associé à
l’environnement politique stable dont nous
jouirons pour les quatre prochaines années,
font du Canada un endroit très attrayant pour
les sociétés internationales et les particuliers
qui veulent y faire des affaires. Il n’est pas
diffi cile d’imaginer que le Canada redevien-
dra un refuge pour les intérêts européens de
façon semblable à ce qui s’est passé durant
la guerre froide il y a plusieurs années.
Le crédit pour cette évolution appartient
aux deux derniers gouvernements libéraux
de même qu’au gouvernement actuel qui
ont su privilégier les réductions de la dette
et des impôts plutôt que d’utiliser les surplus
précédents pour élargir la portée les pro-
grammes du secteur public.
Beat Guldimann holds a Doctorate in Law from the University of Basel; he was legal counsel at the former SBC (86-96), President and CEO of UBS Canada (97-01), Head of Global Private Banking at CIBC (01-04) and Vice-Chairman at Hampton Securities (05-07). ■
Ins ightCanada’s F iscal Transformation
UNE BONNE MEMOIRE EVITE LES MAUVAISES SURPRISES.Pensons long terme.En deux siècles de pratique de la nance, nous avons traversé et surmonté le choc pétrolier de 1974, la crise de 1929, et la panique de 1847. Durant chaque crise, nous avons respecté les mêmes principes simples : la création de valeur sur le long terme et la protection de nos clients.
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FE B R UA RY/MA R C H 15
Business and Other News
Nouvel les economiques et information
TRANSFERRING CAPITAL LOSSES TO A SPOUSEBy Cunningham LLP
Many couples trade
i n d e p e n d e n t l y,
and even if they
trade together, one
spouse may have
realized capital
gains while the other has unrealized capital
losses. The Income Tax Act does not allow
spouses to transfer losses to one another,
so the spouse with the unrealized loss
cannot sell and net their losses against their
spouse’s gains, however where there is a
will there is a way, or at least a way around.
Let’s look at the case of Audrey and
Jason. Audrey bought stocks in BUL for
$20,000 and now the shares are worth
$5,000, while Jason has numerous gains. In
order to transfer her losses to Jason, Audrey
sells her BUL shares on the open market.
Jason then immediately buys shares in BUL
for $5,000. Audrey’s losses are denied under
the superfi cial loss rules because Jason, a
person affi liated with Audrey, has purchased
the same security within 30 days of Audrey
selling.
Audrey’s loss of $15,000 is denied, but it
is added to the cost base of Jason’s shares.
Jason’s shares of BUL now have a cost base
of $20,000 and if he sells them for $5,000
at least 31 days after purchasing them he
will have a $15,000 loss to claim against his
capital gains even though he only purchased
the shares for $5,000.
Remember, the shares must be held by
the acquiring spouse for at least 30 days.
This type of tax planning can only be used
in connection with one’s spouse, since the
superfi cial loss rules do not apply on dispo-
sitions to children, parents or other family
members.
The Income Tax Act provisions relating to
capital and superfi cial losses are very techni-
cal and you should contact your accountant
or investment professional before undertak-
ing a loss transfer transaction.
Cunningham LLP is an accounting fi rm focused on serving mid-market entrepreneurial business clients. For more information visit www.cunninghamca.com or contact Paul at [email protected] ■
IMPROVING YOUR INTERNATIONAL CASH FLOW: BRIDGING THE GAPSA healthy cash fl ow is vitally important to
any business, but managing it is even more
crucial if you’re operating abroad. After all,
things usually take longer in international
trade, from bidding on a contract to receiv-
ing payment.
This means you may have to endure long
periods of low or nonexistent cash fl ow from
your international operations. At the same
time, you’ll need extra working capital to
maintain safe inventory levels, cover your
operating expenses and compensate for
the tighter credit limits and payment terms
usually imposed by overseas suppliers. Both
your buyers and suppliers may require bank
guarantees and bonding, which erodes your
working capital even further.
It all adds up to this: to succeed in inter-
national trade, you must be able to bridge
the cash fl ow gaps between the time you
pay your suppliers and the time your cus-
tomers pay you. Fortunately, there are many
ways of sustaining your working capital
while your funds are tied up and you are
waiting to be paid.
Performance bonding: At the contract
stage, your buyer may require you to post a
bond to guarantee your performance. Before
your bank will issue the bond, however,
you’ll have to provide security equal to the
value of the bond, and this can be a major
drain on your working capital. The solution
is to obtain a guarantee from a third-party
fi nancial institution. This guarantee protects
IN FO SU I SS E16
Business and Other News
Nouvel les economiques et information
your bank so you don’t have to dip into your
cash or operating line to provide security for
the bond.
Hedging options: Foreign exchange risk
can be another threat to your liquidity. If
you’re depending on progress payments to
sustain production of an order, for example,
adverse currency fl uctuations can reduce
the value of those payments and shrink
your cash fl ow. Many companies use various
forms of hedging, such as forward contracts,
options and futures, to secure their working
capital from this sort of erosion.
Accounts receivable insurance (ARI):
Obtaining ARI is another excellent way to
protect your cash fl ow from problems down
the road. With an ARI policy in place, you’ll
get paid even if your buyer defaults. Better
yet, your bank may be willing to provide an
increase in your line of credit if your receiv-
ables are well protected.
Progress payments: Your greatest need
for working capital, in the form of either
credit or company cash, will usually occur
during the production period. Like most
businesses, you probably have a margined
line of credit with your bank, but you should
try to supplement this by having progress
payments written into your contracts with
your buyers.
Work-in-progress (WIP) fi nancing: This
kind of fi nancing represents items or proj-
ects that have been started by a company
but have not yet been completed and can be
attributed to the production of inventory or a
capital investment. If your line of credit and
progress payments aren’t enough, you may
be able to close the gap with WIP fi nancing
that provides you with additional operat-
ing credit from your fi nancial institution.
Before your bank will extend WIP fi nancing,
however, it will normally require security for
the added credit, so you’ll need to obtain a
guarantee from a third party that specializes
in this kind of service.
Receivables discounting: This is essen-
tially a loan secured by your receivables, so
you must repay it even if your buyer defaults.
The bank will charge a small service fee
(usually less than 1 percent of the receivable
amount) plus interest on the amount you
actually borrow, so it is usually less costly
than factoring. Shipping the fi nished goods
to your overseas customer usually begins
another period of reduced cash fl ow as you
await payment. Given that large interna-
tional buyers are increasingly demanding
60-day, 90-day and even longer payment
terms, this could place considerable fi nancial
pressure on your company. In this situa-
tion, you may be able to use receivables
discounting or factoring to reduce the strain.
Your bank purchases a receivable from you
The forces of nature can strike at any time. Let’s discuss how to plug our defenses.As the Earth’s climate is changing, so are the frequency and intensity of floods and storms. What’s the answer: retreat from the most hazardous locations? Protect vulnerable areas with sea walls, drainage systems and better building codes? Or take measures to transfer the financial risk and rebuild? All we know at Swiss Re is that, as our climate changes, we must adapt apace. Which is why we’re helping countries and communities develop strategies to protect themselves against the forces of nature. Risk is the raw material we work with; what we create for our clients is opportunity.
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FE B R UA RY/MA R C H 17
and provides you with immediate access to
cash – 80 percent of the receivables amount
is common, and you can borrow against this
as necessary.
Factoring: This is a variation of receiv-
ables discounting, in which a fi nancial insti-
tution buys your export receivable outright,
for cash, minus a discount. Factoring pro-
vides you with 75 to 90 percent of the total
value of the receivable, so it can leave you
with considerably less cash than receivables
discounting. In return, however, the fi nancial
institution assumes the risk of non-payment,
and you aren’t liable if your buyer defaults.
Warranty bonding: Finally, if there’s a
warranty clause in your contract, you might
have to post a bond to assure your buyer
that you’ll meet any claims during the war-
ranty period. As with performance bonds,
you can avoid posting security with the war-
ranty bond issuer by obtaining a third-party
guarantee.
Many Canadian and international fi nan-
cial institutions provide the tools and ser-
vices described above. They’ll help you keep
your cash fl ow healthy and ensure that you
always have the working capital you need
for international success. For more informa-
tion, refer to institutions such as Atradius,
Chartis, Coface Canada, Euler Hermes
Canada, Executive Risk Insurance Services
Ltd., Export Development Canada and the
Guarantee Company of North America.
Published in CANADEXPORT by Foreign Affairs and International Trade Canada ■
SAVE TIME AND MONEY AT THE BORDERWith self-serve kiosks at participating air-
ports, dedicated lanes at highway border
crossings, and the ability for boats to clear
the border by phone, NEXUS membership is
good for business.
NEXUS, a Canada-U.S. customs and immi-
gration program for frequent travelers, has
over 130,000 members. Membership pro-
vides fi ve years of access at all participating
air, land and marine ports of entry.
Tanya Racz, president of the National
Business Travel Association in Canada, is a
current NEXUS user and learned very quickly
the benefi ts of membership in NEXUS.
“Many of our members across Canada
and the U.S. have since joined themselves,
Integrated insurance solutions for even the mostspecialized projects.
We provided Sasol-Huntsman, one of the largest producers of Maleic Anhydride in Europe, with an integrated insurance and risk preven-tion solution to address the risks associated with moving a 700 ton factory component across Germany. By helping our customer ensure the necessary precautions were taken, and providing coverage for the entire trip, everyone was breathing easy. It’s an example of how Zurich HelpPoint delivers the help businesses need when it matters most. To learn more about this case,visit www.zurichcanada.com/risks
”We had to move this 700 ton component more than 400 miles. Scores of risks, but Zurich made us feel confident we were well covered.”Herbert Peters, Managing Director,Sasol-Huntsman, Moers, Germany
Because change happenz®, Zurich® and Zurich HelpPointTM are trademarks of Zurich Insurance Company Ltd.
Continued on page 23
IN FO SU I SS E18
Karin Lindner
ARE YOU MOVING SIDEWAYS? By Heidi Garcia
Do you ever feel as if you’re taking two steps
forward and one step back? Do you ever feel
as if you’re spinning your wheels but going
nowhere? I can confi dently say that we’ve
all, at one time or another, “been there,
done that”.
A question that might be a little more
diffi cult to answer is: Are you moving
sideways? Most of us probably never think
about that. The fact is, in life we are either
moving forward, backward, or sideways.
What does it mean to be moving sideways?
A good indicator is how you respond when
someone asks you, “How’s it going?” Do you
ever catch yourself answering with any of
the following phrases:
• I’m hanging in there.
• Just trying to get through the day.
• Can’t wait til Friday.
• I’m surviving.
• Another day, another dollar.
• Same old, same old.
If any of these or any variation thereof is
how you respond, you just may be moving
sideways.
As you read these responses, how do
they make you feel? Empowered, energized,
excited? Hardly. So why do so many of us
settle for a life of surviving instead of thriv-
ing? Perhaps we’re looking for the quick fi x,
the silver bullet, the easy way out. Perhaps
we’re comfortable with the status quo.
Perhaps fear is holding us back. Perhaps
complacency has set in.
According to leadership expert John
C. Maxwell, “Of all the things a leader
should fear, complacency heads the list.
Complacency saps energy, dulls attitudes
and causes a drain on the brain. Complacency
makes people fear the unknown, mistrust
the untried and abhor the new.”
Moving sideways prevents us from
growing personally and professionally.
Sometimes we need a jolt to get us to
see things from a different perspective.
That’s what happened to me. I was more
than jolted. I lost my job, a job that I quite
enjoyed. I was laid-off due to restructuring
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FE B R UA RY/MA R C H 19
after having been with the company for
twenty-fi ve years. I never thought it would
happen to me but it did. So now what? I had
some decisions to make.
Losing my job actually provided me with
a golden opportunity. I had the chance to
move forward, to stretch myself, to get out
of my comfort zone and to see what else
was possible. Was it easy? No. Could I do
it? Absolutely. It took a lot of self-refl ection,
time, effort and the willingness to change.
With what result? I now love what I do for
a living even more. I am passionate about
working with people and companies to not
only see but reach their potential. I have the
opportunity to make a positive impact in
the lives of people every singe day and it’s
wonderful. In retrospect, when I was “com-
fortable” working in the corporate world, I
don’t think that I was consciously walking
sideways. I now know that I was and I can
tell you, I never want to do that again.
How many of you can relate? Are there
things that you are currently doing that you
intuitively know you should change? Do you
have the opportunity to be a better leader;
a better boss? Do your employees respect
you and do they actually want to work for
you? Are you open to constructive feedback?
When you look at yourself in the mirror,
do you like what you see? What habits or
behaviours are not serving you or those who
work with you well? Some of these ques-
tions may be diffi cult to answer but aware-
ness and self refl ection are two important
steps to help you to make the necessary
changes and adjustments.
If there is one thing that I’d like you to
take from this article it’s this: As you begin
each day ask yourself - “Is there is a better
way?” There always is. Don’t settle or fool
yourself into thinking that you can’t reach
your full potential or that a life of joy and
satisfaction is not within your reach. Don’t
ever say “this is as good as it gets”.
Once you know what you need to do,
do you have the discipline to do it? Equally
important and perhaps more diffi cult, do
you have the discipline to stop doing the
things you shouldn’t? By honestly and cou-
rageously answering these questions, you
can stop moving sideways and start moving
forward.
You can indeed become the best you
can be!
Heidi Garcia is a Human Performance Specialist, working for and with KARICO Performance Solutions, located in Richmond Hill, Ontario. Karin Lindner is the founder and owner of KARICO and her mission is to “help organizations and individuals in manufacturing environments to become the best they can be by positively impacting their ROI (Relationships, Outcomes and Improvements)”. Karin can be reached at 1-647-401-5274 or by e-mail at [email protected]; you may also visit her website at www.karicosolutions.com ■
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Economic Out look 2012
Prévis ions économiques 2012
2012 IN THE SHADE OF 2011?As published in Real
Estate E-News, provided
by Urs Villiger
Greater Toronto real-
tors reported 4,718 transactions through the
TorontoMLS® system in December 2011. The
December result capped off the second-best
year on record under the current Toronto
Real Estate Board (TREB) boundaries. Total
sales for 2011 amounted to 89,347 – up four
per cent in comparison to 2010.
“Low borrowing costs kept buyers con-
fi dent in their ability to comfortably cover
their mortgage payments along with other
major housing costs,” said TREB President
Richard Silver. “If buyers had not been con-
strained by a shortage of listings over the
past 12 months, we would have been fl irting
with a new sales record in the GTA.”
The average selling price in December
was $451,436 – up four per cent compared to
December 2010. For all of 2011, the average
selling price was $465,412, an increase of
eight per cent in comparison to the average
of $431,276 in 2010.
“Months of inventory remained below
the pre-recession norm in 2011. Very tight
market conditions meant substantial com-
petition between buyers and strong upward
pressure on selling prices,” said Jason
Mercer, of TREB Market Analysis.
“TREB’s baseline forecast for 2012 is for
an average price of $485,000, represent-
ing a more moderate four per cent annual
rate of price growth. This baseline view is
subject to a heightened degree of risk given
the uncertain global economic outlook,”
continued Mercer.
CONCLUSIONS AFTER A BUSY 2011No question, 2011 was a busy year for
residential real estate in Toronto. Who would
have thought the market would continue to
soar after the economic turbulences?
A look at the graphics shows how home
prices were consistently above 2011 levels.
The prices were specifi cally strong in the
spring, summer and fall months, while Dec
2011 shows a lower rate of price growth.
On the second graphic, we can see that
beginning in July 2011, new listings rose
higher than in the previous year. A long
hoped for relief for all the hungry buyers.
This trend continued to the end of the year
and should help take the edge off an already
hot market.
Will we see a downturn in 2012?
Unlikely. At least for the fi rst quarter. With
interest rates continuing to be low, there
are still enough incentives to buy and net
migration is expected to remain at least at
last year’s high levels.
Urs Villiger, MBA, Sales RepresentativeTel. 416.562.7701 [email protected]. u r s v i l l i g e r.cahttp://www.facebook.com/UrsRealEstate ■
R e stau ra nt, bar
et douces fo li e s
4 2 6 , RUE SA I NT - G A B R I E L
T 5 1 4 . 8 7 8 . 3 5 6 1M O N TRE A L Q C
A U B E RG E S A I N T- G ABR I E L . C O M
IN FO SU I SS E22
Travel News
ZERMATT SKI SLOPES – THE BEST ACCORDING TO BILANZA fresh dynamism, young entrepreneurs
and the unchallenged Number 1 in terms
of quality: the Swiss business maga-
zine BILANZ has once again applauded
the Zermatt-Matterhorn winter-sport
destination.
In addition to the proven mix of a well-
developed ski region, guaranteed snow,
imposing Alpine scenery and excellent
hotels and gastronomy, BILANZ also praises
the innovative entrepreneurial spirit in the
Matterhorn village. To quote the Swiss busi-
ness magazine, a new generation of inspir-
ing players has recognized the need for an
up-to-date lifestyle attitude and appropriate
visual strategies that work together instead
of against each other. BILANZ names artist
and architect Heinz Julen, hotelier Daniel
F. Lauber (Cervo) and Thomas Sterchi, the
visionary initiator of Zermatt Unplugged as
pioneers of this attitude.
COMPARISON WITH AUSTRIAN WINTER-SPORT RESORTS According to the rankings, which for the fi rst
time include Austrian destinations, Zermatt
scores extremely well in terms of value
for money. Here BILANZ gives the reader
a concrete comparison and calculates the
cost of a one-week ski holiday in different
winter-sport resorts. The euro crisis and
the consequences of the strong franc are
currently placing the focus on monetary
factors. The article shows that it is not only
a matter of whether foreign guests come to
Switzerland but also where the Swiss spend
their ski holidays. As shown in the review,
Zermatt is the ideally equipped destination.
To read the Bilanz article (in German), visit
their website at http://www.bilanz.ch/
reisen/wintersportorte-gut-form ■
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Swiss chocolate on every ight? Don’t you just love clichés?
050_300_Wing_7.25x5_Canada 1 13.12.11 08:45
FE B R UA RY/MA R C H 23
noting the user-friendliness of the program,
the time it saves business travelers and
their respective companies, and the added
security it provides them—all at a very rea-
sonable cost,” says Racz.
“As a joint venture between the Canada
Border Services Agency (CBSA) and United
States Customs and Border Protection,
NEXUS has streamlined cross-border travel
while ensuring that safety and security
are not compromised,” says the CBSA’s
Rachelle May.
May says NEXUS increases border secu-
rity because border offi cers can focus their
attention on high-risk travelers.
CRITERIA FOR MEMBERSHIP To become a NEXUS member, applicants
must complete four key steps: submit an
application and register; satisfy the eligibil-
ity criteria; be admissible in Canada and the
U.S.; and pass a risk assessment by both
countries.
Entrepreneurs may qualify to participate
in NEXUS if they are citizens or permanent
residents of Canada or the U.S. and have
lived in one of these countries continuously
for the last three years.
Both countries must approve member-
ship applications and there are several
conditions which may result in the denial of
an application.
For example, you may not qualify if
you are inadmissible to Canada or the U.S.
under applicable immigration laws, have
been convicted of a criminal offence, or
have been found in violation of customs or
immigration law.
For more information, call 1-866-NEXUS-
26, pick up an application form at any Canada
Post outlet, or go to www.nexus.gc.ca.
Published by Foreigh Affairs and International Trade in the December issue of Canadexport. ■
Business and Other News
Nouvel les economiques et information
For over 50 years, many of Europe’s largest corporate groups, as well as numerous
small and medium-size companies, have counted on Lette to provide them with
practical, sophisticated and cost-effective legal advice in Canada.
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Quote of the Month
Firemen, donuts and meetings
When a building is burning down, fi reman coordinate their actions, make decisions and save lives.They do this without Aeron desk chairs or Dunkin Donuts. They do it without subcommit-tees, McKinsey studies or input from the boss in another city.To quote author Al Pittampalli, “why bother going to a meeting if you’re not prepared to change your mind?” To which I’d add, “Don’t bother having a meeting if you’re not there to change or make a decision right now.”Somewhere along the way, meetings changed into events where we wait for someone to take responsibility (while everyone else dives for cover).How would you do it differently if the building were burning down? Because it is.
Seth Godin
BIENVENUE AUX NOUVEAUX MEMBRES
CCCS (QUÉBEC) INC.
Individual members / Membres individual
Grou et associés
Mme Dominique Grou
Notaire
842, av. Ste Croix
Montréal, QC H4L 3Y4
Tel. 514.747.0820
e-mail : [email protected]
Au Saucisson Vaudois
M. Marcel Picard
Propiétaire
368 Principale
Ste-Brigide, QC J0J 1X0
Tel. 450.293.5402
e-mail : [email protected]
Continued from page 17
IN FO SU I SS E24
Business and Other News
Nouvel les economiques et information
MEDICAL INFORMATION BY EMPLOYEES ON SICK LEAVEBy Crawford Chondon
& Partners LLP,
Management, Labour
and Employment
Lawyers, Brampton,
Ontario
An employee on sick leave has provided
a doctor’s note saying “required to be off
for 2 months”. Can I ask for better medical
information?
The answer is yes.
The employer’s legal duty to accommo-
date under the Ontario Human Rights Code
includes allowing employees to be away
from work for periods of time if the nature
of their medical issue requires the absence.
Physicians play a necessary and critical
role in this accommodation process in two
key ways. First, the physician triggers the
accommodation process by notifying the
employer that the employee is experiencing
a medical issue that restricts or prevents
him or her from performing the ordinary job
duties. Second, the physician provides an
objective opinion about what the employ-
ee’s medical restrictions are, what his or her
functional limitations are and how long the
limitations are expected to last. It is not the
physician’s role to direct the employer to
provide particular forms of accommodation.
That decision lies with the employer.
In this context, a note that simply says
“required to be off for 2 months” is unhelp-
ful. While an employer should accept the
note as a validation of the employee’s
need for accommodation, it doesn’t help in
assessing whether other forms of accom-
modation, apart from a 2 month leave of
absence would be appropriate, nor does it
assist the employer in understanding how
long the employee will require accommo-
dated arrangements.
The best course of action when dealing
with unhelpful physician notes is to write to
the employee, explaining why the supplied
note is inadequate and outlining the kind
and scope of information that is required
going forward. It is often useful to include
a letter drafted to the employee’s physician
that outlines the information that is needed,
together with a medical authorization for
the employee to sign and provide to the
physician in order to permit direct commu-
nication between the physician and a single
employer representative.
Employers should always be prepared
to shoulder the cost of any medical reports.
As well, employers must remember to limit
their request for information only to what
is required for the accommodation process.
This means that information relating to diag-
noses are rarely if ever relevant and should
not be requested. However, information
relating to functional limitations and abili-
ties and prognosis details are appropriate.
The accommodation process, and the
myriad issues that arise with the intersec-
tion of disability and employment, is rarely
straightforward. The advice of counsel expe-
rienced in these issues, like CCP, is always
value added.
For more information on above topics contact Dave Chondon at [email protected] or visit their website at www.ccpartners.ca. ■
Editor’s Note:
Bruno Gideon is taking a well-deserved
break and no articles “Bruno’s Tip”
will appear in 2012. I would encourage
you, however, to sign up for Bruno’s
weekly e-mail Minutes
(details see Page 26).
FE B R UA RY/MA R C H 25
THE 2011 SCCC DINNER DANCE
SWISSNESS AT ITS BEST!By Andrea Boothby-Gysling
As we ring in 2012 and say goodbye to 2011,
it is the perfect time to sit back and recall
what for many of us was the kick off to the
holiday season: the annual Swiss Canadian
Chamber of Commerce (Ontario) Inc. (SCCC)
Gala Dinner Dance.
Le Méridien King Edward in downtown
Toronto, Ontario, was once again the chosen
venue for the festivities. In addition to
the beautiful backdrop of the “King Eddy”
which is steeped in history, it may just be
the talents of Swiss Chef Daniel Schick that
keep us coming back to this spot year after
year. The multi-course feast was wonder-
fully complemented by a selection of wines
graciously supplied by the Consulate General
of Switzerland in Toronto, striking table
arrangements by Sonia Evans-Good , and
holiday chocolates from Lindt & Sprüngli.
This year’s theme focused on Swiss
culture, which was represented in the
invitations created by Swiss Mar. Our MCs
for the evening — Mirko Capodanno from
Switzerland Tourism and Ernst Notz — kept
everyone on their toes with a rather chal-
lenging quiz about all things Swiss. Who
knew that aluminum foil was a Swiss
invention!
We were once again drawn to the dance
fl oor thanks to the music of Havana Express.
Eva Hajda on the alphorn, along with the
Schwiizeroergeli Trio and Rene Walti’s
“Talerschwingen,” set the mood and gave us
more of a taste of Swiss tradition. And while
all waited for the incredible prizes to be
awarded, Mark Bochsler continued to snap
away, capturing candid shots of
all the fun.
2011 winners were treated to
prizes that included everything
from edible gift baskets to elec-
tronics; from a gorgeous Rolex
watch to an amazing Swiss travel
adventure package courtesy
of Swiss Airlines, Switzerland
Tourism and Kempinski Hotels.
Congratulations to all the
winners and many thanks to our
generous sponsors and those
that gave their time to making
the event such a wonderful start to the
holiday season. The Dinner Dance commit-
tee consists of Ernst Notz, Kathy Utigard,
Mirko Capodanno, Sonja Evans-Good and
Patricia Keller Schläpfer who outdid them-
selves, yet again.
The Executive and Directors of the Swiss
Canadian Chamber of Commerce (Ontario)
Inc. under the distinguished patronage of His
Excellency, Ulrich Lehner, Swiss Ambassador
to Canada, and Mrs. Bernadette Hunkeler
Brown, Consul General of Switzerland, thank
all who attended the 2011 SCCC Gala Dinner
Dance and encourage you to take part in the
many Chamber events to follow later this
year.
Es guets Nois! Happy New Year!
For more information on the SCCC or any of its future events, please visit www.swissbiz.ca. ■
Chamber News
Information de votre chambre
From left to right: Swiss Chef Daniel Schick and Ernst Notz (MC)
From left to right: Eva Hajda (Alphorn), Trio Schwiizeroergeli and Rene Walti (“Talerschwingen”)
Dance music by Havana Express
From left to right: Mirko Capodanno from Switzerland Tourism (MC) hands over the Grand Prize to lucky winner Lauren Bucaneg
IN FO SU I SS E26
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FE B R UA RY/MA R C H 27
Business News
NESTLÉ EXPANDS U.S. NUTRITION PROGRAMSVEVEY, Switzerland—Nestlé has introduced
and expanded new Nutrition, Health and
Wellness (NHW) initiatives, announced
several partnerships with leading industry
organizations, and launched multiple cam-
paigns to increase nutrition awareness and
help combat epidemic rates of obesity.
“As a core component of Nestlé’s Good
Food, Good Life business philosophy, we are
continually working to improve both the
quality and quantity of nutritious and deli-
cious products that can be enjoyed by every
member of the family and for every way
of life,” said Chris Johnson, Nestlé’s Zone
Director for the United States, Canada, Latin
America and the Caribbean. “With obesity
rates on the rise, especially among younger
Americans, Nestlé recognizes that main-
taining a healthy lifestyle requires making
smart choices. At Nestlé, we strive to offer
healthier food and beverage alternatives,
while also providing solutions for portion
control. We have introduced specifi c product
improvements focused on adding healthier
ingredients like whole grains, while also
reducing sodium, fat and sugar in many of
our products.”
The following are some highlights of key
NHW efforts carried out by Nestle in the
United States this year.
Nestlé partnered with the National
Education Association (NEA) to expand
nutrition and physical activity resources
for teachers through its Healthy Steps for
Healthy Lives Initiative, which provides
easy-to-use instructional activities that
teach K-3 students about being healthy,
while also offering materials that can be
used by parents, after-school programs and
caregivers. The initiative is part of the Nestlé
Healthy Kids Global Program, a larger global
commitment by Nestlé to create shared
value through nutrition, health and wellness
awareness among school-age children.
Nestlé also joined the Healthy Weight
Commitment Foundation, a national indus-
try effort designed to help reduce obesity,
particularly among children, by 2015. As
part of this program, Nestlé has committed
to improving the nutritional density of its
products by featuring fruits and vegetables,
whole grains, calcium, omega-3s and anti-
oxidants where it makes sense. ■
A cardinal principle of Total Quality
escapes too many managers: you cannot
continuously improve interdependent
systems and processes until you
progressively perfect interdependent,
interpersonal relationships.
Stephen Covey
IN FO SU I SS E28
Si je savoure si souvent ces si purs suisses-ci de la Suisse, c’est parce que ces si purs suisses-ci de la Suisse sont si savoureux. Pourquoi ces si purs suisses-ci de la Suisse sont-ils si savoureux déjà? Ces si purs suisses-ci de la Suisse sont si savoureux parce qu’ils sont faits comme seule la Suisse sait les faire. Si vrai, si pur, si Suisse. Si, si.
Découvrez-les sur les authentiques-suisses.com
Just how pure is this Swiss? Well, it’s so pure and so savoury that every taste is 100% pure bliss. So when it comes to Swiss, there’s one thing that you should never miss.
Make sure to put authentic Swiss on your list. Because nothing else is this Swiss.
Get the real Swiss onswiss-authentics.com
SWISS-MOTO
Date: 16-FEB-12 to 19-FEB-12
SWISS-MOTO for the motorcycle and scooter
industry is no longer inconceivable. 63,000
visitors came to the 2009 motorcycle Mecca
of Switzerland not miss Four days were
novelties vehicle, custom bikes, accessories
and clothing in the center.
Venue: Messezentrum Zurich,
Zurich,Switzerland
Baselworld
Date: 08-MAR-12 to 15-MAR-12
BASELWORLD 2012 will be a home for
the new products such as range of watch,
jewellery, precious-stone and related sectors.
At the expo, more than 2000 companies
linked to the watch, jewellery and precious-
stone industries and other concerning sectors
will showcase their latest developments
and innovations. Brand new companies and
renowned brand will display their expensive,
contemporary models of watches, accessories
and exquisite of stones.
Venue: Basel Exhibition Center, Basel,
Basel-Stadt,Switzerland
SWITZERLAND CENTRE FOR TRADE FAIRS/ LA SUISSE –
PLACE DE FOIRES
Through your membership in the
SCCC, you can join a
group health insurance plan
The country’s leading benefi t program
for small business
• Covers businesses with up to 35 employees, including one person fi rms
• Is open to all industries• Pools claims for price stability• Never targets an individual fi rm for
a rate increase or cancellation• Offers a full range of benefi ts,
including coverage normally reserved for big businesses
Discover the wide range of benefi ts available to you, such as Health and Dental, Critical Illness coverage, Short & Long Term Disability income replacement and more!
For more information, contact Patricia Keller Schläpfer at the SCCC
or visit www.chambers.ca.
MySwitzerland.comThe Swiss Travel System has the perfect ticket for you to discover Switzerland. Tailoured toyour itinerary the Swiss Pass, Swiss Flexi Pass, Swiss Transfer Ticket or the Swiss Card will bethe perfect solution to ride 20,000 km of train, postal bus or boat routes. Your personal choiceinclude the classic scenic routes such as the Glacier Express, the Bernina Express, the GoldenPass Line, the William Tell Express, and the Palm Express. Also included is the public transportsystem of 38 cities, and the passes give you 50% discount on most mountaintop trains andcable cars. To top if off, you will profit from free entries to over 450 museums.
Our amusement park.
For more information go to www.swisstravelsystem.ch,www.raileurope.ca, or call 1-800-361-RAIL (7245)
