Navigate / search

Join us at the Financial Leadership Forum, June 15

While many in the construction industry rely on existing forums to discuss best practices and to resolve common issues of concern, those in financial leadership positions within our industry do not have such opportunities.

ICBA and CPA BC are filling this void by creating a regular forum for those with financial leadership roles.

At this inaugural dinner event we will host:

  • Peter Guo, BC Leader of Enterprise Risk Services with MNP
  • Scott MacDonald from the Ministry of Jobs, Tourism and Skill Development
  • David Chiang, VP of Member Services with CPA BC

Date: Wednesday, June 15, 2016

Time: 5:30pm – 6:00pm Registration and Networking
6:00pm – 8:30pm Dinner and Presentations

Location: Delta Burnaby Hotel & Conference Centre, 4331 Dominion Street, Burnaby, BC V5G 1C7 (Complimentary Parking in South Parking Lot)

To register and for more information, please click here

3 Common Mistakes Canadians make with their TFSA’s


In 2009, the TFSA was created to encourage Canadians to save money where it could grow tax free and be free from taxes when withdrawn.  Let me get this straight, I can invest money that can grow over time, take it out whenever I want and pay no tax?  It seems too good to be true?  While yes, there are limits to the account, but when used properly it is by far the best investment vehicle in Canada.  For many Canadians however, it is still one of the most misunderstood investment tools.

Let’s look at some of the most common mistakes made with these accounts.

  1. Canadians don’t use them.  Despite the benefits, only 38% of eligible Canadians have a TFSA.  In 2009, the contribution limit was $5,000 for any person over the age of 18 living in Canada.  The initial criticism was that this limit was too low to bother.  Fast forward to today, most people could have contributed up to $46,500.  For a couple, that is a total of $93,000 in tax free investment room.

  2. Canadians treat them as a “Savings” bank account.  For investors looking for a guaranteed return, interest earned in a TFSA on “High Interest Savings” or GIC investments is tax free.  But the TFSA can be so much more than just a savings account.  As an example, investors can hold Stocks, Bonds, ETFs and Mutual Funds to create a diversified portfolio suitable for their own risk tolerance and savings strategy.

  3. Canadians haven’t factored the benefits of a TFSA along with their pension/retirement savings.   Any money withdrawn from a TFSA is not taxable.  Therefore, these funds are never considered as a source of income.  Since many Government Benefits that you receive in retirement are income tested, this is potentially a huge savings advantage.

Now, the good news.  All is not lost for Canadians and their TFSAs.  That $46,500 in contributions that could have been made already, can still be made.  Just like an RSP, contribution room accumulates over time.  By this time next year the limit will be up to $52,000 per person.  For investors locked into GICs, a long term and diversified investment portfolio can be started with any new contributions.  Finally, a TFSA retirement income strategy can be made a part of every financial or estate plan.  Amazingly, if you can commit to maxing out your TFSA contributions now and continue to do so for future years, 20 years from now your account could be upwards of $400,000!

Article courtesy

Creed Capital Management


1 Source: The Huffington Post May, 2015

2 Based on an annualized rate of return of 7% and maximum ongoing annual contributions of $5,500

Insurance Tax Major Changes to Life Insurance Taxation are around the corner!


For the first time since December 1, 1982, there are significant changes to the taxation of Life Insurance.  These changes will take place as of January 1, 2017.  If you are a business owner that is considering Corporately Owned Life Insurance, these changes will have a fairly significant effect on the amount of after tax income received.  Fortunately, any insurance applications that are made prior to December 31, 2016 will be grandfathered under the existing rules, and not subject to the higher tax rate.

For small business owners, Corporate Owned Life Insurance is very attractive because the policy can be funded by the money inside the corporation, with a significant portion of the proceeds being paid directly to shareholders and beneficiaries tax free.  These changes are being made by the CRA to address the fact that people are living longer.   While Corporate owned Life Insurance is the primary focus of the increased taxation, many other policies and strategies will be affected.   If you are, or have ever considered Corporate Owned Life Insurance, now would be the time to understand the options that are available to you.

Article courtesy

Creed Capital Management


Pacific Northwest: Environmental Leadership

yes to developent

Like all major resource projects, Pacific Northwest has been through rigorous environmental reviews. The project received provincial environmental approval in November 2014 – with several significant conditions attached which the project proponents have committed to fulfill. A lengthy federal review process is also nearing its completion, with a final decision from Ottawa expected in the months ahead.

But Pacific Northwest represents much more than just a soundly designed and thoroughly reviewed project – it’s an opportunity for global environmental leadership. A BC-based LNG export industry will safely and efficiently supply growing Asian economies with responsibly extracted Canadian natural gas. LNG processing facilities here will be among the cleanest operating anywhere in the world.

Natural gas is widely recognized as an important “transition fuel” that provides the opportunity to displace coal and other fossil fuels. This makes it key to global efforts to address the climate change challenge.

Pacific Northwest: Jobs for British Columbians

Across northern and other resource-dependent areas of B.C., many people and businesses are coping with a lot of uncertainty right now. Low energy and other commodity prices have resulted in belt tightening and layoffs, and nothing could be more welcome than a major infusion of new jobs.

LNG Photo

Construction of Pacific Northwest is expected to extend over about four years, and at peak activity it will create as many as 4,500 jobs. Those will be well-paid and highly skilled opportunities – ranging from welding and ironwork, to engineering and environmental management. The training opportunities involved will also serve BC workers and the BC economy well for decades to come.

When in operation the project will provide up to 330 direct, long-term operational jobs, and some 300 spinoff jobs just in the local area alone. Few if any other ready-to-proceed projects have as much potential to support the jobs for BC workers and livelihoods for BC families.

Trans Mountain Expansion Project will create long-term prosperity


ICBA commends the National Energy Board (NEB) for recommending the federal government approve the Trans Mountain Expansion Project and concluding the Project is in the best interest of our country. 

trans mtn 3

“Today’s decision is good news for workers, families and communities across British Columbia,” says ICBA President Philip Hochstein.  “Canada needs an expanded pipeline system that will generate thousands of family-supporting jobs, provide access to new, high-paying markets, and unlock billions of dollars in benefit to our country.”

The expansion, as outlined in a report by the Conference Board of Canada, is expected to generate 802,000 person years of employment over more than 20 years and close to $50 billion in government revenues, which pay for vital public services that we all rely on.  It will also generate more than $23 billion in additional local government taxes annually in BC, which is more than double the current amount. Read more

Pacific Northwest: Paying for Essential Services

Investment Makes Comms Thrive

As British Columbians, we enjoy fantastic quality of life. We’ve come to expect the benefits of quality education for our children; world-leading health care services that meet the needs of an aging population; and safe, efficient and regularly renewed bridges, transit and other public infrastructure.

But none of that comes cheap, and all of it depends on tax revenues that are created by private investment and private economic activity. Pacific Northwest LNG has already contributed to public revenues through its significant spending during its proposal phase, and those contributions will ramp up significantly when construction begins.

And once in operation? Total tax and royalty contributions to all three levels of government are expected to be $1.3 billion annual. That’s a huge infusion of public revenues that will significantly improve our ability to pay for vital public services in BC without incurring debt.

Pacific Northwest LNG: Let’s get it to Yes

Pacific Northwest LNG near Prince Rupert is a leading contender to become the first such project to actually start construction in B.C. – and that milestone isn’t far off. So it’s more important than ever that we demonstrate support, and keep up the push for a final go-ahead on this massive investment.  

pacificnorthwest LNG lelu

We know how much this project means to workers and their families in communities throughout BC who are counting on the new opportunities it will bring. And we also know how broadly it can benefit all of B.C.

In a few posts to follow, we’ll expand on why we have to get this project to yes: To help support the services we all rely on, to create thousands of well-paid jobs, and to demonstrate our faith in sound scientific review processes and in British Columbia’s ability to provide global environmental leadership.

British Columbia’s economy is booming — for the most part

British Columbia’s economy is booming — for the most part. That was the consensus at ICBA’s second annual Industry Outlook event, which brought together industry experts for a morning of insight and forecasts for B.C.’s construction sector and related industries. 


Industry Outlook provides a snapshot of the entire economic picture of British Columbia and what work will be available where. The continued decline in commodity prices is affecting numerous B.C. industries and the short-term economic prospects for the province are mixed.

Panelists included Ken Peacock, Chief Economist and Vice President for the Business Council of B.C. Peacock says that 2016 has started inauspiciously, with global economic forecasts trending downwards. However, U.S. employment and housing starts are climbing, which is good news for the forest sector in B.C., he says.
Read more

How you can help families impacted by Fort Mac fire

Our thoughts go out to friends and families displaced by the devastating wildfire in Fort McMurray, and to the brave men and women fighting forest fires across B.C. and Alberta. With 80,000 residents forced to flee Fort McMurray, Canadians have once again come together to show support for our Albertan family. Here are some ways to help the people impacted by the wildfire.

Online donations:

  • The Red Cross is taking donations by phone. To donate $5, text REDCROSS to 30333. The federal and provincial governments are matching donations made to the Red Cross.
  • The Wood Buffalo Food Bank is accepting donations on their website.

Social media efforts:

  • Facebook group Fort Mac Fire Donations is crowdsourcing donations for items such as toiletries, socks and pillows, as needed.
  • On Twitter, people are offering help through hashtags such as #ymmfire and #ymmhelps

Thank you,