Los Negocios Florecen en Toronto Los Negocios Florecen
5 Cultural Misconceptions
Now in its third year!
Image courtesy of Santiago Ortega.
in this issue
8 Los Negocios Florecen
By Alicia Bulwik
7 Marketing to Hispanics
by Sergio Medrano
As in any relationship, knowing and understanding each other is fundamental. In Marketing to Hispanics, Sergio Medrano warns you of five
misconceptions that you may take into account when doing business. Being
aware of these will put you right at the front of in his words, ‘the average North American Marketer’. In Social Media, Idalia Obregon, former
president of the THCC, explains the relevance of social media and its power
when communicating or doing any business. She stresses the importance
of referrals, the most effective route to success when reaching a market.
10 Latin American
MBA Alumini Network
by Daniel Navarro
12 2010 & 2011 Events
by Toronto Chamber of Commerce
13 Toronto Chamber of Commerce’s
Annual Business Awards
14 A Successful Immigrant
16 Should I contribute to an
RRSP, a TFSA or both?
by Victor Nunez
by Lorena Martinez
18 Group Benefits for Small Business
by Monica Linares
Canadian Hispanic Business Magazine
design and layout
casco design and
CHAMBER OF COMMERCE
720 King st. w., Suite 523
Toronto, on m5v 3s5
Alicia Bulwik from the City of Toronto, Economic Development & Culture
gazes into the future with Una Mirada al Porvenir, written in Spanish. This
article will provide you with excellent business ideas for the coming Pan
American Games, to be held in Canada in 2015.
In Group Benefits for Small Business, Monica Linares advises on the advantages of group insurance, a good deal for those who have three or more
employees. Group Benefits brings benefits both ways: Employers are able
to deduct their employee benefit contributions as a business expense while
their employees receive these same benefits either tax-free or tax-deferred.
by Luis Araque
Director of TALACAN
This month the THCC was granted a well deserved Certificate of
Appreciation by the City of Toronto, Parks, Forestry and Recreation, in
recognition of the work of all and each of its members in accomplishing our
mission, Congratulations, THCC!
by Idalia Obregon
jimmy wang che ming
am delighted to present to you issue number two
of the Canadian Hispanic Business Magazine.
The Toronto Hispanic Chamber of Commerce
mission is ‘Bridging opportunities for Canadians
and Hispanics worldwide’. This magazine represents the endeavors of the many entrepreneurs
and professionals building that bridge. In this
edition we offer you a varied selection of business and news topics related to the Hispanic
world within Canada. Also, you will notice a huge
visual change thanks to Casco Design, our design
sponsor in this issue that created a modern and
clear harmonic image.
6 Social Media
maria elena figueroa
Letter from the editor
Victor Nunez’ article helps you in understanding and knowing your investment options. Should I contribute to an RRSP, TFSA or both? highlights the
pros and cons of these options and will make easier for you when deciding
this important matter.
And last but not least, the THCC Hispanic Business Awards is in its third
year. Based on the past two editions we all forecast a continuing increased
success this year. This annual event is quickly becoming a tradition and
plans for this year started at the very end of last year’s gala event.
Please enjoy this issue!
Alfonso Mejia-Arias, Editorial Director
Canadian Hispanic Business Magazine
5 Cultural Misconceptions
Now in it’s third year!
ISSUE #2 JUNE 2011
canadian hispanic business magazine
Letter from chairma n of the board, THCC
Letter from the president, THCC
Dear THCC members and readers,
Dear THCC members and friends,
I am honoured to have the opportunity of welcoming you to a new era of the Toronto
Hispanic Chamber of Commerce. In the nearly 10 years since this organization was born,
many great things have been accomplished, thanks to the efforts and hard work of its founders, sponsors and countless volunteers.
After three years serving the community through the Toronto Hispanic Chamber of Commerce,
and after getting involved in mining projects in Colombia, I requested the board of directors to
find my replacement as President of this organization that I love.
German Castano is the
Chairman of the Board
of THCC in Toronto.
Contact him at his email
address or visit
When we, the volunteers of the THCC (Toronto Hispanic Chamber of Commerce), envision
that this organization will become the bridge for everyone to use to reach the group of Hispanic
Businesses in Toronto, we mean it.
Among our most important and successful initiatives are: The publication of the Hispanic
Business Magazine; the ongoing Education and Training seminars, which are free to our
active members; the monthly Wine & Cheese networking events; and of course, the annual
Hispanic Business Awards, where we celebrate the best accomplishments of our members in
the preceding year.
In the last three years, we have become an important presence at the Toronto business and
Canadian political level:
In 2010, the Hispanic Business Awards brought together over 120 attendees, including
government dignitaries, corporate business leaders and entrepreneurs. During the event, we
launched the new Visual Identity for the THCC, which symbolizes the Chambers’ highest
goal – to be a bridge for opportunities between Canadian Hispanics and the World.
• We organized and participated in more than 30 public events, where we were always wellrepresented by the presence of business men and women from a variety of backgrounds and
• As representatives of the Hispanic Business community, we were invited to several meetings
to hear and contribute on matters related to Free Trade between Canada and Latin America,
immigration and national security.
The THCC has grown steadily since 2003 and we have now established our presence by creating regular and successful events such as:
• The Hispanic Business Awards, which is now an annual event in the city of Toronto
• The very successful monthly wine and cheese event
I had the honor to represent the THCC and its members, not only In Toronto but also at events
in Winnipeg, Calgary, Vancouver, Montreal and Ottawa. Internationally, we have made our
presence known in the USA, Mexico, Puerto Rico, Colombia and Venezuela.
Diego Casco is the President
and Creative Director at Casco
Design Communications Inc.
in Toronto. Contact him at
[email protected] or visit
his website at cascodesign.ca.
I am very pleased to see how the new President, Mr. Diego Casco, jumped into action with a plan
targeting the increase of membership of the THCC by offering a value package that benefits all
Hispanic Business in Toronto.
I am happy to continue serving as Chairman of the Board of Directors, a less time demanding
role that will allow me to maintain my liaison with the THCC, and to contribute to the development of this young organization.
New THCC Identity
Hispanic Business Awards, 2010
To make this possible, we are asking for your support in helping the Chamber to grow, a
growth both in size and maturity. As a valued member and friend, we invite you to activate
your membership. With you on board, we will meet the following objectives:
• Expanding the membership to 500 by the end of the term. To achieve this objective, we
have created a new membership structure, which will better suit our members’ needs
• Establishing strategic corporate sponsorships and alliances, beneficial to all members
• Increasing public awareness of our organization by elevating our profile, making The
Chamber recognized in Toronto, Canada and abroad, both in the private and public sectors
• Promoting and developing the Hispanic Business Awards to even greater heights
• Redesigning and re-structure the website, thcc.ca, adding useful features and resources,
including a member’s directory, which represents great exposure for our members
• Establishing a monthly electronic newsletter, to keep members and stakeholders engaged
What’s in it for you? There is great value in being a member of the Toronto Hispanic
Chamber of Commerce. Together, we hold the opportunity to:
German Castano, Chairman
Toronto Hispanic Chamber of Commerce
Hispanic Business Awards, 2009
Great times are ahead for the Toronto Hispanic Chamber of Commerce’s members. With our
new Board of Directors, we have armed ourselves with a set of exciting new objectives for
this 2011-2012 term, objectives that will not only help the organization to grow, but will carry
it’s members with it in that growth, leading to greater things for us all.
Hispanic Business Awards, 2010
• Be part of a fast growing network of professionals in Toronto…but more than a network, a
cultural think-tank for mutual growth and development
• Connect with other members, fostering new business relationships leading to your own
success and the success of the community as a whole.
• Enjoy special pricing for THCC’s Wine and Cheese and other future Networking Events.
• Market yourself, your business and your products to an ever-growing network.
• Listing for you and your business in the THCC’s Members Directory section of the thcc.ca
• Access to great membership exclusive incentives and group discounts
We are confident, committed, and full of energy. We are working hard to take this organization to the next level, and we want you to be part of it. We invite you to join the join the
Toronto Hispanic Chamber of Commerce by visiting our website at thcc.ca.
On behalf of the Board of Directors,
Diego Casco, President
Toronto Hispanic Chamber of Commerce
canadian hispanic business magazine
canadian hispanic business magazine
On Social Media…
Marketing to Hispanics
If you don’t get into it, you can either retire, or die.
5 Cultural Misconceptions
by Sergio Medrano
BY Idalia Obregon
The common use of Latino includes people from Latin America,
including non-Spanish speaking countries like Brazil and Haiti. The
term Latino is positive and widely used. Latino: When referring to
mixed gender groups and men. Latina: When referring to women.
Copyright All rights reserved by Patrick Huber
hile attending a conference on innovation in the Digital Kingdom of
California, USA, I became a bit more
familiar with and more inclined to stop resisting social media as I did in the past. As they say
there, “If you don’t get into it, you can either
retire, or die”: Although these words may be
overstating matters a bit, this is almost the
reality that we now live in. But what if I’m not
the type of person who likes to “share” all the
things I like, or I do, or I think, or I will think…
hmm… do I have to retire? Or die? Really?
You hear it everywhere: “You have to get into
it, this is how business is driven now, mainstream marketing doesn’t work anymore, etc.,”
but if you are like me, running a service business on topics that are not necessarily “hot”,
working with older people that sometimes
don’t even want to use email. I feel like “How
the heck am I going to use social media for my
Perhaps the best thing I learned in this conference is that you can define Social Networking
as ‘a referral group of people that you have at
your hand’s reach, that you can trust’, it is word
of mouth, you can rely on them in getting info,
advice, good deals, etc. Okay, I can get how this
can be easily applied to consumers, to productbased companies—but not my line of business.
You may also have a social network in your
job, which helps in larger corporations where
management may need to know what their
employees want, like, or are interested in. Social
networking is also very applicable for service
companies, either big or small (like mine!),
because it is a great way to make recommendations about a service, or explain an opportunity.
Press releases are less effective now, seldom
trusted, as it is only publicity made by and for a
company. You cannot implicitly trust them, but
you can trust in your ‘social network’.
It was very interesting how this conference
specified the creation of a new era with a ‘digital
class’; meaning it will not only be the rich, the
poor, or the elites, but a digital class, that will
influence us to adapt to their standards. If we’re
in the business of targeting those people, then
we have to adapt. Yes, there is still a significant
group of people who are not too keen in those
technologies, but according to the speakers of
Knowing your audience will improve your marketing strategies.
this conference, they’ll have to adapt too, it’s
the way of the future.
Also in the arena of social networks is the
booming industry of video games, where
one level is free (freemium), banking on that
10-15% of people who will upgrade. That’s
where the money is. Facebook’s best clients are
women between 50-60 years old, and the game
“Farmville” is the most successful among them.
Games in social networks are the new soap
operas of today, so don’t worry, you will find
Betty La Fea in your wall.
It is also interesting that social networks have
seduced investors (both public and private) to
the point that they don’t even want to look at the
rest of the menu, the focus is “cash efficiency”
with the rule of getting 10 times your money in
5 years. Investors are only interested in companies such as Facebook, Twitter, Groupon,
etc, again the “digital sector”. This is why a
few months ago 5 guys in their early 20’s sold a
video game for $500 million to the largest video
game company in the world. This attitude is a
great reversal of the ‘burn rate’ mentality of the
early dot coms.
may be deceiving... this is why you have to
check their ‘klout score’ (their measure of
influence across the social web)… Ah… feeling overwhelmed already? I hear you, but still
invite you to try this addictive and interesting
game of social media. Hey, the worst that can
happen is that you like it!
Before you start selling to Hispanics make sure you know who they
are. I work in Real Estate and in sales we learn as much as possible
about our prospects before trying to get their business. I guarantee that
a little culture goes a long way. I recommend showing respect for your
prospects by getting your terminology correct. Nobody likes when
others misunderstand their world.
Understanding the following cultural misconceptions will help
you be light years ahead of the “average North American marketer”.
Everyone makes mistakes when it comes to the small things, but any
effort will pay off.
THCC, Vice Chair
Idalia Obregon is the President and
Founder of Exito Trade Consulting,
an international management consulting and marketing firm.
We’ve seen only the tip of the iceberg, but
be careful as social networks’ recommendation
canadian hispanic business magazine
arketing to Hispanics means that you are selling to people who
speak Spanish, right? Yes and No. There are over 440 million
people in the worldwide Hispanic market, but let’s assume you
are starting by marketing to Hispanics in Canada and the United States
1 ALL HISPANICS SPEAK SPANISH
“Hispanic” refers to individuals who trace their origins to Spanish
speaking countries, and originally Spain. Yes, it is possible for a
“Hispanic” person to speak only English or French. Saying someone
is Hispanic is much like saying that someone is Irish, German, or
Italian. However, this cultural group is racially diverse, as it includes
people from all Spanish-speaking countries. Don’t get confused
with race. Hispanics come in all colors, shapes, and sizes.
3 SPANISH-SPEAKING MEANS “SPANISH”
Just because someone speaks Spanish don’t assume that they are
from Spain. “Hispanics” trace their cultural roots back to Spain but
Hispanic Latin Americans have their own culture and nuance of
language. In fact, the Spanish spoken throughout the world varies
just like any other language. Remember that Spain makes up less
than 10% of the worldwide Hispanic market. It’s much more likely
that the Hispanics you encounter will NOT be from Spain (unless
you are in Europe, of course).
4 ‘AMERICA’ MEANS THE UNITED STATES
America is ‘the lands of the Western hemisphere, comprising the continents of North America and South America with their associated
islands and regions’. It is common for people to say ‘America’ when
they mean ‘United States’. ‘America’ refers to a continent, not a specific country. I’m not trying to debate this, and I know many people
call the USA ‘America’, but if you are trying to make international
friends, stop calling the USA ‘America’. Instead, say ‘United States’.
5 ALL HISPANICS ARE POOR
As a demographic group in North America, it’s true that Hispanics
have lower median income levels. On a worldwide scale, Spanishspeaking countries combined have about one quarter of the GDP
of the developed world. Lower income and GDP does not mean
that all Hispanics are poor. Just like in any other culture, there are
poor, rich, and middle class Hispanics. Our world is full of brilliant,
well educated, and affluent Hispanics. Hispanic Latin America has
wealthy regions and booming business to rival anything I have seen
in the developed world. Don’t assume all Hispanics are poor.
MARKETING TO HISPANICS: KEEP LEARNING
To start marketing to Hispanics you don’t need to be an expert. You
should make an effort to learn about their language and culture, as
these are essential to build relationships and close sales. If you would
like to receive a list of free reports you can download online about this
topic, please contact me at: [email protected]
Sergio Medrano holds an MBA and
works for Colliers International.
You can contact him at
2 “LATINO” IS THE SAME AS HISPANIC
“Latino” typically means someone with cultural ties to Latin
America and does not refer to language. By definition, “Latino”
includes people from countries that were once under Roman rule.
canadian hispanic business magazine
Los Negocios Florecen
Una Mirada al Porvenir
By ALICIA BULWIK
Image courtesy of Maurico Jimenez
Alicia I. Bulwik
MRAIC, MCIP, RPP, Senior Advisor
City of Toronto, Economic Development & Culture
on uno de los sistemas bancarios más
sólidos del mundo, Toronto es la capital
f inanciera de Canadá, en donde se
encuentran las sedes de los cinco bancos
canadienses más importantes y las del 90% de
los bancos extranjeros con operaciones en el
país. Toronto es una de las puertas de entrada
más importante al mercado de América
del Norte con acceso a los $15 trillones del
mercado de NAFTA (“North America Free
Trade Agreement”), con vuelos directos a la
mayoría de las grandes ciudades del mundo y
horarios de negocios que se superponen con
Europa y la costa oeste de América del Norte.
Su ubicación privilegiada en el corazón de una
región de 5.4 millones de habitantes da acceso
a un mercado de 180 millones de personas en
un sólo día por ruta y a los centros urbanos
importantes como New York, Filadelfia,
Washington, Chicago y Boston en una hora de
Toronto es una ciudad/región en donde
las oportunidades para realizar negocios son
ilimitadas debido a su carácter de ciudad
internacional, adonde llegan y se establecen casi
la mitad del cuarto de millón de inmigrantes que
llegan a Canadá todos los años, de todas partes
del mundo. El 30% de los 800.000 habitantes de
habla hispana y el 28% de los 300,000 de habla
Alicia I. Bulwik comenzó su carrera profesional y docente como arquitecta en Buenos Aires, Tiene
maestrías y estudios de postgrado de las Universidades de Buenos Aires, Waterloo y Toronto.
Ingresó al plantel profesional de la municipalidad de Toronto en 1986 en el Departamento de
Planificación y desde 1999 integra el equipo profesional de la Division de Desarrollo Económico
y Cultura. Su amplia experiencia incluye los siguientes sectores: alimentación, diseño, incubación
de empresas, tecnología de la información y comunicaciones y energía renovable y tecnología
verde. Actualmente está a cargo del programa de apoyo al sector de servicios profesionales y
comerciales así como de iniciativas comerciales relacionadas con los Juegos Panamericanos
del 2015. La Sra. Bulwik, quien domina el castellano, el francés y el inglés, participa en foros
académicos y profesionales internacionales y escribe para distintos medios impresos.
portuguesa en Canadá, viven en la región de
Toronto. Este proceso migratorio sumado a la
política federal sobre el multiculturalismo hace
que Toronto se haya transformado en una de
las ciudades más diversas del mundo, en donde
se hablan más de 100 idiomas y en donde la
mitad de su población nació en otro lugar. La
diversidad tanto étnica como económica de
Toronto facilita el florecimiento y crecimiento
de negocios, ya que tanto sus residentes como
sus empresas tienen conexiones con todas partes
del mundo y hablan su idioma. Esta exposición
a otras culturas, maneras de pensar, y de hacer
negocios, hace que los Torontonianos estén
abiertos a nuevas ideas y costumbres.
Desde el punto de vista económico,
Toronto posee una de las economías más
diversificadas que ninguna otra ciudadregión en América del Norte. Sólo se compara
con Chicago y Boston. Esta característica
otorga a Toronto una ventaja significativa y
una gran protección contra los “bajones” y
“sacudidas” del mercado. Entre los sectores
e c onóm ic os e st able cidos e n Toront o
se encuentran: Ser vicios Financieros y
Profesionales, Sector Médico, Biotecnología y
Farmacéutico, Tecnología de la Información y
Comunicaciones, Cine y Televisión, Turismo
y Hospitalidad, Alimentación, Moda, Diseño
canadian hispanic business magazine
y Tecnología Verde. Estas son las condiciones
que hace que Toronto ofrezca el clima propicio
para el crecimiento de la actividad comercial,
para la inversión y para el desarrollo de
nuevos negocios. Prueba de esto son las
180,000 empresas establecidas en la región de
Toronto, 83.000 de las cuales ubicadas dentro
del perímetro de la municipalidad de Toronto.
Toronto está reconocida globalmente como
uno de los centros más importantes para
la realización de convenciones y eventos
culturales y deportivos de gran magnitud,
gracias a su capacidad de albergar un gran
número de personas y a la hospitalidad de su
gente. Entre los eventos internacionales que
eligieron a Toronto como ciudad anfitriona,
se encuentran los Juegos Panamericanos
del 2015, un evento que traerá a miles de
atletas y visitantes de todas partes. Si bien
faltan cuatro años, los preparativos ya están
en marcha y las oportunidades de hacer
negocios en áreas como infraestructura,
turismo, telecomunicaciones, por ejemplo, ya
empiezan a vislumbrarse. Además, hay otros
sectores económicos que podrían beneficiarse
de los Juegos Panamericanos del 2015, tales
como: innovaciones tecnológicas ya sea en
el área de las comunicaciones, informática
ó energía renovable; diseño industrial;
aplicaciones de software”; innovaciones en
ingeniería, como por ejemplo el desarrollo y
uso de nuevos materiales para instalaciones y
edificios deportivos; transporte de bienes y
personas; tecnologías de tratamiento de aguas
residuales, desechos sólidos; calefacción,
aire acondicionado; gerencia de instalaciones
deportivas y otros sectores como por ejemplo
la enseñanza de idiomas, en particular el
castellano y el portugués.
Más específicamente, entre las actividades
u ocupaciones relacionadas con el tema de
los deportes (listadas sin orden en particular)
que pudieran beneficiarse de mega eventos
deportivos como los Juegos Panamericanos se
encuentran: nutrición, producción de alimentos
funcionales, vitaminas u otros productos
para la alimentación de atletas, podiatras,
educación física, consejero de rehabilitación,
fisioterapista, kinesiólogo, artista gráfico,
imprenta, manufactura y/o producción de
herramientas e instrumentos, productor de
medios de difusión, diseño de modas, textiles,
diseño industrial, estadístico e investigador de
archivos, diseñador de carteles y anuncios en la
vía pública, perito en contabilidad, periodista
y/o comentarista deportivo, escritor, técnico
de sonidos, gestor de equipos deportivos,
vendedor de mercancías, médico especialista
en medicina deportiva, editor, fotógrafo,
abogado corporativo o con otra especialidad
relativa a los depor tes inter nacionales,
i nclu ido i n m ig r ación, a sistente legal,
relaciones públicas e internacionales, prensa
y publicidad, investigadores de tecnologías
nuevas, entre otros. Además, deportes como
los náuticos o polo, por ejemplo, ofrecen un
sinfín de oportunidades para negocios desde
la producción y mantenimiento de equipos
y vehículos a innovaciones en la industria
agropecuaria y producción y cuidado de
equinos. En general, empresas ó individuos
dedicados a éstas u otras especialidades
relacionadas con mega eventos obtendrán el
mayor beneficio si se planifican con tiempo
como para madurar una idea innovadora que
les permita tener éxito en un mercado muy
Dada la posición de Toronto dentro del
contexto de globalización de las actividades
económicas, es muy factible que los negocios
que tengan un mejor futuro sean aquellos
que contribuyan al desarrollo de la economía
basada en el conocimiento, conocida en
inglés como “the knowledge economy”. En
otras palabras, se trata de una economía que
requiere mano de obra altamente calificada
en aspectos tecnológicos y científicos. El
avance tecnológico de los últimos años ha
sido exponencial, sobre todo si uno piensa
que solo hace 10 años “Google” no existía y
que no se hacían compras por internet. Estos
cambios hacen que los métodos tradicionales
de producción, distribución e intercambio de
productos y servicios deban ser reemplazados
por métodos más efectivos y actuales. Lo cual
significa que tanto las empresas existentes
como aquéllas por crearse deben tener en
cuenta en sus planes la continua actualización
de sus equipos e instalaciones como así también
la continua actualización de su modalidad
operativa con respecto a la realización de
sus negocios, incluyendo la capacitación y
actualización constante de su personal.
La municipalidad de Toronto cuenta con
uno de los departamentos más completos
de servicios de desarrollo económico que
se ofrecen en forma libre y gratuita a toda
empresa ya sea pequeña o grande. Estos
incluyen servicios de desarrollo sectorial,
co-participación en programas con organismos
públicos y privados ya sean sectoriales ó
laborales, investigación económica, gerencia
para la industria cinematográfica, servicios
especiales para empresas pequeñas, incubación
de empresas y ser vicios de retención y
expansión de empresas, entre otros. Para
obtener detalles sobre estos y otros servicios
mirar el sitio web: www.toronto.ca/business.
STRONG BUSINESS • STRONG CITY
toronto.ca/business • [email protected]
WINE & CHEESE NIGHT
The perfect opportunity to
promote you business and
have fun networking!
LAMBA: Latin American
MBA Alumini Network
by daniel navarro
he Lat i n A mer ican M BA Alu m n i
Network (LAMBA) is a non-profit organization that aims to integrate Latin
American MBA’s with the Canadian business community. Created by a group of Latin
American MBA graduates, from top business
schools in Canada, in response to the need
from corporations and business schools to
connect with professionals of Latin American
background living in the countr y. The
LAMBA network comprises more than 400
Latin American MBA graduates working in
Canada today. With outstanding professional
careers not only in their home countries, but
also in Canada – 92% of members are either
Canadian Citizens or Permanent Residents.
Ivey School of Business, Rotman School of
Management, Schulich School of Business
and HEC Montreal).
LAMBA has organized and hosted a variety of events since its inception last year,
beginning with its official launch event held
in Toronto in November 2010. This event
boasted an attendance of over 250 people,
including MBA alumni and students, 30 VicePresidents of corporations across industries,
representatives from the above mentioned
business schools; and many diplomats including the Consuls Generals of Mexico, Mr.
Mauricio Toussaint; Argentina, Mr. Julio
Miller; Chile, Mr. Patricio Powell; Venezuela,
Ms. Martha Pardo de Marquez; and Peru
Deputy Consul General Mr. Jaime Sparks.
LAMBA members benefit from access to
professional networking events, career develOther events include LAMBA and CIBC
opment opportunities, job leads, and seminars
with business leaders. LAMBA partners will celebrate Hispanic Heritage; where CIBC’s
reach an expanding network of professionals Hispano -Lati no employee association
across different industries and access a tar- (HOLA) hosted a celebration of Hispanic
geted recruiting base—47% of the LAMBA Heritage with LAMBA members; as well as
alumni network have more than 10 years of the most recent event, The Latin MBA cycle
working experience. As of today, LAMBA , a roadmap to a successful career in Canada.
partners include 3 major financial institutions This event, held in Toronto on Wednesday,
(Scotiabank, CIBC and TD Bank) and 4 of April 6th, was an opportunity for MBA canthe top Canadian business schools (Richard didates and graduates to interact with high
ranked professionals, and receive advice with
specific strategies to successfully enter the
Canadian job market. The guest speaker panel
for this event included high profile professionals such as: Barb Rosen (Program Director
International Associate Development at
Scotiabank), Francisco Sagredo (VP Finance,
Planning and Analysis at Maple Leaf Foods),
Sandy Somers (Partner at McCracken &
Partners Executive Search), and Susana Cicic
(Executive Director Specialized Credit at
LAMBA has also started to establish relations with related relevant media outlets, such
as “Thinking Latino” (a communications
platform that promotes the visibility of the
The organization’s first year has been exciting and successful; it was the beginning of a
number of initiatives directed at connecting
LAMBA members with the business community in Canada. Stay tuned for more events in
2011 designed to offer valuable connections
and memorable networking opportunities to
Daniel is a member of The Latin
American MBA Alumni Network
(LAMBA), where he contributes in
the Communications committee.
For more information and how to
join visit: www.lambanet.ca
10 canadian hispanic business magazine
Host the next Toronto Hispanic Chamber of
Commerce's Wine & Cheese Event. Be the
featured business and get exposure through
these popular and highly anticipate events.
For more information please contact:
Maria Elena Figueroa
Director of Public Relation
E-mail: [email protected]
Phone: (416) 536-0676
• Direct exposure for you
• Invitees are selected based
on your business offering
• Re-connect with colleagues
• Meet entrepreneurs
Visit us at www.thcc.ca
THCC Business Awards
THCC Events 2010 & 2011
Hispanic Business Awards
Popular and highly anticipated THCC events.
The Awards, our flagship event, is going into its third year this year.
BCCTC and Hispanic Chamber of
Commerce PUB Night 2010 & 2011
Our 5th Annual THCC & BCCC (British
Canadian Chamber of Trade and Commerce)
Pub Night on March 15th was very successful.
Among our distinguished guests we welcomed Jonathan Dart, British Consul General
Toronto and Director UKTI Canada, and Mr.
Abdallah Castillo, Head of the Tourism Board
Ministry of Tourism of Dominican Republic.
BCCC’s previous president, Norman Morris
greeted with a speech in Spanish, making us
very proud to have him as a member and part
of our Board of Advisors. Thanks to Norman
for being a great supporter of the THCC.
4th Annual MBA Forum
On March 9th, 2010 the Toronto Hispanic
Chamber of Commerce, along with the UFSC
(The Urban Financial Services Coalition),
BBPA ( Bl a ck Bu si n e s s P r ofe s sio n a l
Association) and NBMBAA (The National
Black MBA Association) held the 4th Annual
MBA Forum at the Marriot Hotel. Sponsors
included: The Bank Financial Group and The
Princeton Review: The Richard Ivey School
of Business, Schulich School of Business and
Rotman University, each presenting their
MBA programs and unique value propositions. The schools representatives discussed
career advancement, MBA preparation,
and how their programs differ. Attendees
had the opportunity to network with MBA
Alumni and Corporate Recruiters and were
given insights into Minority Scholarships and
Wine & Cheese—Gazoo Mobile
On March 31st, 2010 Charles Price Newton
Company hosted a Wine & Cheese event
and presented his company GazooMobile.
GazooMobile develops software for iPhones
and Mobile devices using human resources in
Toronto and in Peru. With more than 50 attendees and a great networking environment, the
THCC also provided membership certificates
to Gustavo Abello from Blue Orange and
Ricardo Cespedes from Sun Life Financial.
Wine & Cheese—Scotia Bank
On May 20, 2010 Scotia Bank hosted a great
networking event for newcomers. Hosted in
the Radcliffe Room, Fabiola Sicard, Hispanic
Markets Director, presented useful financial
information for newcomers. She explained
how newcomers could apply for a credit card,
house mortgage, or a line of credit without
having credit history in Canada. Scotia Bank
has always been a great supporter of the
Hispanic Community in Canada and of the
Toronto Hispanic Chamber of Commerce. We
would like to thank Scotia Bank for hosting
this great networking event!
Wine & Cheese—Casco Design
The THCC was honoured to present Casco
Design as new member on June 30, 2010. It
was a festive evening and an opportunity for
guests to meet and network, while enjoying
great food and beverages. Among the attendees were members of the Canada-Finland
Chambers of Commerce, Centennial College,
BMO and National Bank, government agencies and private sector companies.
12 canadian hispanic business magazine
Wine & Cheese—Action Coach
On September 29th, 2010 the THCC was honoured to present Guiseppe Arpino, Certified
Business Coach (ActionCOACH). During this
event, Guiseppe Arpino presented different
ways entrepreneurs can benefit from having
specialized guidance to successfully grow their
ActionCOACH is the world’s #1 business coaching firm and executive coaching
firm. Founded, in 1993, Brad Sugars and
ActionCOACH started the business coaching industry and now boasts more than 1,000
offices in 32 countries. ActionCOACH has literally turned the old business consulting model
into business coaching and executive coaching,
a far more powerful, profitable and more affordable way for you as a business owner or as an
executive to get help and mentoring to grow
City of Toronto grants THCC
certificate of appreciation
In an event organized by Community Outreach
Worker Access and Diversity and Toronto
Parks Forestry and Recreation along with
the Toronto Newcomer Initiative on June 1st,
2011, several not-for- profit organizations were
granted a certificate of appreciation, handed
out by Mr. Ken Jeffers, Manager of Access and
Diversity of the City of Toronto
This recognition is an acknowledgment
for the volunteers that support a wide range
of activities whose objectives are to assist
newcomers as they settle in this new country. The THCC is among these organizations
and its mission is bridging opportunities for
Canadians and Hispanics worldwide.
n October 27, 2010, THCC celebrated the
2nd Annual Hispanic Business Awards.
We had the pleasure to be graced by the
presence of numerous VIP’s from many regions.
Among the over 150 guests in attendance, were
the Consul General of Mexico, His Excellency
Mauricio Toussaint and his wife; the Consul
General of Chile, His Excellency Patricio
Powell Osorio; Deputy Consul of Argentina
Mr. German Dominguez; Deputy Consul of
Mexico, Ms. Daniela Gil; and Mr. Abdalah
Castillo Head of the Dominican Republic
Tourism Board. Also in attendance was Mr. Ian
Troop, CEO of the Toronto 2015 Pan/Parapan
American Games. The event was also honoured
by a letter from the Prime Minister of Canada,
The Rt. Hon. Stephen Harper, congratulating
the THCC on the work that we have have been
doing and the “unique and admirable entrepreneurial spirit of Canada’s Hispanic community:
hard work and determination combined with
creativity and vision”. Our keynote address was
delivered by our colleague to the south, Jeanette
Hernandez Prenger, of our fraternal organization United States Hispanic Chamber of
Commerce, who commended us on our success
in growing the organization and the concordant
success of our members.
There was an entertainment program, a fabulous dinner, and the highlight of the evening, the
release of the Awards. We congratulate again,
both the nominees and the winners.
To all the volunteers and sponsors that made
it possible, Thank you! You have done a wonderful job. We look forward to working together
again in the 2011 Hispanic Business Awards this
THCC 2010 Awards
Toronto hispanic business awards 2010
Toronto hispanic business awards 2009
canadian hispanic business magazine 13
A Succesful Immigrant
The new board of directors of
the Toronto Hispanic Chamber of
Commerce invites you to join.
To achieve a better Canadian experience.
Joining the THCC will provide
you with exclusive benefits that
will help your business grow.
by Luis Araque
anada is a beautiful country with many
opportunities for everyone. In order to
achieve ones goals, it is essential to have
a strategy and to take the right steps. This
will help avoid major frustrations and the
wasting of precious time.
Many immigrants that come to Canada
with credentials and education from abroad
face a surprising reality. Before coming
here, they were certain that their background
and experience were going to be sufficient
for finding decent employment that would
give them a fresh start and a new and better
life. However, once they realize that most
Canadian companies don’t recognize their
international studies and experience, they
become very disappointed. The first line of
this article would make no sense to them.
that will give you the chance to establish
a reputation and develop references for
potential job openings. It will also help you
to expand your network of contacts.
3.It is vital for everyone in Canada to be
confident and have a “sales person” character. You may have extensive education but
if you lack the capacity to sell your skills
in a job interview, you will lose precious
*Most reputable companies in Canada
require that potential candidates for employment have a College Diploma. This is one of
the most fundamental steps to start your professional growth.
Contact us today for more
Join the THCC today.
THCC, Educational & Development
Luis Araque is a Education Consultant
at Progreso Hispano.
“it is essential to
have a strategy and
take the right steps”
This disappointment, a lack of information
and proper guidance, and the need to make an
income leads many immigrants accept positions in survival jobs. These provide funds to
pay the bills, but ultimately don’t offer good
Canadian experience to obtain better employment opportunities in the future.
Canada needs qualified people in different
fields. However, the government cannot force
companies to hire new immigrants. In light
of this fact, it is essential for immigrants to
quickly adapt and follow a strategy that will
allow them to become successful in Canada.
2.If you choose to study, develop a list of companies where you would like to work. This
will enable you to seek volunteer opportunities to obtain Canadian Experience while
you attend school. This is a good strategy
14 canadian hispanic business magazine
Photo by Joel Wan Chow Wah
This adaptation process may consist of the
1.Get to know the labour market and find
out if your desired field requires a specific
skill set. If so, you may have to obtain a
Canadian certification or diploma*.
Expand your network
Foster new business relations
Attend special THCC events
Listing on THCC.ca directory
Exclusive incentives &
Visit our website THCC.ca
Should I contribute to
Should I contribute to an RRSP, a TFSA or both?
an RRSP, a TFSA or both?
Ontario 2010 Survey
by lorena martinez
and knowing your options.
by VICTOR NUNEZ
he introduction of the Tax-Free Savings
Account (TFSA) represents the most
important change to the way Canadians
launched in the
late ‘50s. But the big question on many people’s
Savings Account (TFSA) represents
minds is whether they should contribute to a
let’s get aon
a TFSA, the tried-and tested RRSPprovide
investors with the opportunity of tax- sheltered
compound growth for investments held inside
each plan. But unlike an RRSP, contributions
Before shedding some light on their
to a TFSA are not tax deductible, amounts can
year. Now that
let’s get back to our original question:
investors with the opportunity of taxWhich
On a very basic level, looking at your pre-retireinvestments held inside each plan.
ment and expected postretirement marginal
with an idea how
If you expect
be in a lower
benany time and withdrawn amounts are
eficial. However if in retirement, you anticipate
being in a tax bracket that is equal or higher
than your pre-retirement tax rate, the TFSA
may be more tax-efficient.
Hold on—not so fast.
settlecontribuon a simple
on whether you
tion room thethe
should use a TFSA or RRSP is not that simple
to work withtheir
you to conwe’ve
spectrum of let’s
to our original question:
anticipate having a lower marginal tax rate in retirement, maximizing your
On a very basic level, looking at your
RRSP contributions may not always be the
withdrawals may affect certain government
expect to be in a lower tax bracket
income-tested benefits and credits such as the
and the Age
On the other hand, if your expected marginal
rate in retirement,
if in retirement
pate being in a tax bracket that is to
your TFSA may not be the best approach either.
equal or higher than your pre-retireFor example, RRSPs that are converted to a
is eligible for the pension income
tax credit, and thus qualifies for pension income
splitting with your spouse. Other income splitting strategies such as the use of spousal RRSPs
Comparing the TFSA to the RRSP
Registered Retirement Savings Plan (RRSP)
Tax-Free Savings Account (TFSA)
Contributions are fully tax-deductible
Contributions are not tax-deductible
Contributions can be made until the end of
the year in which you turn 71 years of age
Contributions can be made at any time with
no age limit (for those 18 years of age and over)
Withdrawals are taxed at your marginal tax rate
Withdrawals are 100% tax-free
1% monthly penalty for over contributions
1% monthly penalty for over contributions
Withdrawals could ect eligibility for
Withdrawals will not ect eligibility for federal
Unused contribution room is carried
for war d indefinitely
Unused contribution room is carried
for war d indefinitely
Withdrawals cannot be returned to the RRSP
without using contribution room*
Withdrawals will be added to contribution room
in the following year.
* except for repayments of withdrawals under the home buyers’ plan or the lifelong learning plan
16 canadian hispanic business magazine
could effectively distribute a portion of your
taxable income to a spouse with a lower marginal tax rate in retirement, further reducing
your tax bill and reducing the claw-back effect
Hold on; not so fast.
on your income tested benefits and credits.
Although it’s tempting to settle on a
So where does this leave us?
speaking, a TFSA
for a –major
you to and
conplan withdrawals are added back into your
sider the entire spectrum of nancial
TFSA contribution room the following year.
since there are
strong incentives to keep your money invested,
marginal tax rate in retirement, maxican
cientsavnot always be the most
ings can be accessed (no taxes on withdrawals
loss of contribution
only witha discidrawals
dip into their
retirement income. Remember, there is no onetaxable income, those withdrawals
size-fits-all solution. In fact, there is a multitude
be taken into considerts and
ation. In many cases,
such as the Old Age Security bene
both have their own advanand theasAge
tages. Your personal savings strategy needs to
well as your
equal or higher than during your
accumulation years, contributing to
your TFSA may not be the best
approach either. For example, RRSPs
that are converted to a RRIF or an
annuity after age 65 can produce
income that is eligible for the pension income tax credit, and thus
quali es for pension income splitting
Victor Nunez is a consultant
spouse. Other income
the Investors Group
Inc. as the use
RRSPs could e ectively
continued on next page
he alumni association of The Monterrey
Institute of Technology and Higher
Education*, com monly shor tened
as Monter rey Instit ute of Tech nolog y
(Tecnológico de Monter rey), EXATEC
Ontario Association, represents a large group
of accomplished professionals and entrepreneurs with a vision to create personal
and professional value through the power of
Every five years our association surveys
its members to learn more about their professional life in Canada. In 2005, our survey
had 218 respondents. During 2010, the same
questions were used to evaluate the progress
these professionals had made after 5 years.
The results of this survey were presented to
their members during an event sponsored by
Here are some of the highlights of the 2010
• 36% of the respondents have 2 to 5 years
living in Canada
• 33% of the respondents have 5 to 10 years
living in Canada
• 42% graduated from a post-graduate degree
in Canada and 18% are currently studying
• 48% have a Master Degree and 6% have a
• 91% of the respondents living more than 10
years own a property in Canada
• 20% work in Technology, 15% work in
Engineering and 10% in Marketing
• Average incomes of the respondents are:
21% earn between: $50k to $70K, 21%
earn between: $70K to $90K and 22% earn
between: $90K to $120K.
In conclusion: After 3 to 5 years, students
graduated from Tec de Monterrey have a stable life in Canada. Most of these Hispanics
chose to continue studying in Canada or gain
a certification in their profession. Some of
the most common challenges are: To find the
first job, being away from their families, not
having Canadian experience, the weather,
making new friends, culture shock and
Tecnológico de Monterrey is known for
many things, including: Becoming the first
distance-learning university in Latin America
and the Spanish-speaking world, for having
one of the top graduate business schools in the
region, and for being one of the leaders in patent applications among Mexican universities.
In Canada, Tecnológico de Monterrey has
academic joint ventures with the University
of British Columbia (UBC), Certified General
Accountants Association of Canada, York
University and others.
Lorena Martinez is Category
Specialist for Ls Travel Retail
Books & Press and President of the
EXATEC Alumni Association.
EXATEC Ontario is represented by Miguel
Lopez and Lorena Martinez. If you would like
to have more information, please contact us
at [email protected] and lorena.
*(in Spanish: Instituto Tecnológico y de
Estudios Superiores de Monterrey, ITESM)
Event sponsored by Scotiabank.
for Small Business
difference to you and your employees, without
breaking your budget.
Group Insurance can offer a range of services and solutions to give you financial peace
of mind and security.
WHAT IS IN IT FOR ME?
By investing in group benefits for you and
• You can better attract and retain good people, which helps minimize costs associated
with high turnover
• You and your plan members have access to
insurance at a reduced cost, compared to
most individual insurance plans
do not discriminate whether someone is
healthy or not and/or whether someone is
a smoker or not. For example, smokers will
pay substantially more for individual insurance coverage than if they were a part of
group coverage. And for former employees
who have health issues, there is the very
real prospect that they will not qualify
individually and will be denied coverage
Retention, low cost, increased productivity,
tax deduction, inclusiveness! These are great
reasons to consider getting Group Benefits for
• You help improve morale and increase productivity, by providing financial security
and support for your plan members
Photo by StefanG81
Group benefits are essential to businesses.
roup insurance is an arrangement to
share the financial risk of health-related
expenses among a group of people who
pay into a fund or pool under one contract.
With a group benefits plan, when a member
of the group becomes ill or needs services, he
or she is financially compensated by the plan,
according to the terms of the contract.
As the owner of a small business, with
three employees or more, you can provide a
group benefits package that could make a big
• Employers are able to deduct their employee
benefit contributions as a business expense
while their employees receive these same
benefits either tax-free or tax-deferred.
If the same, or similar benefits were purchased by a former employee privately, this
individual would have to pay with his or her
after tax dollars, leaving fewer dollars in
the pocket of the affected former employee.
• Employers are able to buy employee benefits at a reduced cost from insurance
companies, because the cost of administration and risk of loss/cost of paid out benefit
for these providers is spread out over a
number of employees who form the group.
• Lastly and of crucial importance, the vast
majority of employee group benefit plans
THCC, Director of Education
by MONICA LINARES
S erv i ci os Fi n a n c i e r o s p a ra E mpre sa rios
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