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July 2021 Issue:

Riverside Landing Development & Bill C-208

Bill C-208 Approved

by Nicole Pearson - npearson@stalbert.ca

Bill C-208 approved, comes into immediate effect

On June 23, 2021 Bill C-208 received Royal Assent after being approved by the Senate on June 22, 2021. The Bill allows the intergenerational transfer of certain family businesses to receive the same tax treatment as businesses sold to a third party. Previously, a long-standing anti-avoidance rule in the Income Tax Act (ITA) treated intergenerational transfers of a business as a dividend rather than a capital gain. Bill C-208 changes that rule to allow access to the lifetime capital gains exemption. Bill C-208 also provides for positive changes around the division of a family business amongst siblings.

Transfer of a family business to the next generation

Bill C-208 allows for intergenerational transfers if the following conditions are met:

The parent’s shares being transferred are shares of a Qualified Small Business Corporation (QSBC), a family farm or a fishing corporation;
The corporation purchasing the shares is controlled by either the parent’s children or grandchildren, who are at least 18 years of age; and,
The purchasing corporation does not dispose of the shares within 60 months of acquiring them (for a reason other than death).

What does this mean for family businesses?

They have leveled the (tax) playing field that previously made it much more attractive for a family business to sell to outside companies than within the family. For example prior to this Bill, if parents wanted to sell their $1 million company to their child, they would pay about $421,392 in taxes. If they sold it to someone outside of their family, they’d pay $24,907. Now they will be treated the same.

The Job Connector

by Nicole Pearson- npearson@stalbert.ca

The St. Albert and District Chamber of Commerce together with the St. Albert Public Library, St. Albert Further Education and the City of St. Albert have launched a Job Connector resource site on the St. Albert Chamber of Commerce website. The site provides a place for local businesses to fill jobs and build our local workforce as well as free tools and resources for employers, job seekers and students looking for employment and other supports. The site is free for all businesses to use; visit https://www.stalbertchamber.com/employer-resources/ to learn more.

‘Right Here in St. Albert’ – Endeavor Brewing Co.

by Amanda MacDonald- amacdonald@stalbert.ca

St. Albert is home to many diverse and innovative businesses that are champions in their industries. Check out one of the first four videos to be released this past month in the eight-part “Right Here in St. Albert” video series featuring local businesses.

Endeavor Brewing is a community oriented and family friendly craft brewery. The owners Georgia and Matthew Atkins took inspiration for the business from their shared passion of enjoying great craft beer, the outdoors and their desire to share the experience of beer culture with St. Albert. The husband-and-wife team at Endeavour Brewing Company made their dream a reality by opening their craft brewery in the summer of 2018 - and they haven’t looked back since.

Check out the video to see how Endeavour Brewing has taken advantage of setting up shop 'right here in St. Albert' and how our supportive community has made it a great place to come and try locally brewed beer.

St. Albert Farmers' Market

by Nicole Pearson- npearson@stalbert.ca

The St. Albert Farmers’ Market, the largest outdoor Farmers’ Market in Western Canada, opened for the season on June 12 returning to the downtown core along St. Albert Street and the St. Anne Promenade. The market is open every Saturday, rain or shine, between 10 a.m. and 3 p.m. from now until October 9.

This year’s market includes over 180 stalls with a variety of top market-quality products that are hand-baked, home-grown, or hand-made. Shoppers can expect to find a diversity of vegan and gluten-free goods, farm-fresh meat, unique art, hand-crafted jewelry, delicious distilleries, personal products and more. The market also includes ten spots for mobile food vendors so bring your appetite.

Free Park N' Ride services are offered at the St. Albert Centre Exchange; the bus will go directly from the exchange to the farmer's market and back every 20 minutes. The event's webpage also provides more information on getting to the market and a trail map for those who want to walk or bike.

For more information about the Farmer's Market, please visit the event's webpage or contact the St. Albert District & Chamber of Commerce at 780-458-3660. For more information about becoming a vendor at the Farmer's Market, please visit the vendor application webpage.

Sharing Profits Strengthen a Community

by Patricia Nicol - pnicol@stalbert.ca

Riverside Landing is well positioned to be the next new growth area for St. Albert. The new commercial development on McKenny Avenue will be an ideal location for national retailers, independent merchants, restaurants and professional services alike. It will soon be home to the newest North Central Co-op location, opening in 2022, with shovels already in the ground. Working with Hopewell Developments, the 32,000 sq ft Co-op food store is starting to take shape with other anchor tenants soon to be announced. Hopewell has revealed preliminary plans for a pharmacy, a full-service gas bar, branded liquor store and many other vital amenities at this southwest St. Albert location, all having great accessibility to Ray Gibbon Drive.

Carla Debert, Marketing and Community Relations Manager, stated, “As a co-operative, we have an obligation to support and strengthen the communities we serve. We have already started working with St. Albert organizations and groups to support initiatives that matter to the community of St. Albert and our future customers.” As a profit sharing organization, their business model rewards its local customers, which is then reinvested back into the community. North Central Co-op's CEO, Dean McKim stated “Investing in St. Albert means more than just laying brick and mortar, it means making an investment in the people and community of St. Albert.”

Business Spotlight On...Master Pita

by Amanda MacDonald- amacdonald@stalbert.ca

Family owned and operated Master Pita opened their doors in March 2021. Located in Tudor Glen they are serving the St. Albert community healthy dining alternatives of top quality kebabs, shawarma plates, donairs, salads and a wide variety of Mediterranean cuisine.

Owner Mazin Fakhreddine says that the decision to open during the provincial Covid-19 health restrictions was based off research, and an understanding of the market need of the community.

“We did a market evaluation and found there was a huge hole in the market for Lebanese cuisine and room in St. Albert for our concept.”

Entering the market in the face of Covid-19 provincial health restrictions Mazin was aware of some of the challenges other restaurants had to face during the last year and used this knowledge to optimize his visibility and customer access online. “We relied on local support and social media to get the word out. We have had great support from the “Support St. Albert” page on Facebook and local community foodie page St. Albert Dish mob” he shared.

Creating visibility online through their website and social media and ensuring customers could access the menu and find options for take out or delivery was a priority. Master Pita offers an in-house delivery service, take-out, and has opened for dine-in service. Some crowd favorites are the Shawarma chicken or Falafel wrap and tabbouleh salad. Regulars come back for their famous garlic sauce and ask for extras for their salads and shawarma plates.

Gaining regulars and building a new customer base from their 5-star online reviews they are adapting as they go to meet their growing demand. “We have embraced the growth and adjusted” Mazin shares. Now that things are opening back up for the summer Mazin says they are looking forward to connecting with the local businesses, and getting involved with local organizations that give back and support the local community.

Master Pita

3507 Tudor Glen, St. Albert

www.masterpita.ca

1(825) 203-3631

The Spotlight on Business is a monthly feature wherein we highlight a local business and learn more about what they do and how they positively contribute to the identity and economy of St. Albert. If you, or someone you know, would like to be featured in a future issue, please contact npearson@stalbert.ca with a brief description of the organization.