#infosuisse june july 13 - cccsqc.cac[d hj^hhz publication of the swiss canadian chambers of...

Publication of the Swiss Canadian Chambers of Commerce Ontario and QuebecPublication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec

June/July juin/juillet 2013

FFeature/Reportageeature/Reportage::Real Estate/Immobilier

www.swissbiz.ca www.cccsqc.cawww.swissbiz.ca www.cccsqc.ca

Créez votre café préféré avec www.nespresso.com/whatelse

CON

TEN

TS /

IND

ICE

FEATURE / REPORTAGE

Real Estate/Immobilier

4 Comparison of House Prices, Mortgages and Property Taxes Between Canada and Switzerland 6 The Case For Real Estate 8 L’importance de la vérifi cation diligente dans le cadre d’une acquisition immobilière 9 Comment se porte l’immobilier canadien à travers les quatre plus grandes villes du Canada, Montréal, Toronto, Calgary et Vancouver ? 12 Real Estate Law In Ontario: A Primer 25 Educating Through Innovation

BUSINESS AND OTHER NEWSACTUALITÉS ÉCONOMIQUES ET D’AFFAIRES

15 Ownership of U.S. Real Estate 15 Heat Stress Plans 16 Business News 18 Karin’s Performance Solutions: Do You Challenge Yourself to Think Differently? 20 Tribeca Insights: Gold, American Jobs

and European Recession 23 Travel News 28 Trade Fairs

CHAMBER NEWSNOUVELLES DE LA CHAMBRE

2 President’s Message SCCC/Upcoming Events 3 Message du Président CCCS / Evénéments 5 Quote of the Month 6 SCCC New Members 21 Scholarship Fund 22 Visite de la Secrétaire d’État à l’Économie de Suisse au Canada 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

Highrise Condo Construction

IN FO SU I SS E2

BOARD OF DIRECTORS • 2013 – 2014

President / Director:

Ernst NotzNacora2 Hunter Avenue, Toronto ON M6E 2C8Tel: (416) 784-2872Email: [email protected]

1st Vice-President/Director:Julien FavreUBS154 University Avenue, Toronto ON M5H 3Z4Tel: (416) 345-7033Email: [email protected] Website: www.ubs.com/1/e/canada

2nd Vice-President/Director:Mirko CapodannoSwitzerland Tourism480 University Avenue, Suite 1500Toronto, ON M5G 1V2Tel: 416-695-3375 Cell: 416-841-6644Email: [email protected] Website: www.MySwitzerland.com

Treasurer/ Director:Monica Stevens-WyssTrowbridge Professional Corporation25 Adelaide St. E.; Suite 1400; Toronto, ON M5C 3A1Phone: (416) 214-7833 ext.104Email: [email protected] Website: www.trowbridge.ca

Secretary & Legal Counsel:

Bernard LetteLette LLP20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3Tel: 416-971-4898Email: [email protected] Website: www.lette.ca

Past President / Director:

Philipp GyslingMesh Innovations Inc.174 Hallam Street, Toronto ON M6H 1X5Tel: 416-871-8159Email: [email protected]: www.meshinnovations.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] Website: www.marche-int.com

Rudi BlatterLindt & Spruengli (Canada) Inc.181 University Avenue, Suite 900, Toronto ON M5H 3M7Tel: (416) 351-8566Email: [email protected] Website: www.lindt.com

Heidy LawranceWeMakeBooks.ca238 Willowdale Ave., North York ON M2N 4Z5Tel: 416-733-1827Email: [email protected]: WeMakeBooks.ca

Sandra LeubaRBC Wealth ManagementCINEBOXX Film & Television Inc.136 Curzon Street, Toronto ON M4M 3B5Tel: 416-616-4251Email: [email protected]

Ronnie MillerHoffmann-La Roche Ltd2455 Meadowpine Boulevard, Mississauga ON L5N 6L7Tel: 905-542-5522Email: [email protected] Website: www.rochecanada.com

Christoph OehySwiss Reinsurance Company150 King Street West, Toronto, ON M5H 1J9Tel: 647-775-2443Email: [email protected]: www.swissre.com

Daniel OehySwissmar35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3Tel: 905-764-1121Email: [email protected] Website: www.swissmar.com

Urs UhlmannZurich400 University Avenue, 25th Floor, Toronto ON M5G 1S7Tel: (416) 586-2959Email: [email protected] Website: 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

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

Typesetting and Assembly: Nancy Raitt @ corptype

Printed by: J. B. Deschamps

Dear Members,

How time fl ies! The last president’s message that I wrote dates back to April/May 2009 and a lot has happened since that spring. So, why did I accept a new term? I truly enjoyed the various engagements with our loyal members and other business organizations during my fi rst term. Now, I appreciate to have this new opportunity to continue to support our Canadian and Swiss business partners and our committed colleagues on the board.

We believe that our Chamber has made some progress over time and – considering we all do our work on a voluntary basis – we are pleased to continue to offer some services and host events that you will hopefully appreciate.

SCCC has big plans: as our past president, Philipp Gysling, who just chaired two interesting years (thank you Philipp for your engagement) has outlined in the February/March 2013 issue, we will have to step up to fi ll some of the functions provided by the Consulate General in Toronto. I am still digesting the hard to understand closure of this local offi ce and I have personally fought this short- sighted decision made by EDA Switzerland also in my other function as the delegate of the Swiss living abroad. It is incomprehensible how an important growing marketplace with the well-known Toronto Stock Exchange especially known for mining/natural resources is not appreciated enough. It sends out the wrong message by our politicians back home that do not seem to understand what is happening in this largest Canadian city and overall in this great country of Canada. Nevertheless, we are all “ambassadors” of our home country in one way or another and we will continue here to show with pride our Swiss fl ag.

The feature of this edition is about Real Estate. It will elaborate on the booming market place and prices. Canada has a lot of space left and plenty of room to continue to prosper, build and expand. The 39,000 Swiss people (thereof 3,500 in Toronto alone) living in Canada and its related businesses appreciate and enjoy the diversity and freedom and most of us own real estate property in this beautiful country. A special “thank you” for the hard and dedicated work goes out to the “info suisse” teams for producing this magazine both in Toronto (SCCC) and Montreal (CCCS). Hans Munger did a great job as the past capable leader to enhance our mutual publication. Both Chambers continue to enjoy a great mutual relationship.

Now that the Stanley Cup hype in both cities is over we will have more time to see each other at the many events (see below and please visit our website) that we have already started to prepare. I am looking forward to seeing you all soon!

Most sincerely,

Ernst Notz, 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

2013 COMING EVENTS

June 18 Golf Tournament with the German Chamber at Carrying Place

July 11 Swiss Night on the Patio

August 20 Pub Night with the British Chamber

September 4 Spousal Event at the Royal Canadian Yacht Club

October 8 Swiss Night

November 16 Gala Dinner Dance at the King Edward Hotel

December 10 Fondue Night

Further Information can be found on www.swissbiz.ca/upcoming_events

Dates above are subject to change

JU N E/JU LY 2013 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 DIRECTORS2012 – 2013

Président / President

Mr. Jean Serge GriséDirecteur, Communications et Affaires publiquesFondation Lucie et André Chagnon Conseiller en affaires publiquesTel: 514.380.2001, # 1058E-mail: [email protected]

Secrétaire / Secretary

Me Monica SchirdewahnAvocate / Lawyer Lette & AssociésTel: 514.871.3838, # 213 E-mail: [email protected]

Vice-présidents / Vice-Presidents

Mr. Bruno SetzConsultantTel: 514.767.5123E-mail : [email protected]

Mr. Olivier RodriguezGestionnaire de portefeuilleMirabaud Canada Inc.Tel: 514.393.1690E-mail : [email protected]

Trésorier / Treasurer

Mr. Othmar WidmerConsultation WidmerTel: 514.290.4822E-mail: [email protected]

Directeurs / Directors

Mr. Jacques DemontManaging DirectorNespressoTel: [email protected]

Mr. Christian G. 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 GruberConsultantTel: 450.567.2237E-mail: [email protected]

Mr. Olivier SchlegelConsultant agro-gastronome E-mail: [email protected]

Mr. Patrick VeenhuizenConseiller de développement, fi nancement et conseils stratégiquesCLD Beauharnois-SalaberryTel : 450.373.2214, poste 132E-mail : [email protected]

Mr. Paul WieserPDG pour le CanadaBusch Vacuum Technics Inc.Tel: 450.435.6899E-mail: [email protected]

Directeur honoraire / Honorary Director

Mr. Beat Kaser Consul général de SuisseTel: 514.932.7181 E-mail: [email protected]

Liaison au Consulat général de Suisse

Mr. Paolo Bezzola Consul Tel: 514.932.7181E-mail: [email protected]

Conseiller juridique / Legal Counsel

Lette & 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]

Chères et chers membres,

Ce numéro d’Info-Suisse vous arrivera à la fi n du printemps et au tout début de l’été. Même si nous arrivons à la fi n d’une saison d’activités de notre Chambre, nous allons nous engager dans quelques mois qui seront très actif pour nous, mais surtout dans une période qui amènera d’importants changements.

Avec certains membres de notre Chambre, nous avons commencé un processus de consultation qui nous permettra de mieux comprendre les besoins de ceux et celles qui forment notre Chambre. Notre membership change et nous voulons accélérer le virage « affaires » de la Chambre qui a été commencé il y a quelques années.

Nous allons donc présenter à nos membres lors de notre prochaine assemblée générale annuelle quelques idées nouvelles et nous les mettrons en place le plus rapidement possible.

Un exemple de ce qui sera proposé est le petit-déjeuner qui s’est tenu le 3 mai dernier et dont vous trouverez le compte-rendu dans ce numéro. La CCCSQ s’est associée à une organisation bien en vue, le Conseil des relations internationales de Montréal (CORIM), pour présenter une allocution de la Secrétaire d’État à l’Économie de Suisse qui était en voyage au Canada. Le résultat : plus de 100 personnes était présentes à cet événement qui nous a permis de recruter de nouveaux membres. Un beau succès dont nous sommes fi ers.

Notre tournoi de golf est dans quelques jours et notre président d’honneur, Jean-Jacques Laurans du Groupe Alfi d, s’affaire, avec Bruno Setz et les autres membres du comité du golf sont à fi naliser les derniers détails. Merci pour votre travail et je vous souhaite un bon tournoi le 3 juin prochain et de belles parties durant tout l’été.

Ce numéro parle d’immobilier et je suis très heureux de souligner l’arrivée d’un nouveau membre qui œuvre dans ce domaine et qui nous présente une belle analyse du marché de l’immobilier commercial au Canada; merci et bienvenue à François Paquin de NAI Commercial.

Il y a longtemps que nous voulions améliorer notre site WEB; nous avons retenu les services d’un expert qui va nous aider à mettre en place un site qui sera beau et convivial pour nos membres.

Je vous souhaite de passer beaucoup de temps à profi ter de l’été tout en continuant à faire des affaires fructueuses. Au plaisir de vous voir très bientôt lors de nos prochains événements.

Jean Serge GriséPrésident du conseil d’administration de la Chambre de commerce canado-suisse du Québec.

EVÉNÉMENTS / UPCOMING EVENTS 2013

Septembre / September Cocktail d’ouverture de la saison

Season opening cocktail

Novembre / November Soirée Fondue / Fondue evening

Des événements supplémentaires seront ajoutés au fur et à mesure

Additional events will be added as soon as the dates will be known

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

Real Estate

Immobi l ier

COMPARISON OF HOUSE PRICES, MORTGAGES AND PROPERTY TAXES BETWEEN CANADA AND SWITZERLANDby Kurt Schläpfer,

Switzerland

Is it cheaper to

own a family home

in Canada or in

Switzerland? To

answer this question,

mainly three factors are considered in this

article: the house price, the mortgage rate

and the property tax.

HOUSE PRICESIt is quite diffi cult to compare house prices

in Switzerland and Canada. To be fair, the

comparison should refer to a common type

of asset, for instance a detached single

family home and to a comparable location

in both countries. Are Toronto and Zurich in

this respect comparable? Or do we need to

specify a certain area such as Etobicoke in

Toronto or Zurichberg in Zurich? Instead of

comparing absolute prices, one can use a

relative measure that is less dependent on

the location of the house, namely the so-

called House Price Index. This index shows

how the house prices develop over time.

The fi gure below gives such a comparison

for family homes in the Toronto area and in

the Zurich area from 1986 to 2013. As can be

seen, house prices in Toronto have risen by

more than a factor of 3.5 since 1980, while

they have not even doubled in the Zurich

area. In both countries, a peak was reached

in the years 1989/1990, after which prices

have fallen again. It took about 13 years in

Toronto and in Zurich even 20 years until

the house prices have risen to its former

peak. Since March 2012, the price increase

has slowed in Toronto (only 1.6% in a year),

while in Zurich the annual increase was

still 5.9%.

MORTGAGE INTEREST RATEFor buying a house it is primarily impor-

tant under which conditions a mortgage is

available. There are signifi cant differences

between Canada and Switzerland. A pecu-

liarity in Canada is that a mortgage must

always be repaid. The standard amortization

period is 25 years. The amount of interest

paid for the mortgage increases then by

the amount of the annual repayment (see

Zurich

Toronto

100150200250300350400

1985 1995 2005 2015

House Price Index for Single Family Homes(1986 = 100)

Year

Inde

x Va

lue

JU N E/JU LY 2013 5

example in table). In both countries it is

customary to make a down payment of

at least 20% of the house price. For lower

down payments it is mandatory in Canada

to pay mortgage default insurance. If, for

instance, the down payment is 10%, the

insurance percentage is 2% of the mortgage

value. A mortgage of $400,000 increases in

this way to $408,000. The mortgage rates

have always been higher in Canada than

in Switzerland (see chart). The difference

was almost 4 percentage points on average

over the last 30 years. In both countries, a

maximum value was attained in the years

1989/1990, while the minimum value is

reached today. It should be mentioned that

the interest rate varies between mortgage

providers. Currently (April 2013) in Ontario,

a 5-year fi xed mortgage is available at rates

between 2.74% and 5.24%. In Switzerland,

the variation is much smaller with values

between 1.38% and 1.95% for a 5-year fi xed

mortgage. Because house prices are rising

with falling mortgage rates, the Federal

Government of Canada was worried about

the risk of developing a “housing bubble”.

In July 2012 it took a step to cool off the

housing market by limiting the maximum

amortization period to 25 years. Moreover,

for house prices more than 1 million dollars

the down payment must be at least 20%.

The following table gives a comparison

between Canada and Switzerland for a

mortgage of SFr/C$ 400,000 and the result-

ing annual payments. Due to the required

amortization in Canada, the effective annual

rate is 6.3% rather than 4%.

* calculated with the Mortgage Calculator of Canada Trust

PROPERTY TAXIn Ontario, property values are assessed

by the Municipal Property Assessment

Corporation. Every four years, property

owners get notifi ed about their latest

assessment. The assessed value is not iden-

tical with the market value of the house, but

typically about 30% lower, and this both in

Toronto and Zurich.

In Switzerland, owners who occupy their

property have to pay tax on the theoretical

rental value of their property (in Switzerland

called “Eigenmietwert”), as if they were

actually receiving that income. This fi cti-

tious rental income is added to the taxable

income – a unique system in Europe. In the

following the two systems are compared

based on an assessed property value of SFr/

C$700,000. In Toronto, the property tax for

residential homes is 0.07712% resulting in a

tax amount of C$5,398. In Zurich, the rental

value of a property is 3.5% of SFr700,000

which equals SFr24,500. From this amount

30% are tax free. From the taxable amount

of SFr17,150 20% are deductable for main-

tenance costs. Hence, the rental value is

SFr13,720. The resulting tax on it depends

on the total income and can be typically 30%

which equals SFr4,116. If the maintenance

costs are higher, they may be deducted up

to the amount of the total expenses. So for

example if a home owner invests in new

heating equipment in a Swiss home, the full

investment costs are deductable. In addi-

tion, mortgage interests are tax deductable,

even if they exceed the rental value tax. This

is a reason why many Swiss homeowners

refrain from paying back their mortgage.

COMPARISON BETWEEN CANADA AND SWITZERLANDDue to a slower rise of the Home Price

Index, 2013 would be a good year to buy

a family home in Toronto. In Switzerland,

home prices are still clearly rising. The

mortgage rates in Canada are less attractive

than those in Switzerland, and the require-

ment to pay back a mortgage is a further

handicap when comparing the two coun-

tries. Moreover, the property tax in Canada

is distinctly higher than in Switzerland. It is

even theoretically possible that the tax on

a Swiss home owner’s property is zero if he

or she can deduct mortgage interest and/or

extraordinary investment costs. The author

of this article is in the advantageous posi-

tion to be able to compare his own Swiss

home with the family home of his daughter

in Toronto. Both properties are detached

single houses. ■

Switzerland Canada

Mortgage CHF 400,000 $ 400,000

Mortgage rate 1.5% 4%Amortizationperiod – 25 yearsPayment per year(interest + amortization) CHF 6,000 $ 25,336*

Switzerland

Canada

02468

10121416

1984 1989 1994 1999 2004 2009 2014

Five-year Fixed Mortgage Rates

Year

Mor

tgag

e Ra

te

Quote of the Month

A successful person is one who can

lay a fi rm foundation with the bricks

others have thrown at him.

David Brinkley

IN FO SU I SS E6

THE CASE FOR REAL ESTATEBy Fabienne Lette and Chris Langstaff,

LaSalle Investment Management

COMMERCIAL REAL ESTATE INVESTMENT IN CANADACanada has historically been viewed as a

stable and resilient investment market by

both foreign and domestic investors. Canada

has the lowest government net debt in the

G7 as a percentage of GDP according to the

IMF, and ranks number one in soundness

of banks according to the World Economic

Forum’s 2012-2013 Global Competitiveness

Report. Canadian real estate provides inves-

tors with a variety of opportunities across

the risk/return spectrum (Figure 1) while

consistently producing reliable income

returns, averaging 6.4% over the past 5

years and 7.8% since 1985 according to

the Investment Property Databank (IPD).

However despite the stable nature of the

Canadian market, higher risk investors will

fi nd that there are core plus and value-

add opportunities available in a variety of

property types and markets. With widely

available debt fi nancing at attractive rates,

and Canada expected to experience healthy

GDP growth, the spread between Canadian

IPD income yields and the risk-free rate is

expected to remain above long-term aver-

ages and has consistently been positive for

the last 15+ years (Figure 2). This positive

spread allows investors to enhance returns

through leverage. Strong fundamentals

such as low vacancy and balance between

supply and demand has limited downside

exposure and resulted in Canada having the

highest total return at 15.9% in 2011 and

second highest in 2012 at 14.1% out of the

22 countries that participate in the IPD. Real

estate investment activity in 2012 totaled

$29 billion in direct commercial property

investment, the highest level since 2007

and second highest in the last 10 years. And

while much of Canada’s best-in-class com-

mercial real estate is owned by large insti-

tutional investors, many small or medium-

sized investors have realized returns from

investments in public or private investment

vehicles such as public REITs or private funds.

REAL ESTATE AS A PORTFOLIO DIVERSIFIER AND STABILIZER Real estate has become an accepted institu-

tional investment class over the last several

years in Canada given growing transaction

volumes and a proven track record. Over

the past 15 years Canadian real estate has

consistently outperformed equities and

bonds (Figure 3), becoming an integral part

of a well-diversifi ed portfolio and providing

investors with return stability. In fact, com-

mercial real estate’s correlation to other

asset classes has been close to zero (no cor-

relation) over the last 36 years. Furthermore,

real estate has historically been less volatile

than equities and bonds; standard deviation

of total annual returns of real estate over the

last 20 years is 6.8%, compared for 8.5% for

bonds and 17.9% for equities.

Given the current challenges and uncer-

tainties in Europe, many European investors

have sought out Canadian investments in

real estate for the country’s stable political,

legal and fi nancial environment. And in

addition to the benefi ts of returns diversifi -

cation mentioned above, European investors

in Canada can also gain from geographic and

currency diversifi cation, but need to consider

which ownership structure is most effective

for them from a tax perspective.

PRICING: HAS CANADIAN COMMERCIAL REAL ESTATE PEAKED? As real estate becomes a more widely

accepted asset class, demand has increased,

forcing pricing up. This demand is further

Real Estate

Immobi l ier

WELCOME NEW MEMBERS

SCCC (ONTARIO) INC.

New Personal Member:

Nicolas Hirsch

26 Denison Avenue

Toronto, ON M5T 2M5

Email: [email protected]

New Corporate Member:

Eric Polten

Polten & Associates

Adelaide Place, DBRS Tower

181 University Avenue, Suite 2200

Toronto, ON M5H 3M

Phone: 416-601-6766

Email: [email protected]

Website: www.poltenassociates.com

How to become a member of the SCCC:

Sign up online at

www.swissbiz.ca/memberships

or contact our offi ce at [email protected] or

416-236-0039

JU N E/JU LY 2013 7

increased by investors turning to Canadian

real estate for reliable investment oppor-

tunities. And while the US, Australia, Japan

and UK real estate values remain below pre-

recession highs, Canadian real estate capital

values recovered by mid-2011 and have

since surpassed early-2008 highs (Figure

4). However, the Canadian market did not

decline signifi cantly during the 2008-09

recession and consequently values did not

drop to the degree that they did in other

markets. Another factor driving up pricing is

the recent surge of new REITs in the market,

increasing demand for properties with

reliable income returns. In 2012 REIT and

REOC capital-raising hit a new record, total-

ing nearly $10.5 billion, compared to $8.7

billion in 2011 and $7.6 billion in 2010. Last

year also saw the highest price ever paid for

a Canadian offi ce building, when Dundee

REIT and H&R REIT bought the iconic Scotia

Plaza in downtown Toronto for $1.3 billion.

This strong demand was refl ected in 2012

all-time low going-in capitalization rates,

the ratio between net operating income

and market value. However given that CPI

infl ation is expected to remain low and bond

yields are not expected to rise signifi cantly,

the general consensus amongst real estate

market analysts is that capitalization rates

will not continue to compress at the same

rate, nor are they expected to rise, but will

likely remain low, particularly for core assets.

Sources: CB Richard Ellis, IHS Global Insight, IPD, NCREIF, Russell Canada, Bank of Canada, Scotia Capital, PC Bond Analytics, LaSalle Investment Management.

Fabienne Lette is an Analyst on the Asset Management team and Chris Langstaff is the Senior Vice President of Research at LaSalle Investment Management, a global investment manager with $47.7 billion of private and public property equity investments. The team in Canada manages real estate investments for a variety of institutional and private investors through separate accounts and a series closed-end, co-mingled funds. Fund-raising is currently underway for Canadian Income & Growth Fund IV, a closed-end value-add Fund focused on strong, income-producing properties with upside potential in Canada’s major markets and select secondary markets. ■

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IN FO SU I SS E8

Real Estate

Immobi l ier

L’IMPORTANCE DE LA VÉRIFICATION DILIGENTE DANS LE CADRE D’UNE ACQUISITION IMMOBILIÈREBy Esther Krauze

Que vous décidiez

d’acheter une unité

unifamiliale, un

immeuble locatif rési-

dentiel ou encore une

propriété commer-

ciale ou industrielle,

la vérifi cation diligente est indispensable.

Le niveau de cette dernière variera certaine-

ment en fonction de la nature des lieux.

La vérifi cation diligente comprend, entre

autres, la recherche de titres, la vérifi cation

hors titres, les inspections structurelle et

environnementale, le zonage et la vérifi ca-

tion administrative. Toutes ces vérifi cations

devraient être faites même si la vente est

assortie d’une garantie légale, c’est-à-dire

que le vendeur garantit qu’il est propriétaire

de l’immeuble et que ce dernier est vendu

en bon état (absence de vices cachés). Dans

le cadre des ventes d’immeubles commer-

ciaux, il est devenu relativement courant

soit de vendre sans garanties, aux risques et

périls de l’acheteur, soit d’assortir la vente de

déclarations et de garanties limitées.

1. L’OPINION SUR LES TITRESCette vérifi cation vise à confi rmer l’identité

du propriétaire, à identifi er les servitudes,

les hypothèques et les autres charges affec-

tant l’immeuble. Dans le cadre de la vérifi ca-

tion sur les titres, il est également fortement

conseillé d’avoir un certifi cat de localisation

récent préparé par un arpenteur-géomètre,

dans lequel ce dernier donne son opinion

sur l’état actuel de l’immeuble, les limites

de la propriété, le tout par rapport aux titres,

au cadastre, aux lois et aux règlements

pouvant l’affecter. L’acheteur exigera, dans

la plupart des cas du vendeur, un certifi cat

de localisation récent démontrant l’état

actuel de la propriété.

Depuis les dix (10) dernières années, les

souscriptions d’assurances titres sont en forte

croissance. Ces dernières sont peu coûteuses

et ont pour but de protéger l’acheteur et le

cas échéant, le prêteur, en cas de problèmes

avec les titres d’une propriété. Certaines

exclusions sont cependant prévues, notam-

ment en ce qui concerne les problèmes liés à

l’emplacement des clôtures. Ces assurances

ne sauraient toutefois remplacer le travail du

conseiller juridique.

2. LA VÉRIFICATION HORS TITRESCe genre de vérifi cation comprend

notamment :

– La confi rmation du paiement des taxes

(municipales et scolaires);

– La vérifi cation des avis de non con-

formités auprès des municipalités,

des autorités compétentes et du

Ministère du Développement durable

de l’Environnement, de la Faune et

des Parcs;

– L’obtention des certifi cats d’arrérages

pour les utilités publiques;

– La vérifi cation des dossiers pendants

auprès de la Régie du bâtiment, de la

Commission des normes du travail et

de la Commission de la santé et de la

sécurité du travail.

Bien que la Loi sur l’accès aux documents

des organismes publics et sur la protection

des renseignements personnels prévoie que

les organismes publics doivent répondre aux

demandes d’informations dans un délai de

vingt (20) jours, lequel peut être prolongé

de dix (10) jours si la demande ne peut être

traitée dans le délai initial, il arrive que les

délais de réponse soient plus longs dans

certaines municipalités. Par conséquent, une

période de vérifi cation diligente de trente

(30) jours peut s’avérer insuffi sante.

3. LES INSPECTIONS STRUCTURELLE ET ENVIRONNEMENTALECe genre d’examen permet à l’acheteur

d’avoir une meilleure connaissance de l’état

de la propriété. L’inspection structurelle

comprend l’inspection des systèmes et

des composantes visibles et accessibles de

l’immeuble. Elle vise à identifi er les défauts

majeurs qui pourraient diminuer l’usage, la

B U S I N E S S A N D M A N A G E M E N T C O N S U L T A N T S

STEIGER, ZUMSTEIN & PARTNERS AG

CONTACT:

Nauenstrasse 49, P.O.Box,CH-4002 BaselPhone +41 61 270 99 10, Fax -19E-mail: [email protected]

M E M B E R O F :

• Establishment and management of Swiss corporations• Accounting services• International Tax Planning for companies and individuals• Management functions in Finance and Administration for Swiss- and international companies• Services provided in English, French and German

JU N E/JU LY 2013 9

jouissance ou la valeur de l’immeuble ainsi

qu’à faire un inventaire des travaux requis

et des coûts qui y seront associés, le cas

échéant, à court, moyen et long termes.

Pour ce qui est de l’inspection envi-

ronnementale, dépendamment de la nature

de la propriété, une étude environnemen-

tale phase I et dans certains cas, phase II,

est recommandée. La découverte d’un sol

contaminé pourrait nuire à la valeur de

l’investissement. Il s’agit d’un risque inutile

que tout le monde souhaite éviter.

4. LE ZONAGELa vérifi cation de la règlementation de

zonage permet à l’acheteur de déterminer

si l’usage actuel et l’usage prévu sont

conformes. Dans un contexte industriel ou

manufacturier, les règlements de zonage

peuvent parfois prévoir des restrictions au

niveau de l’accès, du bruit et des émissions.

Dans un cadre commercial, des limites

peuvent exister au niveau de la nature des

activités permises.

L’acheteur doit par conséquent être bien

au fait de ces questions.

5. LA VÉRIFICATION ADMINISTRATIVELe but de cette vérifi cation est de confi rmer

les revenus et les dépenses de la propriété

ainsi que les obligations qui pourraient être

assumées par l’acheteur. Pour ce faire, ce

dernier devrait obtenir du vendeur, des docu-

ments incluant les états fi nanciers, les baux,

les contrats de services et autres contrats liés

à la propriété et les dépenses (électricité,

taxes, assurances, déneigement, entretien

de la pelouse, extermination, etc…).

Le but recherché par la vérifi cation dili-

gente est de s’assurer que l’acheteur recevra

la propriété dans les conditions qui lui ont

été présentées. Chaque transaction a ses

propres obstacles, mais aussi ses avantages.

Il est donc essentiel de lui accorder toute

l’attention qu’elle mérite.

Esther Krauze est avocate et pratique le droit immobilier depuis 15 ans au sein de Lette & Associés S.E.N.C.R.L. Esther assiste ses clients dans l’acquisition, la vente et la location d’immeubles commerciaux, industriels et résidentiels ainsi que dans les domaines du fi nancement, de la construction, du développement et de la gestion immobilière. ■

COMMENT SE PORTE L’IMMOBILIER CANADIEN À TRAVERS LES QUATRE PLUS GRANDES VILLES DU CANADA, MONTRÉAL, TORONTO, CALGARY ET VANCOUVER ?Par François Paquin, président de NAI

Commercial, agence immobilière

Montréal, l’ancienne métropole canadienne

détrônée par Toronto depuis quelques

décennies, semble se rattraper par son

développement immobilier et également

au niveau des valeurs économiques des

propriétés résidentielles.

Présentement, nous comptons plus d’une

soixantaine de grues de construction dans

le ciel de Montréal, du jamais vu depuis

très longtemps. Plusieurs chantiers, tant

institutionnels que privés, sont en voie de

réalisation comme le Centre Universitaire

de Santé Université McGill (CUSUM) et le

Centre Hospitalier Université de Montréal

(CHUM). Dans le secteur privé, beaucoup

de nouveaux gratte-ciel vont sortir de terre

sous peu, créant plus de 7 000 unités de

condominiums - dont plusieurs au centre-

ville. Entre autre, l’immeuble « AVENUE »,

d’une hauteur de 50 étages, s’élèvera à côté

du Centre Bell.

Deux tours à bureaux sont déjà en train

d’être érigées, la Tour Deloitte et la Tour

AIMIA à vocation mixte. D’autres projets

devraient être annoncés sous peu parce que

le taux d’inoccupation qui est relativement

faible, laisse présager que certains locataires

sont à la recherche d’immeubles récents

avec la certifi cation LEED offrant une meil-

leure qualité de vie, un plus grand choix à

cause des loyers plus élevés et réduire aussi

leurs coûts d’énergie.

En 2013, on prévoit une légère diminu-

tion du taux d’inoccupation qui devrait oscil-

ler entre 8.7 à 8.8%, incluant les immeubles

en périphérie du Grand Montréal.

Les banlieues devraient connaître une

croissance plus active que celle du centre-

ville en raison de l’étalement urbain, de la

circulation automobile et des chantiers de

D É M É N A G E M E N T S I N T E R N A T I O N A U X

1 800 874-1071514 631-6565www.amjmontreal.com

IN FO SU I SS E10

construction, le même phénomène que l’on

retrouve partout dans les grandes villes.

Montréal demeure une ville attrayante et

on y retrouve une concentration d’industries

spécialisées dans le domaine pharmaceu-

tique, de l’aviation, de la fi nance et des jeux

électroniques.

Au niveau de l’immobilier industriel,

Montréal poursuit sa transition de l’industrie

lourde vers l’industrie de pointes et de

technologies. Les régions de la Rive-Nord et

de la Rive-Sud ont été les plus actives pour

une augmentation du taux d’occupation. La

construction du pont de l’autoroute 25 vers

Laval a permis d’augmenter la vitalité indus-

trielle du secteur.

Les entrepôts de 24 pieds de hauteur et

plus sont toujours en demande. Leur taux de

vacance de 8.2% en 2012 devrait se résorber

pour atteindre 7.8 % en 2013.

La confi ance des consommateurs continue

d’augmenter graduellement parce que l’on

s’attend à une augmentation per capita de

2.1 % comparativement à 1.1 % pour 2012.

Beaucoup de bannières de commerce

au détail venant des États-Unis font leur

apparition partout au Canada, mais aussi

à Montréal et sur le territoire québécois.

William Sonoma, Target et plusieurs autres

sont déjà établis et plusieurs autres suivront

au cours de l’année.

Toronto, la métropole canadienne,

demeure la meneuse dans le domaine des

services fi nanciers, de la manufacture et

de la construction. Beaucoup de nouveaux

projets sont en cours, autant dans le

domaine des tours à bureaux que des tours

à condominium; par exemple, la société

Canderel est en train de bâtir la plus haute

tour du pays, avec 72 étages.

L’industrie de la manufacture connait

quelques ralentissements à cause de la per-

formance du dollar canadien qui est presque

à parité avec le dollar américain et qui, par

conséquent, affecte la consommation.

Les espaces à bureaux vont augmenter de

plus de 3.5 millions de pieds carrés dans le

centre-ville et de 3.2 millions de pieds carrés

pour le sud et l’ouest de la ville; même si

le gouvernement provincial, dont Toronto

est la capitale, a décidé de réduire ses

espaces dans différents ministères de plus

d’un million de pieds carrés. Cela démontre

que Toronto demeure très active au sein de

l’économie canadienne.

Le secteur industriel se concentre surtout

autour de l’industrie automobile et des

produits de consommation et on s’attend

à une performance semblable à celle de

l’année dernière. Les entrepôts de grandes

dimensions, 300 000 pieds carrés et plus,

sont toujours très recherchés et de nouvelles

constructions sont prévues dans le grand

Toronto, principalement à Mississauga,

Brampton et Milton.

On remarque néanmoins un nouveau

phénomène : plusieurs sociétés vont

privilégier des entrepôts de plus petites

dimensions et les repartir aux quatre coins

de la ville. Cette façon de faire permet une

livraison plus rapide en évitant de circuler

dans un trafi c de plus en plus dense.

Le commerce au détail s’en tire très

bien en 2012 et sa croissance semble se

poursuivre en 2013; plusieurs sociétés

étrangères comme Louis Vuitton, Massimo,

etc., poursuivent leur expansion. Le taux de

vacance va diminuer un peu cette année et

on prévoit des agrandissements de quelques

centaines de milles pieds carrés dans cer-

tains centres commerciaux.

Calgary, c’est la ville canadienne la plus

dynamique à cause de son développement

pétrolier. Elle attire un grand nombre de

sièges sociaux, soit plus de 75 alors qu’elle

n’en comptait que 44 en 1990. La demande

d’espace est tellement grande que l’on

affi che complet avant même d’avoir construit

une nouvelle tour à bureaux de 40 étages.

Le taux de chômage est le plus bas au

pays avec 4.7 %, ce qui fait l’envie des

autres grandes villes canadiennes.

Real Estate

Immobi l ier

JU N E/JU LY 2013 11

La ville compte plus de 40 millions de

pieds carrés de bureaux pour une population

d’un peu plus de 1 million d’habitants. C’est

une situation assez exceptionnelle.

Au niveau des espaces industriels, la

demande était soutenue en 2012 et 2013

s’oriente dans la même direction. Wal-Mart

et Target, deux grandes entreprises spé-

cialisées dans le commerce au détail, se sont

installées dans plus d’un million et demi de

pieds carrés dans chacun de leurs centres de

distribution.

Le commerce au détail s’ajuste au dével-

oppement de la ville. On voit s’installer de

grandes chaînes de commerce au détail

provenant des États-Unis et qui, pour la pre-

mière fois, s’installent au Canada et choisis-

sent Calgary pour y établir leurs magasins.

Calgary connaît une croissance sans

précédent et cela permet à d’autres indus-

tries de s’implanter, comme l’industrie

bancaire – on y retrouve toutes les grandes

banques internationales.

Toutefois, il faut être prudent surtout

quand l’économie repose pratiquement sur

une seule grande industrie, soit l’énergie

produite par les sables bitumineux. Calgary a

le vent dans les voiles pour plusieurs décen-

nies et espérons qu’elle saura se diversifi er

en implantant d’autres types d’industrie afi n

de bien équilibrer ses forces.

Vancouver : La province de Colombie-

Britannique est riche en ressources naturel-

les et Vancouver est un port servant à

l’exportation. Son industrie immobilière

demeure forte avec une activité soutenue.

Sachant que l’immobilier à Vancouver est

prisé, le facteur de risque est mince et le

taux de globalisation est l’un des plus bas

au Canada.

Bureau : Le taux de vacance dans les

tours à bureaux devrait augmenter de

manière signifi cative à cause du nombre de

sous-locations qui prennent fi n cette année.

Dans les immeubles de classe A, on devrait

connaître des loyers de près de 37.00 $ le

pied carré, comparativement à Calgary ou

le pied carré est de 41.00 $, de 26.00 $ à

Toronto et de 21.00 $ à Montréal.

La disponibilité des espaces industriels

pour cette année est de 6.4 % tandis

qu’en 2012, il était de 6.8 %. Cette sta-

bilité nous permet de constater que ce mode

d’investissement est recherché.

Le commerce au détail devrait encore

mieux se comporter cette année parce que

2012 a été une année de développements

commerciaux qui viennent d’être complétés

pour accommoder des chaînes reconnues

comme Norsdtrom, Forever 21, TopShop,

Apple, Samsung, J. Crew, Target, etc.

Parmi les grandes villes du monde, la

fi rme Mercer a élaboré une liste des villes

les plus chères du monde et il est intéressant

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IN FO SU I SS E12

Real Estate

Immobi l ier

de savoir que l’on y retrouve Toronto au 59e

rang, Vancouver au 65e rang et Montréal

au 79e rang. Parmi les villes vedettes qui

détiennent les premiers rangs, nous avons

(1) Luanda, Angola, (2) Tokyo, Japon, (3)

N’Djamena, Tchad, (4) Moscou, Russie, (5)

Genève, Suisse, (6) Osaka, Japon, (7) Zurich,

Suisse, (8) Singapour, Singapour, (9) Hong-

Kong, Hong-Kong, et en dixième position,

Sao Paulo, Brésil.

Toutes ces villes ont beaucoup de charme

mais nous constatons que nos grandes

villes canadiennes font bonne fi gure dans

ce palmarès et que le coût de la vie est à

la dimension de sa population et qu’il est

agréable d’y vivre.

Cet article a été rédigé par : François Paquin, président de NAI Commercial, agence immobilière, et les graphiques sont d’Altus Insite. ■

REAL ESTATE LAW IN ONTARIO: A PRIMERBy Barry Webster,

Partner at Lette LLP

THE ORIGINS OF REAL ESTATE LAW IN ONTARIO In Canada, each

province has primary

jurisdiction over real estate law. In Ontario,

basic real estate legal concepts are derived

from the English common law of land own-

ership which is based on the feudal system.

Feudalism, at its core, established that the

Crown owned all land within its territory

but others were allowed to use the land

in exchange for an oath of allegiance to

the Crown and for the provision of certain

services. As time passed, the common law

regarding land ownership became more

complex so that it became possible for dif-

ferent persons to have different rights in the

same parcel of land. For example, a person

may own the freehold interest in land but

a different person may hold a leasehold

interest. A freehold interest in real property

means an interest in land for an indefi nite

duration. Among the various types of free-

hold interests in Ontario, the most common is

“fee simple” which is equivalent to outright

ownership subject to certain rights that the

Crown may retain in such land (for example

mineral rights). A leasehold interest is a right

to use land for a fi xed period of time. Other

rights or interests that a person may hold

in land that are recognized under common

law in Ontario include encumbrances (for

example mortgages or liens), easements,

rights of way and restrictive covenants.

At present, the aforementioned con-

cepts and rights have been recognized and

expanded upon in various statutes of Ontario

that govern matters such as the acquisition,

ownership, leasing, mortgaging, use, and

development of real estate.

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.

[email protected]

Toronto: +1.416.971.4898Montréal: +1.514.788.0998

Contact Bernard Lette at

WWW.LETTE.CA

Lette & Associés s.e.n.c.r.l.

montréalLette Alérion

parisLette LLP

torontoLette & Knorr

munich / ulm


TITLE REGISTRATION / ELECTRONIC SYSTEMPrivately owned (as opposed to Crown

owned) real property in Ontario is recorded

in a public registration system. This system

establishes various parcels of land for

identifi cation purposes through property

identifi er numbers and legal descriptions.

Furthermore, it provides for the registra-

tion of the fee simple ownership and other

various interests and rights that a person

may hold in connection with such parcels

of land.

Ontario has two systems for the registra-

tion of interests in land – the registry system

and land titles system. The traditional

registry system provides only for the public

recording of instruments affecting land and

does not itself make any qualitative state-

ment concerning the status of title or the

validity of any registered instruments. The

land titles system, by contrast, operates so

that title and other interests to land, subject

to certain limits, are effectively guaranteed

by the government. Such guarantee essen-

tially means that the register or certifi cate

of title with respect to any property in the

land titles system constitutes the true and

accurate status of title. In the land titles

system, if a person is deprived of an inter-

est in property by virtue of an error on the

register or certifi cate, such person is entitled

to compensation from a government-

administered assurance fund. There is no

government guarantee of title with respect

to properties recorded in the registry system.

Therefore, the quality of title or validity of

interests in property recorded in the registry

system must be determined by the persons

searching the records. The vast majority of

properties in Ontario are now recorded in

and subject to the land titles system.

The Province of Ontario was one of the

fi rst jurisdictions in the world to modernize

its land registration system by automating

the paper-based records and converting it to

a regulated electronic system. This electronic

system was designed to reduce title search-

ing costs, increase effi ciency and to improve

record keeping accuracy and integrity.

Through the use of the regulated electronic

system, property documents (such as deeds,

leases, mortgages etc.) are registered in

real time against title to the specifi c land.

This means that anyone searching title to a

specifi c parcel of a land in Ontario will have

an up to the minute record of the status of

such land.

DEVELOPMENT CONTROLSLand use, sub-division and property devel-

opment in Ontario is provincially regulated

by statute but is implemented at the munici-

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Scarborough - 2250 Markham Road

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Laval - 2360 Autoroute Chomedey (Aut 13)

Pointe-Claire - 58 boul. Brunswick

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IN FO SU I SS E14

pal level. For the most part, municipalities

control the use of land through offi cial plans

and zoning by-laws. Maintenance of existing

structures and construction of new projects

are subject to provincial and municipal regu-

lation through various building codes and

approval processes.

CAVEAT EMPTORIn the event defects to real property, includ-

ing hidden defects, are discovered by a pur-

chaser, the general principle in Ontario is that

of caveat emptor – buyer beware. However,

that general principle is progressively being

modifi ed by jurisprudence. Notwithstanding

this, it is important to note that in Ontario,

unlike Quebec, there is no legal warranty

concept that would protect a purchaser from

hidden defects to the property. As a result,

it is extremely important for a purchaser to

protect itself by rigorous due diligence and

the insertion of appropriate representations

and warranties from the vendor in the pur-

chase agreement.

FOREIGN OWNERSHIPOntario is extremely open to foreign invest-

ment in real estate. Generally speaking,

there are no restrictions on, or signifi cant

bars to foreign ownership of real estate in

Ontario. It should be noted that in the case

of foreign ownership of real estate certain

taxation, corporate registration and report-

ing requirements have application but all of

these issues are easily dealt with through

proper corporate and tax planning.

Article by Barry Webster. Barry is a partner at Lette LLP and focuses his practice on commercial real estate and corporate commercial law. Barry acts on behalf of large multi-national clients in the real estate investment, construction and development, hotel and logistics industries. ■

Real Estate

Immobi l ier

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050_300_Tailfin_7.25x5_Canada 1 13.12.11 10:20


Business and Other News

Actual i tés économiques et d’affa i res

OWNERSHIP OF U.S. REAL ESTATEby Cunningham LLP,

Chartered Accountants,

Toronto

Canadians love their

Florida and Arizona

vacation properties.

What they don’t love

is the fact that the purchase of these proper-

ties has signifi cant income tax and estate tax

implications.

INCOME TAX IMPLICATIONSUpon the sale of U.S. real estate there is

an automatic withholding tax of 10% of

the selling price of the property. There are

two exclusions to this rule. First, where the

selling price is less than $300,000 US and

the buyer signs an affi davit that the property

will be used as a personal residence; the

withholding tax will be nil. Second, where

the maximum US tax owing by the purchaser

when fi ling his/her U.S. tax return reporting

the sale of the real estate will be less than

10%, then the purchaser can fi le an applica-

tion form (82-88-B) to have the withholding

rate reduced. However, since the IRS takes

around three months to process the form,

there is typically not enough time to fi le the

form and the 10%withholding applies. The

withholding tax above is only a prepayment

of whatever U.S. capital gains tax is owed.

Canadians must fi le Internal Revenue Service

Form 1040NR reporting any capital gains on

the sale of U.S. real estate. Generally, gains

from the sale of long term real estate hold-

ings are subject to a maximum capital gains

rate of 15% in the U.S.

ESTATE TAX IMPLICATIONSIn addition to the capital gains and with-

holding tax issues, Canadians may also have

US estate tax issues. In the past, to avoid

US estate tax and to avoid the possibility

of taxable benefi ts arising for Canadian

tax purposes from the use of a U.S. vaca-

tion property, Canadians would often use

a Canadian corporation known as a “Single

Purpose Corporation” (“SPC”) to hold their

U.S. real estate. However, effective June

23rd, 2004, The Canada Revenue Agency

(“CRA”) revised its position and now the

shareholder(s) of a SPC can no longer avoid

a taxable benefi t for Canadian tax purposes.

SPCs already in existence are grand fathered

until either the earlier of the sale of the US

real estate or the transfer of the shares of

the SPC to anyone other than the sharehold-

er’s spouse upon their death. The change in

the CRA’s administrative position has made

planning for buying U.S. real estate in an SPC

obsolete. There are a number of alterna-

tives for holding U.S. real estate, most very

complex. These will be examined in a future

newsletter.

For more tax and accounting information or if you have any questions, please follow Cunningham LLP on Twitter@CunninghamLLP or contact Paul Girolametto at [email protected], by telephone at 416-496-1051 x254or visit their websitewww.cunninghamca.com ■

HEAT STRESS PLANSBy Karen Fields of

Crawford Chondon &

Partners LLP

Along with summer

and hot sunny days

comes the poten-

tial for heat stress

related injuries for those working outside or

in facilities without air conditioning. Mixing

hot humid weather with physical activity

can quickly lead to heat exhaustion, heat

stroke and death. The Ontario Ministry of

Labour’s website has a Heat Stress Guideline

that lists the different heat related disor-

ders, symptoms, treatment and prevention

(http://www.labour.gov.on.ca/english/hs/

pubs/gl_heat.php).

Employers, who are obligated to take all

reasonable precautions for the protection

of workers, should have a hot environment

policy in place and procedures on how to

IN FO SU I SS E16

Business and Other News

Actual i tés économiques et d’affa i res

protect workers from heat related illnesses

that can arise. The Guideline will provide

employers with a good starting point if you

do not already have such a policy in place,

or a good review to see if your policy has

covered all the preventative measures that

should be considered. It also sets out steps

for the implementation and training of

workers against heat stress such as:

1. Acclimatizing to the heat. Implementing

percentages of time each day to become

acclimatized to the heat and what to

consider for new workers, or those who

may have health issues that need to be

considered;

2. Engineering Controls, such as reducing

physical demands, providing insulating

barriers from heat sources, providing air

cooling devices, and cool, shaded work

and rest areas;

3. Administrative and Work Practice

Controls, such as increasing length and

frequency of rest breaks, scheduling

physically demanding jobs for cooler

times of the day, providing cool drink-

ing water and reminding workers to

drink a cup every 20 minutes, to train

workers to recognize the symptoms of

heat stress, and having an emergency

response plan and fi rst aid responders

in place to deal with any heat related

illness; and

4. Protective Clothing such as light cloth-

ing to allow air movement and head

protection to prevent exposure to direct

sunlight.

A hot weather plan should be in place

between May 1 and September 30 each year.

If you do not have a heat stress control plan,

or a humidex based heat response plan, you

can gather free information at http://www.

ohcow.on.ca/menuweb/hhrplan.pdf .

As always, once you have the plan in

place, you need to train your workers so

they understand the importance of the plan,

and document, document, document.

For more information on above or other topics visit their website at www.ccpartners.ca or contact David Chondon by e-mail at

[email protected]. ■

TOP OF THE NEWSSwitzerland takes fi rst place in the 2012-

2013 “Top 25 Country Brands” compilation

published by FutureBrand. Canada takes

2nd place and the US 8th. The index uses

FutureBrand’s proprietary methodology,

the Hierarchical Decision Model (HDM) to

examine and rank 118 countries as they

relate to culture, industry, economy and

public affairs to determine how key audi-

ences see the world’s country brands, from

awareness through to advocacy.

Switzerland also ranks 1st in “The Travel

& Tourism Competitiveness Report 2013”

published by the World Economic Forum,

the same spot it held in the 2011 report.

In specifi c rankings, 2nd in qualifi ed labor,

3rd in environmental regulation, 7th in a

sustainable T&T industry, 6th in cultural

resources but 139th (out of 140) in price

competitiveness.

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


WINS AND UPDATESDuPont has opened its 10th Innovation

Center, the second center in the Europe

Middle-East and Africa (EMEA) region. The

Geneva Innovation Center is housed in the

existing site of the European Technical Center

(ETC) in Meyrin. It will provide a unique

experience and environment for collabora-

tion with customers, government, academia

and business partners in Switzerland and

across Europe, as more than 2,500 custom-

ers visit annually the ETC in Geneva.

IBM announced plans to open a new

cloud computing center that will be inte-

grated with the existing IBM outsourcing

data centre in Winterthur. It will be used to

provide corporate and public sector custom-

ers with a range of cloud-based application

and infrastructure services, and will deliver

services from start-Q3 2013.

Cessna Aircraft Company, a Textron Inc.

company has acquired Jet Aviation’s main-

tenance, repair and overhaul (MRO) facilities

in Zurich and in Düsseldorf, further expand-

ing its global service center footprint. Both

facilities began operating as Cessna Citation

Service Centers on January 1. Jet Aviation

will continue operating its fi xed base opera-

tor facilities at both locations.

REVERSE INVESTMENTS & PARTNERSHIPSThe boards of ABB and Camarillo CA-based

Power-One have agreed to a transaction in

which ABB will acquire Power-One at $6.35

per share or approximately $1 billion equity

value, which includes Power-One’s net cash

of $266 million. Power-One has one of the

market’s most comprehensive offerings of

solar inverters.

MSi Testing & Engineering Inc., a labora-

tory in the fi elds of metallurgical testing and

failure analysis located in Melrose Park IL,

has been acquired by Geneva-based SGS.

SGS bills itself as the world’s leading inspec-

tion, verifi cation, testing, and certifi cation

company.

Ares Life Sciences, a healthcare-focused

investment group headquartered in

Geneva, signed a defi nitive agreement to

acquire 100% of the share capital of Planet

Biopharmaceuticals, Inc., including its wholly

owned subsidiary Antigen Laboratories, Inc.,

based in Liberty MO.

FROM THE FOREIGN DESKUK-based consumer packaging and can

maker Rexam is to build a new drinks can

plant in Widnau, Canton St. Gallen. It is

Rexam’s fi rst plant in the Switzerland and

represents an investment of £115 million

over three years.

UK-based Calastone, a fund transaction

network, opened its new Swiss offi ce in

Zurich to provide a local presence to the

Swiss market.

Brenntag, the Germany-based special-

ist in chemical distribution, is planning to

build a new sulfuric acid dilution plant at

the Infrapark Baselland industrial park in

Muttenz. The plant, along with the newly

installed pipeline, will allow Brenntag

to supply diluted sulfuric acid to Bayer

CropScience.

OTHER NEWS FROM OUR WORLDWIDE SOURCES Nestlé is the fourth-largest consumer prod-

ucts company in the world, according to a

report by professionals services fi rm Deloitte.

Four other Swiss companies – Richemont

(74), Swatch (104), Rolex (153) and Emmi

(246) – appeared in the sixth annual “Global

Powers of Consumer Products”, which

identifi es the 250 largest consumer products

companies.

Scientists at Empa, the Swiss Federal

Laboratories for Materials Science and

Technology, have developed thin fi lm solar

cells on fl exible polymer foils with a new

record effi ciency of 20.4% for converting

sunlight into electricity.

Corporate Knights Announced the ‘Global

100 Most Sustainable Corporations in the

World’ at the World Economic Forum in

Davos. The Global 100 Europe list included

Nestlé, Swiss Re and Geberit AG. ■

IN FO SU I SS E18

Karin Lindner

DO YOU CHALLENGE YOURSELF TO THINK DIFFERENTLY? By Heidi Garcia

Would you agree that mindset has a tremen-dous impact on how we master and manage challenges in our personal and professional life?

Just recently I read a book entitled “Mindset: The New Psychology of Success” by Carol Dweck. It is a fascinating book, especially since I’m always looking for new insights on how mindset, beliefs, and atti-tude infl uence workplace performance and productivity.

I believe that one of the biggest chal-lenges manufacturing organizations face is that it is no longer “business as usual”. What may have worked in the past doesn’t work today. Everything seems to be an uphill battle. Nothing comes without great effort. That is why I want to share with you what I discovered in this book and how it applies to the manufacturing industry.

In her book, Dweck suggests that there are two different kinds of mindsets: a Growth and a Fixed Mindset.

In a fi xed mindset, people believe their basic qualities such as intelligence or talent are simply fi xed traits. The dangerous thing about that is if a person with a fi xed mindset is in a management position they cannot see the potential of their employees or that they are capable of going above and beyond what’s expected of them. They spend their time documenting their own intelligence and talents rather than developing their skills further. People with a fi xed mindset are never short of excuses, tend to blame others, and resist change.

In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work. For them, brains and talent are just the starting point. This is the perspective that is essential for management if they want to create a learn-ing culture. People can always do a little bit better but some need a little encourage-ment and help to realize how much more they are capable of doing.

In one of my workshops, I like to do an exercise entitled: “The 10 Percent Stretch”. I ask someone to stand in front of a wall and stretch up as high as he or she can go. Then

I mark this point with tape. I then ask the same person to do it again but this time I simply say: “Come on, I know you can do better than that. Give it all you have.” Every time and without exception, this person can stretch at least 10% higher than they did before. It’s the same in a job. With the right amount of encouragement, people can reach new heights in their performance.

Helping people to develop the confi -dence they need to become more successful in what they do is not only very rewarding but it will also have a tremendous impact in the overall success of the organization.

Kar in’s Performance Solut ionsDo You Chal lenge Yoursel f to Think Dif ferent ly?


In order to increase awareness, it is essential to cultivate workforce and leader-ship behaviours.

Most of the people I know sincerely want to contribute to their organization and believe that they are doing their part to help the company succeed. Why not set them up for success instead of failure?

At the end of the day it comes down to our beliefs, and a belief is nothing else than a thought that we keep thinking.

If people think they have nothing of value to offer, most likely their self-esteem is low and they lack the belief in their own abilities.

Many people never reach their full poten-tial because they are in a fi xed mindset. It’s not that they couldn’t develop into a growth mindset but they believe that’s all there is. If things don’t go the way they are supposed to, these people regard it as failure instead of a valuable learning experience.

You know that most companies are always looking for new talent. What would

you say if I told you that talent doesn’t mean a thing if it is not combined with attitude and effort? Very often this seems to be ignored or overlooked.

Attitude shows the habits of your thoughts. Effort shows the habits of your behaviour.

As an example, let’s take a look at a typical Maintenance Department. Very often the guys in the maintenance department are referred to as “Prima Donnas”. They have learned a skilled trade and they cer-tainly know that this is of tremendous value to the organization. Do they always have the best attitude when it comes to serving their customers, the machine operators? Are they willing to go the extra mile simply because they have the talent and skill? I will let you answer these questions yourself.

Many managers never have the time to really think this through but developing a growth mindset at all levels within an orga-

nization is one of the most important things a leadership team can focus on.

There is something very powerful in changing the way you think. Most of the time exhaustion at work doesn’t come from the work itself but from the mental attitude employees have toward work and life. Imagine the potential for success by chal-lenging yourself to think differently.

Be the best you can be!

Heidi Garcia is a Human Performance Specialist working with KARICO Performance Solutions, located in Richmond Hill, Ontario. Karin Lindner is the founder and owner 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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IN FO SU I SS E20

GOLD, AMERICAN JOBS AND EUROPEAN RECESSIONBy: Beat J. Guldimann, LLD

April 2013 has seen the

price of Gold drop 14%

over two trading days.

Analysts had a fi eld day

with forecasting what is next for the pre-

cious metal that has been on a multi-decade

bull run until Goldman Sachs decided it was

time to send prices to the basement.

While some usually reputable analysts

made the gloomy prognosis of Gold going

to $800 per ounce before things turned,

others found arguments for Gold bouncing

back quickly across the $2000 mark. That’s

a big range, even for fi nancial analysts. No

wonder investors are confused.

Gold has always been volatile. We now

know that it is also easily manipulated by

the likes of Goldman Sachs simply announc-

ing to the market that it is time to go short.

If Goldman makes a call, the lemmings

follow. And so, the Wall Street gambling

house was able to make a nice profi t from

all the shorts they have put on just before

advising the street that their crystal ball tells

them Gold is going to collapse. You can call

it Goldman’s self-fulfi lling (and self-serving,

one might add) prophecy.

Strategists and analysts of all stripes were

fast to try and rationalize what happened

in the paper Gold market. The consensus

became that Gold’s rise is over for now as

investors realize that infl ation, one of the

key drivers for Gold, is much less of a threat

than previously thought. And with the U.S.

economy starting to rebound quite solidly,

the Greenback has started to improve which

– in relative terms – makes Gold less expen-

sive as well.

Both of these statements may be true

but they are hardly news that markets only

came across in the early days of April. With

most of the developed world in slow motion,

infl ation has not been a short-term concern

for quite some time. Central banks fl ooding

markets with seemingly bottomless liquidity

supports the view that policy makers aren’t

really concerned with too much infl ationary

pressure at all. To the contrary, the view now

seems to transpire that we need central

bank action to create just enough infl ation to

get out of the slump, since “normal” market

forces won’t get us there. The latest fl urry of

quantitative easing in Japan is bent on doing

just that.

In contrast to what happened in April, the

fundamentals in the physical Gold market

remain strong. Demand for the actual metal,

not just paper certifi cates, has grown stron-

ger as central banks and other bulk buyers

in Asia decided to benefi t from the recent

correction by picking up gold bars at a much

accelerated pace. According to some esti-

mates, demand for physical delivery Gold

currently exceeds supply from mines across

the globe.

Central banks for one are keeping their

faith in Gold as a long-term strategic store

of value. Word of the Central Bank of Cyprus

dropping Gold into the markets have proven

to be nothing but speculative rumour and

even if the good bankers in Nicosia were

to push the sell button, the Gold made

available by Cyprus would disappear in the

massive purchases that the People’s Bank of

China is currently putting on its books.

Once investors start to realize that every-

thing is not as rosy as the record-level Dow

Jones Industrial Average seems to indicate,

even paper Gold may pick up demand again.

This point may not be too far away. If there

are any fundamentals left in the way equity

markets behave, the Dow will have to go

through a correction in the coming months.

There is simply not enough real growth in

the U.S. economy to support the Fed-induced

market rally over the longer-term.

Despite all the fanfare about rising

employment numbers in the U.S., the world’s

largest economy is not out of the woods.

While absolute employment numbers are

up, the average hours worked by those that

have a job, and the dollars they earn per

hour, are down.

People on the conservative end of the

spectrum blame part of this move to part-

Tr ibeca Ins ightsGold, American Jobs and European Recess ion

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ALEXANDER SENNECKE

Für weitere Fragen stehe ich gerne zur Verfügung.

Helping youmake the Right

Moves


time jobs on Obamacare, explaining that

many employers, public or private, are

trying to eliminate higher payroll benefi t

costs by keeping their workforce under the

hourly threshold for payroll taxes related to

the Affordable Health Care Act.

No matter what or who is to blame, the

reduction in average hours and average pay

of an honest week’s work is not a sign of

a solid recovery. Add to that the thousands

of “discouraged workers” that fall off the

unemployment statistics every month

because they have stopped looking for a

job, and you will see a picture of the U.S.

recovery that is much more fragile than the

Dow at 15,000 would indicate.

It is undeniable that the U.S. have found

a way back into growth; the question is how

strong will the recovery be and how long will

it still take for the world’s largest economy,

and the one with the largest exposure to

consumer spending, to work itself out of

the longer-term effects of cost cutting in the

private sector and “sequestration” induced

austerity in the public sector.

America will not be able to compete

with Asia in terms of GDP growth over the

coming years, but it will certainly outshine

Europe. The European Union fi nds itself in

a protracted recession that has brought

the experience of a triple dip to the French

economy. The French are sobering up after

all the magic potions that newly elected

President Hollande promised in last year’s

election have proven ineffective to return

the Tricolore to growth.

Even Germany, the sole remaining

European powerhouse, has become anemic.

There is no inspiration coming from Brussels

or any other European capital and we are

more likely to see European leaders caught

in ongoing fundamental debates about

austerity vs. stimulus than to see Europe

take decisive action against the deepening

unemployment and output problem of the

union.

The developed world’s economies are

still in a fragile state. Sooner or later markets

will trade euphoria for fear and safe havens

will regain strategic importance.

Beat Guldimann, owner of Tribeca Consulting Group, 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). ■

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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

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SCHOLARSHIP FUND

OF ONTARIO

The Swiss Canadian Scholarship

Fund of Ontario is pleased to offer

yearly scholarships. It is open to

members of the SCCC and the

Swiss Community in Ontario.

To fi nd out more about the

availability and eligibility criteria,

please visit the Ontario Chamber’s

website at:

www.swissbiz.ca/scholarship

IN FO SU I SS E22

VISITE DE LA SECRÉTAIRE D’ÉTAT À L’ÉCONOMIE DE SUISSE AU CANADAPar Jean Serge Grisé

Le 3 mai dernier, la Chambre de Commerce

canado-suisse du Québec a eu l’occasion

de participé à la portion montréalaise de la

visite de madame Marie-Gabrielle Ineichen-

Fleish Secrétaire d’État à l’Économie de

Suisse au Canada. Quelques heures après son

arrivée d’un séjour à Vancouver et à Ottawa,

la Secrétaire d’État faisait une importante

allocution à l’occasion d’un petit-déjeuner

au Conseil des relations internationales de

Montréal auquel a contribué la Chambre.

Son intervention intitulée « La Suisse face

aux défi s globaux » a été grandement

appréciée par plus de 100 personnes venues

l’écouter. Madame Ineichen-Fleish a fait

comprendre à ses auditeurs la complexité de

l’économie et comment des décisions prises

par des institutions internationales ont des

conséquences bien pratiques dans notre vie

quotidienne.

Elle nous a aussi très bien décrit les

coulisses des grandes négociations entre les

pays et la diffi culté d’arriver à des consensus

satisfaisants pour tous. Par ses propos clairs,

nous avons mieux saisis les subtilités de

l’économie globale. Elle a aussi expliqué

très précisément les grands défi s auxquels

la Suisse doit faire face dans les mois et les

années à venir.

L’Ambassadeur de Suisse au Canada,

S.E. Ulrich Lehner a fait la présentation de

la Secrétaire d’État et j’ai eu le plaisir de la

remercier après son allocution.

Pour ceux qui le désirent, il est possible

de revoir la conférence sur les ondes du

Canal Savoir; afi n de connaître les heures de

diffusion, vous pouvez consulter le site du

CORIM à www.corim.qc.ca

Durant les heures qui ont suivies,

la Secrétaire d’État et la délégation qui

l’accompagnait ont visité Bombardier, ont

rencontré des représentants de compagnies

suisses opérant au Canada lors d’un déjeuner

offert par le Consul général et ont reçu des

« briefi ngs » sur l’économie du Québec et

sur les marchés pouvant intéresser des

entreprises suisses. Nos amis de Mirabaud

(Yves Erard et Olivier Rodriguez) étaient les

hôtes de cette dernière activité.

Notre collègue Christian G. Dubois,

membre du Comité exécutif de la Ville

de Montréal a, par la suite, accueilli la

Secrétaire d’État et sa délégation pour la

signature du Livre d’or de la Ville. Avant de

quitter Montréal, madame Ineichen-Fleish a

pu s’arrêter quelques minutes à l’Auberge

Saint-Gabriel pour saluer un autre de nos

membres, Marc Bolay. Cette brève visite lui

a permis d’admirer le Vieux-Montréal.

Cette visite qui fût un succès a été utile

pour mieux faire connaître les possibilités

d’affaires entre le Canada, le Québec et la

Suisse. Nous espérons que la Secrétaire

d’État reviendra bientôt en se faisant

accompagner cette fois d’entrepreneurs pour

participer à une mission économique. Votre

Chambre a été heureuse de sa contribu-

tion à la préparation de cet événement et

remercie ses membres qui y ont participé de

diverses façons. ■

Chamber News

Information de votre chambre

Jean Serge Grisé, Beat Kaser, Marie-Gabrielle Ineichen-Fleisch, Michel Décary, Ulrich Lehner. Crédit photo : Sylvie-Ann Paré

Beat Kaser, Christian Dubois, Marie-Gabrielle Ineichen-Fleisch, Ulrich Lehner. Crédit photo : Ville de Montréal


SWITZERLAND TOP NEWS 2013

BASEL REGION

Art Basel – Exhibition in New Settings

Art Basel is the most important fair for

contemporary art and the origin of Art Basel

Miami Beach. This June, Art Basel will take

place in a whole new setting in its home-

town, as the exhibition center in Basel was

completely renovated by the famous archi-

tects Herzog & de Meuron. Another highlight

of this year’s Art Basel is the additional loca-

tion in Hong Kong, where it will take place

for the fi rst time from May 23 to May 26.

This exhibition will increase the high profi le

of the brand Art Basel worldwide.

BERN REGION

Bear Love – 500 Years of Bern and its Bears

As legend has it, the city of Bern was named

after the fi rst animal the city’s founder was

able to hunt down in the woods. In 1513,

Bernese citizens returning from battle,

brought a living bear back and put it in one

of the city’s pits, giving birth to a tradition

that still lives on. In the meantime, Bern’s

famous Bear Pits have given way to the spa-

cious, green Bear Park. The 500-year anni-

versary of Bern’s symbol will be celebrated

in 2013. Come and celebrate with us – a

visit to the Bear Park is a special experience.

Paths run through the park down to the Aare

River, providing an insight into the lives of

the bears.

GRAUBUNDEN REGION

Davos – New Visionary Hotel to be opened

in Autumn

The magic of Davos is fi nding new expres-

sion – in the modern 5-star InterContinental

hotel and residences «Stilli-Park», designed

by Italian top architect Matteo Thun. The

resort, which opens its doors this autumn,

is located in the outskirts of Davos, offering

stunning views over the village, Lake Davos

and the mountain summits. Crowned by the

spectacular appearance of the brass-colored

facade of the main building, the resort com-

prises 216 rooms and 38 residences.

LAKE GENEVA REGION

Behind the Scenes – Watches to watch in

Geneva

Geneva has been home to watchmaking

expertise for more than four centuries. A

«Geneva Watch Tour» gives visitors the time

in thousand and one ways. Discover the

watch industry through around a hundred

boutiques and a dozen historical monu-

ments linked to Geneva’s watchmaking

history! The Watch Tour can be done either

by foot, Segway or bike. Duration: Optionally

a few hours or an entire day.

Travel News

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IN FO SU I SS E24

JUNGFRAU REGION

The Schilthorn – Following the Footsteps

of James Bond

To celebrate the recent 50th anniversary

of James Bond movies, the Schilthorn

Aerial Cableway in the Bernese Oberland is

launching a special attraction: Bond World

007. Summer 2013 sees the opening of an

interactive exhibition and cinema, extend-

ing over 4300 square feet and dedicated

to the death-defying exploits of 007. The

Schilthorn already holds a pride of place in

James Bond movie-making history. It was

here, on the 9722 ft Schilthorn summit with

its «Piz Gloria» revolving restaurant, where

«On Her MajestyÐs Secret Service» was shot

during the winter of 1968/9.

LAKE LUCERNE REGION

Verbier – First W Hotel in the Mountains

Ideally situated within walking distance of

Verbier’s town square and right next to the

main ski lift, the Medran Project by Les Trois

Rocs will bring holiday luxury to new heights

in one of Switzerland’s most attractive spots.

The project will comprise the «W» Verbier,

the fi rst W hotel in the mountains, luxury

hotel residences, a spa and wellness center,

a gourmet restaurant, private apartments

and the commercial area «Place Blanche».

The Trois Rocs Project is scheduled for

completion in 2013.

TICINO REGION

Splash e Spa Tamaro – New Water Park

opens in June

Splash e Spa Tamaro, on the outskirts of

Lugano, is an innovative new attraction in

the Ticino.

As the fi rst water park ever, it more than

2.5 acres dedicated to leisure and well-

being. Offering aquatic leisure activities

together with Spa and wellness treatments

in one single complex. Visitors fi nd a wide

range of attractions such as slides, funnels,

whirlpools, saunas, Turkish baths and

restaurants.

VALAIS REGION

Matterhorn Lodge – New hotel in Zermatt

The Matterhorn Lodge, a unique combina-

tion of hotel and apartment building, offers

an atmosphere of peace and coziness. It

is a true alpine refuge in this astonishing

mountain area, equipped with the appropri-

ate luxury of an up-to-date hotel. Most of

the old wood and the natural stone, which

give the building its special touch, fi nd their

origin in this very region.

ZURICH REGION

Love, Pain and Death – Kunsthaus Zurich

exhibits Edvard Munch

Love, pain and death, passion, loneliness

and sorrow: the entire work of Edvard Munch

(1863 – 1944) revolves around the funda-

mental experiences of human existence.

Munch is one of the undisputed precursors

of the Expressionist currents that began to

shape European painting in the beginning

of the 20th century. The Kunsthaus Zurich

is staging an exhibition featuring some 200

outstanding prints of international origin.

From October 4, 2013 to January 12, 2014.

AIRPORT AND SWISS INTERNATIONAL AIRLINES NEWS

Zurich Airport – The Circle Forms

«The Circle» combines the ambience of a

small town with the synergies of a large city

– directly at Zurich Airport. In the framework

of a well thought-out infrastructure, visitors

accustomed to an urbane lifestyle encoun-

ter upmarket Swiss quality offerings. The

biggest Swiss construction project covering

600,000 square feet of fl oor area provides

space for seven different modules: hotels,

headquarters & offi ces, health & beauty,

education & knowledge, culture & events,

brands & dialogue, counsel & services. The

groundbreaking ceremony is scheduled

to take place in 2014; construction of the

project is scheduled for completion in 2017.

RAIL NEWS

Switzerland to launch fi rst «Starbucks

on Rail»

Swiss Federal Railways (SBB) is to team up

with the coffeehouse chain Starbucks to

enhance the taste of travel for rail passen-

gers. The fi rst «Starbucks on Rails» restau-

rant will be in operation from autumn 2013

on the Geneva–St. Gallen–Geneva route, to

be followed by a second on the same route

in the spring of 2014. Switzerland is the fi rst

country in the world where Starbucks has

launched a rail service. ■

Travel News

www.swissmoments.com www.momentssuisses.com

Tours Chanteclerc, Switzerland Tourism and Swiss International Air Lines have become partners to propose “Swiss Moments”, offering new travel ideas. Each holiday package provides a pre- established itinerary, combining flights, hotels and trains. The Swiss Travel System transportation network is always on time! Therefore, anywhere in the country, you’ll find it easy to get from one city to another.

DISCOVER SWITZERLAND

Would you like to explore

Switzerland the relaxing

way ? Travelling by train,

boat or postalbus is an ideal

way to go from point to point

within Switzerland, without

any stress.

Worried about transfers ?

How will I get to the hotels ?

Are the proposed itineraries too short ?

Would you prefer a customized itinerary ?

Do you prefer to drive ?

SWISS MOMENTSwith

OUR PARTNERS

www.tourschanteclerc.com 1

www.momentssuisses.com

MOMENTS SUISSESwww mom t i

NOS PARTENAIRES :

MOMENTSSUISSES2013

CIRCUITS DE GROUPE VOYAGES INDIVIDUELS

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EDUCATING THROUGH INNOVATIONOriginal article by Mike Williams – CDML Director,

and additional information from

http://www.cagbc.org/provided as courtesy of

SABMag, www.sabmagazine.com

The Elementary Teachers’ Federation of

Ontario [ETFO], an organization represent-

ing over 76,000 teachers and education

workers in Ontario, plays a critical role in

recognizing that the people who teach our

children are pivotal in building our future.

To this end, the new ETFO headquarters is

conceived as a pinnacle of sustainable build-

ing practice with goals for a minimum 60%

energy reduction over the Model National

Energy Code for Buildings [MNECB] and LEED

NC Canada Platinum certifi cation. ETFO pre-

sented the design team with a formidable

challenge: design a light fi lled, glassy and

at once highly sustainable building on an

extremely tight downtown lot. The ambi-

tion is to be the greenest, and most energy

effi cient commercial offi ce building in the

City of Toronto, which ETFO hopes will be a

model for others to follow.

ACHIEVEMENTS BY NUMBERS• Targeting 56 LEED Points

• 45% open space

• 100% reduction, potable water required

for irrigation

• 50% reduction, in-building potable

water use

• 60% energy cost reduction over MNECB

baseline

• 95% construction waste diverted from

landfi ll

• 21% recycled content in building

materials

• 39% regional content in building

materials

• 81% FSC wood materials

• 100% adhesives, sealants, paints,

coatings, carpets and composite wood

comply with LEED’s stringent toxicity

requirements

Real Estate

Immobi l ier

YOUR GLOBAL LOGISTICS NETWORK

Kuehne + Nagel Ltd. info.toronto@kuehne–nagel.com www.kuehne–nagel.com

IN FO SU I SS E26

chartered accountants | tax advisors

We take the complication out of tax

• Corporate and Expatriate tax services• Full cycle accounting services• Business and corporate structure consulting services• Managed payroll services• Multilingual−English, German, French

trowbridge.ca

Monica Stevens-Wyss Manager, Accounting & Business [email protected] Adelaide St. E., Suite 1400, Toronto, ON M5C 3A1

SOME OF ITS INNOVATIVE FEATURES:A. Fully automated (interior and exterior)

solar shades reduce glare and solar heat

gain, reducing energy consumption

while increasing occupant comfort.

B. 100% fresh air, low velocity, low volume

displacement ventilation delivered

via raised fl oor plenum helps create a

healthy environment.

C. Daylight and motion sensors control

lighting levels to reduce energy

consumption.

D. CO2 sensor controls ventilation levels

to ensure optimal indoor environment

for occupants while reducing energy

consumption.

E. F Electric vehicle charging stations and

indoor bicycle storage complement

easy access to Toronto’s subway and bus

systems

F. 68% of the roof is covered with a green

roof system. The green roof system pre-

treats rainwater, captured in cistern and

reused for landscape irrigation. Rainwa-

ter runoff is captured in a second cistern

and reused for toilet fl ushing.

G. Space heating and cooling is delivered

radiantly through the hydronic ‘capil-

lary matt’ system: thousands of small

polyethylene tubes are installed above a

dropped ceiling system and convey hot

or cold water to add or remove heat as

required.

H. The majority of the demand for heating

and cooling is met by high effi ciency

heat pumps that use a large geothermal

fi eld of eighty-four approximately 150m

[500 feet] deep wells below the building.

I. Floor to ceiling glazing for most regularly

occupied spaces maximize daylight

penetration and atrium allows daylight

to enter into the building core.

J. Careful siting and the implementation

of best management practices during

construction ensured that large existing

trees were retained onsite.

Canada Green building council (caGbc)

Established in 2002, the Canada Green

building council (caGbc) is a non-profi t

national organization dedicated to leading

and accelerating the transformation to high-

performing, healthy green buildings, homes,

and communities throughout Canada.

Buildings have a dramatic impact on our

environment. Not only do they consume

vast amounts of our natural resources, they

also contribute highly to climate change. By

building green, we can greatly reduce these

environmental impacts.

Leadership in Energy and Environmental

Design (LEED) is a third-party certifi cation

program and an internationally accepted

benchmark for the design, construction

and operation of high performance

green buildings. ■

Continued from page 25

Amoureux de la Suisse ? Mordu de la course à pied ? Amateur de défis ? Le programme Challenge SRCMC est ce qu’il vous faut ! Participez au Marathon de Lausanne - du 24 au 28 octobre 2013 - etsoutenez la recherche sur le cancer !

Pour plus d’information, consultez notre page Web : www.ChallengeLausanne.ca ou communiquez avec nous au : 1-866 343-2262, poste 228.

In love with Switzerland? Enjoy running? Fan of challenges? The CRS ChallengeTM program is just what you are looking for! Participate in the Lausanne Marathon -from October 24th to 28th 2013- and support cancer research!

For more information, visit our webpage: www.ChallengeLausanne.caor contact us: 1-888 766-2262 ext. 228.

MARATHON deLAUSANNEMARATHON

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

EcomArt Basel13 - 16 June, 2013 | BaselArts & Crafts

Scope Basel11 - 16 June, 2013 | BaselArts & Crafts

Suisse Public18 - 21 June, 2013 | BernPlant & Machinery

Bio Marche21 - 23 June, 2013 | Olten-Zofi ngenAgriculture & Forestry

Ornaris Bern11 - 13 August, 2013 | BernHome Supplies

FORSTMESSE15 - 18 August, 2013 | LucerneAgriculture & Forestry

SuisseEMEX20 - 22 August, 2013 | ZurichBusiness Services

Expat-Expo Zurich01 - 01 September, 2013 | ZurichEducational & Training Institutes

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.

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SwissTravelSystem.comJust imagine. You can travel 26,000 kilometers by train, bus and boat with just one ticket. Switzerland is a country where

travel by public transport is as exciting as it is relaxing. Whether you are heading for the heights, traveling from city to

city or off the beaten tourist track – in Switzerland, trains, buses and boats are always ready and waiting to take you to

your dream destination. It’s not a transfer – it’s an experience. For more information go to SwissTravelSystem.com,

www.raileurope.ca, or call 1-800-361-RAIL (7245).

Imagine a country where public transport is always on time.

#infosuisse june july 13 - cccsqc.cac[d hj^hhz publication of the swiss canadian chambers of...

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