Why the Franchise Industry Has Its Own Day Now
Franchise leaders from around the globe are uniting today for the inaugural World Franchise Day, a new global initiative aimed at raising awareness of franchising's critical economic impact and celebrating the local business owners behind the brands.
The idea came to Sherry McNeil, president and CEO of the Canadian Franchise Association, in the middle of the night. "I woke up at 3 a.m. and I thought, Oh my gosh, why don't we have some sort of franchise day? There's a national chocolate cake day, a national potato chip day, etc. So I started to do some research, and I couldn't find anything on Google about an actual celebration of franchising."
Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.
Together with Kirk Allen, co-founder of Reshift Media, and in collaboration with the World Franchise Council (which represents over 40 countries), McNeil helped establish today, June 11 — and subsequent second Wednesdays in June — as World Franchise Day. The goal? To spotlight franchisees as the small business owners they truly are.
Related: She Was a Lawyer with No Restaurant Experience. Now, She's Reviving an Iconic Restaurant Chain.
"People often think franchising is just big business," McNeil says. "But franchisees are your neighbors. They hire locally, pay local taxes and support their communities. They are the definition of shopping local."
From mobile dog grooming to home services and fitness studios, franchising is expanding into new sectors worldwide. According to the Canadian Franchise Association, franchising now spans over 660 distinct business categories — far beyond fast food and retail. At the same time, franchise service providers and consultants are also growing fast, with many firms bundling services like digital marketing, PR and lead generation to support brands and franchisees alike.
Related: Emma Grede Dropped Out of School at 16. Now the Skims Boss Runs a $4 Billion Empire — Here's How.
For prospective franchisees, both McNeil and Allen emphasized due diligence — understanding total startup costs, expected lifestyle changes and the importance of aligning with ethical brands. "Look for the logo," McNeil says, referencing organizations like the CFA and International Franchise Association, which vet members for responsible franchising.
Ultimately, the hope is that World Franchise Day serves as both a celebration and a rallying cry. "Every franchise brand should do something — put a poster in the window, share a franchisee's story, give away a coffee," Allen says. "Because franchising deserves to be recognized globally."
Related: I Walked Away From a Corporate Career to Start My Own Small Business — Here's Why You Should Do the Same
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Got $1K Saved? Here's What Experts Say To Do With It in 2026
As 2026 barrels this way, it may bring with it a very different economic landscape from 2025. Higher prices, steeper costs of living and questions about the fate of interest rates could offer different opportunities for your money. Learn More: Read Next: If you've managed to save $1,000 or more (on top of an emergency fund) experts explained some of the best things to do with it next year. Prepare For a New Economic Environment The smartest thing to do is to think ahead to plan for the new economic environment, according to Jack Fu, co-founder and managing director at Draco Capital Partners. 'In 2026, interest rates may be relatively higher, and market volatility might be more common compared to previous years.' Additionally, 'geopolitical change and supply chain adjustment' could continue to create an uncertain investing climate. On the positive side, Fu said that if the Federal Reserve begins to cut rates, capital may flow back into equities and growth-oriented assets. AI and renewable energy investment trends may also bring new areas of growth. Find Out: Invest It Wisely If you're bringing $1,000 in savings into 2026 that you don't need for an emergency fund, you should definitely consider investing it, Fu said. 'If you have no high-interest debt, think about dividing it between low-risk, short-term assets (like money market funds or high-yield savings) and long-term growth investments (like ETFs or stocks) to balance liquidity and long-term appreciation,' he recommended. Take Risk Tolerance Into Consideration However, Fu said a lot depends upon the individual investor's risk tolerance and time horizon. 'For those investors seeking stable returns, consider investment-grade bond ETFs as insulation against inflation,' he said. For those with a longer time horizon, placing some of the money in actively managed ETFs could allow an investor to 'potentially profit from more opportunities than passive index funds.' Pay Down High-Interest Debt If you hold money in savings but you're also carrying any high-interest debt, you might be surprised that it makes more sense to pay down the debt first, Fu said. 'Usually, the interest rate on unsecured debt is much greater than the return you can realistically anticipate from investing, so I'd prioritize paying off the debt.' Though it may not feel like money going out is an 'investment,' Fu said, 'This is a sure return equal to the interest saved without taking on investment risk.' Invest In a Side Hustle Aaron Razon, a personal finance expert at Coupon Snake, feels that the smartest move with $1,000 in 2026 is investing in bringing in more income. 'I believe the best way they can use this money to promote their financial growth would be to invest in a side hustle idea that can be sustained,' he said. This will help to ensure that they have a steady flow of income. Stable, Risk-Free Investments For those who don't want to take risks with that $1,000, Razon suggested going the 'safest and most stable route … especially given the shaky economic landscape.' Good options would include certificates of deposit (CDs) and U.S. Treasury bills or bonds. 'Although these options typically offer lower returns, they are a good place to invest especially in times when you can't be certain of how the economy would perform,' Razon said. Dip Your Toe Into Crypto If you've been toeing the line about whether to invest in crypto, Ravi de Silva, founder of de Risk Partners, suggested it may be time. 'We're at a point where opportunity and complexity are rising together,' de Silva said. 'With pensions now able to include crypto, it's worth considering this asset class within a diversified, well-managed strategy.' Of course, de Silva pointed out that it's always important to consult a financial advisor or professional who understands both your goals and today's regulatory environment. Does Age Factor Into It? Your age and stage in life can also change how you save and invest. Fu suggested: Gen Z and younger investors can withstand more volatility, so a higher portion may be allocated to growth-type assets. Gen X and mid-career folks may favor a greater portion in capital preservation and steady income. Near retirees should focus on capital preservation and liquidity, e.g., through short-term bonds, CDs or money market funds. Avoid These Mistakes What you should not do is put all your money in one 'basket' — so diversify as much as possible, Fu urged. Additionally, if you need your funds to remain liquid, don't tie them up in long-term assets. Lastly, he said selling stock too soon because of short-term market fluctuations can forfeit the advantages of long-term compounding. Set Clear Goals While any of these options can produce good financial results, Razon warned that the best way to grow any amount of money is to set clear goals. 'Some make the mistake of only thinking of how they can spend this money, with vacation and luxury items top on their lists,' he warned. However, adopting a saving and investing mindset as a priority can allow you to achieve more monumental financial goals. More From GOBankingRates 5 Old Navy Items Retirees Need To Buy Ahead of Fall 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Got $1K Saved? Here's What Experts Say To Do With It in 2026 Error while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
27 minutes ago
- Yahoo
CP NewsAlert: Billionaire David Thomson interested in buying Hudson's Bay charter
TORONTO — New court filings show a holding company owned by David Thomson wants to buy the royal charter that formed the Hudson's Bay retailer for at least $15 million and donate it to the Archives of Manitoba. The department store previously announced it would seek court approval next month to sell the charter for $12.5 million to a holding company belonging to the Weston family, which intends to donate it to the Canadian Museum of History. More coming. Tara Deschamps, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27 minutes ago
- Yahoo
CRA penalizes taxpayer for failure to report the sale of his principal residence
Perhaps the biggest tax break remaining for ordinary Canadians is the principal residence exemption (PRE), which allows individuals to realize an unlimited tax-free gain upon the sale of their home. Contrast that to the U.S. where the exemption is currently limited to US$250,000 for single filers (US$500,000 for married couples filing jointly), although last month, a bill was introduced in the U.S. that would provide an unlimited exemption just like in Canada. Under our tax rules, if you do sell your principal residence, as of 2016 you need to report that sale on your tax return even if it fully qualifies for the PRE. The designation of your principal residence is reported on the front page of Schedule 3 of your return, and you must also complete the appropriate sections of Form T2091(IND), Designation of a Property as a Principal Residence by an Individual. For a property to qualify as your principal residence for a particular tax year, four criteria must be satisfied: 1. the property must be a housing unit; 2. you must own the property (either alone or jointly with someone else); 3. you or your spouse (or common-law partner) or kids must 'ordinarily inhabit' the property and 4. you must 'designate' the property as a principal residence. Note that a seasonal residence, such as a cottage, cabin, lake house or even ski chalet, can be considered to be 'ordinarily inhabited in the year' even if you only use it during vacation periods 'provided that the main reason for owning the property is not to gain or produce income.' A rental property, however, is generally not considered a principal residence, and you could be on the hook for capital gains tax when you sell it. Similarly, you may be precluded from claiming the PRE if you bought or built a home with the purpose of selling it for a profit. In recent years the government has been cracking down on residential house flipping. New anti-flipping rules for residential real estate (including rental properties) came into effect Jan. 1, 2023, and were designed to 'reduce speculative demand in the marketplace and help to cool excessive price growth.' The rules prevent you from claiming the PRE to shelter the capital gain realized on the sale of your home if you've owned it for less than 12 months. And, any gain on the sale of residential real estate held under 12 months is taxable not as a 50 per cent capital gain, but rather as 100 per cent taxable business income, subject to certain exemptions for life events such as death, disability, separation and work relocation. If you sold residential real estate (including a rental property) that you owned for less than 365 days, you are obligated to declare that sale on Part 2 of the Schedule 3 of your personal tax return for the year of sale. And, although the flipped property rules only came into play for 2023 and future years, the Canada Revenue Agency can still challenge real estate flips that took place prior to 2023 if it feels a taxpayer has speculated and flipped a property for a quick profit. In recent years, the CRA has also been cracking down on perceived abuse of the PRE even when properties are held for more than a year. Take the recent decision of the Tax Court, decided in June 2025, involving a Toronto taxpayer whose 2016 tax return was reassessed by the CRA because he failed to report a capital gain of $159,282 on the sale of residential real estate. To make matters worse, he was also hit with a $21,000 gross negligence penalty for failure to report the gain. The taxpayer, an avid investor who was 'particularly fond of real property,' purchased several properties along a certain portion of Toronto's Yonge Street between 2010 and 2017. In 2016, the taxpayer sold multiple real estate holdings. One of these properties was his principal residence in which he lived from May 2010 to July 2016. The CRA allowed him to claim the PRE on the sale of this property even though he failed to report its disposition on his 2016 tax return. The taxpayer also failed to report the disposition of a second property sold at a gain in 2016, claiming that it was 'always intended as a principal residence.' This claim was rejected by the CRA for a variety of reasons, including the fact he never resided at the property, did not file a T2091 to report it and already had a different principal residence at the same time in the same taxation year. Unfortunately, this was not the first time the taxpayer failed to report a disposition of real estate. It turns out that in 2011 the taxpayer was also reassessed, penalized and 'red flagged for future vigilance by the (CRA)' for failure to report a sale. In his defense, the taxpayer claimed that he reviewed his 2016 tax return with his accountant, reported the disposition of two other properties he sold in 2016, but omitted the gain on his principal residence and the property in question, believing that the gains were sheltered by the PRE. The taxpayer blamed his accountant for failing to disclose the sale of his principal residence since 2016 was the first year this was required and his 'accountant likely was ignorant' of the need to report it. When asked why his accountant didn't testify, the taxpayer said it was because he had 'moved to the States.' But the judge wasn't buying this excuse, noting that the taxpayer had a master's degree, was experienced in real estate and even became a licensed real estate broker in 2022. The judge upheld the CRA's assessment of the unreported gain. CRA loses case as judge rules in favour of taxpayers' Home Buyers' Plan withdrawal timing CRA prevails over Holt Renfrew saleswoman in battle over wardrobe deduction The judge also concluded that in failing to report any disposition from the sale of the property, the taxpayer 'knowingly or under circumstances amounting to gross negligence' made a false statement or omission on his 2016 tax return. Consequently, the CRA was justified in levying a gross negligence penalty for failure to report the gain associated with the sale of the property. Jamie Golombek, FCPA, FCA, CFP, CLU, TEP, is the managing director, Tax & Estate Planning with CIBC Private Wealth in Toronto. If you liked this story, in the FP Investor newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
