New president Gord Holloway, FCA gets ready to roll

Transcription

September 2012
New president
Gord Holloway, FCA
gets ready to roll
On the Cover
In this issue
Gord Holloway, FCA,
welcomes the challenge of
leading at a pivotal time in
CA history
CAEF speaker series
Part 1 of new PSA series
Supplemental pension plans
Auditing in foreign jurisdictions
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contents
On the Cover
4
Notes from the President
A look at the coming year
20 Tax Traps & Tips
Canada/US supplemental
pension plans issues
8
Meet Your New
President:
Gord Holloway, FCA
+ Council 2012/2013
6
Unification next steps
12
CAEF Speaker Series
Program
24
PD News
Fall PD highlights
26
Plugged In
News for and about members
& students
Member announcements
2012 Member Awards
Dinner recap
Diamond Jubilee Award
winners
Nominate a future
president
CA Networking Group
Event Recap
Nominate a peer for
Fellowship
42 For the Profession
Member recognition
deadlines
Enhancing accounting
education
14
Changing Accounting
Framework for Govt
Organizations
First instalment in new
PSA series
18
PPC on Parenting
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September 2012, No. 505
Published eight times annually by the
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A look at the
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Institute Council
Gordon Holloway, FCA
President
Karen Christiansen, CA
1st Vice-President
Dan Little, FCA
2nd Vice-President
Michael Macdonell, CA
Treasurer
Rosemary Anderson, CA
Olin Anton, CA
Barbara Brink
Don Coulter, CA
John Gingell, CA
Andrew (Sandy) Hilton, CA
David Hughes
Roland Krueger
John Mackenzie, CA
Gary Miller, CA
Sheila Nelson, CA
Ben Sander, FCA
J. Bradley Stafford, CA
Eric Watt, CA
Chief Executive Officer
Richard Rees, FCA
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i ca.bc .c a Se p t e m b e r 2 0 12
Notes from the President
It is a pleasure and an honour to begin my tenure as president
of your Institute, especially at such an important time in the history of our
profession. Over the last year and a half, I’ve worked with now past president
Len Boggio, FCA, to whom I am exceedingly grateful for his model of
leadership, and my colleagues on Council to consult with our membership and
other stakeholders, including our counterparts across Canada, on the issue of
unification. What we heard, loud and clear, is that you want to be part of a
national profession.
There have been many twists and turns since May 2011, and given the
complexity of what we’re striving to achieve, I expect many more to come. That
said, after holding a supportive member vote in May, we made significant
progress over the summer on some key issues, both provincially and nationally.
Most importantly, the decision was made to establish CPA Canada as the
national body for a unified profession. The CICA and CMA Canada also
committed to developing and offering the CPA Certification Program, beginning
September 2013. These decisions will certainly have implications for BC, as I
discuss in greater detail on page 6.
The unification initiative is entering a critical phase. Over the next several
months, we must continue to move forward in a proactive and constructive
way, ensuring that the needs of the public and our membership are met as our
profession evolves.
For me, it’s an exciting time to be able to contribute and give back to a
profession that has served me well throughout my career. I look forward to
working with Council over the coming year, and interacting with members
across BC during the Executive Tour this fall. I hope to see many of you at the
Tour stops, and I encourage you to contact me at [email protected] with
your questions and comments.
—Gord Holloway, FCA
Essential Tools for Financial
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IFRS
Private
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Private
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Part II of the CICA
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Part V of the CICA
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Ordre des comptables agréés du Québec
Part I of the
CICA Handbook – Accounting
•
Model Financial Statements — IFRS
Part I of the CICA Handbook – Accounting
•
Model Financial Statements — Private Enterprises
Part II of the CICA Handbook – Accounting
•
Model Financial Statements — Not-for-Profit Organizations
Part III of the CICA Handbook – Accounting
•
Model Financial Statements — Private Enterprises
Part V of the CICA Handbook – Accounting
For more information or to order,
visit: CAstore.ca/MFS
Moving Forward: Unification Next Steps
By Gord Holloway, FCA
I
t has been a busy summer, and after a supportive member vote, the ICABC has been working
with CMABC and other stakeholders across
the country to move forward with unification.
Over the summer, many jurisdictions held member votes, and positive momentum continued to
build across the country. At the time of this
writing, 27 of the 40 accounting bodies in Canada
are actively working towards unification—in
every Canadian jurisdiction—and these bodies
represent a significant majority of the country’s
professional accountants.
There have been important developments,
both nationally and provincially, that you
should be aware of, as they will change the
accounting profession in Canada and BC. First,
on August 1, it was announced that the CA and
CMA national boards gave their approval for the
CICA and CMA Canada to begin working to
establish CPA Canada as the national body for
the unified profession—this national body will
6
support the provinces that have, or will, unite
under the “CPA” designation.
Both the CICA and CMA Canada have also
committed to the development of the CPA
Certification Program, which will be available
for use by September 2013. Work is underway,
both nationally and provincially, to transition from
the existing CA and CMA certification programs
to the new one. Once established, the CPA
Certification Program will be the pre-eminent
national accounting program available in Canada.
We expect that further details regarding the
CPA Certification Program—including the
competency map, knowledge reference list,
accreditation standards, and practice experience
requirements—will be available later this fall.
These developments are incredibly important
for BC. Both the ICABC and CMABC heard
from members that they want to remain part of
a national profession, and it is now clear that
CPA Canada will be established as the new
national body. To that end, the ICABC and
CMABC are actively working together in a
partnership to support the establishment of the
CPA profession in BC, as part of the evolution
to a new national profession.
Ultimately, the BC government will determine
whether or not to align the province with the
rest of Canada. Until such time as legislative
changes have been made, CA and CMA members
will maintain their current designations and
memberships, and will continue to be entitled
to reciprocity across Canada and with other
countries through existing recognition agreements.
They will also have access to the CPA designation
in those jurisdictions that establish CPA legislation
before BC does.
We anticipate that our Council will be discussing the next steps of unification throughout
the fall, and we will continue to update you as
information becomes available. In the meantime,
if you have any questions, please contact me at
[email protected].
Gord Holloway, FCA, is the president of the ICABC.
National Landscape: Unification across
Canada
Canada – On August 1, 2012, the CICA and CMA Canada announced
their intention to create CPA Canada, and to jointly develop and
implement the CPA Certification Program and a secondary
certificate program.
Ontario – CMA and CGA Ontario have withdrawn from discussions;
however, CA Ontario is still participating in the unification process
and will work with other jurisdictions to further the goals as laid out
in the national Unification Framework.
Quebec – The government enacted legislation in May 2012, and
established the CPA designation in that province.
British Columbia – The ICABC and CMABC are drafting a report to
the provincial government regarding the creation of the
Accountants (Chartered Professional) Act, thereby establishing the
CPA designation in the province. Both organizations would
welcome CGA-BC back to the table as part of this process.
Alberta – All three accounting bodies began discussions regarding a
provincial merger proposal; however, in February 2012, the Alberta
CA Institute withdrew from the discussions. They may re-enter if it
looks as though specific issues can be resolved nationally. CMA and
CGA Alberta released a provincial merger proposal, and held a
combined member vote; 70% of members participated, and 75% of
those who voted indicated that they support the unification plan.
Manitoba – The CA and CMA bodies developed and released a
provincial merger proposal and held advisory votes with their
members: Almost 50% of CAs voted, with 59.5% in favour of
unification; approximately 50% of CMAs voted, and 93% of
members support a merger. A comprehensive report has been
submitted to the provincial government.
Saskatchewan – After releasing a provincial merger proposal with
ICAS and CMAS, CGAS withdrew from discussion in May 2012. The
ICAS and CMAS continue discussions, are committed to unification
as part of a national initiative, and will hold a member vote.
Newfoundland & Labrador – ICANL & CMANL developed and
released a provincial merger proposal. ICANL held a member
advisory vote: 61% of CA members voted, and of those, 68% said
they are in favour of the merger proposal (62% supportive, 6% said
elected Council should decide). CMANL will be holding a vote
shortly.
2013
2013
Moxxon
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604-688-5100
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4C
604-738-7134
[email protected]
New Brunswick – ICANB and CMANB are currently in discussions
regarding unification.
Nova Scotia – ICANS and CMANS are currently in discussions
regarding unification.
PEI – ICAPEI reports that 64% of members who cast a vote are in
favour of unification; 8% elect to have council decide; and 28% are
against a merger. 38% of the membership participated in the vote.
ICAPEI awaits the results of the vote underway by CMA PEI,
following which the two bodies will determine the next steps to
move forward.
Northwest Territories, Yukon, and Nunavut – The CA and CMA
bodies are awaiting developments in other jurisdictions.
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S e pte mbe r 20 12 i ca.bc.ca
7
On the Cover
Career Capstone: Gord Holloway, FCA,
Takes on the ICABC Presidency
By Michelle McRae
T
alk to your new president, and you
quickly learn that Gord Holloway is a
guy who loves what he does for a living.
“It may sound trite, but my whole career has
been a reward,” he says. “Even to this day, I love
what I do.”
An assurance partner with KPMG’s Abbotsford
office, Gord has worked with a broad spectrum
of clients, focusing primarily on real estate
development, construction, transportation, and
the not-for-profit sector. He also served as
managing partner/practice leader for KPMG’s
Fraser Valley offices for 22 years, stepping down
just this summer.
“I’m not ready for full retirement just yet, but
this fall I am planning to cut back to about
25%,” he says. “And because my partners are so
supportive, it took all of five minutes to figure
out a going-forward arrangement.”
The only other career path he considered,
Gord says, is politics—whether that would have
been at the civic level or beyond. “But I’m so
glad I stuck with the CA profession,” he adds.
In truth, politics isn’t the only alternative
career Gord ever contemplated. When he enrolled
as a charter student at Simon Fraser University
in 1965, the end goal was a career in dentistry.
“Growing up, I was good in math and science, so
I thought about going into dentistry or medicine,”
he says. “I ended up leaning toward dentistry,
because it seemed like it would allow me more
control over my life.”
Soon after entering SFU’s science program,
however, Gord discovered it wasn’t a good fit.
“Quite frankly, I hated it,” he says. “Fortunately,
I’d taken a commerce course as a filler, and I
really liked it, so I decided a business career was
probably a better choice for me.”
Gord pursued a commerce degree and became
a member of SFU’s first four-year graduate class
in 1969. He was the first university graduate in
his immediate family.
“My parents moved to the West Coast from
Saskatchewan, where they’d grown up in farming
8
move out of the city, and I was scouting for
families,” he says. “My dad worked for the City
opportunities in Abbotsford. It was a pretty
of Burnaby, and my mom worked for Sears.
unusual decision at the time, because not many
They were thrilled to have one of their kids go to
people were making the decision to leave the city
university.”
for what was then a more rural lifestyle.”
It was only during his last semester before
After being contacted by some former colleagues,
graduation that Gord began thinking about the
Gord accepted the offer of a partnership posiCA designation.
tion in Chilliwack. He left Clarkson Gordon in
“A friend of mine was working in admin for a
December of 1976, and started with McKnight
local CA firm, and she mentioned that it seemed
Johnson Chartered Accountants in Chilliwack
like a promising career,” he remembers. “So I
the following month. Just six months later, he got
decided to check it out, and met with CA
the opportunity to establish an office in Abbotsford.
recruiters on campus.”
“I’d secured a big client there,” he recounts,
Gord ended up getting two offers from
“but it was with the proviso that the firm had to
Clarkson Gordon (now Ernst & Young): one in
open an office in Abbotsford.”
Vancouver and one in Toronto. He chose the
In July of 1977, he opened McKnight Johnson’s
latter.
Abbotsford office. On staff: Gord and one
“As someone who’d never travelled further east
executive assistant. Buoyed by its one large
than Saskatchewan,” he says, “Toronto seemed
client, however, the office grew quickly. In time,
like ‘the big time.’”
it became the largest of the firm’s eventual three
There was no time to waste. Gord graduated
offices.
from university in April and drove across Canada
Gord describes it as an exciting but challenging
in June, with a start date of July 1st.
time.
“It was a big transition,” he says, “and I had to
“I really enjoyed the entrepreneurial aspect of
adjust quickly.”
the work,” he explains, “but it was tough having
After two years of articling in Toronto, Gord
to get the firm’s name out there and build
found himself missing the West Coast.
recognition. And I realized I missed the connect“I had a unique opportunity to transfer back to
edness of working with a national firm.”
Vancouver to finish my articles,” he says. “The
So Gord was thrilled when—in February
firm’s Vancouver office had picked up a huge
1989—his partners agreed to merge with the
client, and they were looking for more people.”
local office of Peat Marwick. Ross Smith, FCA,
Back in Vancouver, Gord finished his articles
managing partner of Peat Marwick at that time
and wrote the UFE, qualifying as a CA in 1974.
(and last year’s ICABC Lifetime Achievement
He worked with Clarkson Gordon for another
Award winner), would become a valued mentor.
couple of years before making his next big career
“Ross taught me a lot about leadership, profesdecision.
sionalism, and so many other aspects of the
“By that time, I was married with one child,
business,” Gord says. “Every time I see him, I
and my wife Robbie and I had our second child
12.RTurnbullChartAd1 8/17/12 10:01 AM Page 1
tell him that getting back into a national firm
on the way,” he recounts. “We were looking to
was the best thing I ever did.”
Just six months after the initial merger, the firm
was in for another big change. The partners each
received brown envelopes from Peat Marwick in
Toronto notifying them of the firm’s merger
with Thorne Ernst & Whinney.
“It was a big shock,” Gord says. “Locally,
they’d been our biggest competitors. And what
ended up happening was that the four most
prominent firms in Abbotsford became one within
the span of eight months. We went from 60
people to 128 almost overnight. It was a disaster.”
At this pivotal juncture, Ross Smith asked
Gord to become managing partner of the newly
blended firm. Having previously turned down
an offer from his mentor to serve as managing
partner of the Peat Marwick office, Gord decided
this second offer was one he shouldn’t refuse. He
became managing partner of the Fraser Valley
offices of KPMG Peat Marwick Thorne (now
KPMG) in 1990, and the next two years would
prove to be the most challenging period of his
career.
“I was charged with right-sizing the three
Fraser Valley offices—Abbotsford, Chilliwack,
and Mission—after the merger,” he recounts.
“It was really tough, because we had to let really
good people go, and at every level. Within a
two-year span, the firm went from 19 partners
down to 12, and then eventually to eight. I was
not the most popular guy at the time.”
Gord’s leadership during such a difficult
period did not go unnoticed. In 1993, he was
invited to participate in the KPMG United States
International Partner Program, a two-week
business leadership course at the University of
Pennsylvania’s Wharton School. Approximately
40 partners from around the world, including
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9
two from Canada, were chosen to attend.
“It was an honour to be selected,” he says. “I’d
been out of the national firm scene for 13 years
prior to the mergers, and this course provided a
great learning opportunity and a chance to meet
with peers from all over the world.”
Connectedness is something Gord brings up
repeatedly when describing the merits of his
career, and in particular, his professional service.
“In terms of board work, including a stint on
the KPMG Canada board, I really like to get
inside it and see how the process works,” he says.
“And then it’s gratifying to be able to help. It has
also given me the chance to meet some incredible
people—people like Bill Thomas,* the chair of
KPMG, who’s now a good friend. I’ve been
really fortunate to stay connected at the local
and national levels with some great people.”
Gord has been involved in board and committee
included a term as president in 1989-1990; he
was a founding director of the Valley Christian
School in 1988, and served as board chair
through 1994; he was a founding director of the
Abbotsford Land Trust Society (now the
Abbotsford Land Conservancy) in 1999, served
as its president, and continued to serve on the
board through 2005; he is a past chair and director of the Abbotsford Community Foundation,
having served on the board for 11 years; he was
a founding director of the Abbotsford Executives
Association in 2003; he served as vice-chair
of the Abbotsford Economic Development
Commission in 2006-2007; and served on the
City of Abbotsford Task Force for the Enhancement of Agriculture in 2006-2008.
Gord has also held various church board and
financial positions, and is a founding board
member of the Abbotsford Heat Foundation,
for the profession in BC, has enabled me to give
back to a profession that has been so rewarding,”
he says. “And it fulfils my desire to stay connected
with the downtown business community.”
Soon after his election, Gord was asked to join
the executive ladder en route to the presidency.
He was honoured by the request.
“Serving as president of the Institute—
especially at a time when the CA profession is
changing so much across Canada—feels like a
real capstone to my career,” he says. “It’s an
incredibly important point in the profession’s
history, and this year will be pivotal. There’s no
question that unification is going to take time—
and ultimately our destiny will be decided by
government—but I’m hoping that we’ll get a lot
closer to our goal this year on my watch.”
Despite having a lot on his plate this year as he
winds down his professional work and ramps up
“It’s an incredibly important point in the profession’s
history, and this year will be pivotal.”
work since he first began serving on ICABC
committees and task forces in 1975, when he
joined the Student Recruitment Committee. He
subsequently served on the Course Development – Audit Committee, the Government
Affairs Committee, the Long-Range Planning
Committee, and the School of Chartered
Accounting Task Force (Gord also taught one of
the audit courses at the University of BC as part
of the learning program that predated the
formation of the SCA). He also served on the
Public Relations Committee, first as a member,
and then as chair from 1982-1984. During
those two years, he also served on the ICABC
Council. He was in his 30s at the time, and the
youngest member on Council.
“I was very fortunate that the partners at
Clarkson Gordon and McKnight Johnson were
very supportive of my being involved in Institute
committees and on Council,” he says. “I learned
a lot from those experiences.”
Eventually, Gord shifted his focus from the
activities of the Institute to those of the local
not-for-profit sector in the Fraser Valley, helping
with everything from private educational
institutions to various faith-based charities. He
lent his leadership to the Abbotsford Chamber
of Commerce as a director for four years, which
which aims to improve the quality of life for the
under-17 age group of the Fraser Valley by supporting sports, health, and wellness programs.
Gord’s contributions to the CA profession and
the Fraser Valley community were recognized
with an election to the ICABC Fellowship in
1992; he was 45 at the time.
“It came completely out of the blue,” he recalls.
“I discovered later that my nomination had been
initiated by my colleagues in Vancouver.”
In 2006, Gord was named “Volunteer of the
Year” by the City of Abbotsford. The following
year, he was named “Community Business
Leader of the Year” by the Abbotsford Chamber
of Commerce.
“I’m not an altruistic guy,” he insists. “I just
like to get involved and contribute where I can.
CAs receive many requests to serve on boards—
too many to accept. That’s why I advise people
to pick and choose according to their interests.
Don’t do it to build your resume—get involved
in something you care about so that you’re fully
engaged in the process.”
This philosophy inspired Gord to once again
seek election to the ICABC Council in the
spring of 2009.
“Returning to Council, which by all accounts is
doing a good job of setting policy and direction
* Bill Thomas, FCA, is profiled on page 31 as one of this year’s Diamond Jubilee honourees.
10
i ca. b c .c a Se p t e m b e r 2 0 12
his professional service, Gord makes it clear that
he values his down time.
“I believe in working hard and playing hard,” he
says. “When I’m working, I give 110%, but I’m
not married to my phone or my PDA. Balance is
very important to me, and I’ve always enjoyed
my vacations and my time with my family.”
Gord and his wife Robbie, now retired from
a career in IT and administration with the
University of the Fraser Valley and the City of
Abbotsford, have two grown sons: Joel and Tim,
both of whom are CAs.
“The one I thought would be in industry is in
public practice, and vice versa,” Gord muses.
Tim is a partner with KPMG’s Abbotsford
office, and Joel is the director of finance with
WEQ Britco Structures in Langley (a manufacturer of modular buildings).
“They both began their careers in other KPMG
offices, and when Tim joined KPMG’s Abbotsford
office and was invited to the partnership, it was
a firm first,” Gord admits. “Everyone says I was
harder on Tim than anyone, and I say he became
a partner in spite of me, not because of me!”
The CA profession isn’t the only common
thread in their lives, as the family shares a love of
travel.
“Travel is a big part of our lives,” Gord says.
2012/2013 ICABC Council
Gordon Holloway, FCA
Karen Christiansen, CA
Dan Little, FCA
Michael Macdonell, CA
President
KMPG LLP
Abbotsford
1st Vice-President
MNP LLP
Kelowna
2nd Vice-President
Hayes Stewart Little & Company
Duncan
Treasurer
Office of the Auditor General
Victoria
Andrew (Sandy)
Hilton, CA
Barbara Brink
Don Coulter, CA
John Gingell, CA
Public Representative
West Vancouver
Coast Capital Savings
Credit Union
Surrey
Teck Resources Limited
Vancouver
John Mackenzie, CA
Gary Miller, CA
Sheila Nelson, CA
Ben Sander, FCA
Odlum Brown
Vancouver
Ernst & Young LLP
Vancouver
KPMG LLP
Prince George
Sander Rose Bone Grindle LLP
Dawson Creek
UBC Okanagan
Kelowna
Rosemary Anderson,
CA
Thorsteinssons LLP
Vancouver
Olin Anton, CA
Deloitte & Touche LLP
Vancouver
David Hughes
Roland Krueger
Surrey
Christina Lake
J. Bradley Stafford,
CA
Eric Watt, CA
James Stafford CA
Vancouver
KPMG LLP
Vancouver
“Robbie and I travelled a lot with our sons when they were growing up, and now they’re passionate about travel too. More recently, Robbie and I have built
vacations around golf. We’ve been fortunate to play all over the world, including at some of the most sought-after courses, like Pebble Beach [United States],
Valderrama [Spain], and St. Andrews [Scotland].”
This commitment to living a full life is something Gord tries to instill in those around him.
“I always encourage people to find balance,” he says. “So when I see that someone is replying immediately to emails while they’re on vacation, I tell them:
‘You have a life— get off the grid for a while and enjoy it!’”
Michelle McRae is the editor of Beyond Numbers and a regular contributing writer.
Cover photo by Kent Kallberg of Kent Kallberg Studios Ltd.
S e pte mbe r 20 1 2 i ca.bc.ca
11
Advancing Accounting Education
with the CAEF Speaker Series
By David Chiang, CA, CIA, CMC
T
he Chartered Accountants Education
Foundation (CAEF) of British Columbia
was established in 1990 to advance
accounting education in BC. The CAEF works
to achieve this worthy goal by enhancing the
quality and quantity of students entering the
profession, sponsoring relevant and practical
research, and stimulating the ongoing educational experience of members and students of
the Chartered Accountants of BC.
It was with this overarching goal in mind
that the CAEF introduced a new Speaker Series
Program in 2012. The program provides funding
to institutions to help them bring noteworthy
speakers to their campuses, creating opportunities
to further the development of accounting
faculty. Six institutions were granted financial
support under this program: the University of
British Columbia Okanagan, Okanagan College,
Camosun College, Langara College, Kwantlen
Polytechnic University, and Simon Fraser
University.*
Critical thinking
In early June, the University of British Columbia
(Okanagan) and Okanagan College co-hosted a
seminar for faculty members entitled, “Freeing
up Time for Critical Thinking.” The seminar
was led by Professor G. Peter Wilson and
Carolyn R. Wilson, both of Boston College.
The Wilsons are authors of a multimedia website
that integrates accounting research, teaching,
and practice to provide a foundation for understanding, preparing, and using accounting
information. The Wilsons demonstrated how to
use technology, together with a robust conceptual
framework and student incentives, to free up
class time for critical thinking without sacrificing
proficiency in basic concepts and procedures.
They gave participants several techniques to
modify their own courses in ways that would
enhance students’ learning.
* At the time of this publication, SFU is still in
the planning phase of their event, which they
intend to hold in the fall of 2012.
12
“Freeing up Time for Critical Thinking” participants gather with seminar leaders Peter
Wilson (front row, far right) and Carolyn Wilson (front row, third from right), and event
organizer Sandy Hilton, CA (back row, left).
Professor Wilson explains the process this way: “Almost the entire workshop is devoted to sharing ways
to ‘flip the classroom,’ where you rely on students to use technology to learn—on their own—the
basic competencies that are currently taught in class.”
The session was organized by Dr. Andrew (Sandy) Hilton, CA, a member of the faculty of management
at UBC (Okanagan), a member of the ICABC Council, and also a CAEF governor.
“Content overload is a major concern for accounting educators,” Hilton points out. “We need
alternative ways to teach technical material to free up classroom time to model and develop
professional skills, including critical thinking and judgment.”
Current practice issues for preparers of financial statements
Also in June, Camosun College held an educational session for their accounting faculty, delivered by
Diane McDonald, CA. McDonald has been in public practice for almost three decades and has
assisted many Canadian companies with initial and continuing Canadian and SEC financial reporting
obligations. During the presentation, entitled “Hot Topics from IFRS and ASPE,” she shared her
extensive knowledge and experience by reviewing current practice issues faced by preparers of financial
statements. McDonald covered relevant topics in IFRS, ASPE, and US GAAP, and also addressed the
practical challenges faced by practitioners with regard to accounting frameworks and auditing in the
new CAS environment.
The session was organized by Keri Norrie, CA, an instructor in the Camosun College School of
Business.
“Diane was able to provide us with up-to-date information that we will take directly into our classes
this summer and fall,” Norrie says. “The session was truly excellent.”
Aligning objectives and assessments methods
In July, Langara College and Kwantlen Polytechnic University (KPU) co-presented two sessions. The
first session, entitled “Aligning Objectives and Assessments in Accounting Courses,”—was presented
by Dr. Fred Phillips, an award-winning professor and textbook author. Dr. Phillips shared his
extensive knowledge on the benefits of aligning learning objectives, learning activities, and assessment
methods in accounting courses.
Armed with this knowledge, says Carol Stewart, CA, chair of the accounting department at
Kwantlen Polytechnic University, “every instructor will be better equipped to adjust their
learning activities and assessment methods to
better assist students toward success in their accounting studies.”
Business ethics
The second session co-presented by Langara
College and KPU, entitled “Business Ethics for
Accounting Professionals,” was presented by
Doris Good, CMA. Ethics remains a highly
relevant topic in our profession. The accounting
and auditing profession has been under intense
pressure to assure the public, the business
community, and the government that the standards to which accountants adhere sufficiently
protect individuals and society from the type of
accounting scandals, fraudulent activities, and
inadequate financial reporting that have rocked
the financial world in recent years.
Says Carol Stewart: “There is more onus than
ever on instructors to teach and emphasize the
importance of ethical standards and behaviour
with aspiring accounting students.”
Meet the ICABC’s New Director of Member Services!
David Chiang, CA, CIA, CMC, became the senior director
of Member Services at the ICABC in May 2012. David had
been a volunteer with the Institute for many years, most
recently as vice-chair of the Professional Conduct &
Enquiry Committee. Prior to joining the Institute, David
worked in industry with ACL Services Ltd.
If you have questions about the Institute’s member
services program, contact David at [email protected].
aic_bc_beyond_numbers(december2011)_Layout 1 12/8/2011 10:19 AM Page 1
We Value Canada
Providing support
In addition to the Speaker Series Program, the
CAEF also provides support to students through
scholarships and bursaries, and provides generous
funding for PhD candidates. To find out more
about these programs, please contact me at
[email protected], or visit the CAEF website at
www.caef.bc.ca.
David Chiang, CA, CIA, CMC, is the senior
director of member services at the ICABC.
CAEF Board of Governors
Chris Burnley, CA
Dr. Donald Carter, FCA
Robert Gayton, FCA
Dr. Sandy Hilton, CA
Ken Mahon, FCA
Peter Norwood, FCA
Shane Onufrechuk, CA
Alison Parry, CA
Scott Sinclair, FCA
Shan Thomas, CA
Robert Wicks, CA
Funding thus far:
Since its inception in 1990, the
CAEF has distributed over $2.2
million in funding.
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13
Changing Accounting Framework
for Government Organizations
By CJ James, CA, and Archie Johnston, FCA, CA-CIA
A note from Member Services: As part of the BC Institute’s ongoing initiative to
provide relevant and insightful content for its diversified contingent of members
in industry, we present the following article, which serves as an introduction to
public sector accounting (PSA).
As a result of new standards, more and more organizations are being required to
adopt the PSA financial reporting framework, making this framework increasingly
important—both for the members who are employed by government-related
entities, and for the members who serve such entities as public practitioners.
This article is the first in a series that will focus on PSA-related topics. We hope
you find the series interesting and informative. If you have any questions/
comments, or would like to contribute an article to the series, please contact
Tom Gillespie, CA, ICABC professional standards advisor, at [email protected].
T
he CA profession is taking the lead in helping British Columbia’s public sector organizations
make the transition to a new basis of accounting. These entities are looking to our profession for
answers regarding the potential impact of their adoption of the new standards prescribed by the
Canadian Institute of Chartered Accountants’ Public Sector Accounting Standards Board (PSAB). They’re
also seeking advice on how to best manage the transition.
Before creating a strategy to manage the transition, it helps to survey the landscape and
understand which entities will be transitioning
to the public sector accounting (PSA) standards,
and when. It also helps to review the “why”—in
other words, why entities are required to adopt
the PSA standards.
Our shifting basis of
accounting
In 2009, PSAB amended the introduction to the
PSA Handbook. This amendment eliminated the
category of “government business-type organizations” (GBTOs), requiring organizations under this
category to re-categorize as either “government
not-for-profit organizations” (GNPOs) or “other
government organizations” (OGOs). As a result,
GBTOs had to determine their most appropriate
source of GAAP based on needs and objectives.
The amendments to the introduction to the
PSA Handbook took effect for fiscal periods
beginning on or after January 1, 2011, requiring
GBTOs to transition to the PSA standards for
their 2011-2012 fiscal years. Thus, as of January
1, 2011, former GBTOs no longer used the
traditional CICA Handbook (otherwise known as
commercial GAAP) as their basis of accounting.
They were subsequently required to transition
to the PSA standards or international financial
reporting standards (IFRS) depending on their
classifications, as explained here:
• Former GBTOs that reassessed themselves as
a GNPOs were required to follow the PSA
Handbook with a choice of whether to apply
the PS4200 series. This was effective for the
fiscal year beginning on or after January 1,
2011.
• Former GBTOs that reassessed themselves as
OGOs were required to adopt either the PSA
Handbook without the PS4200 series, or
IFRS. Choosing between PSA or IFRS was
based on user needs. This was effective for
the fiscal year beginning on or after January
1, 2011.
In December 2010, PSAB issued the accounting
standards affecting the future financial reporting
framework for government not-for-profit organizations. GNPOs, such as many hospitals and
colleges across Canada, were given the option of
14
adopting the PSA standards with or without
the PS4200 not-for-profit series for the fiscal
year beginning on or after January 1, 2012. In
certain provinces, like British Columbia, the
option and timeline for provincially controlled
GNPOs to transition to PSA standards has
been determined by the controlling government.
It is important to note that government
organizations previously classified as GNPOs are
distinct from former GBTOs who reassessed
themselves as GNPOs. These former GBTOs
were required to adopt the PSA standards a
year earlier.
Our local context
In British Columbia, the provincial Treasury
Board issued a directive in September 2010
requiring all taxpayer-supported organizations
in the schools, universities, colleges, and hospitals sector to adopt the PSA standards of the
CICA without the PS4200 series for their first
fiscal year commencing after January 1, 2012;
all other GNPOs were required to adopt the
PSA standards without the PS4200 series for
their first fiscal year commencing after January
1, 2011. In addition, in November 2011, the
provincial Treasury Board issued a regulation
that provides instruction on how to account for
restricted contributions received by provincially
controlled taxpayer-supported organizations.
These varied transition requirements created a
shifting accounting landscape for entities reporting
under the PSA standards. Here are two examples
of variations across the country:
Health care: While hospitals and health authorities
in British Columbia are working to adopt PSA
standards without the PS4200 series, their
counterparts in Ontario are concurrently working
to transition to the PSA standards with the
PS4200 series under the guidance issued by the
Ontario Ministry of Health.
Universities and colleges: Universities and
colleges in British Columbia are adopting the PSA
standards without the PS4200 series. Elsewhere
in the country—depending on provincial jurisdictions and control structures—universities
and colleges will be preparing their financial
statements using one of the following: 1) Part III
of the CICA Handbook – Accounting Standards
for Not-for-Profit Organizations; 2) PSA standards
with the PS4200 series; or 3) PSA standards
without the PS4200 series.
This shifting landscape of accounting standards
creates some very fundamental differences in
financial statement presentation and in how
comparable entities account for similar transactions
in areas such as endowments, contributions,
employee future benefits, and unrealized investment income—just to name a few.
These varied transition requirements have an
impact not only from an accounting perspective,
but also from an audit perspective. As an example,
the restricted contributions regulation issued by
the BC Treasury Board will have an impact on
audit reporting in that there is now the possibility
of moving to a compliance audit reporting
framework vis-a-vis a fair presentation audit
reporting framework.
Key questions for those
charged with governance
15
Key questions for those
charged with governance
Amid this changing environment, there are a
number of key questions those of you charged
with governance should be asking:
• How will the financial statement presentation
be changing on transition to the PSA standards?
• What will the key accounting policy selections be on transition, in situations where the
PSA standards present policy options?
• Have we identified which optional elections
or exemptions under “PS2125, First-time
adoption by government organizations” our
entity might apply on transition? Do we have
a strategy to minimize the impact of accounting
policy differences on transition?
• Can we obtain the information needed to
fulfil accounting and disclosure requirements
under the PSA standards from our information
system and chart of accounts?
• Do we have a clear project structure and clear
governance to manage our transition to the
PSA standards?
Engage early for success
It is critical to keep your auditors as intimately
involved in your conversion process as possible.
There are certain key points in the conversion
process on which you should seek concurrence
from your external auditor, such as accounting
policy selection and financial statement presentation. By ensuring the early engagement of your
external auditor, you can minimize surprises in
your financial statement audit for the year of
transition.
In addition, you should ensure that other key
elements are factored into your entity’s transition
process, such as:
• The documentation of accounting “White
Papers” – Making sure that you have the
appropriate analysis of issues and proposed
policy choices (tying into the engagement of
your external auditor).
• Keeping on top of what your peer groups are
doing – Making sure you touch base with
others in your industry on their transition
approach and strategies, so you have a way to
check your own progress.
• Training strategy for your entity’s finance
staff – Determining whether to adopt a “big
bang,” comprehensive training course or take
a workshop approach to specific topics.
• Change management – Determining whether
there will be a change in process flow or reporting that you’ll need to consider for your teams.
Next steps
Transitioning smoothly to new accounting
standards is an achievable and realistic goal. The
key to success is to work on assessing the impact
on your financial statements now, and to build
Helping future CAs
Have you ever wondered how you could help students who
are interested in becoming members of our proud profession?
Consider donating to the CA Education Foundation (CAEF).
Please visit the CA Education Foundation’s website at www.caef.bc.ca
for more information.
16
your conversion action plan to appropriately
address key accounting policy differences.
Communication with key stakeholders, such as
senior management, the audit committee, and
the external auditor is critical throughout the
process. Active communication should be a key
element in your action plan. If done properly,
this transition can help you strengthen your
financial reporting process, as well as the quality
of your internal and external financial reporting.
CJ James, CA, is the leader of KPMG’s advanced
education industry sector practice in BC and a
member of the firm’s national education industry
committee. She also works in various other sectors
within the public sector practice at KPMG, is a
member of the ICABC Public Sector Accounting
and Auditing Forum, and is a regular presenter
and technical advisor on public sector accounting
and auditing matters within KPMG.
Archie Johnston, FCA, CA-CIA, is the Canadian
national leader of KPMG’s public sector practice,
and has served as a chair and task force member of
various PSAB task forces. He is also the chair of the
ICABC’s Public Sector Accounting and Auditing
Forum, and has developed and presented numerous
training courses for the ICABC, the CICA, and the
Government Finance Officers Association.
Left to Right:
Vern Bla i r, Cheryl Shearer, Robert D. Mackay, Kiu Ghanavizchian, Chad Rutquist, Gary M. W. Mynett,
Chris Halsey-Brandt, Andy Shaw, Jeff P. Matthews, Farida Sukhia
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Helping Overscheduled Kids
By PPC Canada
A note from Member Services: The Institute provides its members and students,
as well as their immediate family members, with a number of benefits through
PPC Canada’s Employee and Family Assistance Program (formerly Interlock).
Most members are aware of the provision of confidential counselling services;
however, there are many other free and confidential services available under
this benefit program.
The PPC series is intended to highlight these services. In the June issue of
Beyond Numbers, we explained how planning ahead can make for a much more
satisfying retirement. This latest instalment introduces the concepts of overscheduling and childhood stress and explores how you might want to find more
balance between organized activities and unstructured play time for your kids.
For more information about PPC and your member benefits, visit the ICABC
website at www.ica.bc.ca/ppc. To book services, contact PPC directly at
www.ca.ppcworldwide.com or call 1-800-663-9099. To access the online health
and wellness tools, use the following log-in: username: “healthy”; password: “living”; key code for e-counselling: “healthyliving.”
A
ll parents want the best for their children, and many make sacrifices of time and money to
provide the best opportunities, advantages, and privileges. Providing the best, however, does
not always mean providing the most. There is a fine line between creating a stimulating,
nurturing environment and over-scheduling.
What is over-scheduling?
Over-scheduling often creeps up on families. It may start with a piano lesson every Monday and then
turn into a tightly scheduled week of soccer games, math tutoring, and dance practices. Not only does
this kind of jam-packed schedule overwhelm children, but it also exhausts parents, who end up
shuttling their children from one engagement to the next.
Overscheduled children may display a variety of signs, including: tantrums; mood swings; headaches
or stomach aches (caused either by missed meals or stress and anxiety); feelings of stress, depression,
and lethargy; lack of motivation; difficulty concentrating; falling grades; and trouble sleeping.
Why so much over-scheduling?
Experts give a variety of reasons for the existence of the too-busy lifestyle:
• Parents want to provide the best for their children and ensure their success, whether on the
field or in a future career. It’s good to remember, however, that children are not perfect. Don’t
forget that the purpose of many activities is for children to have fun, explore new pursuits, and
develop new relationships.
• Parents want their children to be well-rounded, and therefore try to expose them to a myriad
of opportunities for enrichment and exploration. Being exposed to too much, however, does not
necessarily give children the opportunity to develop their own passions or to figure out which
activities they truly enjoy.
• Parents are overscheduled themselves, with responsibilities at work and home, and
consequently project their busyness and habit of scheduling onto their kids. Children are not
developmentally ready for the schedules of adulthood or multi-tasking. Remember that most
children are easily content to play for hours without structure.
• Working parents believe that the variety provided by an overly active schedule is superior to
traditional daycare arrangements. Though a week’s worth of activities may initially sound advantageous, remember your child’s need for down time. It’s better to compliment the time at daycare
with one or two outside activities than it is to have children running from place to place without a
home base where they can relax.
18
Over-scheduling and
childhood stress
Mental health professionals are concerned about
over-scheduling because of its potential contributions to childhood stress. Children may feel
stress in trying to meet or perform to their
parent’s expectations. In addition, they may
experience stress as a result of too much activity
and not enough developmentally appropriate
relaxation.
It is also good to keep in mind that as a parent,
you are your child’s primary role model. Children
mirror their parents in many behaviors, including
stress management. As a parent, you should
emphasize—in words and actions—that relaxation,
proper sleep, and down time are all components
of a healthy lifestyle
Some parents disregard warnings about
overscheduled kids, arguing that their child
enjoys and even thrives on constant activity.
Though this may be true, and stress in small
amounts has its benefits, constant exposure to
stress and periods without relaxation can affect
a child’s emotional/mental well being and
physical health. Other parents argue that dealing
with stress is good for children, because learning
how to handle stress is an important life-skill;
however, it is best to be cautious and remember
that children are susceptible to the negative
affects of stress and may lose perspective of what
is really important: enjoying being a child.
The importance of play and
boredom
It is well known that structured activities teach
children essential time management skills and
keep them out of trouble. While children do
need outside stimulation, a healthy balance
requires a mix of activities and free, unstructured
time. As mentioned above, kids who are overscheduled may be missing the opportunity to
just be kids.
Many parents argue that a constant range of
activities keeps their children from being bored.
They forget, however, that boredom is a natural
and healthy part of life. In fact, many creative
moments and imaginative activity come about
when children have nothing specific to do.
Through boredom, children discover what they
enjoy, and learn how to entertain themselves.
With unstructured playtime, children are challenged to stretch their imaginations, make new
discoveries, and learn things they cannot in a
classroom.
Withunstructuredplaytime,
childrenarechallengedto
stretchtheirimaginations,
makenewdiscoveries,and
learnthingstheycannotin
aclassroom.
To sum up
Parents and children today have many choices when it comes to activities—some promoting academic
success and others encouraging emotional and social development. It’s no wonder, then, how easy it is
for parents to encourage their children to participate in a level of activity they just aren’t ready for.
When you evaluate your child’s schedule and your own expectations, remember that what a child
needs most from their parents is love and attention. Family time and unstructured down time should
always be priorities when planning schedules. Work together to create a schedule that encourages the
best in your child—one that allows for healthy challenges, opportunities to learn and explore, and time
to create, imagine, and just be.
Your child’s self-esteem
Low self-esteem is an unintentional result of
over-scheduling that may affect some kids—
ironic, given that parents often commit their
children to activities in order to build up their
self-esteem.
With a strong emphasis on achievement and
success, some kids begin to measure their worth
and value from their activities. Intentional
emphasis on activities and success may cause
your child to assume that your love is conditional—that will only love them, or will love
them more, based on their performance. You
may think your children already know you love
them unconditionally and value them just for
who they are, be sure to tell them daily in some
way.
Help with parenting is only a phone call away
Did you know that, as a member of the ICABC, you are eligible to receive
free professional assistance in dealing with parenting-related issues?
PPC Canada can help by providing you with:
• Customized resource packages to help you find daycare providers
and learn more about the common issues children might face; and
• Confidential counselling services to discuss and work through a wide
variety issues associated with parenting and children’s health.
Please call PPC Canada at 1-800-663-9099 to learn more about the
various programs offered or to book an appointment with a qualified
professional.
Realistic expectations
Realistic expectations are natural and healthy.
They help children set attainable goals and
create strategies to achieve these goals. For example, a realistic expectation might be that your
child follows through on their commitments to
their soccer team, which would require them to
attend practice and participate in games.
Through this experience, your child will learn
valuable lessons about commitment and teamwork.
In contrast, a misguided expectation would be
for your child to be a star on the field.
Finding a balance
From piano lessons to soccer practice, there are
many activities that can beneficially contribute
to your child’s development. They only do so,
however, when your child actively and enthusiastically participates.
So that your child gets the most out of the
activities, you, as parents, have to reassess their
schedule and choices. For each activity in which
your child is involved, consider the activity’s
value currently and in the future. For example,
tutoring will help your child better understand a
particular subject, thereby enabling them to gain
confidence in themselves in the long run.
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19
Tax Traps & Tips
Canada/US Supplemental Pension Plans Issues
By Larry Bell, CA
I
t is common for Canadian employers to provide their senior executives with a “Supplemental
Employee Retirement Plan” (SERP) as part of their remuneration package. SERPs are typically
structured as unregistered defined benefit plans that provide executives with a retirement benefit in
excess of a registered plan’s maximum pension benefits. SERPs may be established on a funded, secured,1 or unfunded basis.
Complications arise when the Canadian executive is subsequently transferred to the United States, or
when it is determined that the executive who lives and works in Canada is actually a US citizen or
resident. As the US would apply its domestic tax laws to the taxation of the SERP, and as many of these
executives are high-level decision-makers, it is important for Canadian employers to address these
issues.
Canadian taxation
In Canada, the taxation of SERPs is well established. Where the arrangement is unfunded, the Canada
Revenue Agency is of the view that the SERP will not be treated as a salary deferral arrangement where
the plan has the characteristics of an unregistered or supplementary pension plan, and where the
amounts that may be paid out of or under the SERP can be considered reasonable superannuation or
pension benefits.2 In this situation, the superannuation or pension benefits payable under the plan
would not be taxed until received by the executive3; however, the pension benefit would not be eligible
for the pension income credit.4
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To the extent that the arrangement is funded,
the SERP would generally be considered a
“retirement compensation arrangement” (RCA).
The RCA trust would be subject to a 50%
refundable tax on any contributions and plan
earnings, and the executive would not be subject
to income tax until the benefits are received
from the RCA trust.5
Where SERP entitlements are secured by a
letter of credit, the cost of acquiring the letter of
credit is deemed to be a contribution to an RCA
and will be subject to the 50% refundable tax6
(the security attached to the letter of credit will
not be subject to the tax).7 In this situation, the
value of the secured promise will be treated the
same as an unfunded SERP.
US taxation
The determination of when amounts deferred
under a SERP are to be included in an individual’s
US income depends on the facts and circumstances, and on which section(s) of the Internal
Revenue Code (IRC) applies to those facts.
Unfunded SERPs are generally treated as deferred
compensation plans for US tax purposes, and
must meet certain requirements.8 If these requirements are not met, the executive will be
subject to immediate taxation, a 20% penalty
tax, and an interest penalty tax. Therefore, it is
imperative that employers review the SERP to
ensure its compliance with the IRC’s Section
409A regulations. For the remainder of this
article it will be assumed that the SERP is
409A-compliant.
Individuals participating in funded or secured
SERPs—commonly known as 402(b) plans—
are taxed on the contributions once the benefits
1
2
3
4
5
Tracey Harrop-Printz, CGA
Derek Sanders, CA, CBV, CFA
Don Spence, FCA, FCBV, C.ARB
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8
In many circumstances, employers secure
SERPs by using a letter of credit on which the
executive can draw when events outside the
executive’s control may affect their ability to
receive the benefits promised under the
SERP.
CRA Views, Conference 2007-0229361C62007-CLHIA, question 13: SERPs.
Income Tax Act (ITA) – Paragraph 56(1)(a).
ITA – Paragraph 118(8)(f).
ITA – Paragraph 56(1)(x).
Accordingly, an amount equivalent to the
cost of the letter of credit must be remitted
to the CRA as refundable tax.
CRA Views - Ruling 9716483.
IRC – Section 409A. Note that certain
amounts deferred under particular “broadbased foreign retirement plans” are not
subject to Section 409A; however, it is
unlikely that a SERP established for senior
executives would be eligible for this
exception.
are vested or if they are not subject to a substantial
risk of forfeiture.9 The growth is subject to tax
when distributed.10 If the individual is a “highly
compensated” employee, they are taxed on both
the contributions and the growth in the plan
each year to the extent that the benefits are
vested.11
To avoid current year taxation of employer
contributions, any assets set aside to informally
fund the plan must remain subject to the claims
of the corporation’s creditors. Where financial
assets are set aside in a foreign trust, this trust
would not be treated as a grantor trust12 for US
tax purposes, and it would be subject to US tax
on US-source income—similar to the case for a
non-resident alien. Where a foreign trust does
not distribute all of its income in the current
year, any undistributed income—excluding
income taxed under IRC 402(b)—received by a
US beneficiary in a subsequent year would be
taxed at the individual’s highest marginal tax
rate for the year in which it was earned by the
foreign trust13; furthermore, it would be subject
to an interest charge that effectively offsets the
benefit of the tax deferral. The provisions of IRC
409A would not apply to plans covered by IRC
402(b).
For US purposes, all remuneration for the
services performed by an employee on their
employer’s behalf, including non-qualified
deferred compensation (such as payments under
the SERP) is treated as wages14; as such, this
remuneration would be subject to US tax withholding on payment.
For US residents, there are a number of annual
Internal Revenue Service (IRS) foreign reporting
requirements to report an interest in the foreign
SERP. These may include certain foreign trust
reporting returns15 and foreign asset reporting
forms.16
they will also be subject to US tax on the US source portion of the benefit. Generally, Canada will allow
an executive to claim a foreign tax credit to avoid double taxation.
If the executive decides to remain in the US, they will be subject to a Canadian 25% non-resident
withholding tax17 when the retirement benefits are paid under the SERP; this tax will be applied to the
portion attributable to Canadian services, and the retirement benefit will also be fully includible in US
income. The US, generally, will allow an executive to claim a foreign tax credit for the Canadian tax
paid.
Where the SERP is a funded arrangement, the executive will have an annual income inclusion equal
to the employer contributions to the foreign trust during the US assignment period. And if the executive
is “highly compensated,” they will be taxed on both the contributions and growth. There will be no
foreign tax credits to offset this liability, as the US tax laws do not consider the RCA refundable tax to
be a creditable tax; this is because the tax can be refunded in whole or in part.18
9
10
11
12
13
14
15
16
17
18
IRC – Section 402(b)(1).
To be a grantor trust, IRC – Section 672(f) would require that amounts distributed from the trust
must be distributed to the grantor or their spouse. Furthermore, Section 402(b)(3) excludes 402(b)
trusts from being grantor trusts.
IRC – Section 667. Commonly known as the “throw back rule.”
IRC – Section 3402(a).
Form 3520A, “Annual Information Return of Foreign Trust with a US Owner,” for all employee
foreign trusts and Form 3520, “Annual Return to Report Transactions with Foreign Trusts and
Receipt of Certain Foreign Gifts,” are also required for individuals who are not highly compensated.
Starting in 2011, this US reporting obligation is satisfied by completing Form 8938 – Statement of
Foreign Assets. Where a financial asset is reported on Form 3520, it does not need to be reported
on Form 8938.
ITA – Part XIII, Paragraph 212(1)(h) would exclude from Part XIII tax any amount that was reasonably
attributable to services rendered outside Canada while the executive was a non-resident of Canada
and was not employed in Canada.
IRC – Section 905(c)(1)(C).
Canadian citizen relocating to
US
Where a Canadian executive transfers to the US
for a work assignment with the intention of
returning to Canada once the work assignment
is completed, they should be treated as a US
resident for tax purposes during the US assignment;
as such, the executive would be taxed on their
worldwide income.
If the executive were to continue accruing
benefits under an unfunded Canadian SERP
while working in the US, there would be no
immediate tax impact. However, when the
retirement benefit is received at a later date,
when the executive is once again a resident of
Canada, the executive will be subject to Canadian
tax on the entire benefit received; moreover,
We Defend Chartered Accountants.
For more information, please contact:
David B. Wende 604 484 1795 [email protected]
Emily A. Stock 604 484 1756 [email protected]
.
Suite 2700 - 700 West Georgia St.
Vancouver, BC Canada V7Y 1B8
(T) 604 484 1700 (F) 604 484 9700
www.ahbl.ca
21
On receiving the retirement benefit as a resident of Canada, the executive will be subject to Canadian
tax on the entire benefit received, and to US tax on the growth that is attributable to the period during
which they lived in the US. A highly compensated executive will have no additional US tax liability, as
both contributions and earnings will have been included in income in the year earned. Unfortunately,
Canada will not allow the executive to claim a foreign tax credit for the US tax paid in prior years, as
the US tax was not paid “for the year”19; this will result in a double-tax scenario, in which case it may
be prudent to make a competent authority claim under the Canada-US Tax Convention. If the
executive decides to remain in the US, they will be subject to Canadian non-resident withholding tax
of 25%20 when the retirement benefits are paid under the SERP; this tax will be applied to the full
retirement benefit received in the year, and the portion of the retirement benefit not previously taxed
in the US will be fully includible in US income.21 The US, generally, will allow the executive to claim
a foreign tax credit or an itemized tax deduction (whichever is the most beneficial) for the Canadian tax
paid.
US citizen or resident, living, and working in Canada
Where the executive participates in a Canadian unfunded SERP that is 409A-compliant, they will not
be subject to US tax until they begin receiving the retirement benefits promised under the plan. The
US tax treatment will coincide with the Canadian tax treatment, and the US should allow a foreign tax
credit with respect to the Canadian tax paid.
Where the executive participates in a funded or secured plan, they will have an annual income
inclusion equal to the employer contributions to the foreign trust during the assignment period, and if
the executive is “highly compensated,” they will be taxed on both the contributions and growth. There
will be no foreign tax credits to offset this liability, as the US tax laws do not consider the RCA
refundable tax to be a creditable tax; this is because it can be refunded in whole or in part.22
However, due to the fact that Canadian tax rates are generally higher than those of the US, the
executive may have excess foreign tax credits on an annual basis that could be used in the current year
to offset the additional tax liability resulting from participation in the funded SERP. On receiving the
retirement benefit as a resident of Canada, he will be subject to Canadian tax on the entire benefit
received; by contrast, the US will only tax the
retirement benefit to the extent that it was not
previously subject to US tax. Here again, the US
should allow a foreign tax credit or an itemized
tax deduction (whichever is the most beneficial)
for the Canadian tax paid. In addition, the
growth component of the retirement benefit
received will be subject to the “throw back” rule.
For a resident of Canada, the Canadian tax on
the payment of the retirement benefit would be
significantly higher than the US tax; this is
because the income was mostly taxed in the US
as it vested, and was offset by excess foreign tax
credits at the time. This difference creates a
tax-planning opportunity if the executive plans
to return to the US in retirement. They will be
subject to Canadian non-resident withholding
tax of 25%23 on the full retirement benefit
received in the year, and the US will only tax the
retirement benefit to the extent that it was not
previously subject to US tax. Generally, the US
will allow a foreign tax credit or an itemized tax
deduction (whichever is the most beneficial) for
the Canadian tax paid. In this situation, it may be
more beneficial to claim the itemized deduction,
in which case the foreign would be deducted
from other income from US sources. In addition,
the growth component of the retirement benefit
received will be subject to the “throw back” rule.
Lawrence Bell, CA, is a senior manager of tax
with the international assignments and rewards practice of PricewaterhouseCoopers LLP in Vancouver.
19
Extend your reach
across the border.
US and cross-border tax is our business,
we can help you with yours.
US citizens
resident in Canada
Cross-border
business activities
Canadians with
US investments
US tax return
preparation
Laura McLeman, CA
Warren Dueck, FCA/CPA
Steven Flynn, CA/CPA
604.448.0200 | 1.855.448.0200 | www.wldtax.com
Vancouver | Richmond | Calgary | Ottawa
22
BeyondNumbers-ad-square_2012.04.10.indd 1
4/18/12 11:18:03 AM
20
21
22
23
ITA – Subsection 126(7) – definition of
“non-business income tax.”
ITA – Part XIII, Paragraph 212(1) (j). Under the
Canada-US Income Tax Convention, this rate
could be reduced to 15% if the payment
qualifies as a “periodic pension payment” as
defined under Canada’s Income Tax
Conventions Interpretation Act.
IRC – Section 72(w).
IRC – Section 905(c)(1)(C).
ITA - Part XIII, Paragraph 212(1) (j). Under the
Canada-US Income Tax Convention, this rate
could be reduced to 15% if the payment
qualifies as a “periodic pension payment” as
defined under Canada’s Income Tax
Conventions Interpretation Act.
ICABC’s Benevolent Fund offers
financial support to members in need
All information is held in the strictest
confidence
To apply for financial assistance, contact:
David Chiang, CA, CIA, CMC
Senior Director of Member Services
and Fund Secretary
Phone: 604-488-2629
Toll Free: 1-800-663-2677
Email: [email protected]
23
PD News
PD Passports
Don’t forget to purchase one of our PD
Passports to enjoy incredible savings on either
classroom or online seminars. For more information, visit www.icabc-pd.com or contact the
PD department at 604-681-3264.
Conferences
Practitioner’s Potluck
This biannual conference will be a great
opportunity for public practitioners to obtain
an overview of key changes and challenges in
professional practice in BC today. The conference line-up will include plenary sessions and
your choice of breakout presentations during
the day.
October 25, 8:30am-5pm
Vancouver Convention Centre West
CAs in Industry Day
Our popular conference day for members in
industry is back with plenary sessions on economic
outlook and demographic changes, as well as
breakout sessions on financial performance,
technology tools, motivation, and tax and accounting updates.
December 11, 8:30am-5pm
NEW TITLES
The following are some of our new
titles—visit www.icabc-pd.com for full
descriptions and other available
courses.
Accounting & Assurance
FALL 2012 PD PROGRAM
FREE PD Seminars
We have another great selection of seminars to
choose from this year. Our fall 2012 PD
program offers more than 220 titles for you to
choose from, including 37 new courses. Here are
some of the highlights:
The following two seminars are for ICABC
members only. Pre-registration is required and
seating is limited, so be sure to register early!
Mark your calendar!
PD Weeks 2012
Kelowna
Nov 5-9
Parksville
Oct 29-Nov 2
Surrey
Nov 13-16
Vancouver Nov 19-24
Victoria
Nov 5-10
24
Corporate Ethics
October 31, 7:30-9:30am
Economic Outlook
December 13, 7:30-9:30am
ASPE: A Comparison to IFRS
This seminar will examine the major differences
between accounting standards for private
enterprises (ASPE) and publicly accountable
enterprises (IFRS). Participants will learn about
the impact of current developments, as well as
one-time considerations on transitioning.
Nov 7, 9am-5pm, Victoria
Nov 19, 9am-5pm, Vancouver
ASPE: Revenue Recognition
This seminar will provide participants with
information about the changes to CICA
Handbook 3400 and how to analyse sales
contracts in a world that no longer includes EIC
abstracts 141 and 142. It will help participants
find guidance applicable to unique revenue
recognition situations, and identify and treat the
separately identifiable components of multipleelement arrangements.
Nov 29, 9am-12:30pm, Vancouver
ASPE: Disclosure and Presentation – From
Standards to Words
Much was said about reduced disclosure for
private enterprises when ASPE were issued, but
what is the reality and what are best practices
now? The objective of this seminar is to provide
participants with knowledge and understanding
of the financial statement disclosure and presentation requirements for ASPE.
Oct 30, 9am-5pm, Parksville
Oct 30, 9am-5pm, Prince George
Nov 8, 9am-5pm, Kelowna
Nov 8, 9am-5pm, Victoria
Nov 14, 9am-5pm, Surrey
Nov 16, 9am-5pm, Kamloops
Nov 30, 9am-5pm, Abbotsford
Dec 7, 9am-5pm, Vancouver
Assurance & Accounting Issues for Public
Companies
This seminar is designed to help practitioners in
small and medium-sized firms address assurance
and accounting issues specific to public companies
(particularly venture companies). The course
will also provide accountants and managers of
public company financial statements with insight
on the unique assurance and accounting issues
faced by public companies.
New: Entrepreneurs, Succession, and Family
Business – What Every Advisor Needs to
Know
Over 80% of Canadian businesses are small to
medium-sized privately-held businesses that
will, at some point, face a sale or succession. This
seminar will address some of the underlying
issues that are often overlooked in supporting
successful succession, such as sustaining wealth
or the continuance of an operating company.
Risk Assessment for Small and MediumSized Business
Performing proper risk assessments is crucial to
using a truly “risk-based” audit approach. This
seminar will give participants a solid foundation
in the performance and documentation of risk
assessments under the Canadian auditing
standards (CAS). It will focus on improving the
effectiveness and efficiency of audit engagements.
Dec 03, 9am-12:30pm, Vancouver
The Simplest Personal Finance Strategy Ever
The plain truth when it comes to personal
finances is this: Our quest to build wealth and
secure a comfortable retirement often ends up
making us poor and others rich. This seminar
will be of benefit to those interested in helping
their friends, family, and clients focus on what
really matters in their lives: not building wealth,
but ensuring cash flow.
Nov 5, 9am-12:30pm, Kelowna
Nov 19, 1:30-5pm, Surrey
Understanding Today’s Investment
Landscape – A Primer on Hedge Funds
As our economy continues to struggle with
the effects of the “Great Recession” of 2008, a
growing number of individuals and companies
are considering the benefits of investing in hedge
funds. This two-hour seminar will provide an
overview of the hedge fund structure.
Dec 6, 7:30-9:30am, Vancouver
Goal Achievers
What stages must we navigate to successfully
accomplish our goals? What are the common
barriers—at work and at home—that can get in
the way?
In this half-day session, we’ll explore one of the
foundational skills required in order to get the
results we want: goal achievement.
Oct 25, 1:30-5pm, Vancouver
iPad – An Effective Business Tool
In this fast-paced, half-day seminar, you will
learn how to put the iPad to work. We will
explore key business issues such as security,
connecting to “the cloud,” and working
with common file formats (including PDF
documents, Excel spreadsheets, and Word
documents).
Oct 19, 9am-12:30pm, Abbotsford
Dec 10, 9am-12:30pm, Victoria
Dec 11, 1:30-5pm, Vancouver
Dec 13, 9am-12:30pm, Surrey
Dec 14, 8:30am-12pm, Kelowna
Management
Communicating Like a Champion
Most communication—both verbal and nonverbal—is inefficient, passive, and based in fear.
The objective of this seminar is to teach participants the new language of “Strategic Emotional
Expression.” Using communication techniques
applied by award-winning actors and successful
politicians, attendees will learn how to make
meaningful connections with coworkers and
clients and how to gain people’s trust.
Developing Resilience and Hardiness at
Work
It is surprisingly easy to hide and/or ignore
depression in the workplace, but doing so can
drain your bottom line and cause untold pain
and misunderstanding. Executives, managers,
and professionals can do plenty to help their
people and their bottom line.
Learn how depression shows up in the workplace, what you can do to support individuals
who are dealing with depression, and how to
reduce the impact of depression on productivity.
Optimize Your Internal Control Program
and Meet the New COSO Requirements
This seminar will provide a practical approach
to the design, implementation, and evaluation
of internal control environments for all types of
organizations. It will show you how to convert the
existing internal control concepts into business
initiatives—rather than viewing internal control
as merely a compliance issue.
Speak Up: Speak Out – Personal Power and
Respect in Business
This seminar will show attendees how to
effectively address conflict and build healthy,
empowered, and productive working relationships with colleagues, leaders, team members,
and clients in today’s highly diverse, multigenerational business climate.
Oct 26, 9am-5pm, Vancouver
Stress Buster: The Art of Coping with Stress
What causes us to get stressed out? When does
pressure tip over into stress? How can we manage
pressure effectively?
This course will show you how to deal with
pressure before it escalates into stress… and how
to deal with stress when the heat is on.
Oct 23, 9am-5pm, Vancouver
continued on page 41
25
Plugged In: News for and about members & students
Announcements
Congratulations!
Suki Gill, CA, has been promoted to partner at the Vancouver office of Smythe Ratcliffe LLP. Gill specializes in providing
assurance services to publicly traded companies in the resource industry, and to private companies in a number of
industries in both Canada and the US; she also focuses her private practice on the farming and agriculture industry, chairing
the firm’s Farming and Agriculture Industry Group. Gill is also an advocate for student mentoring and development within
the firm, and is highly involved in CA training and recruiting each year.
Notice to all BC Members
2012 ICABC AGM Draft Minutes
The 107th annual general meeting of the Institute of Chartered Accountants of BC was held on June 20, 2012, at the
Hyatt Regency Hotel in Vancouver. The draft minutes of the meeting are now available on the BC Institute’s website at
www.ica.bc.ca. If you do not have access to the Internet and would like to review the minutes, you can request that a hard
copy of the draft be mailed to you by contacting the Institute office at 604-681-3264 or 1-800-663-2677 (toll free in BC).
26
Member Recognition Dinner 2012
On June 20, 2012, the Institute held its 12th annual Member Recognition dinner and awards ceremony to recognize CA
achievement. ICABC honourees and their family members, friends, and peers, joined Council members and Institute staff
to celebrate at the Fairmont Hotel Vancouver. Photos by Kent Kallberg of Kent Kallberg Studios Ltd.
The Institute’s 2011-2012 award winners (from left to right) – Standing: Mike Stubbing, CA (Early Achievement); Shane Onufrechuk, CA
(Ritchie W. McCloy Award); Grant Gilmour, CA (Community Service); Geri Prior, FCA; Claude Rinfret, FCA; Bob Sanghera, CA (Early
Achievement); Paul Winstanley, CA (Community Service); Jas Kalsi, CA, CPA (Illinois) (Community Service); Lori Wanamaker, FCA; Phil
Foucher, FCA; Doug Wallis, CA (Community Service). Seated: Bev Park, FCA; James Topham, FCA; Gordon Gunn, CA·CISA (Community
Service); Woody Hayes, FCA (Lifetime Achievement); Lindalee Brougham, FCA; Richard Walton, FCA; Nolan Watson, CA (Diamond
Jubilee); Ted Butterfield, CA (Community Service); and Fiona Macfarlane, LL.B., CA(Hon). Not photographed: Richard Rees, FCA (Diamond
Jubilee). Notinattendance:ShelleyBrown,FCA;EricCarlson,FCA;RodJohnson,FCA;DougJohnstone,CA(CommunityService);Ian
Telfer,FCA;andBillThomas,FCA(DiamondJubilee).
Community Service Award winner Ted Butterfield, CA (third from right), celebrates with
his family.
New ICABC president Gord Holloway, FCA,
with Community Service Award winner and
former colleague Jas Kalsi, CA, CPA (Illinois).
27
Shane Onufrechuk, CA, receives the Ritchie W. McCloy Award from
Ritchie’s daughter Lisa Boog.
Community Service Award winner Paul
Winstanley, CA, with grandson Thomas.
Early Achievement Award winner Mike
Stubbing, CA, with Gord Holloway, FCA.
Community Service Award winner Gordon Gunn,
CA·CISA, with Gord Holloway, FCA.
28
Newly elected FCA Lindalee Brougham with past ICABC president
Peter Norwood, FCA.
Newly elected FCA Bev Park is all smiles
with husband Jim Logan.
Newly elected FCA Claude Rinfret (third from left), celebrates with his family.
Honorary CA Fiona Macfarlane, LL.M. with husband Iain Morris, CA,
and son James.
Peter Norwood, FCA, with Lifetime Achievement Award winner Woody
Hayes, FCA.
Len Boggio, FCA (left) surprises Richard Rees, FCA, with news of
his Diamond Jubilee Medal (see page 30 for details).
Newly elected FCA Lori Wanamaker with Peter Norwood, FCA.
Gord Holloway, FCA, presents the Early Achievement Award
to Bob Sanghera, CA.
Peter Norwood, FCA, with newly elected FCA Phil Foucher.
29
In Recognition of Excellence:
BC CAs Receive Diamond Jubilee Medal
By Vanessa Woznow
J
une 2012 marked the 60th
anniversary of Her Majesty
Queen Elizabeth II’s ascension
to the English throne. In honour of
this occasion, the Governor General
of Canada created the Queen’s
Diamond Jubilee Medal. This award
celebrates HRM’s Diamond Jubilee
and pays tribute to individual
Canadians whose achievements have
benefited their fellow citizens, their
communities, their organizations,
and the country.
In seeking nominations for these
medals, the Canadian government
invited the Canadian Institute of
Chartered Accountants to
participate in the nomination
process. In turn, the CICA invited the
provincial institutes to submit
candidates for consideration.
We are excited to announce that
three of the BC members nominated
by the ICABC were chosen to
receive the Diamond Jubilee Medal
in recognition of their tremendous
achievements—both in the
professional realm, and in the
community at large: Richard Rees,
FCA*; Bill Thomas, FCA; and Nolan
Watson, CA. Richard and Nolan
received their medals at the
Members Recognition Dinner in
Vancouver in June; and Bill, unable
to attend the June dinner, was
recognized in July at a special
ceremony at KPMG’s Vancouver
office.
* The nominations were compiled without
candidates’ knowledge. News of the award
was doubly surprising for Richard Rees, as
the few people “in the know” conspired to
keep him in the dark about his nomination
and award until the night of the Members
Recognition Dinner.
30
Past ICABC president Len Boggio, FCA, congratulates Diamond Jubilee Medal recipient
Richard Rees, FCA (right) at the Institute’s Member Recognition Dinner in June.
Richard Rees, FCA, graduated with a bachelor of science in economics (honours) from the London
School of Economics in 1976, and received his CA designation in the United Kingdom in 1981. He
began his career with Deloitte Haskins & Sells in London, and transferred to the firm’s Vancouver
office in 1981, when he was seconded to the BC Rapid Transit Project.
In 1988, Richard joined the Heart and Stroke Foundation of BC & Yukon as director of finance and
planning. Just two years later, he was named executive director and CEO. Over the next nine years, he
led the Foundation through a period of significant revenue growth, helping to raise over $100 million
for research and health promotion programs.
In 1996, the Financial Post named Richard one of Canada’s “Top 40 under 40.” In 2000, he was
elected to the ICABC Fellowship.
Richard became the CEO of the ICABC in 1999, and has since led the Institute through a number
of significant organizational changes. Notably, he led in the development and implementation of the
CA Act, which was passed in October 2003.
Richard is very involved in the profession at the national level, serving as chair of the Council of
Senior Executives—the committee responsible for the management of the profession—for eight years.
He has also participated on the CICA’s Economy, Efficiency, and Effectiveness (EEE) Working Group
(which he currently chairs); the Professional Liability Insurance Working Group; the US Working
Group; the International Qualifications Appraisal Board; and the Professional Learning Committee.
An active member of his community, Richard currently serves on the advisory board of the Sauder
School of Business at the University of British Columbia, and as a director of the PROOF Centre at
St. Paul’s Hospital. In addition, he has served as president of Family Services of the North Shore, as
national treasurer of Family Service Canada, and as a director of the West Vancouver Community
Foundation and the BC Health Research Foundation.
“It is truly an unexpected honour to be recognized in this way,” Richard says. “I am very proud to be
a CA and, as such, have always believed in the importance of giving back to the profession and the
community. That my peers thought I merited such recognition is particularly gratifying.”
Geoff Yule, CA, receives
Diamond Jubilee Medal for
service to the community
Len Boggio, FCA, presents Bill Thomas, FCA, with his Diamond Jubilee Medal and
certificate at a special ceremony held in July.
Bill Thomas, FCA, graduated from the University of BC with a degree in bio-organic chemistry. He
subsequently articled with KPMG, and earned his CA designation in 1992. A brief stint in industry
followed, after which he returned to KPMG, where he became a partner in 1999.
In 2002, Bill was one of only two Canadian KPMG partners selected to participate in the firm’s
exclusive “Chairman’s 25” leadership development program. That same year, he was named to Business
in Vancouver’s “Top 40 under 40” list.
Bill relocated to Toronto in 2007 to serve as KPMG’s deputy CEO, and was appointed as the firm’s
chief executive officer and senior partner on January 1, 2009. In addition to his leadership role in the
Canadian firm, Bill is a member of KPMG’s Global Board and Global Executive Team. He was elected
to the ICABC Fellowship in 2008. A pre-eminent authority on securities offerings and audit and
assurance measures, Bill has shared his insight, leadership, and vision extensively at the board level. His
numerous contributions include serving on the Civic Action Steering Committee; the DiverseCity
Steering Committee; the board of directors of the C. D. Howe Institute; the advisory boards of Queen’s
School of Business and Catalyst Canada; and the Canadian Council of Chief Executives.
His extensive volunteerism includes serving as a member of the Toronto Symphony Orchestra’s
board of directors, the Toronto Board of Trade, and the Major Individual Gifts of the United Way of
Toronto. Past commitments include serving on the boards of the CA School of Business, the BC
Business Council, the Arts Umbrella Foundation, and Science World. He also co-chaired the finance
committee for the 2006 World Junior Hockey Tournament.
“I am honoured to receive the Queen’s Diamond Jubilee Medal in celebration of Her Majesty’s 60th
anniversary of ascension to the English throne,” Bill says. “As an active citizen, I look forward to
opportunities where I can leverage my professional and personal skills to have a positive impact, and
most importantly, build meaningful relationships along the way.”
continued on page 32...
While putting the September issue of the magazine
together, we were delighted to learn that another
BC CA had received the Diamond Jubilee Medal!
Geoff Yule, CA, a partner with Yule Anderson
in Castlegar, was recognized for his outstanding
contributions to the community.
Geoff has been a member of the Sunrise 2000
Rotary Club of Castlegar for more than 17 years,
during which time he has served as the liaison to
Interact, a Rotary-sponsored high school club.
The Interact Club is designed to help young
people develop leadership skills and personal
integrity; demonstrate helpfulness and respect
for others; understand the value of individual
responsibility and hard work; and advance
international understanding and goodwill.
Geoff is committed to mentoring young
people, and has worked tirelessly to support the
Interact Club’s humanitarian projects abroad.
Interact students have travelled to Honduras
and Bolivia to volunteer with local orphanages,
and have travelled to South Africa to assist children whose lives have been affected by HIV.
In addition to his volunteer contributions as
a Rotarian, Geoff has been active in the BC
Summer Swimming Association for 17 years,
and coached youth soccer for 12 years.
It is a testament to his impact on the young
people in his community that Geoff’s nomination
for the Queen’s Diamond Jubilee Medal was
spearheaded by two Interact students.
“I was overwhelmed to receive this award,” he
says, “because the nomination was from youth
who felt that I had made a difference in their
lives.”
Congratulations Geoff!
31
Len Boggio, FCA, with Diamond Jubilee Medal recipient Nolan Watson, CA, at the Member
Recognition Dinner in June.
Nolan Watson, CA, placed first in BC and fourth nationally on the UFE in 2002, and qualified as a
CA in 2003. He worked for two years in Deloitte’s corporate finance department before leaving public
practice in 2005 to become the controller—and first employee—of Silver Wheaton Corp., a newly
formed mining company.
Recognizing his vision and leadership, Silver Wheaton Corp. promoted Nolan to CFO just one year
later. That same year—2006—he served on the team that listed the company on the New York Stock
Exchange, and subsequently became the youngest CFO of an NYSE-listed company at just 26 years of
age. Under his leadership, Silver Wheaton grew from a market capitalization of $300 million to an
astounding $5 billion.
In 2008, Nolan left Silver Wheaton to become the president and CEO of Sandstorm Gold, a gold
streaming and gold royalties company with a market capitalization of approximately $600 million.
Today, in addition to his role with Sandstorm Gold, Nolan is president and CEO of Sandstorm Metals
and Energy, a company he founded in 2010, and a director of Bear Creek Mining and Blue Gold
Mining.
Passionate about community development, Nolan is the president of an international humanitarian
organization called Nations Cry, which he founded in 2004. The organization builds schools to provide
education for children in Sierra Leone, Africa.
Nolan’s tremendous accomplishments have been recognized locally, nationally, and internationally:
Business in Vancouver named Nolan to its “Top 40 under 40” list in 2006; CFA Magazine named him
one of the most motivated CFAs in the world in 2008; he was named to the Casey List as one of the
“Top Ten Rising Stars in the Natural Resource Sector” in 2010; and the Globe and Mail named him
one of Canada’s “Top 40 under 40” in 2011. He is also a recipient of the ICABC’s Early Achievement
Award, which he received in 2009.
“Our profession has thousands of highly skilled individuals who make a difference in the communities
and world around them every day,” Nolan says, when asked how it feels to receive such recognition. “I
am just proud to be a CA.”
Vanessa Woznow is the manager of public affairs for the ICABC.
Photos by Kent Kallberg of Kent Kallberg Studios Ltd.
32
Queen Elizabeth
Diamond Jubilee Medal
(www.gg.ca)
Nominate a future president
Think you know a CA who could lead the ICABC through a constantly evolving environment? Nominate
them for future presidency!
We’re looking for CAs who are dynamic leaders and front-runners in their professions and communities—
CAs who have the ability to inspire others.
The candidate chosen by Council will be appointed third VP of the ICABC in early 2013, and must seek
election to Council if they are not already a Council member. If the individual is elected, it is anticipated
that they would subsequently be appointed second VP in June 2013. Then, provided that they remain an
elected member of Council, it is anticipated that they would be appointed first VP in 2014, and president
in 2015.
Nomination steps:
• Submit a nomination form. Forms are available on the ICABC website at www.ica.bc.ca under Member
Centre>Forms>Member Recognition/Nomination Forms>Presidential Nomination Form. You can also
access the form by direct link at www.ica.bc.ca/pdf/presidentialnominations.pdf,
or by contacting Sandy Parcher, the manager of the Executive Office, at
[email protected] or 604-488-2602.
• Be aware that candidates, proposers, and seconders must be members
in good standing with the ICABC.
• Tell us why you think the nominee should be considered for election
to the ICABC presidency. Please note: Candidates should have
demonstrated leadership in one or more of the following areas:
The work of the British Columbia or Canadian Institute
The pursuit of his/her career
Voluntary service (with business, charitable, civic, community,
political, or professional organizations)
Research, teaching, writing, or speaking on professional matters
• Make sure the nominee will accept the position if selected.
Nomination forms should be marked
“Confidential” and addressed to:
Attn: Chair of the Presidential Nominating Committee
c/o Chartered Accountants of BC
Suite 500, One Bentall Centre
505 Burrard St, Box 22
Vancouver, BC V7X 1M4
All nomination forms must
be received at the ICABC
office by Friday,
November 30, 2012.
33
ICABC Social Networking Group
Update
By Allison Ning, CA, and Claudia McMahon, CA
A big thank you
As the new co-chairs of the CA Social Networking Group, we’d like to start by extending a thank you to Jennifer Tokarek, CA, the immediate past chair, for
all of the time and energy she has generously donated to the Group. As chair/co-chair of the Group from 2009 to summer 2012, Jennifer did a wonderful
job organizing many successful events, including the Martini Mingler in May (described on page 35).
On behalf of the members of the CA Social Networking Group, we thank Jennifer and her team for their dedication and support these past years, and we
look forward to seeing them at future networking events!
Looking ahead
We both joined the CA Social Networking Group last year, and participated in planning the Hockey Night in CAnada and Speed Networking events. We
found that we worked very well together, and we’re excited to co-chair the Group as a team. As new co-chairs, we will strive to create a welcoming and
interactive environment for all members of the 2012/2013 CA Social Networking Group. We look forward to working with the 2012/2013 Group members
to brainstorm fresh ideas for events!
Upcoming event!
Speaking of which… we are currently in the process of planning upcoming events. Details on our fall event will be provided in the October issue of Beyond
Numbers.
Meet the new co-chairs:
Before becoming a CA, Allison worked in the
health sciences field for five years. She obtained her
CA in 2010, and is currently a senior associate in
financial advisory and restructuring services at
Deloitte & Touche. Allison is also actively involved
in a community charity helping to organize
fundraising events. As a new CA, she hopes to bring
exciting new ideas, as well as strong organizational
skills, to the CA Social Networking Group.
Before becoming a CA, Claudia worked in the
food and beverage industry for over 20 years; this
included owning and operating two successful
restaurants in the Whistler/Pemberton region. She
is currently a senior specialist in utility regulation
at the British Columbia Utilities Commission.
Claudia brings an extensive knowledge of event
planning to the CA Social Networking Group, and
is looking forward to using these skills to help
organize exciting social events with the Group’s
members.
Social Networking Group co-chairs Allison Ning, CA, and Claudia McMahon, CA.
Have an idea for a future CA Social Networking Group event?
34
Spring 2012 Event Recap:
Martini Mingler
By Angela Semeniuk, CA, and Jennifer Tokarek, CA
I
t was a balmy evening on the patio for 80 CAs during the “Martini Mingler” social networking
event held at Society Dining Lounge in Vancouver on May 24, 2012. Society prepared a delicious
selection of appetizers for the event, including popular items like its mac and cheese balls, lobster
and grilled cheese sandwiches, Caprese salad on a stick, and mini Kobe beef sliders. Its famous cotton
candy martini was included with admission, so every guest had the opportunity to try this unique
cocktail experience. And if that weren’t decadent enough, the evening ended with a dessert station,
complete with Black Forest cake, chocolate honeycombs, and donut holes!!!
The Martini Mingler served as a great opportunity for long-term social networkers to connect with
newer CAs and with CAs who had not attended past social networking events. Over the last four years,
our group has generated strong interest from CAs in both public practice and industry who find the
events a fun way to keep in touch with former colleagues and meet new business contacts.
Before signing off, we would like to take the opportunity to thank all of the members of the group
who volunteered this past year. The growth of this group since inception demonstrates an impressive
contribution from members who wish to develop a community among CAs. We will definitely miss
planning these fantastic events with the team, but we are really excited to attend the events that the new
networking group has in store!
Angela Semeniuk, CA, is the director of financial reporting and tax at Great Canadian Gaming
Corporation in Richmond. Jennifer Tokarek, CA, is the regional tax manager for TD Waterhouse Private
Client Services in Western Canada.
Left to right: Katheryne Gardiner, CA; Han Shu, CA; Kelvin Tso, CA; and Nelson Huang, CA.
Angela Semeniuk, CA, and Jennifer
Tokarek, CA, try out the cotton candy
martinis.
Left to right: Neal Jennings, CA; Jennifer
Nguyen, CA; and Joseph Bonvillain, CA.
We’d love to hear it! Please contact Marlyn Won, CA, at [email protected].
35
Nominate a Peer for
ICABC Fellowship
Call for FCA nominations
Each year, members are asked to identify peers who have provided outstanding service to the profession
and/or brought distinction to the profession, and to nominate these individuals for election to the
Institute’s Fellowship. The Fellow Chartered Accountant (FCA) designation recognizes a CA’s leadership
and outstanding performance in more than one of the areas detailed in number three of the official
procedures below.
The FCA nomination form is available in both PDF and Word format on the Institute’s website at
www.ica.bc.ca under Member Centre>Forms>Member Recognition>Nomination Forms. Alternatively,
you can access the form directly at www.ica.bc.ca/pdf/fca_nomination.pdf or by contacting Sandy
Parcher, manager of the Institute’s Executive Office, at [email protected] or 604-488-2602.
Nomination forms must be received at the Institute office no later than October 15, 2012.
Procedures for the Election of Fellows
1. Nominations for the election of Fellows shall be sought from all members of the Institute and the
Member Recognition Committee.
2. Nominations shall be submitted via an approved nomination form signed by a proposer and two
seconders.
3. Nominators must demonstrate that their nominee has shown leadership, given outstanding service to
the profession, or brought distinction to the profession in the following areas*:
a) In the work of the British Columbia or another Canadian Institute;
b) In the work of an Association having objectives relating to the candidate’s chosen business or
profession;
c) In the pursuit of his/her career as an owner, employee, or as a corporate director;
d) In service (civic, community, political, or not-for-profit organizations);
e) In research, teaching, writing, or speaking on professional matters.
*Except in extraordinary circumstances, the nominee must have provided leadership and service with
distinction in more than one of these areas.
4. The fullest possible information on the nominee is to be provided, together with reasons why he/she
should be considered for Fellowship, supplemented by additional comments where necessary. To be
recognized as having brought distinction to the profession, the member must have been clearly
identified as being a Chartered Accountant while performing the activity cited. In addition, service
must have been rendered while the nominee was already a member of the Institute of Chartered
Accountants of British Columbia or another Canadian Institute. Proposers or seconders may wish to
contact the assistant, spouse, or business associate(s) of the candidate, or the candidate directly, if
additional information is required for certain sections of the form.
5. Sitting members of Council, exclusive of the Institute’s First Vice-President, are not eligible to be
elected Fellows.
6. An FCA designation may be awarded posthumously only if the candidate dies after the Member
Recognition Committee recommends the awarding of his/her fellowship. An exception might be
made if an outstanding candidate dies before the next Member Recognition Committee meeting, in
circumstances where the Executive Committee refers that individual to the current Member
Recognition Committee for its consideration.
36
7. Nomination forms shall be submitted to the
Member Recognition Committee, consisting
of a minimum of five members. The Chair of
the Member Recognition Committee shall be
an FCA appointed by Council at its July meeting, and he/she shall select his/her committee at
his/her discretion from the Fellowship. The
Member Recognition Committee must always
include a past president of the Institute.
8. The Chief Executive Officer should attend
all meetings as the staff liaison and resource
person.
9. The procedures for the election of Fellows are
to be published in the September issue of
Beyond Numbers, with a view to educating the
members on the election process and eliciting
nominations.
10. Nominations shall be sought between August
1 to October 15, inclusive, each year.
11. The Chief Executive Officer shall review each
nomination form, deleting information
known to be in error, and adding information
known to be omitted. If necessary, the Chief
Executive Officer shall contact the proposer
or seconders for additional information.
12. The Committee shall perform the following
duties:
a) Review the nominations received from the
members, accept or reject them, and correct
or add to data submitted;
b) Prepare its own nominations, as deemed
necessary;
c) Ensure that all nominations have been
vetted by the Chief Executive Officer for
disciplinary matters; and
d) Present a slate of award nominees to
Council for approval. Note: Council does
not conduct individual ballots on each
candidate.
13. The Chair of the Member Recognition
Committee shall report to Council during an
in-camera session on the process undertaken
by the Committee and on the results of its
deliberations. Reviews of FCA candidates are
to include information regarding any violations of the Rules of Professional Conduct
through the disciplinary process, regardless of
when the offences occurred, except in cases
where an anonymous Determination and
Recommendation was issued more than two
years prior to the FCA review and was accepted by the member cited.
14. All Council members shall vote on the slate
of nominees presented by the Member
Recognition Committee. At least 70% of
Council members must vote in favour of the
slate of candidates for any candidate to be
elected. If the government-appointed public
representative(s) deem(s) it appropriate to withdraw from the voting, the withdrawal will not
represent an abstention, and Council will be
regarded as complete without his/her/their
participation.
15. An announcement regarding the successful
candidates shall be made to Council as soon
as the result is known. Those elected shall be
informed immediately. The ICABC membership and the media shall be advised of the
results of the election as soon as conveniently
possible.
16. Proposers of unsuccessful candidates shall be
advised of the candidate’s lack of success at
either the nomination stage or the election
stage (without disclosing which) by the Chair
of the Member Recognition Committee and/
or a member of this committee as delegated
by its Chair.
17. Nomination forms for those members not
elected shall, on the recommendation of the
outgoing Member Recognition Committee, be
brought forward to the incoming Committee
the following year for consideration. The
outgoing Committee will forward applicable
forms to the incoming Committee, with a
transmittal letter, and the incoming Committee will be responsible for contacting the
original proposers for the purpose of updating
the information.
18. The Member Recognition Committee shall
meet again in late spring or early summer for
the purpose of preparing a list of potential
nominees for submission to the incoming
Committee, which will then be responsible
for preparing and processing the forms.
Last revised December 2009
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Classifieds
KELOWNA CA FIRM LOOKING TO
EXPAND CLIENT BASE
We are a well-established accounting
firm with offices throughout the
Okanagan looking to further expand
our operations by purchasing existing
clients or an existing firm. We offer a
wide variety of experiences and a
good breadth of knowledge of small
to medium-sized business as well as
personal taxes. If you are looking for
an opportunity to scale down your
business or retire, we have
experience in office purchases and
will focus on making a smooth as
possible transition. We will work with
you and your clients to make sure the
fit is good and that the clients are
comfortable with the transition.
Please contact:
[email protected].
Confidentiality will be respected.
VANCOUVER - Mid-size CA firm
looking to assist with your succession
plan. $500k to $2m range. We can
buy or merge in if the fit is right.
Staying on after a purchase to affect
a smooth transition is possible. Reply
in confidence to:
[email protected].
MERGER OR SUCCESSION
OPPORTUNITY
Successful mid-size Vancouver-based
firm is looking to expand through
succession or merger opportunities
throughout the Lower Mainland.
Reply in confidence to:
[email protected].
SUCCESSION OR RETIREMENT
PURCHASE
Downtown Vancouver multi-partner
firm is looking to expand by assisting
with your retirement or succession
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[email protected].
OFFICE SHARING FOR SOLE
PRACTITIONER OR FIRM
We are an established small firm of 9
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Employment
SENIOR ACCOUNTANT
MINING INDUSTRY
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Join a growing organization
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You are an excellent communicator and
thrive in a fast paced, deadline driven environment. Three years of post designation
experience and previous exposure to the
mining industry is considered a strong asset.
You will possess a CA designation and have
a firm technical ability in respect to financial
modeling, templates and strategic drivers. In
addition to your strong commercial acumen,
you are an effective communicator to both
senior and operational management teams
and can show proven achievements within
a similar role.
Contact us today!
Learn more!
Talk to a Hays representative!
Samuel Morris:
(E): [email protected]
(T): 604 648 4308
Tim Pearson:
(T): 604 648 4281
Gavin Ryan:
(T): 604 648 4319
hays.ca
hays.ca
hays.ca
39
Employment
TAX MANAGER – LANGLEY, BC
AVISAR Chartered Accountants is currently seeking a
designated accountant with a minimum of five years of
full time tax experience to fill the role of Tax Manager.
The Tax Manager will play a crucial role in leading and developing the Tax Group
to achieve its goals and maintain the high quality of the firm’s taxation services.
The candidate must possess a strong Canadian tax planning background and have
some experience in cross-border and US tax planning and compliance. Preference
will be given to candidates that have completed the CICA In-Depth Tax courses and
who have had exposure to resource taxation planning and compliance issues.
The position includes excellent potential for advancement, competitive remuneration
and benefits and flexible work-life balance solutions.
Please submit your resume to [email protected]
or contact Cheryl at 604-513-5707.
www.avisar.ca
CHARTERED ACCOUNTANTS
At HAYES STEWART LITTLE & CO. we’re
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We are seeking a person with strong U.S. and
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This person should have a minimum 3 years
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If you are an individual with strong client
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Please reply to the
“Personnel Partner”
email: [email protected]
40
PD News
continued from page 25
Management cont’d
Taxation
Executive Breakfasts
Ten Practical Topics for Accountants in
Leadership
This interactive, half-day workshop will provide
useful discussions, tips, and applications on 10
financial leadership topics. The workshop,
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positions, such as controllers, CFOs and directors
of finance, as well as accountants in public
practice or consulting, who advise clients.
Nov 27, 1:30-5pm, Vancouver
Nov 30, 9am-12:30pm, Victoria
GST/HST Update
This half-day seminar will provide a brief review
of important GST/HST announcements and
policy changes since the harmonization of tax in
BC in 2010, including a brief summary of the
proposed changes resulting from the de-harmonization in April 2013. The course will also
provide a brief review of common errors
and misconceptions that frequently result in
assessments. Note: There is some overlap between
this course and the course Transitioning from
HST to PST.
Oct 17, 1:30-5pm, Parksville
Oct 18, 1:30-5pm, Victoria
Oct 29, 1:30-5pm, Surrey
Nov 13, 1:30-5pm, Kelowna
Knowing Your Rights, Your Risks, and Your
Obligations During Audits and Criminal
Investigations
Nov 15, 7:30-9:30am, Vancouver
Top Employment Issues Affecting Your
Bottom Line
This half-day seminar will provide an overview
of the top employment issues that materially
affect the bottom line, including recent developments in workplace law. It will benefit anyone
working in public practice or industry who deals
with employment issues,.
Your Smartphone and Your Email
Smartphones and email can be confusing. There
is so much to know about integration and
features, and most users barely scratch beneath
the surface.
This seminar will delve into some of the
information smart-phone users really should
know about. Be more tech savvy. Be more
efficient. Be smarter.
Transitioning from HST to PST
On April 1, 2013, BC will make history by
being the first jurisdiction to abandon a valueadded tax system (HST) in favour of a return to
a retail sales tax (PST). This half-day course will
briefly review the basics of the new (old) PST,
including registration and filing requirements,
and how PST differs from HST. It will also
review important transitional issues pertaining
to the switch from a single HST to a combined
GST + PST. Note: There is some overlap
between this course and the course GST/HST
Update.
Oct 17, 9am-12:30pm, Parksville
Oct 18, 9am-12:30pm, Victoria
Oct 29, 9am-12:30pm, Surrey
Nov 9, 9am-12:30pm, Abbotsford
Nov 13, 9am-12:30pm, Kelowna
Planning for Disabled Taxpayers and Their
Families
Probate Fee Avoidance Planning
Scientific Research & Experimental
Development Tax Credits – Advanced
Topics
To Be or Not To Be: The Executor – Powers,
Obligations, and Liabilities
Oct 26, 7:30-9:30am, Vancouver
For detailed course descriptions
or a complete schedule of
upcoming PD seminars, consult
your fall 2012 PD catalogue or
visit our website at
www.icabc-pd.com. If you have
any questions, call the PD
Department at 604-681-3264.
41
For the Profession
The ICABC Member Recognition Program
Some of our 2011/2012 award winners, photographed by Kent Kallberg of Kent Kallberg Studios Ltd.
Do you know a CA who has gone the extra mile in the community, made an exemplary
contribution to the profession, or achieved outstanding success early in his or her career?
Acknowledge their achievements by nominating them for an ICABC award!
You can nominate a colleague for:
Fellowship (FCA)
Lifetime Achievement
The Honorary CA Designation
Early Achievement
Community Service
Ritchie McCloy Award
Nomination deadlines:
• Fellowship, Lifetime Achievement, Honorary CA:
• Early Achievement: January 31, 2013
• Community Service: January 31, 2013
• Ritchie McCloy Award: January 31, 2013
October 15, 2012
Nomination forms
Forms are available on the Institute website at www.ica.bc.ca under
Member Centre/Forms and Dues/Member Recognition/Nomination Forms.
42
M
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ParentsGuide_BN_Sept_EN.pdf 1 8/17/2012 9:55:53 AM
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children become financially literate and
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The easy-to-read book addresses children
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Be sure to keep a copy on your desk to spark discussions with your
clients — or provide them with their own copy as a value-added
bonus to your services!
Order today at moneysmartkids.ca
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Insurance & Retirement Solutions | Private Investment Management
Peter G. Lamb
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New president Gord Holloway, FCA gets ready to roll

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