Celebrating achievement

Transcription

June/Summer 2012
Celebrating
achievement
On the Cover
In this issue
Meet this year’s recipients
of the Early Achievement,
Community Service, and
Ritchie McCloy Awards
Unification update
Regional Check-Up summary
Status report on transfer pricing
Practice review program update
A voice for women
in the profession
Go to www.cica.ca/women
and join the conversation.
The CICA's Women's Leadership Council is a voice for women CAs. We act as a catalyst for change, promoting
a work environment within the Chartered Accountancy profession that provides for the retention, promotion
and advancement of women to positions of leadership without bias, unintended or otherwise, based on gender.
We provide resources and education to further women's advancement in the CA profession.
contents
On the Cover
4
Notes from the President
A final update, and a thank
you...
26
Tax Traps & Tips
Transfer pricing – latest
status report
10
Meet the Early
Achievement Award
Winners
6
28
Wealth management –
discover what you don’t
know about your clients
30 PD News
Spring/summer PD
highlights
32
14
Community Service
Awards
Ritchie W. McCloy
Award
22
Regional Check-Up
summary
24
Making the Most of
Your Retirement
Cover image: Fuse/Getty Images
Plugged In
News for and about members
& students
Member announcements
Event notice
In memoriam
Notice to all BC members
Notice to all Yukon
members
PRL notice
Unification Update
20
Financial Facts &
Money Matters
38
For the Profession
An update on national
harmony in practice review
programs
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June/Summer 2012, No.504
Published eight times annually by the
Institute of Chartered Accountants
of British Columbia.
A final update,
and a thank you...
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Institute Council
Lenard F. Boggio, FCA
President
Gordon Holloway, FCA
1st Vice-President
Karen Christiansen, CA
2nd Vice-President
Michael Macdonell, CA
Treasurer
Rosemary Anderson, CA
Olin Anton, CA
Barbara Brink
Don Coulter, CA
John Crawford, CA
John Gingell, CA
Andrew (Sandy) Hilton, CA
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Roland Krueger
Dan Little, FCA
John Mackenzie, CA
Sheila Nelson, CA
Ben Sander, FCA
Eric Watt, CA
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Richard Rees, FCA
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4
i ca.bc .c a Ju n e / S u m m e r 2 0 12
Notes from the President
In my final column as president, I would like to provide one last update on the
matter that Council and Institute staff have been busy with for the past year:
the unification initiative.
As you’re likely aware, Council’s draft report to government with
recommendations was made available to members on April 27, and a members’
vote was open from May 1-18. Through that vote, members provided their views
on six important questions that were based on the report recommendations.
At the time of this writing, the preliminary results indicate that over 4,800 BC
CAs voted, representing 43% of the membership—the highest participation level
in decades; 52% of these respondents support the unification of the existing
accounting Acts into one Act; 9% believe that elected Council should decide;
and 39% do not support unification.*
Given the amount of consultation that was undertaken over the last year, and
the results of the earlier survey, these results did not come as a surprise. We
now believe that we have a very clear picture of how the membership views the
unification initiative.
Looking ahead, your next Council, which will be elected in June, has a mandate
to continue unification discussions in BC as part of a national initiative. It’s
important to note that while the vote is a significant milestone, it is not the end
of the unification process. Council will continue working on your behalf and on
behalf of the public and our profession, monitoring national developments and
deliberating on next steps.
I would like to thank all the members who participated in the unification
initiative through meetings, our surveys, and the vote. Your feedback provided
Council with invaluable insight in our decision-making process.
I would also like to thank my fellow Council members—particularly the
incoming president, Gord Holloway, FCA—for their dedication and support
during my time on Council. And I would like to extend a special thanks to
Richard Rees and his team at the Institute who worked especially hard this year
in support of the initiative. I am incredibly proud of the role I was able to play in
shaping the future of our profession, and honoured to have had the opportunity
to serve as your president over this past year.
—Len Boggio, FCA
*Not all paper ballots had been received at the time of this writing; therefore, they were
not counted in this total. The full vote results will be posted online at www.ica.bc.ca as
soon as they are available.
Left to Right:
Vern Bla i r, Cheryl Shearer, Robert D. Mackay, Kiu Ghanavizchian, Chad Rutquist, Gary M. W. Mynett,
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Unification Update: Members Vote to
Endorse Council’s Recommendations
By Richard Rees, FCA
A
t the time of this writing, the ICABC
unification vote had just closed, and
we now know that the majority of BC
CAs voted to endorse Council’s draft recommendations to the provincial government.1 I’d
like to begin by thanking everyone involved
in the unification initiative—a challenging and
emotional issue that is complex and multidimensional.
Over the last year, we undertook the largest
outreach effort to date on any Institute initiative.
Our objective was to fulfill our dual mandate of
representing both the public, and our members’
interests; to engage, inform, and establish the
views of members and stakeholders on unification;
1
6
and ultimately, to ask members to vote on
Council’s draft recommendations.
Through this outreach, Council President Len
Boggio and I have enjoyed talking to you. We’ve
heard a diversity of opinions, both for and
against change, and the fact that that so many
CAs took an interest in the unification initiative
helped us understand, and take into account,
the memberships’ perspective throughout these
discussions.
From my perspective, this vote is not about
having a “winning” or “losing” side; rather, it’s
about whether or not our recommendations are
appropriate and truly reflective of what we heard
during the consultation: In essence, are we doing
what we should to support Council, represent
members, and fulfill our public interest mandate.
Looking at the outcome, the preliminary results
indicated over 4,800 BC CAs voted, representing
43% of the membership—an excellent response
rate and the largest in recent memory. Of those
who voted, 52% support the unification of the
existing accounting Acts into one Act, and 9%
believe that elected Council should decide. Given
that Council has stated that it unanimously
supports unification as part of a national initiative, this equates to 61% supporting unification.
39% of members who voted do not support
unification.
Not all paper ballots had been received at the time of this writing; therefore, they were not counted in this total. The full vote results will be posted online
at www.ica.bc.ca as soon as they are available.
Council will continue working with those accounting bodies that are supportive of the unification
initiative and will also continue to play a leadership role at the national level on such issues as certification
and uniform regulation—areas that we know are critical to our members as we participate in the process
going forward.
Looking at unification across Canada, the situation is fluid:
• In BC, our colleagues at CMABC have released member survey results that are overwhelmingly
supportive of unification (91%), and they remain committed to the goal of a unified accounting
profession, and we know our own members endorse Council’s recommendation to unify as part of a
national initiative;
• In Alberta, the CMA and CGA bodies have released a provincial merger proposal;
• In Saskatchewan, all three bodies have released a provincial merger proposal;
• In Manitoba, 59.5% of CAs voted in favour of unifying with the CMA body, which also received
endorsement from its members;
• In Ontario, the CAs have reaffirmed their commitment to unification, while the CGA and CMA
bodies have withdrawn from discussions;
• In Quebec, the CPA legislation has been enacted, and there is now one accounting body, ending the
status quo for Canada’s accounting profession; and
• In the Maritime provinces and northern territories, unification discussions are ongoing.
We have stated all along that this process would be complicated, and as discussions have progressed,
some bodies have become uncomfortable with the process and have withdrawn.
The largest ones are CA Alberta, CMA Ontario, and CGA-Ontario. As we go to press, we have just
been notified that CGA-BC is also withdrawing from discussions, citing the uncertainty in Ontario,
and it is likely that other, smaller CGA bodies may follow their lead.
While this is incredibly disappointing—especially given the level of support from BC CGA members
(with 84% supportive, 11% neutral, and 5% not supportive)—as we move from concept to action,
it is inevitable that the volume of issues and concerns will increase. This jockeying for position is
absolutely par for the course, especially given the divergent interests at the table.
However, it is important to note that even with these organizations withdrawing, there are still
accounting bodies in every jurisdiction in Canada participating in unification discussions. These
participating bodies represent the majority of professional accountants in Canada and include all of the
CA Institutes, with the exception of Alberta. The Alberta CA Institute continues to say they will not
walk away from their partners in the CA profession.
Moving forward, at the core of this initiative is the premise that the profession is better off
recommending a solution rather than having one imposed by provincial governments. In Quebec, the
government effectively facilitated unification, and this encouragement could happen elsewhere. In
addition, the Quebec legislation has established good precedents that should be emulated and built
upon across Canada.
A significant step is the implementation of the new CPA certification program in 2013. Given that
we’ve heard from many CA Training Offices that they want a consistent national program, and
Quebec’s CPA body will use the new certification program that is being developed, it is very likely that
the new program will be implemented across the country. As such, it is likely to be the only
program that can deliver a national designation. We intend to see this program offered in BC in
conjunction with the other provincial bodies who can commit to unification.
At present, I remain optimistic that we will ultimately be able to make a strong recommendation to
the BC government around potential unification and enhanced uniform regulation in BC. Given the
support in each body’s respective vote and surveys, I would expect the government will be prepared to
work with us.
The BC CA vote has established that there is a consensus and support for the work of Council, who
have positioned BC to align with the dominant and pre-eminent profession across the country—
currently, those accounting bodies working towards unification.
The next few months are likely to be challenging, and I do not know when it will be the appropriate
time to make a recommendation to the BC government. We will continue to keep members informed
of developments, and we offer thanks, again, to everyone who has contributed to the process.
Richard Rees , FCA, is the CEO of the Institute of Chartered Accountants of BC.
Top-line vote results*
Q1: Do you support a common
regulatory framework for all
professional accountants that
reflects current high standards?
Yes: 63% No: 37%
Q2: Do you support a new
rigorous internationally
recognized professional
accounting certification program
that meets the high standards of
the existing programs?
Yes: 63% No: 37%
Q3: Do you support the
profession offering a separate
intermediate certificate program
for those who aspire to a career
in accountancy but choose not to
complete the full Chartered
Professional Accountant
program?
Yes: 58% No: 42%
Q4: Do you support granting a
new common designation
(Chartered Professional
Accountant)?
Yes: 52% No: 48%
Q5: Do you support mandatory
use of legacy designations (i.e.:
CA, CGA, CMA) in conjunction
with the new Chartered
Professional Accountant
designation for a period of 10
years, with optional use of the
legacy designations with the CPA
thereafter?
Yes: 74% No: 26%
Q6: Do you support the
unification of the current existing
accounting Acts into one Act as
part of a national initiative across
Canada?
Yes: 52%
Elected Council Should Decide: 9%
No: 39%
*As at May 22, 2012 (Not all paper
ballots had been received at the
time of this writing; therefore,
they were not counted in this
total. The full vote results will be
posted online at www.ica.bc.ca as
soon as they are available.)
J une /S umme r 20 12 i ca.bc.ca
7
Recommendations contained in the draft report to the
BC government
The leadership of BC’s CAs recommend to the BC provincial government that current provincial accounting
regulations be modernized and streamlined. Specifically, we recommend that, as part of a broader, national initiative
that will better protect the public interest and better serve British Columbia and Canada’s economic interests both
domestically and abroad, the government:
• Unify the three current existing accounting Acts into one.
> The benefit of this change is a robust, consistent, regulatory environment that will provide protection for
consumers and other users of accounting services.
> Another benefit of this change would be the establishment of a single governing body that would continue to
provide the existing mandates of self-regulation, education, and advocacy for all professional accountants in BC.
We recommend that the new Act continue the current high standards of the accounting profession by empowering
the new body to:
• Create and implement a new, common regulatory framework, including codes of conduct, practice inspection,
disciplinary processes, and an effective and consistent public accounting regime. This would be developed in
concert with other Canadian jurisdictions.
> The benefit of this change would be a regulatory framework that is nationally consistent, which facilitates labour
mobility and inter-jurisdictional business.
• Create a new, rigorous, internationally recognized professional accounting certification program that meets the
high standards of the existing programs. In addition, a separate certificate program will be offered for those who
aspire to a career in accountancy but choose not to complete the full professional accounting program.
> The benefit of this change would be a harmonized training and certification program for all professional
accountants in BC.
• Grant a new common designation, Chartered Professional Accountant (CPA). During the transition, existing
members of each accounting body will be required to display their legacy designations (CA, CMA, CGA) in
conjunction with the CPA designation for a period of 10 years, with optional use of the legacy designations with
CPA thereafter.
> The benefit of this change would be the evolution to a single designation, CPA, which would align BC and the
rest of Canada with the globally dominant designation that is recognized by our largest trading partners.
In addition, we recommend that the new Act provide greater protection of the public by:
• Enabling the body to oversee undesignated and unregulated individuals providing public accounting services in BC.
> The benefit of this change would be greater protection of the public interest and would align BC with many
jurisdictions in North America, where there are regulations in place regarding the practice of public accounting,
including the new CPA legislation introduced in Quebec.
In summary, with government’s support, unification of the province’s three
accounting Acts, consistent with other provinces, could result in a common
regulatory structure affecting approximately 26,000 CPAs in BC, as well as 2,000
firms that practise public accounting—all of which would become CPA firms.
These firms employ well over 10,000 professional accountants and others.
8
The ICABC Member Recognition Program
Some of our 2010/2011 award winners, photographed by Kent Kallberg of Kent Kallberg Studios Ltd.
Do you know a CA who’s 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
Nomination deadlines:
• Fellowship, Lifetime Achievement, Honorary CA:
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.
J une /S umme r 20 12 i ca.bc.ca
9
On the Cover
Awards for Early Achievement:
Bob Sanghera, CA & Mike Stubbing, CA
By Jennifer Weintraub
E
very year the Institute grants awards
for early achievement to CAs who
have made significant professional
accomplishments within ten years of earning the
CA designation. This year’s award recipients are:
Bob Sanghera, CA, and Mike Stubbing, CA.
Balraj (Bob) Sanghera, CA
Bob Sanghera grew up in Lillooet, BC, with his
parents and older brother, Barinder. In 1990,
the family moved to Richmond, the city Bob
still calls home to this day.
“My brother and I were close growing up, and
I ended up following in his footsteps,” he says. “I
entered the commerce program at the University
of British Columbia two years after he did.”
While Barinder went on to become a lawyer,
Bob decided to pursue a career in business. After
graduating from UBC in 1997, he took a job
with the Canada Customs & Revenue Agency,
initially as a customs officer. After his brief stint
in government—first with the CCRA and later
with the CRA—Bob decided to pursue his CA
designation.
“I was ready for a change,” he remembers,
“and I’d been told that having a CA would open
a lot of doors in the business world.”
After landing a position with Ernst & Young
in Vancouver, Bob started his articles in January
of 2000. He qualified as a CA in 2002, and was
promoted to manager just one year later.
While working at Ernst & Young, Bob was
asked to join a four-person committee that was
tasked with creating the initial curriculum for a
development program for the firm’s tax staff.
This curriculum included both theoretical and
practical components, and served as a recruiting
tool and career track guide for all tax staff
employees at the firm.
“It was a great experience for me to assist in
establishing a work curriculum and career track
that could be used by the firm,” he says. “I was
fortunate to be able to get involved in such a big
project so early on in my career.”
10
i ca. b c .c a Ju n e / S u m m e r 2 0 1 2
In December 2003, Bob made the decision to
join Smythe Ratcliffe as a manager.
“This was an exciting move for me,” he explains, “because as it was an opportunity to do
tax planning and work closely with a wide
variety of clients—particularly family-owned
businesses.”
Bob quickly established himself as a leader at
Smythe Ratcliffe. He was promoted to senior
manager in 2006, and was invited to become a
tax partner in 2009. Currently, he’s the practice
group leader of the firm’s tax practice.
“The most rewarding part of my job is the
variety of work—that, and the people,” he says.
“Each day, I’m dealing with different tasks, new
issues, new challenges. And I work with incredibly
bright people here. The relationships I’ve built
are so rewarding.”
As for his biggest challenge, Bob points to his
schedule.
“Juggling everything is challenging,” he says.
“It’s a demanding, deadline-oriented profession,
and you’re always on the go. It’s important to
balance work and family needs. Taking my
daughters to their activities and spending time
with my family—these are things you just need
to make a priority.”
Despite the various demands for his time and
attention, Bob has been giving back to the CA
profession for almost 10 years. He joined the
ICABC’s Young CA Forum soon after earning
his designation, and was an active member of
the group for several years.
“This was a great opportunity for me to provide
a younger CA prospective and to give back to
the profession,” he says. “There are many issues
relevant to new CAs, and it’s important for them
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11
to have a voice at the Institute.”
Currently, Bob serves as a member of the
ICABC/CRA Liaison Committee, and as chair
of the PKF Canadian Tax Interest Group, which
consists of 12 associated firms across Canada. In
this latter role, he oversees monthly conference
calls and organizes two annual tax conferences.
Also a strong believer in giving back to the
community, Bob has served on the cabinet of
the BC Children’s Hospital Night of Miracles
Gala Dinner for the past three years. The Night
of Miracles Gala Dinner is an annual event that
targets the South Asian Community and raises
approximately $300,000 for BC Children’s
Hospital each year. The cabinet is committed to
raising $3 million to support the construction of
an international radiology room in the new BC
Children’s Hospital.
“There was an opportunity to join the cabinet,
and it was an easy decision for me to make,” Bob
says. “We were invited to go on a tour of the
hospital, and got the chance to talk to the doctors,
as well as to the mother of a heart surgery patient
who was just a baby. As a parent, it’s easy to take
for granted having healthy children. This is a
great cause, and it’s important that the doctors
and the patients have the resources they need.”
Bob also supports the Vancouver Board of
Trade’s Leaders of Tomorrow (LOT) Program,
and in 2010-2011, he mentored a business
student who ended up entering the CA program.
“I think finding a good mentor is very critical
to being successful,” he says. “I’ve been fortunate
to have great mentors throughout my career,
and the LOT Program presented me with a
great opportunity to give back.”
As for the Early Achievement Award, Bob says
it came as a complete surprise.
“I’m very grateful and happy, but I was
certainly not expecting this,” he offers. “I don’t
think I’ve done anything that other people don’t
do. I also just feel fortunate to have great colleagues who would think to nominate me. It is
very humbling to receive this award.”
Bob credits much of his success to his family,
friends, and colleagues.
“My parents, Balwant and Baldev Sanghera,
immigrated to Canada from India, and were
great role models,” he says. “They instilled in me
the values of education and hard work. Without
them, there’s no way I’d be where I am today.
And, of course, my wife, Raj, and kids, Nisha (6)
and Saiya (3)—none of my success would be
possible without Raj’s support. My brother was
also an excellent role model for me.
“I also want to thank Devinder Gill, CA,” Bob
adds. “He’s a long-time family friend, and he
played a big role in pushing me in the direction
12
of the CA. Devinder was a few years ahead of me in school and then in the CA program, so I was really able to look to him for guidance and advice.”
Bob also acknowledges the support of his colleagues—both past and present.
“I’d like to thank Billie Raptis, CA, and Jas Hayre, CA, for the guidance they provided when I was
at Ernst & Young,” he says. “And the mentorship I have received from Larry Vicic, CA, the managing
partner at Smythe Ratcliffe, and from Tom Morton, CA, and Bill Macaulay, CA—the other two tax
partners here—has been incredible. They created these great opportunities for me... paved the way,
really. I’m thankful to them and to the rest of the staff—I’m fortunate to work with such a great team
of people.”
Michael (Mike) Stubbing, CA
As a small child growing up in Frobisher Bay, Northwest Territories (now Iqaluit, Nunavut), Mike
Stubbing was sure he was destined to become a professional hockey player. As he got a bit older,
though, his future career path wasn’t so clear.
“I really had no idea what I wanted to be when I grew up,” he says. “I just knew I didn’t want to be
a doctor—I saw the crazy hours my dad worked and wanted to steer clear of that.”
Mike laughs as he realizes he’s in the heart of tax season, adding: “I may have chosen the wrong
profession.”
His path to the CA designation was a gradual one. At 15 years old, Mike moved to Ottawa to
complete his last three years of high school. Still not sure what career path he wanted to follow after
graduating, he applied to a number of universities across the country. After being accepted to Simon
Fraser University’s business program, he started his studies in 1995.
“There was never a real ‘Aha!’ moment that led me to the CA program,” Mike remembers. “I took a
stab at accounting and liked it. Plus, SFU had a great CA co-op program that guaranteed five work
terms and a full-time job afterwards. I got a placement with Grant Thornton’s New Westminster
Office, and it was an incredible experience.”
Mike completed all five work terms at Grant Thornton, graduated from SFU in the summer of 2000,
and wrote the UFE that September. He qualified as a CA in late fall of 2001, soon after transferring to
the firm’s Edmonton office. While in Edmonton, he also transferred out of audit and into tax.
“It was an exciting move for me, because I felt I had a real knack for tax, and I enjoyed its practicability,”
he explains. “I love that you can give useful, tangible advice to people.”
Mike was promoted to manager in 2002, and became a senior manager just two years later. Then, in
the fall of 2006, he made the decision to transfer to the West Coast.
“My wife Natalie and I were ready to start a family, and we’d always loved the charm and beauty of
Victoria,” he says.
Within three years of transferring to Grant Thornton’s Victoria office, Mike was made a partner. He
was 32.
Looking back, he credits much of his rapid career advancement to Terry Wainman, CA, a tax partner
at Grant Thornton Edmonton who introduced him to the world of teaching and writing.
“Terry was a phenomenal mentor to me,” he says. “He showed a lot of trust in me and would give
me very challenging work from an early stage. Pretty early in my tax career, Terry was asked to teach
a couple of two-day courses for the Institute of Chartered Accountants of Alberta that he didn’t have
time to take on. He immediately suggested that I teach them. I was pretty hesitant, because I’d only
been a CA for a couple of years. But because Terry put his confidence in me, I agreed.”
It was a pivotal opportunity, as Mike discovered a passion for teaching and writing. Since teaching
that first course in 2002, he has taught a number of income tax courses, and a component of the ICAA
course, “Managing Financial Risk for Millionaires.” He has also lectured on tax and business matters
for the Canadian Tax Foundation, the University of Alberta, Grant MacEwan University, the
National Judicial Institute, and Camosun College, and continues to present on technical tax issues to
various professionals, such as bankers, brokers, lawyers, and other accountants.
“It’s always a challenge, and I still get butterflies in my stomach,” he says, “but by the end I feel great.”
In terms of writing, Mike co-authored a paper for the Canadian Tax Foundation’s 2007 BC Conference,
a white paper on farm succession (2010), and a two-and-a-half day course for Grant Thornton’s senior
non-tax professionals.
His enthusiasm for working with students has also made him a natural fit for recruiting at his firm.
“I truly enjoyed my years as a student,” he says, “so helping with recruiting is a small way of giving
back.”
Mike Stubbing, CA
In addition to his involvement in the CA profession, Mike is an active board member for the
Vancouver Chapter of the Society of Trust &
Estate Practitioners (STEP).
“Trust and estate planning is something I’m
very interested in,” he says. “I benefited from
STEP for several years, so I felt like it was my
turn to pitch in. It’s really nice to be involved in
an organization that puts so much effort into
continually educating others.”
When asked what keeps him ticking, Mike
immediately credits those around him.
“It’s the people,” he says. “I love my job because
I get to interact with other professionals, staff,
and clients on a regular basis. I feel fortunate to
be exposed to so many different perspectives.
“People are always saying, ‘You must be so
good at math,’” he adds. “I tell them: ‘I can add
and subtract and multiply, but even that I don’t
do on a daily basis.’ Being a CA is really not a
numbers job at all.”
What he finds most rewarding, however, is also
what he finds most challenging.
“I’m really driven to please people,” Mike says.
“In this field, though, that’s not always easy. I’m
constantly trying to ensure that each client and
staff member feels as though our relationship is
rewarding in some way.”
Receiving the Early Achievement Award for
his efforts is just icing on the cake.
“I thought it was extremely touching that my
colleagues would even think to nominate me,”
he says. “I feel really lucky to be surrounded by
such a thoughtful, generous group of people.”
Mike credits a number of people for helping
him get to where he is today.
“First, I need to thank my family,” he says.
“I’m so lucky to be able to go home to my wife,
Natalie, and kids, Anna (5) and Jason (2), each
day. They’ve put a lot of balance into my life,
and changed me in a good way.
“I also thank my parents for being phenomenal
role models,” he adds. “My mom is one of the
kindest people you could ever meet, and she
modelled the importance of treating people
properly. And my dad—he received the Order
of Canada in 2009. He’s a very smart guy and a
real hard worker, who gave his patients the best
care possible, every day. I try to emulate that.”
On the professional side, Mike thanks Terry
Wainman, CA, and two other mentors: Bob
Broder, CA, a partner at Grant Thornton’s
Victoria office, and Susan Mehinagic, FCA, the
office’s now-retired managing partner.
“I’ve worked closely with Bob over the past few
years,” Mike says. “He is very knowledgeable
about tax and accounting, but he’s also phenomenal at providing clients with excellent advice.
Most importantly, he treats our staff properly—
the way they should be treated. Bob leads by
example, and I’ve really enjoyed learning from
him.
“And Susan was the office managing partner I
worked with before I became a partner here in
Victoria,” he adds. “She saw potential in me,
took me under her wing, and gave me a lot of
guidance in that transition from senior manager
to partner.”
Jennifer Weintraub is the CA recruiter for the
Chartered Accountants of BC.
Photo of Bob Sanghera by Kent
Kallberg of Kent Kallberg Studios in
Vancouver. Photo of Mike Stubbing
by John Yanyshyn of Visions West
Photography in Victoria.
13
Community Service Award Winners
By Michelle McRae and Vanessa Woznow
S
even CAs have been recognized this year for their outstanding contributions to the community:
C. Edward (Ted) Butterfield, CA; Grant Gilmour, CA; Gordon Gunn, CA·CISA; Doug Johnstone, CA;
Jasvinder S. (Jas) Kalsi, CA, CPA (Illinois); Doug Wallis, CA; and Paul Winstanley, CA.
C. Edward (Ted) Butterfield, CA
Ted Butterfield, CFO of IWG Technologies Inc. and International Water-Guard
Industries Inc., credits much of his lifelong interest in volunteerism and
philanthropy to the example set by his parents.
“My parents were both teachers, and were very involved in our community
for as long as I remember,” says Ted. “Their admirable example motivated me
to help build better outcomes for our society.”
Ted’s many contributions to the community have included serving on the
executive and board of the Boys and Girls Clubs of Greater Vancouver from
the early 1980s to 2004, during which time he also chaired several of the organization’s committees. In
the 1990s, he served as both a director and member of the executive of the McMillan Space Centre.
A committed member of his church, he has served as chair of its board on three separate occasions.
One of Ted’s recent commitments has been his role as chair and president of Prostate Cancer
Foundation BC, which sees him working not only with the organization’s board, but with other
like-minded organizations across Canada. These efforts have already helped lead to the emergence of
a collective, Canada-wide voice and fundraising organization: Prostate Cancer Canada.
“The great thing about collaboration is how much we are able to achieve working together,” Ted says.
14
“Through our shared efforts, and a strong regional
organization, we have not only seen an increase
in fundraising, but also a significant growth in
awareness of prostate cancer across the country.
This is the most common cancer affecting men
today, with one in seven receiving the diagnosis.”
The cause is a deeply personal one, as Ted,
himself, is a cancer survivor, having received his
first diagnosis 10 years ago. He credits dedicated
volunteers, all of whom had experience with
prostate cancer, with helping him select and prepare for his best treatment option. Once treated,
he eagerly accepted an invitation to give back.
“I wanted to help lead this passionate, growing
community to better serve those men and their
families affected by the disease,” he says.
Through strong board leadership, and interorganizational partnership, Ted is working to
raise funds, spread awareness and knowledge,
and seek better treatments for both initial and
reoccurring cancer diagnoses.
In addition to his work with Prostate Cancer
Foundation BC, Ted currently serves on the
board of the Lion’s Gate Rotary Club and volunteers his leadership to the Club’s international
affairs program.
“My CA training and leadership experience
has actually enabled me to make a difference
where needed,” says Ted, when asked about the
rewards of giving back. “Not to mention the
friendships that I’ve formed, as a result of my
participation with these incredibly worthwhile
volunteer service organizations.
“In all honesty,” he adds, “I have benefited so
much from my volunteering experiences. And it
wouldn’t be possible for me to engage in these
activities—alongside my career and family
adventures—if it weren’t for the support of my
family and my employers.”
Ted’s wife Fay, and their three grown children and
four grandchildren, are also involved in volunteer
activities.
S. Grant
Gilmour, CA
Grant Gilmour, co-owner
of the firm Gilmour
Knotts Incorporated in
Langley, has been giving
back to the community
steadily for many years,
particularly through his
involvement with the Rotary Club of Langley
Sunrise.
One of his major contributions through Rotary
has been his leadership of the Sunrise Club’s
dictionary project. When he first took on the
project in 1998, the plan was to donate dictionaries to one class of grade 4 students at one local
school. Within the span of approximately four
months, Grant successfully drove the expansion
of the project to include all grade 4 students in
the entire Langley School District.
“I believe literacy is as important as health,” he
says. “I came to the thought that a dictionary is
like a vaccination—that if we could reach
enough kids, we were certain to reach the ones
who really needed the dictionaries.”
To put a human face to the project, Grant had
the idea to deliver the dictionaries via a one-day
car rally involving teams of Rotarians. It was
a huge success, and continues on today. Each
September, as they hand deliver approximately
1,600 dictionaries to the grade 4 students at
35 local schools, volunteers demonstrate their
commitment to both community spirit and
literacy. Moreover, the dictionary project has
branched out to other Rotary clubs across the
country, including 15 in Western Canada alone.
“It’s amazing how a good idea just gets legs of
its own and grows,” Grant says.
Case in point: “Shred-a-thon.”
“The Scouts’ after-Christmas tree-chipping
fundraiser gave me the idea to create an event
where the public could ‘chip’ (shred) documents
after tax season in exchange for donations,” he
explains. “It was a solution to a problem clients
had been asking me about for years—how to get
rid of old documents without risking identity
theft.”
To date, the Langley Club has hosted six
Shred-a-thons. After the inaugural event in
2005, Grant created a how-to manual for other
Rotary clubs, and the ripple effect has led to
Shred-a-thons across North America.
His contributions as a Rotarian have reached
beyond North America as well. In 2010, he
played an instrumental role in the delivery of
$400,000 in medical supplies to a hospital in
Iligan City, in the Philippines.
“I acted as a ‘connector’ for a contact of mine
named Jun Tallo,” he says. “I must have spoken to the right people, because the project came together
in record time and with great results. I am still surprised today at how much one phone call can achieve.
The people at both ends of the project have been great, especially Jun.”
Their collaboration is ongoing.
“This year, we connected him with a fire truck from White Rock,” Grant says. “It now has a new
home in the Philippines.”
In addition to his ongoing work with Rotary, the father of four has served on the planning council at
his children’s school for two years, and also volunteers as a Cub Scout leader.
“Seeing smiles on kids’ faces is the most rewarding thing,” Grant says. “There’s nothing like having a
10-year-old in a shopping mall yell: ‘Hey mom, there’s the dictionary man!’”
Gordon Gunn, CA•CISA
For over two decades, Gordon Gunn has energetically and selflessly committed
himself to advancing community initiatives through his various volunteer
roles, and it’s fair to say that his work has greatly contributed to both the
vitality of Victoria’s not-for-profit sector, and to Canada’s financial management
industry.
“It was instilled in me in the very early stages of my career that CAs should
give back to their communities,” Gordon says. “Non-profit organizations are
often looking for financial competencies, so my early volunteering typically
involved acting as a treasurer. In some cases, I was asked by my employers to take on specific volunteer
roles when a need was identified.”
Gordon has contributed his leadership to the community in a variety of ways, including serving as
treasurer and vice-president of finance with the Boy Scouts of Canada; president, treasurer, and director
of the Great Canadian Family Picnic Society (an initiative aimed a promoting national unity); and
secretary-treasurer of the Ballet Victoria Society.
In 2007, Gordon was named to the Mayor’s Task Force on Ending the Cycle of Addiction,
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Mental Health, and Homelessness. The next year,
he became involved with the Greater Victoria
Coalition to End Homelessness. For the past three
years, he has served as the Coalition’s secretarytreasurer.
“Street homelessness in Greater Victoria had,
over 15 years, grown to become the leading
social issue in our community,” he explains. “ I
leapt at the opportunity to join the Coalition as
secretary-treasurer when it arose. We are now
halfway through our 10-year mission to end
homelessness in Victoria by 2018. We have
made a difference, and more projects are on the
way.”
Also keenly involved with financial management
boards and organizations, Gordon has volunteered as treasurer and director of the Canadian
Association of Management Consultants, as
director of the Information Systems Audit
and Control Association International, and as
director and president of the Association’s
Victoria Chapter. In 2005, he was elected
president of the Victoria Chapter of the Financial
Management Institute of Canada (FMIC), a
professional association for those interested in
public sector financial management.
A partner in KPMG’s Risk Consulting practice,
Gordon also leads his office’s community service
program, and his keen interest in volunteerism
has inspired many peers to find their own ways
to give back. In recognition of his efforts, he was
awarded KPMG’s CEO Community Service
Excellence Award in 2008.
“I think every volunteer sets a positive example
for others, including the coming generations,”
says Gordon, when asked what he enjoys most
about his volunteer work. “It is also a great way
of building a community network. I love to
meet people who are passionate and enthusiastic
about their community, and I am proud that I
live in a city where so many people choose to
give back.”
In addition to his CA·CISA designation, Gordon
holds the certified management consultant (CMC)
designation and the project management professional (PMP) certification. This won’t be his first
time at the awards podium—in 1992, he received
the ICABC’s “CA of the Year Award,” (now the
Community Service Award).
Doug
Johnstone, CA
Since moving back to his
hometown of Castlegar
15 years ago, Doug
Johnstone has been involved with a number
of grassroots initiatives
aimed at improving the
quality of life in his community. Focusing
on arts and culture, he has contributed greatly
to the town’s overall social and economic revitalization.
“I grew up here,” says Doug. “It’s my hometown.
I want to help it prosper economically through
successful enterprise, but also spiritually through
artistic endeavours.”
Pinnacle Professional Accounting Corporation
(PAC), Doug’s accounting firm, provides pro
bono accounting services to a number of diverse
organizations, including the Rossland Chamber
of Commerce, the Doukhobor Heritage Retreat
Society, and the Castlegar Sculpture Walk Society.
His firm is also involved in a “greenification”
project, an initiative that focuses on providing
options to clients that benefit the environment,
local charities, and not-for-profits. As part of
this project, when clients choose to receive their
year-end documents in an electronic format, a
contribution is made in their name to one of
seven local charities. In recognition of its work
to promote green initiatives, Pinnacle PAC was
awarded the Green Award from the Castlegar
Chamber of Commerce in 2011.
In addition, Doug was instrumental in turning
a once desolate residential lot into the “Downtown Art Farm,” an outdoor art gallery
and urban community garden that supports
Castlegar’s food bank. He donated the land,
provided the funding, and contributed countless
volunteer hours to the project.
“On a personal level,” he says, “I’m really
proud of what we were able to achieve with the
Art Farm.”
Doug credits much of his interest in the arts to
his partner Willow.
“Before I met Willow, I think I was much
more of a left-brain thinker,” he says. “It was her
passion for the arts, and her artistic nature,
that really spurred my interest in these kinds of
projects.”
Doug’s other forays into the arts community
include serving as logistics coordinator on the
board of the Castlegar Sculpture Walk, a legacy
project aimed at beautifying the downtown core.
Through sponsorships from local businesses and
individuals, Sculpture Walk oversees the installation of sculptures and art pieces around town.
“One of my goals for the future is to turn
Sculpture Walk into a self-sustaining initiative,”
he says. “It has grown into such an amazing
program, and we want to make sure it continues
to succeed.”
Currently, Doug is also spearheading efforts
to revitalize downtown Castlegar through an
initiative called the “Vacant Windows Project,”
which aims to beautify the city by placing local
art in the windows of vacant buildings. In
addition, his firm features local artists on its
company homepage every month, and contributes
gallery space showcasing local talent in three of
its offices on an ongoing basis.
“I am lucky enough to be in a position where
I can contribute to the economic and social
well-being of my community,” Doug says. “I
do what I can to support and empower local
businesses, artists, and food providers. The end
result will be enrichment of our whole region.”
Jasvinder S.
(Jas) Kalsi, CA,
CPA (Illinois)
Jas Kalsi, a sole-practitioner in Surrey, has
been an active volunteer
with Lower Mainlandbased organizations for
many years—particularly
athletic and cultural programs and initiatives.
His involvement with the Canadian International
Dragon Boat Festival Society is his most
long-standing, spanning more than 14 years.
“I initially became involved as a paddler in the
mid-1990s, joining ‘Team Masala’ with a group
of friends,” Jas says. “I enjoyed competing in the
event so much, that when I heard the Society
was looking for a treasurer, I jumped at the
chance to apply for the position.”
He has been a fixture on the board ever since.
“I’ve continued to work with the organization
because I believe in its goals and objectives,” he
says. “I work with great people, and we organize an
event that is truly world class. Dragon boating
is an event where people of all capabilities—
juniors, seniors, individuals with physical
challenges such as visual impairment, survivors
of cancer and other diseases—can all come
together and compete on an equal basis.”
17
In 2005, Jas took on the role of chair.
“My responsibilities include ensuring that the
festival continues to be successful—not only
financially, but also for every single participant,
volunteer, spectator, and sponsor,” he says. “We
now operate a year-round facility, which includes
training for coaches and paddlers, and educational
activities for our junior members. This initiative
culminates every year with the Dragon Boat
Festival in June. It is the largest and most
successful annual dragon boat festival outside
of Hong Kong, with over 100,000 spectators
coming out to watch.”
Under his leadership, the Society has increased
revenues from year-long programs by 50%, and
continually operates without a deficit. Together
with staff and board members, Jas has also
helped build and implement the Society’s plans
for succession and strategic leadership. He also
played a lead role in organizing an initiative to
develop a community boathouse in Vancouver.
The community boathouse was recently recognized by City Council as an approved amenity
centre, and Jas and his colleagues are now working
on a conceptual plan.
When it comes to the Society’s success, Jas is
quick to credit his tight-knit team, saying: “I am
so proud of the staff, my fellow board members,
and the literally hundreds of volunteers who
have helped to shape this Society and make it a
key Vancouver event.”
In addition to volunteering with the Society,
Jas serves on the advisory board of the Vancouver
International Bhangra Celebration, and as a
director and treasurer for Badminton BC. Past
volunteerism includes coaching for five years
with the Surrey Youth Soccer Association.
“From a very young age, my siblings and I
were brought up with the notion that giving
back to the community should be an extremely
important part of our lives,” Jas explains. “I’m
grateful to my parents for that lesson. And I’m
also grateful for the support my girlfriend Walaa
and my four kids give me in pursuing these
activities, because my volunteer work provides
me with a great sense of accomplishment, pride,
and happiness.”
18
Doug Wallis,
CA
For more than 10 years,
Doug Wallis has been
committed to furthering
the goals of the Canadian
Network for International Surgery (CNIS),
a Vancouver-based organization created to promoting lasting and
sustainable improvements in health and safety in
developing countries.
He first learned about the organization in 2001,
while working as the director of professional
advisory services for the ICABC.
“I often dealt with the public, including
NPOs, and I was very aware of the need for the
skills that CAs can bring to such NPOs,” says
Doug, now a partner with Smythe Ratcliffe
in Vancouver. “The CNIS was looking for a
volunteer CA, and I called to learn more. Their
capacity-building model was and continues
to be a major impetus to my involvement. The
organization sends MDs and nurses to Africa to
teach skills to local practitioners, and the local
practitioners who receive this training then use
those skills to improve the lives of many, many
Africans over an extended period. The ripple
effect is quite amazing.”
He joined the organization in 2002 as chair of
the finance committee. At that time, the CNIS
was struggling with its finances, so Doug helped
organize the records and provided guidance
and assistance in developing the accounting and
funding systems. By helping to make the organization more stable, he also helped the CNIS
address its biggest challenge: obtaining funding
from the Canadian International Development
Agency (CIDA).
Special grants from the CIDA, in turn, enabled
Doug to travel to Africa in 2004 and 2006 to
volunteer in the field. During his first trip, he
spent two weeks in Uganda, working with the
administrator of one of the CNIS’s African
partner organizations, the Injury Control Centre
at Makerere Medical School in Kampala to help
the Centre improve its financial systems and the
quality of financial reporting to stakeholders.
“It was fascinating to experience the cultural
differences in how the business side of health
professions in Africa differs from our North
American model,” Doug recounts. “The differences
are indeed striking.”
In 2006, he travelled to Ethiopia to contribute to
a six-day workshop presented by the CNIS, during
which he taught participants about accountability
through budgeting, financial reporting, and
communication. The workshop was part of a
larger project to build six sustainable teaching
laboratories for surgical skills in the country’s
main medical teaching institutions.
“Now that I’ve had the opportunity to travel
to Africa myself, I have a sense of what our
Canadian volunteers receive back for their
participation,” he says. “It’s very gratifying. And
it’s also gratifying to work with the qualified and
dedicated individuals who serve on our board.”
Doug chaired the CNIS board from 2006 to
2008, and continues to chair the finance committee. Earlier in his career, he volunteered with
the Crisis Centre of BC in Vancouver, and with
a variety of organizations in Prince Rupert
(where he lived during the 1970s and 1980s).
“In the end, you do the volunteer work
because it’s important,” he says. “You just find
the time. The internal rewards are clearly worth it.”
Paul
Winstanley, CA
Paul Winstanley has been
contributing to the community ever since his days
as an articling student.
“While playing in the
field hockey section of
the Vancouver Rowing
Club, I was put forward as a director of the
board by that section,” Paul recounts. “Once the
other board members found out I was a CA
student, they pressed me into service as treasurer.
I was by far the youngest on the board, and it
was very educational to be around such capable,
experienced volunteers.”
An accomplished amateur athlete who played
cricket for the Canadian Junior National Team
and field hockey for both the BC Senior Field
Hockey Team and the Senior National Field
Hockey Team during the 1970s, Paul eventually
parlayed his love of team sports into a new
volunteer role as coach of youth boys’ soccer
with the Lynn Valley Soccer Association in
1986. Since then, he has gone on to coach youth
girls’ soccer with the West Vancouver Soccer
Association, youth boys’ baseball with the Lynn
Valley Little League, and field hockey with local
clubs, and regional and provincial organizations.
“Coaching is about helping young people
develop self-confidence to allow their potential
to be realized,” Paul offers. “Team sports are an
excellent forum to develop social skills and how
to work together towards a common goal.”
He continues to serve as head coach for
Handsworth Secondary School’s senior field
hockey team, having coached the team since
2003. Under his leadership, the team has won
numerous championships, including the 2011
BC “AAA” Provincial Championship.
In 2010, Paul received the Community Sport
Volunteer Award from the North Shore
Sports Awards. The award recognized not
only his coaching efforts but also his extensive
contributions at the board level. In addition
to volunteering with organizations such the
Hollyburn Family Services Society, the West
Vancouver Family Place Society, and the West
Vancouver Soccer Association, Paul served
as coordinator of the West Vancouver Field
Hockey Club women’s section for six years,
during which he helped increase the number of
Club teams in the women’s league from three to
nine. He also helped found the Adanacs High
Performance Program, which provides recruiting
opportunities for athletes who want to play field
hockey at the university level (to date, over 100
players have received scholarships to universities
across North America). And as a director (ongoing)
of the West Vancouver Field Hockey Facilities
Society, he worked tirelessly to help bring a new
artificial turf field designed for field hockey to
the North Shore.
All the while, Paul has juggled his volunteerism
with his work as a sole-practitioner in West
Vancouver and his responsibilities as a father of
three.
“The rewards far exceed the time and effort,”
he says. “And my wife Diane was the reason I
was able to spend time in the community doing
what I loved to do.”
Sadly, Diane lost a lengthy battle with breast
cancer on March 20th. A few days before her
passing, Paul was able to share the news of his
latest award.
“I told her that this award was largely due to
her support, and she still showed her sense of
humour and said ‘too bloody right!’” he says.
“This award is for her.”
Michelle McRae is the editor of Beyond Numbers
magazine.Vanessa Woznow is the ICABC’s manager
of public affairs.
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
Senior Director of Member Services
and Fund Secretary
Phone: 604-488-2629
Toll Free: 1-800-663-2677
Email: [email protected]
19
Ritchie W. McCloy Award Goes to
Shane Onufrechuk, CA
By Michelle McRae
The Ritchie W. McCloy Award for CA Volunteerism recognizes the value of a CA or non-CA’s contributions to
the CA profession, whether through an individual project or a series of activities. In addition to their dedication
to the profession, award recipients must embody values such as openness, honesty, and generosity. This year’s
recipient is Shane Onufrechuk, CA.
S
hane Onufrechuk has been an active
contributor to the CA profession in BC
ever since he moved to this province
from Alberta in 1997. In addition to being a
long-time member of both the ICABC PD
Taxation Program Committee Advisory Group
and the ICABC Taxation Forum, Shane has
contributed extensively to the Institute’s professional development program, the CA School
of Business (CASB), and the CA Education
Foundation of BC (CAEF).
“Most of my volunteer efforts have been tied
to education,” he says. “I’ve always had a strong
interest in education—particularly within the CA
profession. I think the quality of our education
program is very high, and really like the idea
of being involved in the various education
programs delivered to students and members.”
20
Shane’s early contributions to the profession
included marking exams and serving on the
board of examiners for the School of Chartered
Accountancy (the precursor to CASB). With the
advent of CASB, he became involved in developing and reviewing cases and scenarios.
“It was a lot of fun to do that kind of creative
work,” he says. “I haven’t been nearly as involved in curriculum development for CASB in
the last few years, but I continue to teach the
face-to-face modules. And I particularly enjoy
the Module 6 UFE prep program, because I get
to work with some very bright, motivated
students on higher level, ‘real life’ CA skills.”
Shane is equally enthusiastic about his work
with the Institute’s PD program, which began 10
years ago.
“I really enjoy teaching, so I never felt it was a
hardship,” he says. “Members really do seem
to appreciate when people are willing to take
the time to teach PD courses. I think this is
especially true in the area of taxation, which a lot
of people view as challenging. Given that it’s an
area I specialize in, it’s nice to simply share
my expertise with someone and get a thanks in
return.”
Shane has also shared his expertise as a course
developer and lecturer for the CICA’s PD
program, and through his service on the BC
Institute’s PD Taxation Program Committee
Advisory Group. The Advisory Group meets
regularly to ensure that the ICABC’s taxation
course offerings meet the needs of members.
Shane joined the Group in 2005, and has served
as chair for the last five years.
“A number of us have been on the committee
for a long time, so there is a sense of camaraderie
and history that makes working together a
pleasure,” he says. “Also, a number of us have
done a lot of teaching in the program, so I think
we have a good feel for the important issues.”
Moira Bryans, CA, director of professional
development for the ICABC, describes Shane’s
contributions as invaluable.
“Shane has made a significant contribution to the
PD tax program, identifying topics and resources
that ensure the highest quality for our education
programs,” Moira says. “He authors several tax
courses that are offered across Canada, and for
many years has also been a respected and popular
instructor. His enthusiasm and expertise for tax
is a great asset to our PD program. Under his
guidance, the size and quality of our tax courses
has grown substantially. We are indebted to
him for the time and talent he has given to our
members’ professional development.”
Shane also currently chairs the ICABC Taxation
Forum, which he joined in 2006. The Forum
helps the ICABC coordinate information-sharing
meetings with tax practitioners and employees
of the Canada Revenue Agency. It also helps
coordinate the “Tax Traps & Tips” articles published in Beyond Numbers, and the RRSP and tax
tips released to media each year.
“My favourite role within the Forum is getting
involved in organizing the annual CRA roundtable,” he says. “It has allowed me to meet the
senior people at the CRA and discuss issues of
concern for our members. I think, in a number
of cases, we’ve been able to identify and resolve
issues that were really making tax practitioners’
lives a challenge.”
Stella Leung, CA, professional standards advisor for the ICABC, has worked with Shane for a
number of years.
“Shane has been serving on the Taxation Forum
for many years now, and he has been very
generous in sharing his expertise by writing a
number of Tax Traps & Tips articles for Beyond
Numbers,” Stella says. “He is also a regular
participant in the Forum’s liaison meetings with
the CRA, and he always asks very insightful
questions!”
Shane is also an ongoing contributor to the
CAEF, having joined its board of governors in
2010.
“Being on the Foundation’s board of governors
allows me to get involved in the improvement of
the quality of accounting education,” Shane
says. “I find that extremely rewarding. Getting
to brainstorm as to the most cost-effective way
to provide the most benefit, with really smart
people who know the accounting education
landscape, is a lot of fun.”
He manages to fit these various commitments
into a very busy schedule. The senior tax advisor
with Davis LLP in Vancouver is also a husband
and father of two, a member of the Canadian Tax
Foundation, a director of the Human Dignity
Initiative (a charitable organization), and an avid
runner and triathlete.
“Like most things in life, there is never enough
time, until you actually do it, and then, magically,
somehow there is,” Shane says. “Unless you
make time for these kinds of things, I think
you can go through life missing out on some
wonderful opportunities. I’ve met so many
incredible people through my volunteer involvement with the profession, and it feels like I
get a lot more out of it than I could possibly be
putting in.”
Still, he admits it isn’t easy: “Obviously these
commitments have come at the expense of time
with my family. My wife Gail has been exceedingly
supportive of all of my endeavours, in all areas,
and I am fortunate to be with someone so
understanding. I couldn’t do this without her.
I also feel fortunate to have worked with Scott
Sinclair and Tim Duholke [both FCAs], who
were—and continue to be—great role models as
CAs who give more to the profession than they
take.”
While the same can be said for Shane, he is
quick to share any kudos with others.
“It was incredibly kind of someone to nominate
me for the Ritchie McCloy Award, but there are
many others at the Institute who are equally, if
not more, deserving,” he says. “That being said,
it does feel nice to be appreciated.”
“I’vemetsomanyincredible
peoplethroughmyvolunteer
involvementwiththeprofession,
anditfeelslikeIgetalotmore
outofitthanIcouldpossiblybe
puttingin.”
aic_bc_beyond_numbers(december2011)_Layout 1 12/8/2011 10:19 AM Page 1
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21
Working, Living, and Investing
in Regional BC in 2011
By Marlyn Chisholm
I
n 2011, most of the province saw improved fortunes. Overall, exports grew, and both the goods and services sectors saw modest but positive employment
gains. Lumber exports continued to recover, and for the first time coal was BC’s top export. Electricity and other energy exports also climbed, although
the value of natural gas declined due to lackluster prices. And while there were signs of a recovery in the US, most of BC’s export growth occurred in the
Pacific Rim—particularly the fast-growing Chinese and South Korean markets. Between 2008 and 2011, the Pacific Rim’s share of BC’s exports grew from
32% to 43%; the US share declined from 56% to 43% during this same time period.
Overall, our provincial economy has recovered from the recession of 2008-09. Looking forward into 2012, it is expected the province will continue to see
modest economic growth, building on last year’s export gains. Surging world demand for BC coal and minerals, and some major infusions of investment
capital on both public and private sector projects will drive this growth, however tighter fiscal policy and slowing housing market activity are expected to
suppress these forces to some degree.
Working in Regional BC
Job Creation
Last year, BC’s employed labour force grew by 18,200, to reach 2.28 million. This number sits above the province’s pre-recession high. The service sector
accounted for 74% of this growth.
The Mainland/Southwest enjoyed the largest absolute increase in employment, with 30,700 new jobs. This was largely dominated by growth in the goodsproducing sector, with increased employment in construction and other resource industries.
The second-largest job gains occurred in Northwest BC (the Nechako and North Coast combined), with 2,900 new employed workers, while the Kootenays
ranked third, with a gain of 2,700 jobs. Growth in both of these regions was led by employment gains in the service sector.
The Thompson-Okanagan and Vancouver Island/Coast were the only regions that saw employment losses in 2011, with declines of 2,500 and 16,700
respectively. Job losses in the Thompson-Okanagan occurred primarily in the resource and agriculture sectors. In the Vancouver Island/Coast region, stagnant
population growth and a slowdown in capital investment and construction activity all contributed to a regional economic slowdown. The greatest losses were
concentrated in the service sector, and occurred outside of the Victoria Census Metropolitan Area.
Table 1: Employment in All Development Regions, 2006-2011 (000s)
Job Creation (000)
Region
Cariboo
Kootenay
Mainland/Southwest
Northwest BC
Northeast
Thompson-Okanagan
Vancouver Island/Coast
British Columbia
Goods
Services
2006
2007
2008
2009
2010
2011
5-Year
2006-11
1-Year
2010-11
82.8
68.4
1306.2
42.8
34.0
247.6
365.5
2,147.2
453.8
1,693.4
85.0
76.7
1357.6
42.0
37.0
250.4
373.9
2,222.6
483.5
1,739.0
83.5
71.6
1382.9
44.8
37.7
256.6
389.3
2,266.4
490.9
1,775.6
75.5
71.0
1369.2
41.5
35.8
248.0
377.0
2,217.9
438.8
1,779.1
80.3
69.4
1388.4
40.4
37.0
257.2
383.8
2,256.5
442.7
1,813.8
81.2
72.1
1419.1
43.3
37.2
254.7
367.1
2,274.7
447.4
1,827.2
-1.6
3.7
112.9
0.5
3.2
7.1
1.6
127.5
-6.4
133.8
0.9
2.7
30.7
2.9
0.2
-2.5
-16.7
18.2
4.7
13.4
Source: Statistics Canada
Unemployment
After peaking at 7.7% in 2009, BC’s unemployment rate declined slowly over the next two years, to reach 7.5% in 2011. In March 2012, the provincial
unemployment rate was 7.0%, well below the rate of March 2011 (8.0%).
All of BC’s Development Regions saw their unemployment rates decline in 2011, with the one exception being Vancouver Island/Coast. The greatest
improvement took place in the Northeast, where estimated unemployment declined by 1.9 percentage points (ppt) to reach 4.9%—a reflection of strong
economic activity and a tight labour market—and the Kootenay’s rate declined by 1.1 ppt, to reach 8.2%. The Thompson-Okanagan ranked third, with a
decline in its unemployment rate of 0.7 ppt, but this decline was caused by a significant number of workers leaving the labour market.
Due to the number of lost jobs in 2011, the unemployment rate in the Vancouver Island/Coast rose by 1.4 ppt to reach 7.7%, its highest level since 2004.
22
Table 2: Unemployment Rate in All Development Regions, 2006-2011
Percentage point
change
Region
Cariboo
Kootenay
Mainland/Southwest
Northwest BC
Northeast1
Thompson-Okanagan
British Columbia
2006
2007
2008
2009
2010
2011
5-Year
2006-11
1-Year
2010-11
6.1
6.2
4.5
6.8
3.7
5
4.9
4.8
5.1
5.5
4.0
8.1
2.1
4.4
4.3
4.3
6.7
4.9
4.3
7.8
4.8
5.5
4.4
4.6
12.1
8.7
7.2
10.6
7
8.8
7.3
7.7
8.1
9.3
7.6
10.2
6.8
8.6
6.3
7.6
7.6
8.2
7.3
8.6
4.9
7.9
7.7
7.5
1.5
2.0
2.8
1.8
1.2
2.9
2.8
2.7
-0.5
-1.1
-0.3
-1.6
-1.9
-0.7
1.4
-0.1
In 2011, four Development Regions saw the youth unemployment rate decline, particularly in the north, where resource-related jobs were plentiful.
Investing in Regional BC
Business and investment activity
According to the BC Major Projects Inventory (MPI), in the fourth quarter of 2011 there were 542 major projects proposed in BC, of which 349 had broken
ground. The approximate value of these projects was $189.7 billion.2 Residential/commercial projects accounted for half of all projects cited in the MPI,3
with the remaining occurring in utilities, transportation and warehousing, public services, energy and mining, manufacturing, and other services.4
Most of the projects proposed or underway last year were concentrated in the more heavily populated Mainland/Southwest, Vancouver Island/Coast, and
Thompson-Okanagan Development Regions, with these regions accounting for approximately 62% of all estimated capital investments in BC.5
In the Mainland/Southwest, commercial and residential investments accounted for 64% of all major projects. In comparison, in the Cariboo, North Coast,
Nechako, and Northeast Development Regions the mineral, oil and gas sectors comprised 77% of all investments.
While the absolute number of resource-related projects is small compared to the proliferation of residential/commercial projects in BC, the former are
expected to generate considerable economic activity during their construction and operation. Direct provincial tax revenues from the existing natural
resources industry are projected to be $2.986 billion in 2012/2013, or 7% of all BC government revenue.6 Activity in the province’s resource sector is expected
to continue to grow over the next few years, particularly as demand for these products increases.
Incorporations7
Between 2010 and 2011, BC’s business incorporations rose by 1.8%, to reach 30,844. This increase reflected strengthened investor and entrepreneurial
confidence in most regions of the province. While five of the eight Development Regions saw positive growth in this indicator, the provincial average was
buoyed by strong growth in the Nechako, North Coast, and Northeast. The most dramatic increase in business incorporations occurred in the North Coast,
which recorded a one-year increase of 23.7%. The Nechako and Northeast experienced 12.5% and 11.5% gains in this indicator respectively, a signal that
many entrepreneurs saw merit in starting businesses in these regions.
The Kootenay, Thompson-Okanagan, and Vancouver Island/Coast experienced small declines in this indicator, marking the fourth year in a row that these
regions have remained at levels below their 2007 peak.
continuedonpage30
1
2
3
4
5
6
7
Values for 2011 have been estimated because of data suppression below 1,500.
BC Major Projects Inventory, December 2011. This estimate excludes the capital cost of projects that were completed or on hold.
“All projects” includes those that were proposed, started, completed, and on hold as of December 2011.
Ibid.
BC Major Projects Inventory, December 2011. This estimate excludes the capital cost of projects that were completed or on hold.
British Columbia Ministry of Finance, Budget and Fiscal Plan, 2012/13 to 2014/15, Table 1-8, Revenue by Source. February 21, 2012. Includes oil and gas,
minerals, energy.
Bankruptcies are not discussed because data for 2011 is unavailable until later in 2012.
23
Making the Most of Your
Retirement
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. 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 in Beyond Numbers is intended to highlight these services. Our May
instalment offered tips for coping with stress. This latest instalment explains how
planning ahead can make for a much more satisfying retirement.
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 on the PPC website: username: “healthy”;
password: “living”; key code for e-counselling: “healthyliving.”
A
s you know, there are many different ways to spend your retirement years—from travelling
across the country in a motor-home to volunteering abroad. Perhaps you’ve already started
your retirement planning, and have explored different financial options to ensure that you
can live comfortably after you retire. But have you considered “practising” retirement in advance of the
actual thing?
Regardless of how happy the thought of retirement makes you, or how eager you are to start your next
adventure, it’s important to remember that retirement is a major life change, and one that can be
overwhelming. So before you enter, officially, into this new phase of life and jump into a new schedule
or commit yourself to new activities, it would be wise to “practise” your retirement lifestyle first. In
doing so, you may learn that you prefer a boat to an RV, or would rather stay close to your grandkids
than make a permanent move to Arizona.
Start planning
When planning for your retirement, it helps to think in blocks of two to five years. This will give you
room to experience a lifestyle and make adjustments as needed. You may like to go hiking, but after
two to five years, will you have had your fill? By breaking retirement into separate increments, you also
give yourself the liberty to explore completely different options.
In prioritizing these plans, be sure to consider your physical condition or any specific health considerations that may arise. For example, you might want fit any activities that require a high level of
physical stamina into the first few years of retirement, when you are likely to have more energy. Of
course, there are those who defy the odds, and run marathons well into their 80s!
Take action
Even if you are years away from retirement, you can still take some action now. Just as you should
begin planning financially for retirement years in advance, so should you begin planning what you will
do with your time. Consider all aspects of retirement by asking yourself the following questions:
• Where will I live? For some retirees, retirement means moving to a new location. Some want to be
closer to family, and some simply want to escape the cold. You may be dreaming of a home in the
desert, on the water, or in the mountains, but ask yourself: Can I really live there year-round? Before
committing to a new home, try out the area through smaller stays. Also:
> Visit at different times during the year. If you’ve visited during the peak-touring season and have
only seen your potential locale at its best, try to visit at other times of the year.
> Consider the access or proximity to health care. It may sound ideal to live in a quiet, rural location,
especially if you’ve lived in a fast-paced urban environment for many years; however, rural living can
also have its disadvantages, particularly when it comes to amenities. Check to see where clinics or
hospitals are located. In all likelihood, you will become more dependent on such facilities as you age.
24
• Where will my spouse/partner be during
this time? Will he/she be retiring at the same
age? If not, how will we balance our schedules
and plans?
• What will I do with my time? This is undoubtedly a huge question, but it is important
to explore your interests before making
extensive plans that are focused in any one
direction.
> Develop your interests. If you’ve always
wanted to learn a new hobby, test it out
before retirement, because you may find
that it isn’t as exciting or as fulfilling as you
thought. Take some introductory classes
now to find out what really interests you.
> Practice the new lifestyle. You won’t know
if you’ll be content engaging in your new
activities until you try them out. Take a
few days to practice being “retired” and
focus solely on the activities you have in
mind.
· For example, if you plan to do extensive
travelling in a motor-home, but have
never taken a trip in an RV, rent a motorhome and try it out! You need to know
what you’re getting into. You might love
it, or you might discover that you don’t
actually like driving a big vehicle very
much. Better to find out before you
invest in an RV!
· Another example: If you’re thinking
about channelling a lot of your energy
into volunteerism, try out some opportunities now.
> Figure out if there are any hobbies or
activities that you and your spouse/partner
could share in retirement.
• Can I live within my budget? Living on a
fixed budget may be a new experience for
you. Calculate your living expenses, and
practise living for a month or two within the
limits that your retirement plan will allow.
This experience should help you answer the
following questions:
> Can I maintain my desired lifestyle under
this budget?
> Will it allow me to take the trips I’ve
planned?
> Will it enable me to pay for my activities?
If you find that your budget can’t accommodate your desired lifestyle, you’ll need to
reassess some of your decisions. You still have
time to explore other options, such as working
part-time during retirement or saving more
now.
Assess your retirement
The great thing about “practising” retirement is
that you can do it more than once to test out
new ideas. Once you’ve done one or more trial
runs, here are some follow-up questions to answer:
• Is there anything missing in this lifestyle?
• Does it feel balanced? Remember that these
activities will not be breaks from the workday.
• What does my spouse/partner think about
these plans? Many couples discover that they
have different perspectives when it comes to
retirement. Anticipate differing opinions,
and negotiate a compromise you can both
live with.
• What does my family think? Family members
may have different assumptions/expectations
regarding your retirement, so express your
expectations clearly, and let them know what
they can expect from you with regard to your
time and availability.
The freedom that comes from retirement can be
overwhelming, but with a little preparation
ahead of time, you’ll be able to make this transition
a smooth one and discover the lifestyle that
works best for you.
PPC Canada can help you with
your retirement planning!
Did you know that, as member of the
ICABC, you—along with your immediate
family members—are eligible to receive
free professional assistance in trying to
help prepare for a life transition such as
retirement?
PPC Canada provides services to
assist with all of life’s challenges. Below
are some of the ways that PPC can
assist you and your family:
• Financial issues: consultation with
certified financial professionals for
issues related to debt management
and retirement planning.
• Legal issues: one-on-one
consultations with a certified legal
professional and referrals.
• Nutritional coaching: consultation
and nutritional planning with a
registered dietician.
• Quitting smoking: PPC’s “Quitcare”
program helps individuals to kick the
habit with the help of trained coaches.
• Counselling services: to assist you
with the emotional side effects of
planning for retirement.
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Tax Traps & Tips
Transfer Pricing: Latest Status Report
By Gordon Denusik, CA, and Jason Evans
S
imple fact: If your company has cross-border transactions with related parties, your company
has to address transfer pricing. And because it’s an area on which all tax authorities continue to
focus their resources, transfer pricing (and, in particular, the consequences of a transfer pricing
reassessment) is creating some sleepless nights for owner-managers, CFOs, and controllers.
The purpose of this article is to pick up where “Transfer Pricing Audits Present Unique Challenges”
(Beyond Numbers, May 2011) left off, and provide you with more information that demonstrates the
uniqueness of transfer pricing vis-a-vis other forms of tax, along with an update on some of latest
developments in the transfer pricing world.
Transfer pricing – secondary adjustments
The concept of secondary adjustments is one of the unique characteristics of transfer pricing.
When a taxpayer carries out transactions with non-resident companies and—on audit—is reassessed
by the Canada Revenue Agency (CRA) on the basis that the original terms and conditions were not
representative of arm’s length pricing, the taxpayer faces not one, but two adjustments: the primary and
secondary adjustments. The primary adjustment increases taxable income, thus resulting in additional
income tax, related interest, and possibly penalties. The secondary adjustment is a deemed dividend,
for which withholding tax (per Part XIII of the Income Tax Act or Act) and related interest and penalties
apply.
The premise behind the secondary adjustment or deemed dividend is to account for the benefit
conferred on a non-resident participating in a transaction, if the non-resident is considered to have
been overpaid for goods, services, or intangible property received by the company.
Example: If a Canadian corporation buys goods from a related nonresident entity for $100, but the CRA reassesses for $20 on the basis
that the arm’s length price was $80, the Canadian corporation is subject
to the following adjustments:
1. Primary adjustment: income tax and related interest on the $20
taxable income – 30% of $20 = $6 plus interest and any penalties.
2. Secondary adjustment: Part XIII withholding tax, and related interest and
penalties on the $20 deemed dividend – 25% of $20 = $5 plus interest
and penalties. (The 25% rate assumes no reduced tax treaty rate.)
Total taxes on a $20 transfer pricing income adjustment= $11 plus
interest and any penalties.
Taxpayers are often surprised by the application of the secondary adjustment. Not only can the total
tax, interest, and penalties arising from the secondary adjustment be significant—the CRA can also
start collection actions on the entire amount owing even if the taxpayer is objecting to the primary
adjustment. Further, because the secondary adjustment is a deemed dividend and not an actual
dividend, any Canadian withholding tax is generally not eligible for a foreign tax credit in the other
jurisdiction.
26
Federal budget proposes
changes to secondary
adjustments
The 2012 federal budget announced on March
29, 2012, proposes to clarify the tax implications
of, and ambiguities regarding, secondary adjustments in transfer pricing transactions.
Currently, for example, it is not entirely clear
in certain scenarios whether the provisions of
the Act that create the deemed dividend interact
properly with the obligations to withhold tax. As
an example, consider transfer pricing adjustments
that involve a transaction between a Canadian
company and a related sister corporation. Does
the Act allow the CRA to impose a deemed
dividend under such a scenario? If so, is it by
way of the ultimate parent directing the global
intercompany arrangements, thus conferring a
benefit? And, if the parent conferred the benefit,
which treaty is relevant for the reduced withholding tax—the treaty of the parent company
(which may have directed the global intercompany
arrangements) or the treaty of the other party to
the transaction?
New proposed paragraphs to section 247 of
the Act would provide the necessary and clear
interaction to allow the CRA to impose secondary
adjustments (i.e. deemed dividends) in all
scenarios, even the example above. The only
exception would be where the other transacting
party is a controlled foreign affiliate of the
Canadian corporation; in this case, the benefit
conferred on the non-resident would be more
akin to a capital contribution than a dividend,
and no deemed dividend/secondary adjustment
would arise for the Canadian corporation.
The 2012 budget proposals also provide clarity
as to which non-resident is deemed to have
received the dividend. The proposals state that
the treaty of the non-resident who is party to
the transaction—not the treaty of the parent
company—is the relevant one in determining
withholding tax on the deemed dividend. This
clarification could result in higher withholding
taxes, as the other party to the transaction (for
example, a foreign sister company) may not have
sufficient share ownership in the Canadian
entity to qualify for the most reduced treaty rate
for dividends.
For example, imagine a scenario in which the
adjustment arises from a transaction with a sister
company in Mexico, and where the ultimate
parent of both the Canadian and Mexican
companies is a US company. Under the budget
proposals, there would be a 15% withholding
tax on the deemed dividend. This 15% rate
would be applied because of the Canada/Mexico
treaty, and because the Mexican company does
not have any shareholding in the Canadian
company. Without the budget proposals, the
withholding tax may only be 5%, on the basis
that: a) the US parent conferred a benefit to
Mexico, b) the arrangement falls under the
Canada/US treaty, and c) the US has shareholdings in the Canadian company.
The budget proposals provide for the taxpayer
to have the transfer pricing adjustment repatriated
in order to avoid the application of withholding
tax, and to avoid the interest that would
otherwise be payable on the withholding tax
reassessment (note: certain action steps would be
required to demonstrate repatriation). However,
this potential relief from secondary adjustments
would be subject to the “concurrence of the
Minister.” In other words, the CRA would
have the leeway to make the ultimate decision.
Currently, it is CRA administrative practice
to allow repatriation of a transfer pricing
adjustment, and thus enable taxpayers to avoid
the assessment of the secondary adjustment,
only if—among other conditions—the taxpayer
agrees not to appeal the primary transfer pricing
income tax adjustment. As for taxpayers who
wish to proceed with repatriation under the new
measures to avoid the secondary adjustments,
we are not sure what criteria the CRA would
impose in order to give its concurrence.
The new measures discussed above would
apply to transactions that occur on or after
March 29, 2012.
Downward adjustments at the
discretion of the CRA
The budget proposal to give the CRA the
decision-making power to grant repatriation
is of concern to tax practitioners given the
experiences taxpayers have had with downward
adjustments via Subsection 247(10) of the Act.
Generally, if your company discovers an error
subsequent to filing an income tax return, you
can simply file an amended return to correct the
error (information circulars 75-7r3 and 84-1
provide guidance on this). However, for transfer
pricing, Subsection 247(10) of the Act states
that no downward transfer pricing adjustment
shall be made unless “…in the opinion of the
Minister, the circumstances are such that it
would be appropriate that the adjustment be
made.” In other words, the CRA has the authority
to reject any taxpayer’s request to amend a previously filed income tax return where the request
involves correcting the transfer pricing and
producing a downward adjustment to taxable
income. Throughout the country, the CRA has
used its authority to reject requests made by
taxpayers for downward adjustments.
Ensurethatyourcompany’stransfer
pricingiscorrectbeforefilingthe
incometaxreturn,becausea“one-way
streetrule”appliesafterthetaxreturn
isfiled.Thismeansthatonlythetax
authoritycanmakefavourabletransfer
pricingadjustments.
This “one-way street rule”—where the authority, and not the taxpayer, is allowed to make favourable
transfer pricing adjustments after a tax return is filed—is not unique to Canada. Similar rules apply in
other countries, including the US. Specifically, 1.482-1(a)(3) of the US Transfer Pricing Regulations
states: “…no timely or amended returns will be permitted to decrease taxable income based on
allocations or other adjustments with respect to controlled transactions.” Moreover, a decision by the
US Court of Federal Claims (Intersport Fashions West, Inc. v. United States) earlier this calendar year
emphasizes the inability to amend the transfer pricing after a return has been filed. The Internal
Revenue Service (IRS) had rejected a taxpayer’s claim to amend its return to correct a calculation error
in transfer pricing, and the Claims Court supported the IRS’s decision.
Increased US transfer pricing audit activity
While the CRA has always been very active in conducting transfer pricing audits, IRS activity in this
area generally used to be limited to very large multinationals, with very large cross-border transactions.
This has changed over the last few years, with the IRS acquiring additional resources.
As a result, the likelihood of Canadian-owned US subsidiaries being contacted by the IRS and
subjected to IRS transfer pricing audits has increased. And it is not only the IRS that may scrutinize
transfer pricing—US states have become more active as well. In fact, a number of US states—for
example, Minnesota, New Jersey, and Louisiana—have even gone as far to retain the services of outside
transfer pricing consultants to conduct examinations on their behalf. What’s frightening about this
scenario is that, typically, these consultants are being compensated on a contingency basis—in other
words, they’re being paid a percentage of any amounts ultimately collected on adjustments they’ve
proposed.
The upshot? You’ve always had to be ready for a CRA transfer pricing audit; now, you may also have
to be ready for a US federal or even US state transfer pricing audit.
More news on the horizon: Supreme Court decision on Glaxo
In January 2012, the Supreme Court of Canada heard one of the most important transfer pricing
cases in Canada to date, The Queen v. GlaxoSmithKline Inc. The Supreme Court will likely render its
decision on the case later this year. This decision should provide helpful guidance on how to interpret
and apply Canada’s transfer pricing law, including clarification as to whether the “reasonable business
person test” should play a role in transfer pricing. You can expect to hear more about this case, and
about transfer pricing in general, in a future issue of Beyond Numbers.
Gordon Denusik, CA, and Jason Evans both work with the Transfer Pricing Group of KPMG LLP in
Vancouver. Denusik is a partner and Evans is a senior manager.
27
Financial Facts & Money Matters
Wealth Management – Discover What You
Don’t Know About Your Clients
By Tanner Philp, CA, CIM
Editor’s note: This article is the second in a five-part series on wealth management
issues by Tanner Philp (Part 1 was our May 2012 cover story). Look for Part 3 to
appear in the October issue of Beyond Numbers in our Financial Facts & Money
Matters column.
I
n my first article on wealth management issues, I provided context and a framework to help clients
develop a strategic roadmap to financial well-being. In this and subsequent articles, I will provide
greater detail on what I view as the fundamental building blocks of a good wealth management plan.
The expression “early queen deployment” comes from the game of chess and references a tendency
of novices to launch the game’s most powerful piece prematurely. This mistake often leads to their
downfall. As technical subject-matter experts, I believe we have a tendency to fall into this trap when
working with clients. I have observed that professionals such as CAs, lawyers, and investment managers
are often eager to impress their clients with their technical prowess, and sometimes do so without
context and before giving the client an opportunity to fully articulate their most pressing needs. This is
classic early queen deployment—acting without knowledge of the entire landscape.
It is understandable that advisors often default to their own areas of expertise when helping
clients. For example, a CA might think the best first step with a client is creating a tax planning
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
28
BeyondNumbers-ad-square_2012.04.10.indd 1
4/18/12 11:18:03 AM
strategy; for a lawyer, it might be creating a
creditor management structure; and for an investment manager, it might be determining asset
mix. Each advisor tends to rush into their area of
expertise, believing it ought to be the highest
priority for clients. However, advisors might not
know what their clients’ highest priorities are
and, if so, risk misdirecting them.
In my first article, I discussed the need to build
an after-tax cash flow model for clients to
understand their future cash inflows and outlays.
Planning and risk mitigation opportunities
naturally emerge from such a cash flow model,
which provides missing context for assessing
the need for and ROI of wealth management
strategies. Cash flow models are built from
assumptions of the future—sometimes called
variables. In order to determine these variables,
or at least a proxy, we need to engage in a
detailed discovery process with clients.
As logical as this may sound, it is worth reiterating here that advisors regularly fall prey to
early queen deployment. If you want to create
value-add and lasting relationships with your
clients, you need to unlock their dreams and
fears before discussing solutions.
Components of discovery
The goal of discovery is to amass sufficient
information about a client to help build a wealth
management plan that takes into consideration the
client’s unique circumstances. Any experienced
advisor will tell you that there are no cookiecutter families—each one is unique. With that
in mind, here’s a laundry list of some areas
to learn about, which may indicate planning
opportunities or risks to mitigate. Given the
breadth of information that makes up a family
picture, this is certainly not an exhaustive list;
rather, these are some of the areas that I believe
are more frequently relevant:
• Family dynamics: May include work/home
roles, marital break-ups, prior relationships,
inheritance, problem children or extended
family, disabled dependents, health-care needs,
and more. This topic can be a minefield, so
tread carefully. That said, using a wealth
management tool to solve a family issue for a
client can create a significantly greater sense
of allegiance than solving an issue that’s
purely financial.
• Business ownership: May include capital
structures, operational plans, succession
plans, exit strategies, management teams, and
more. Understanding how a business is
owned and run can indicate opportunities to
integrate personal and corporate planning,
often related to tax planning and creditor
management. Ultimately, helping a client
monetize a business may be the best solution
to all issues.
• Real estate: May include ownership structures,
principal residences, vacation properties,
investments, liquidity, and more. Understanding real estate holdings can reveal
opportunities to balance risks across the
broader range of a client’s assets, and can lead
to potential tax planning opportunities and
risks (for example, US vacation properties).
This is often balanced with personal use of
property.
• Charitable giving: May include interests,
available structures, quantum, timing, and
more. Often, the burning question is how
much a client can afford to give. Cash flow
modelling and understanding taxable benefits
and control structures is vital. However,
these technical points have to be balanced
with the client’s goal to give back to their
community in a meaningful way, as defined
by the client.
• Retirement plans: May include activities,
lifestyle, expenditure needs, sources of capital,
and more. The information collected on this
topic forms the basis for the cash inflow and
outflow assumptions in the important after-tax,
cash flow model. When it comes to expenditures and income streams, “How much? and
“When?” are vital variables.
• Risk appetite: This is the client’s willingness
to take tax-planning risk, creditor risk, and
investment risk. Perception and reaction to
risk indicates the available set of wealth
management solutions—from mundane to
aggressive. If an advisor doesn’t have a good
read on their client’s risk appetite, they risk
compromising the relationship every time
they recommend a course of action.
Each of the items listed above can yield myriad
planning opportunities. For example: If a client
has entered into a second marriage while raising
kids from the first marriage, there may be a need
for a testamentary trust in the estate plan; a
business without a successor may indicate
the need for an exit plan; a disabled child may
indicate the need for a disability trust; and so on
and so forth. These ideas are not products—they
are solutions to risks and opportunities identified
during the discovery process. This customized
approach, based on a deep discovery process, is
what sets excellent advisors apart from the pack.
“If you want to create value-add and
lasting relationships with your clients,
you need to unlock their dreams and
fears before discussing solutions.”
Tips for discovery
Because clients don’t walk around with a dossier containing the pertinent information needed to help
them, discovery can be a difficult process. Advisors will need to work to get this information. In some
cases, it can take years to fully understand a client. Openly conferring with other advisors is valuable
during this process, and it is always interesting to hear what different advisors take from the same
conversation.
Here are some tips to engage in discovery with your clients:
• Use open-ended questions where possible, and keep closed-ended questions that result in yes/no
answers to the minimum required. “What are your plans in retirement?” is likely to elicit a more
engaging response than: “Do you plan to travel in retirement?” The latter can easily be answered
with one word.
• Avoid the use of double-barrelled and leading questions that can eat up valuable time and
make the client feel like they need to conform to your expectations. For example, here’s a leading
question: “Given that you are tight for cash and have to support your kids, do you think you will
travel much?”
• Follow the bouncing ball. If a client wants to talk about a particular item, let them. Ask questions
that continue the conversation along that path until you feel it has been exhausted. Having a reference
list of questions can be useful, but don’t be so regimented that you miss a learning opportunity—the
client’s answer to the first question will usually tell you what to ask next, and so on. Also, don’t feel
that you need to learn everything in one meeting. As mentioned earlier, discovery takes time.
• Talk with other advisors to fill in missing pieces of information. Again, clients are not necessarily good at giving the information advisors actually need. This information usually trickles out over
longer periods of time, and not usually to the same person.
• Visit clients at their home, at least some of the time. When you are at a client’s home, you can
observe some of the intimate aspects of their life. Ask them about the picture of their grandchildren
on the wall and follow the bouncing ball: “Have you considered providing some funding for their
education?” A positive response indicates potential value in several solutions: family trust planning,
RESPs, and estate planning, to name a few.
• Socialize with clients, as appropriate. Spending time with clients in a casual setting provides
an opportunity to talk about matters other than business, and that’s when the really important
information emerges.
On the road to a wealth management plan...
A detailed and thoughtful discovery plan, generated over time, provides the necessary information to
design and implement a strategic wealth management plan. In my next article, I’ll bridge from discovery
to the next important step in wealth management: building an after-tax cash flow model.
Tanner Philp, CA, CIM, is an investment counsellor at RBC PH&N Investment Counsel in Vancouver,
where he is responsible for providing wealth and discretionary investment management solutions to private
clients.
29
PD News
JUNE-JULY PD PROGRAM
For detailed course descriptions or a complete
schedule of upcoming PD seminars, consult
your spring 2012 PD catalogue or visit our website at www.icabc-pd.com. To register, call the
PD department at 604-681-3264.
Spring/Summer Conferences
Information Technology Conference
June 14-15, 8:30am-4:30pm
Vancouver Convention Centre West
CAs in Industry PD Day
June 19, 8:30am-5pm
Victoria CA Conference Day
June 21, 8:30am-5pm
Westin Bear Mountain Golf Resort & Spa
Our popular conferences provide members
with the most efficient way to obtain
practical information for use in the
workplace. A complete list of topics and
conference speakers will be provided in
future mailings, as well as on our website
at www.icabc-pd.com.
Free Seminars for CAs
Tax in the Current Time Zone
June 20, 7:30-9:30am
Understanding Financial Statements for
Non-Financial Directors
June 21, 8:00-9:30am
Quality Control – How to Make It
Work for You
July 11, 8:00-10:00am
These sessions are free for CA members
only. Seats are limited, and preregistration is required. For more
information, go to www.icabc-pd.com or
email [email protected] to register.
30
Accounting & Assurance
Business Combinations for Private and
Public Enterprises
This seminar will provide guidance related to
the accounting for business combinations in both
the public and private enterprise environment.
It will provide an understanding of Section
1582/IFRS 3 in the application of the acquisition
method, and the preparation of consolidated
financial statements.
June 14, 9am-5pm, Vancouver
Wealth Management Tools and Practices
This seminar will give professional advisors the
tools they need to help themselves or their clients
develop personal financial plans; collaborate
with other professional advisors who provide
financial advice; and help integrate clients’
personal financial planning into their corporate
and family affairs.
June 12, 9am-12:30pm, Abbotsford
June 14, 9am-12:30pm, Vancouver
IFRS – Foreign Currency Translation
This half-day seminar will provide practical
guidance regarding the terminology and methodology of foreign currency translation under
IAS 21 and IAS 29. It will highlight differences
between IFRS and Canadian GAAP, using examples to enhance significant differences.
The CAS Audit of Simple Entities
This seminar will provide practical guidance
on how the CAS requirements can be applied
proportionally to the audit of very small entities,
and how to prepare documentation that complies
with the CAS in a cost-effective manner. A case
study using a micro not-for-profit organization
will be used to reinforce the learning.
ASPE: A Comparison to Part V
This seminar will compare GAAP standards
contained in CICA Handbook – Accounting Part V
with those in Accounting Standards for Private
Enterprises, now included in Part II of the CICA
Handbook – Accounting. The objective of this
course is to help participants understand what
has and has not changed from current practice
in all areas, and the impact of these changes on
financial statements.
July 5, 9am-5pm, Victoria
Corporate Treasury Management
The treasury function has evolved from cash
management and insurance to funding strategy,
complex risk-management techniques, and
oversight of many aspects of corporate risk
management and loss reduction. This seminar
will provide participants with the tools needed
to add value to the treasury function in their
organizations.
ASPE: A Survey of the Standards
This seminar is designed for individuals seeking
an in-depth, detailed review of ASPE. All
ASPE Handbook sections will be reviewed and
discussed in the material. The seminar will also
feature an introduction on the changeover from
GAAP to ASPE.
June 25-26, 9am-5pm, Abbotsford
July 12-13, 9am-5pm, Vancouver
IFRS – A Comparison to Part V
This seminar will examine the major differences
between CICA Handbook – Accounting Part V
(pre-changeover GAAP) and CICA Handbook –
Accounting Part I (IFRS) for profit-oriented
entities. The focus will be on the IFRS with significant differences from pre-changeover Canadian
GAAP.
Principles and Practices of Business
Acquisitions
This seminar will focus on the major considerations involved in analysing a possible acquisition,
making a deal, financing the transaction, and
operating the merged entity.
ASPE: The Transition
This half-day seminar will review the retrospective
impacts of adopting ASPE. The measurement
and recognition changes required or considered
on adoption will be explored. The objective of
the course is to provide deeper knowledge and
understanding of the financial statement transition
requirements of ASPE.
IFRS – A Survey of the Standards
This seminar will provide a solid introduction
to IFRS. Focus will be on IFRS that apply to
most profit-oriented entities and that differ from
Canadian GAAP. Note: The seminar will not
provide a direct comparison with Canadian GAAP.
IFRS – An Update
IFRS standards are changing and it is important
to keep abreast of recent developments. This
half-day seminar will provide participants with a
review of new and revised IFRS, and an up-todate snapshot of other projects being considered
by IFRS standards setters.
July 9, 9am-12:30pm, Vancouver
Building Better Business Cases
This seminar will give participants the tools they
need to better evaluate and critically monitor
capital expenditure (CAPEX) business cases. It
will provide the knowledge and skills needed to
help participants avoid making CAPEX business
case flaws and errors.
New: Excel Boot Camp
This course is an intensive, two-day program
designed to take experienced, self-taught users of
Excel to the next level. It will provide real-world
examples developed by accountants for accountants, and will cover features in Excel 2003,
2007, and 2010.
Financing Strategies
This seminar will provide an in-depth review of
the various forms of financing used to fund capital
projects and acquisitions, or to restructure
existing capital. By using real-life examples,
identifying common pitfalls, and highlighting
key elements and case studies, the seminar will
put financial executives in a better position to
seek out and negotiate with capital providers.
July 10, 9am-5pm, Vancouver
Winning-Edge Negotiation Skills
This seminar will teach you a proven, practical,
step-by-step approach to win-win negotiations,
and show you how to protect yourself from
“hardball” negotiators. Learn how to win your
opponent over, rather than win over your opponent.
June 22, 9am-5pm, Victoria
Taxation
PSAB 101
This seminar will help participants understand
the accounting recommendations of the Public
Sector Accounting Board (PSAB). It will enable
them to apply the recommendations in the
preparation of government financial statements,
and develop financial reporting in accordance
with PSAB. The course will review the key
recommendations in the PSAB Handbook, and
a variety of examples will be used to help
participants understand the application of these
recommendations.
Management
New: The Mobile Web for Accountants
This seminar will explore how financial professionals can position themselves to take full
advantage of portable Internet-connected devices
such as smartphones and tablets. This information
is especially relevant for accountants who,
increasingly, are expected to be plugged in at all
times, work on the fly, respond immediately,
continuously monitor their clients, and collaborate
at anytime from anywhere.
June 18, 9am-12:30pm, Abbotsford
July 25, 9am-12:30pm, Kelowna
What’s Your Point? Present with Presence
Whether you are standing onstage in front of a
large audience, or sitting at a board room table
or across a desk from a client, this workshop will
help you get organized and deliver your message
clearly and memorably.
June 22, 9am-5pm, Victoria
Professional Presence
In today’s world, we need to make a good first
impression quickly, whether we’re communicating
by email, voicemail, or face to face. This practical
workshop will provide you with valuable skills
to increase your effectiveness and your confidence in any situation, and will help you build
better business relationships.
Project Management – Tips & Traps
This seminar will take you through the steps to
successfully implement project management. It
is intended for senior managers who want to
understand the applicability of this tool, and/or
want to identify opportunities for improvement
in their own organizations or in their clients’
organizations.
You’re Speaking: But Are You Connecting?
In this seminar, you’ll learn how to make minor
changes to your personal speaking style that will
lead to a major improvement with each audience
you address. You’ll come away with ideas and
skills that will help you get results in less time.
Excel - Advanced
Although many accountants consider themselves
experts at using Excel, most are self-taught and do
not use Excel to its full potential. This course is
designed to take experienced, self-taught users to
the next level. It will provide real world examples
developed by accountants for accountants.
Income Tax Refresher: Corporate Tax
This two-day seminar will go beyond corporate
tax preparation to review the personal and
corporate tax-planning opportunities that are
available for corporate taxpayers.
June 22-23, 9am-5pm, Vancouver
Basic Canadian Income Tax Issues in
Cross-Border Transactions
This half-day seminar will provide participants
with a basic overview of several key issues,
including certain Canadian income tax reporting
requirements relating to the taxation of transactions
between Canadian companies and non-resident
businesses.
This seminar will be valuable to members in
industry and practitioners who deal with, or expect
to deal with, cross-border business transactions.
Breaking Up Is Hard To Do
When a marriage or common law relationship
ends, the division of family assets can be complicated. Learn how business and family assets are
classified in family law, and the role you can play
in advising both lawyers and clients effectively.
New: Canadian Resident Trusts & Estates
with Non-Resident Beneficiaries
The objective of this seminar is to help attendees
understand the taxation issues and reporting
requirements for an estate or trust that is resident
in Canada or deemed resident in Canada, where
there are one or more beneficiaries who do not
reside in Canada. Planning techniques to minimize
taxation will be discussed.
June 28, 7:30-9:30am, Vancouver
Remember that our spring/summer
program provides your last chance
to use your 2011-2012 PD passports,
which expire July 31, 2012. There are
no carry-forward provisions for
unused portions.
31
Plugged In: News for and about members & students
Announcements
Congratulations to our 50- and 60-year members!
50-year members
Mr Dennis E. Atkinson, CA
Mr Robert H. Baker, CA
Mr Ross E. Bird, CA
Mr Robert D. Brawn, CA
Mr Douglas K Bruce, CA
Mr Irving A. Buckwold, CA
Mr Malcolm A. Christie, CA
Mr Arthur L. Cinnamon, CA
Ms Sonja K. Clark, CA
Mr A Brian W. Coleman, CA
Mr Robin R. Cordwell, CA
Mr Hugh A. Creighton, CA
Mr Russell W. Daneluk, CA
Mr Antony W. Dawson, CA
Mr Kenneth M. Dye, FCA
Mr Olaf M. Falkenhagen, CA
Mr Charles A. Fiford, CA
Mr Kenneth M Fleming, CA
Mr Robert A. Food, CA
Mr Lawrence Fox, CA
Mr D. Stuart Fraser, CA
Mr George R. Fraser, CA
Mr James D. Gray, CA
Ms Mavis J. Hadland, CA
Mr Jack W. Halpin, CA
Mr Harold B. Hancock
Mr Barrie L. Henderson, CA
Mr Jeremy H. V. Hooper, CA
Mrs Blanche A. Howard, CA
Mr William G. Inkster, CA
Mr Robert E. Jamison, FCA
Mr Robert W. Johnson, CA
Mr David A. Jones, CA
Mr Sammy Kee, CA
Mr Alan K. Kemp-Gee, CA
Mr Irving M. Kirsch, CA
Mr Paul R. Kissack, CA
Mr Robert J. Koster, CA
Mr Michael R. Kotchan, CA
Mr Earl W. Large, CA
Mr Kenneth W. Lepin, CA
Mr Ian M. Lochhead, FCA
Mr Raymond E. Lucas, CA
Mr Frederick A. Marsh, CA
Mr Hugh W. McAdams, CA
Mr Brian R. McCreadie, CA
Mr Fred McKave, CA
Mr Alan R McKinlay, CA
Mr E. Michael McMahon, FCA
Mr Sultanali G. Mohamedani, CA
Mr Roy A. Moore, CA
Mr D Bruce Morris, CA
Mr Leif S. Nordahl, CA
Mr Earl V. Nordstrand, CA
Mr Joseph M. Ostafichuk, CA
Mr James A. H. Pearson, CA
Mr George R. Pritchard, CA
Mr John R. Redworth, CA
Mr Joseph F. B. Reilly, CA
Mr Edward D. Renyk, CA
Mr Alan W. Richman, CA
Mr Larry R. Ridenour, CA
Mr Reginald M. M. Rowe, CA
Mr Donald R. Rush, CA
Mr Kenneth A. Sherlock, CA
Mr Gordon A. Sladen, CA
Mr Roger D. Smith, CA
Mr Ross S. Smith, FCA
Mr David L. Staley, CA
Mr George A. Stekl, CA
Mr Robert J. Sundberg, CA
Mr Graham S. Thompson, CA
Mr Bui Thorlacius, CA
Mr Roy B. Treasurer, CA
Mr Jan B. Ullstrom, CA
Mr H. William C. Watson, CA
Mr Robert A. Watts, CA
Mr Royston L. Welham, CA
Mr John M. Wilson, CA
60-year members
Mr Walter E. Askin, CA
Mr John R. Croll, FCA
Mr Derek J. D. Falck, CA
Mr John E. Goodwin, CA
Mr Robert A. Gourlay, CA
Mr Clifford J. Hill, CA
Mr William G. Homenuk, CA
Mr Stanley B. Jenkins, CA
Mr Keith M. Lightbody, CA
Mr Frank B. Mason, CA
Mr Thomas F. Rose, CA
Mr Rupert N. Salomon, CA
Mr David R. Sinclair, FCA
Mr Harold H. Wolf, CA
FVCAA Event Notice
The Fraser Valley CA Association (FVCAA) is pleased to announce the following upcoming event:
June 7, 2012
ICABC Executive & Committee Activities, Unification Activities, FVCAA Scholarship Presentation
Keynote speaker: Incoming ICABC President Gord Holloway, FCA (associate partner/practice leader, KPMG)
The event will take place at the Cascade Community Centre in Abbotsford and start at 8am. The cost for the event is
$35.00 and includes breakfast. RSVP to Laurie Daschuk at [email protected].
32
In memoriam
Notice to all Yukon Members
Our deepest condolences to the
family and many friends of Ken
Maddison, FCA. Ken passed away
peacefully on April 8, 2012, after a
short battle with cancer.
Ken was well-respected in the
business community. He worked in
public practice for 31 years, and
retired as a senior partner of KPMG.
He also served as a director of several
public companies in Canada and the
United States.
Deeply committed to public service,
Ken held positions of leadership with
many community organizations,
including the United Way of the
Lower Mainland; the North Fraser
Harbour Commission; Sports BC; the
Burnaby Parks & Recreation
Commission; the Pacific Coast
Association of Port Authorities (to
which he was elected a life member);
the Canada Summer Games; and the
BC Lacrosse Association—to name
but a few.
Those members who knew Ken will
also remember his alter ego, “Jelly
Bean” the clown. Ken volunteered for
more than 30 years as Jelly Bean,
bringing smiles and comfort to
children at parades and at the BC
Children’s Hospital. A proud Mason
and a Shriner, he was a member of
the clown unit of Maple Leaf Park
Lodge #63. In addition to serving as
president of the clown unit, Ken also
served as treasurer and CFO of the
Shriners of British Columbia and
Yukon, of which he was made
treasurer emeritus. In addition, he was
a member of the Canadian Shriners
Hospital Committee and a tireless
fundraiser for the Hospital.
Ken was also a member of the
Vancouver Golf Club and a long-time
member of the Terminal City Club. In
addition to golf, he enjoyed fishing
and gardening.
Ken is survived by his wife Elaine, his
children, brother, grandchildren,
stepchildren, and many other family
members. Donations in his memory
may be made to the Shriners Hospital
for Children or the Canadian Cancer
Society.
2012 Yukon Institute of Chartered Accountants Annual General Meeting
The Yukon Institute’s annual general meeting (AGM) will take place at 4:00 pm
on Friday, June 22, 2012, at the Edgewater Hotel, located at 101 Main Street,
Whitehorse, YT. You will be able to access all meeting material via the Yukon
Institute’s website at www.icayk.com effective May 31, 2012.
Notice to all BC Members
REMINDER – ICABC 2012 Annual General Meeting
The ICABC’s 107th annual general meeting (AGM) will be held Wednesday, June
20, 2012, at the Hyatt Regency Vancouver, located at 655 Burrard Street,
Vancouver, BC. The meeting will start at 3:30 pm.
Agenda for AGM
1. Notice of Meeting
2. The Membership
3. Appointment of Scrutineers
4. Minutes of 106th AGM of June 22, 2011 (available online at www.ica.bc.ca)
5. President’s Report (available online)
6. Financial Statements as at March 31, 2012 (available online)
7. Appointment of Auditors – 2012/2013
8. Notice of Motions – Amendments to the Bylaws and Rules of Professional
Conduct (available online)
9. Election of Council – 2012/2013 through 2013/2014 (available online)
10. Other Business
11. Adjournment
Meeting material on ICABC website
Meeting material—including proxy, Council candidate voting information, and all
other meeting material—is available on the Institute’s website at www.ica.bc.ca.
If you do not have access to the Internet, you may request that a meeting
package be mailed to you by contacting the Institute office at 604-681-3264
or 1-800-663-2677 (toll free in BC).
PRL Notice – Cancelled Licences
Pursuant to its meeting of May 11, 2012, the Practice Review & Licensing
Committee announces that the following firms are no longer in public practice
under these names:
Firm Name
Brent Zazubek
Burkett & Abercrombie
C.B. Wilson Chartered Accountant
Chan Foucher LeFebvre LLP
DG Smith & Company
Graham Alce CA
Jem Business Services Inc.
N.J.R. MacKinnon, C.A.
R.A. Hussey & Associates Inc.
Rick Dauphinee Ltd.
City
North Vancouver
Victoria
Kelowna
Quesnel
Vanderhoof
Prince George
Fort St. John
Nanaimo
West Vancouver
Vancouver
Kelowna
West Vancouver
33
Working, Living, and Investing in Regional BC in 2011
continued from page 19
Table 3: Business Incorporations in All Development Regions, 2006-2011
Percentage point
change
Region
2006
2007
2008
2009
2010
2011
5-Year
2006-11
1-Year
2010-11
Cariboo
Kootenay
Mainland/Southwest
Nechako
North Coast
Northeast
Thompson-Okanagan
British Columbia
601
603
24,114
137
90
669
3,196
3,863
33,273
560
730
24,538
131
106
542
3,446
3,983
34,036
557
644
21,445
118
108
444
3,124
3,645
30,085
440
490
19,483
72
85
327
2,375
3,159
26,431
456
504
22,714
88
76
479
2,577
3,411
30,305
476
494
23,335
99
94
534
2,476
3,335
30,844
-20.8%
-18.1%
-3.2%
-27.7%
4.4%
-20.2%
-22.5%
-13.7%
-7.3%
4.4%
-2.0%
2.7%
12.5%
23.7%
11.5%
-3.9%
-2.2%
1.8%
Number of business establishments
After three years of growth, the number of business establishments in BC slipped in 2011, decreasing by 1,383, or 0.4%, to reach 368,879. The greatest
losses occurred among establishments with 20 or more employees, while the number of the establishments with no employees (i.e., self-employed or sole
proprietorships) grew by 0.5%.
A review of regional data shows that in most cases, the total number of business establishments declined for almost all size categories. Only the Nechako
saw an overall increase in the number of business establishments, recording a modest growth rate of 0.1%.
The North Coast and Kootenay Development Regions underwent the greatest declines, with the total number of establishments falling by 1.7% and 1.4%
respectively. In both cases, the greatest losses were incurred by large establishments with 50 or more employees.
Two exceptions to this contraction in the number of establishments was a 0.8% gain in businesses with no employees in the Mainland/Southwest (reflecting
an ongoing trend toward greater self-employment), and an increase in the number of establishments with 20 to 40 employees in both the Nechako and the
North Coast. This was a reflection off on-going growth in transportation and warehousing, construction, and several service sector industries.
Living in Regional BC
Educational attainment
Labour force educational attainment plays a central role in productivity gains, and helps to determine our province’s competitive position in the world
market. Between 2010 and 2011, BC’s share of the labour force with post-secondary education rose from 64.4% to 65.9%, a gain of 1.5 ppt. Over the past
five years, this indicator has risen by 5 ppt, but in absolute terms BC still lags behind some eastern Canadian jurisdictions, such as Ontario.
In 2011, labour force educational attainment rose in all Development Regions, except for the Northeast and Vancouver Island/Coast. The principle driving
force behind rising education levels was industry’s growing need for workers with technical skills, specialized training, or an advanced degree. The largest gains
were made in the Kootenay, Northwest, and Cariboo (8.1 ppt, 5.3 ppt, and 2.7 ppt respectively). Nevertheless, they still lag behind the educational
attainment levels of the Mainland/Southwest and Vancouver Island/Coast, although the gap is closing. (See Table 4 on page 31.)
Dependence on the social safety net
In 2011, there was no overall change in BC’s social safety net dependency. The share of BC’s workforce-age adults who depended on basic income assistance
and employment insurance remained steady at 2%. The story is more positive at the regional level. In six out of eight Development Regions, social safety net
dependency declined, as more workers re-entered the labour force; in the other two, the dependency ratio remained the same.
The greatest decline in this indicator took place in the North Coast and Nechako, where social safety net dependency declined by 0.4 ppt, and the Northeast ranked
second place, with a decline of 0.3 ppt. Dependency in the Mainland/Southwest and Thompson-Okanagan declined slightly, by 0.1 ppt, while it remained the same
in the Kootenay and Vancouver Island/Coast.
In spite of these favourable developments, there have been no significant changes in absolute rankings among regions. The Northeast continues to enjoy the lowest
social safety net dependency ratio in BC, at 1.2%, and the Mainland/Southwest Development Region is second lowest at 1.7%. At the high end of the spectrum, the
North Coast Development Region persisted in having the highest dependency ratio in the province, at 4.8%.
34
Table 4: Percent of Labour Force Age 25 to 54 with a Post-Secondary Certificate/Diploma or
Higher, 2006 to 2011
Percentage point
change
Region
2006
2007
2008
2009
2010
2011
5-Year
2006-11
1-Year
2010-11
Cariboo
Kootenay
Mainland/Southwest
Northwest BC
Northeast
Thompson-Okanagan
British Columbia
50.9
53.1
64.1
51.3
48.4
54.6
59.4
61.0
52.4
53.3
64.4
44.7
54.8
58.7
59.8
61.7
56.2
53.2
65.1
47.7
53.9
57.5
62.3
62.6
55.7
56.8
65.0
50.8
53.8
60.7
62.0
63.0
53.1
55.1
67.1
54.0
49.6
59.6
64.1
64.4
55.8
63.2
68.4
59.3
48.5
61.5
64.0
65.9
4.9
10.1
4.3
8.0
0.1
6.9
4.6
5.0
2.7
8.1
1.3
5.3
-1.1
1.9
-0.1
1.5
Full report available online
The full version of the BC Check-Up, Regional Edition is available on the BC Check-Up website at www.bccheckup.com under “Regional Edition.” For more
information about the report, contact Vanessa Woznow, the Institute’s manager of public affairs, at [email protected].
Marlyn Chisholm is the principal of Chisholm Consulting and the lead economist on the ICABC’s annual BC Check-Up report.
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 plan.
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[email protected].
OFFICE SHARING FOR SOLE
PRACTITIONER OR FIRM - We are
an established small firm of 9 people
(Vancouver Champlain Heights area)
looking for a sole-practitioner or
small firm to share our offices and
administrative resources. Ideal for
the new practitioner starting out or
for the established firm wanting to
cut-costs. The office was tastefully –
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2010 and can accommodate an
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The building has ample free parking
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right individual/firm. If interested,
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35
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PH: 604‐536‐7614 1‐800‐761‐7772 Surrey
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Brian MombourqueƩe, CA  Joe Bring, CA, CBV
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Vancouver
Kelowna
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Our team provides Customs Compliance Solutions to importers and exporters
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36
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• Term Life Insurance • Long Term Disability
• Medical and Dental • Office Contents
Visit caipw.ca or call 1.800.661.6430
Employment
This is your opportunity to impact the direction of the Tax
Team at D+H Group LLP. Working with our 2 Tax Partners,
you will set the direction for tax planning in our growing
business.
You will be responsible for working directly with partners
and clients on tax planning and reorganizations. You will
play a key role in developing the professional and technical skills of our growing Tax Team.
Requirements:
+ ten or more years of full-time tax experience with an
emphasis on planning
+ completed the CICA In-Depth Tax Courses
+ detailed knowledge of income tax rules and planning
opportunities for CCPC organizations
Position offers excellent advancement potential and
competitive compensation. Flexible work arrangements available. Send your resume and cover letter
to [email protected].
+
DHgroup.ca
604 731 5881
[email protected]
A B.C. Limited Liability Partnership of Corporations
MANAGER
FINANCIAL REPORTING
SENIOR FINANCIAL
ANALYST
FINANCE MANAGER
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Manage future growth
Add value through analysis
Entrepreneurial and analytical
Combine your strong technical accounting
abilities with your experience leading teams
of designated accountants for this growth
orientated, international US listed company.
One of BC’s largest, publicly traded
companies is seeking a talented Senior
Financial Analyst to provide value added
services to strategic business units through
detailed financial planning and analysis.
Join this dynamic financial services business
with operations across Canada. Utilise your
strong technical accounting skills with great
commercial acumen as you perform a broad
range of accounting duties.
Responsibilities include monthly
performance reporting, budgeting, strategic
planning and financial modelling.
Working with the senior management team
you will also closely support the decision
making with insightful performance related
information.
This is a senior position requiring extensive
US GAAP Public company reporting,
budgeting and MD&A experience.
The successful candidate will hold a CA
designation with at least 5 years post
designated experience and will have worked
with complex US listed companies. Ability
to lead teams in a dynamic and busy
environment is essential.
The successful candidate will have
demonstrable success within an FP&A
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Contact Gavin Ryan
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or 604 648 4319
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or 604 648 4281
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or 604 648 4319
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A CA with 2-5 years post designation
experience, you have a strong track record of
working with dynamic and complex
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37
For the Profession
National Harmony in Practice Review
Programs: Update
By Roger Merkosky, CA
Changes to the practice review methodology and report in
summer 2012
Several years ago, the provincial CA institutes across the country embarked on a project to
harmonize their practice review programs. So far, this has yielded a three-year risk adjusted cycle for
practice reviews, a common method of file selection, and CA training offices being assessed
on practical experience requirements. The final leg of the project is to harmonize the way firms are
evaluated.
New evaluation methodology and a new report will be implemented for practice reviews starting in
July 2012. This new process will assist the Practice Review & Licensing Committee (“the Committee”)
in performing its objective assessment of a firm and in determining appropriate remedial actions,
and—more importantly—it will enable practitioners to constructively review any deficiencies to be
addressed in order to improve the quality of their practices.
As part of this new process, a structured approach to the classification and evaluation of deficiencies
has been established. Effective July 2012, deficiencies will be classified as either:
• Reportable deficiencies – deficiencies considered important with respect to financial statement
presentation and disclosure, and the documentation supporting engagement reports, as well as compliance with the Canadian Standard on Quality Control and the Rules of Professional Conduct; or
• Non-reportable deficiencies – immaterial deficiencies that are only discussed with the firm. These
deficiencies will not be submitted to the Committee, nor will they be categorized; instead, they will
simply be listed in the report and presented for educational purposes only.
Scope
Although these changes are focused on assurance
and compilation engagements, the scope of the
practice review program in BC will continue to
include other assurance-type engagements, tax
engagements, and specialized services that a firm
might provide, and CA training offices will continue to be part of the practice review program.
Communication with
practitioners
As usual, practice review officers will go over the
report with the firm, and practitioners will be
given the opportunity to provide comments
prior to the report being finalized. Practitioners
will also be able to submit written comments to
the Committee, and those whose firms receive a
rating of “Does Not Meet Requirements” will
be called by a member of the Committee to
discuss the rating and the process.
C
M
Y
CM
MY
CY
CMY
Reportable deficiencies
Start date
Reportable deficiencies will be categorized as follows:
• Financial statement presentation deficiencies;
• Audit deficiencies;
• Review deficiencies;
• Compilation deficiencies;
• Canadian Standard on Quality Control deficiencies; and
• Rules of Professional Conduct deficiencies.
Again, the new methodology and report will be
implemented for practice reviews starting in July
2012. If you have any questions about these
changes, please contact me at [email protected].
The reportable deficiencies will be identified by file and, other than those relating to quality control or
Rules of Professional Conduct, will be further categorized as either “significant reportable deficiencies”
or “other reportable deficiencies.” This further sub-categorization will be based on the severity of the
deficiency, and will help practitioners and the members of the Committee focus on the really important
items.
Simplified firm rating system
The firm rating system will be simplified to three ratings:
1. Meets requirements – The firm meets the requirements of the practice review program.
2. Meets requirements with action plan – The firm needs to take a specified course of action to meet
the requirements of the practice review program.
3. Does not meet requirements – The firm does not meet the requirements of the practice inspection
program, resulting in consequences ranging from a partial or full re-inspection to a referral to
discipline.
38
K
Roger Merkosky, CA, is the director of Practice
Review & Licensing at the ICABC.
Watch for the PR&L
team in the field:
Melvin Berg, CA
Dennis Bettiol, CA
David Braithwaite, CA
Jennifer Jones, CA
Dick Miller, CA
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Valerie Warren, CA
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Celebrating achievement

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