December 2018

VOLUME 1 ISSUE 20 CPAPEI Newsletter

FOR ’S ACCOUNTING PROFESSIONALS

Inside this issue…

Successful PEI Candidates 2

CFE Marks Release and Member Social 3 Convocation & Awards Save the Date 3 Are you CPD Compliant? 4

CPAPEI Welcomes New Board Members 5

Competency Map update & CPA certification program changes 6

Celebrating Achievements FCPA Honourees 2018 7 Local Member Earns Spot in National CPA Branding Cam- 8 paign Community Volunteer Income Tax Program 8 Members in the News 9 . CRA Consultation 10 CPP & OAS Lunch & Learn 10 Free FinLit Sessions 10 Membership Changes 11 New Member Information Session 11 New Student Recruitment Advisor with the CPA 11 Atlantic School of Business

2018|2019 CPAPEI Board of Directors & Staff:

Chair Members at Large Chief Executive Officer Lisa Underhay, CPA, CGA David Arsenault, CPA Tanya O'Brien, CPA, CA Dennis Carver, CPA, CA Vice Chair Denise Lewis-Fleming, CPA, CA Staff Becky Chaisson, CPA, CMA Amy MacFarlane, CPA, CA Leanne Newson, BBA Kate O'Brien, CPA, CA Secretary/Treasurer Sharon O’Halloran, CPA, CGA Doug Ezeard, CPA, CA Kent Thompson, CPA, CMA, MBA

Executive Committee Public Representative Rodney Payne, CPA, CGA Shawn Murphy, PC, QC

Successful PEI Candidates

The Board of Directors of CPAPEI is pleased to recognize the achievements of the following candidates in the education program:

Kelli Bulger Government of PEI Brodie Carter Veterans Affairs Ling Chen Fitzpatrick & Company Lucas Currie Grant Thornton LLP Mark Darrach Arsenault Best Cameron Ellis Adam Devries BDO Canada LLP Emily Finkle Hammer University of Prince Edward Island Alex Grant Bradley Handrahan Chartered Professional Accountants John Grimmer BDO Canada LLP Lan Guo Fitzpatrick & Company Katherine Koughan Grant Thornton LLP William MacDonald Government of PEI Heather MacEwen Upstreet Craft Brewery Peter MacSwain MRSB Chartered Accountants Rie MacVicar Canada Revenue Agency Spencer Mayne Grant Thornton LLP Courtney Murphy Amalgamated Dairies Limited Evan Myers Canada Revenue Agency Haley Perry BDO Canada Ltd Tyler Ranahan Grant Thornton LLP Sophie Sauer Canada Revenue Agency Kyle Schrader BDO Canada LLP Jessica Smith Arsenault Best Cameron Ellis Alexis Spencer Arsenault Best Cameron Ellis Tianyi Yu Fitzpatrick & Company

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CFE Marks Release and Member Social

On November 30th, the Board of Directors of CPAPEI was pleased to host a holiday

social and celebrate the success of our candidates in the education program.

CONVOCATION AND AWARDS CEREMONY 2019

7:30PM FRIDAY | JUNE 7TH, 2019

FLORENCE SIMMONS PERFORMANCE HALL HOLLAND COLLEGE 140 WEYMOUTH ST., Save the Date! the Save Page 3

Are you CPD Compliant? CPD 3-Year Rolling Cycle ends Completing your CPD requirements can December 31, 2018 be difficult to fit in around work and fam- ily commitments. CPAPEI and CPA Cana- As per Regulation 4, a member shall da are proud to offer a wide range of complete: flexible digital choices for members in different industries across key topic are- (a) at least 20 hours of continuing pro- as. fessional development per year, in- cluding at least 10 hours of continu- Earn your CPD ing professional development that is hours online, objectively verifiable through an in- on the go – dependent third party; whenever and works for you. (b) at least 120 hours of continuing pro- fessional development in each three- We offer a year period specified by the Board, number of on- including at least 60 hours of contin- demand CPD uing professional development that is courses on our website. Topics range objectively verifiable through an in- from technical competencies such as as- dependent third party. surance and taxation to professional skills such as time management, negotia- If you are a new member who received tion, and technology management. their designation in the past 3 years, your CPD requirements may be pro-rated. CPA Canada also offers professional de- You should be aware of the requirements velopment courses on their website. to ensure you remain compliant.

Ethics

The new requirement for four verifiable hours in professional ethics in a 3-year rolling cycle begins in 2019. The portal will be updated in the new year to allow members to break out ethics hours from the courses.

Members are encouraged to login to the Member Portal to ensure that they meet the requirements for CPD, and register for courses if they need hours before year end.

As our 2018 Fall CPD Seminars come to an end, we would like to send out a special thank you to both our members & our spon- sors, TD Insurance & The Personal.

We appreciate your continued support!

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CPAPEI Welcomes New Board Members

At our Annual General Meeting on September 13, 2018, two Board Members were elect- ed, and one was re-elected. The Board of Directors extends a warm welcome to newly elected board members Dennis Carver, CPA, CA, and Amy MacFarlane, CPA, CA, and to Denise Lewis-Fleming, CPA, CA, MPA, on her re-election to the board. We also extend our thanks to outgoing Board Members Ryan Pineau, CPA, CA and David Mallard, CPA, CA, for their commitment and service to the profession.

Dennis Carver, CPA, CA As the principal and leader of the Grant Thornton construction, real estate and hos- pitality sector group for PEI, Dennis provides assurance and business advisory ser- vices to a variety of island businesses, not-for-profits, and government organiza- tions in the PEI market. He helps companies navigate large audit engagements— ensuring they meet compliance reporting requirements under various accounting standards including, ASPE, IFRS, ASNPO and USGAAP.

Dennis completed a secondment with the Grant Thornton Boston office and a US public company in the manufacturing industry.

Dennis is an alumni of the University of Prince Edward Island. When he’s not at work or furthering his education, he enjoys giving back to the PEI community. He has been a volunteer and board member of Big Brothers Big Sisters PEI, a member of the Charlottetown Chamber of Commerce and a strong supporter of the PEI Humane Society. He also feels it’s important to give back to our business community through strategic partnerships with such organizations as the Tour- ism Industry Association of PEI and the Construction Association of PEI.

Denise Lewis-Fleming, CPA, CA, MPA An alumna of UPEI’s BBA program, ’s Master of Public Administra- tion (MPA) program and the 2017 Governor General’s Canadian Leadership Confer- ence, Denise Lewis Fleming is a Chartered Professional Accountant (Chartered Ac- countant) who received her designation in November 1995.

With over 25 years of experience in the provincial public service, Denise has spent the last nine years as a senior manager in the PEI health care sector and currently serves as the CEO of Health PEI, with responsibility for the delivery of health services across the province.

Denise has been an active volunteer for various committees in the accounting profes- sion over the past several years. She currently chairs the Public Practice and Member- ship Committee of the CPA Board. Denise was also a member of the tri-party commit- tee which oversaw the drafting of the new Chartered Professional Accountants and Public Accounting Act that was proclaimed in April 2015.

Denise lives in Winsloe with her husband Brian and has recently taken up running to help improve work/ life balance.

Amy MacFarlane, CPA, CA Amy teaches accounting in the Faculty of Business at the University of Prince Edward Island (UPEI). Amy holds undergraduate degrees in economics and business admin- istration from and a master in education from UPEI. Prior to joining the faculty at UPEI, Amy worked in the consulting practice of MRSB, Charlottetown, the audit practice of KPMG Cayman Islands and the audit and tax practices of Ernst & Young, Vancouver.

Outside the university, Amy is involved in several corporate boards as well as numer- ous volunteer activities.

Amy lives in Clyde River with her husband Christopher Grandy and their four children.

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Competency Map update and CPA certification program changes

CPA Prince Edward Island would like to in- form members of some upcoming changes that affect the CPA certification program. In December 2018, CPA Canada will release the first major update to the CPA Competency Map since 2013. The main changes will include the incorporation of data analytics and infor- mation systems (DAIS) competencies in each of the six technical competency areas, as well as major revisions to the taxation competen- cy area.

In January 2019, CPA Canada will start to rollout changes to the CPA certification program to align with the Competency Map changes:

The CPA practical experience requirements (CPA PER) will be updated in Septem- ber 2019. If you currently offer a pre-approved program(s), you will have until September 2020 to adjust your program to meet the updated CPA PER. Stu- dents/candidates working in an experience verification route, will also have un- til September 2020 to adjust their position to meet the updated CPA PER. No adjustments will need to be made for students/candidates who complete their practical experience term before September 2020.

For CPA PEP, new DAIS and Taxation technical competencies content will be in- corporated into Core and Elective modules starting with the January 2019 of- ferings. Additional DAIS guidance materials, containing readings and activities (in a self-study format), will be made available to candidates.

The Common Final Examination (CFE) is scheduled to align with the 2018 Compe- tency Map for the September 2020 CFE offering. Candidates writing the Sep- tember 2019 or May 2020 CFE offerings will not be assessed on the new DAIS competencies, but are encouraged to familiarize themselves with the knowledge coverage. Guidance materials developed by CPA Canada will be provided to candidates writing these CFEs through the CPA profession and post-secondary institutions.

These changes will affect the practical experience requirements and may affect the hiring practices of organizations looking for the competencies.

An in-person meeting to review these changes is being planned for the spring of 2019. In the meantime, CPA Prince Edward Island committed to working and sup- porting you and your organization during this transition period.

If you have any questions or concerns about these changes, please feel free to con- tact us at [email protected].

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Celebrating Achievements | FCPA Honourees 2018

Congratulations to our newest FCPA Recipients

The Board of Directors of CPA Prince Edward Island is pleased to advise that three members have been awarded their Fellow.

The title of Fellow formally recognizes those members whose career achievements and/or contributions to the community have earned them distinction and brought honour to the profession.

Daniel Bartlett, FCPA, CA Vice President, Finance and Administration Northumberland and Bay Ferries Limited Danny Bartlett is Vice‐President of Finance & Administration at Northumberland Fer- ries Limited, Bay Ferries Limited, and Bay Ferries Management Limited. These com- panies operate conventional and high‐speed ferry services in Eastern Canada and the Caribbean. Mr. Bartlett worked in the transportation and tourism industry for over 30 years and is a shareholder and director of Atlantic Ferries Holdings Limited and the above subsidiary operating companies.

Blair Dunn, FCPA, CA Partner Grant Thornton Blair is an Assurance Partner at Grant Thornton in the Prince Edward Island region, where he has been helping businesses and organizations grow for over 30 years. Blair tries to get involved in his community through involvement with the local rotary club, chamber of commerce and other local community groups. He is the Past- President of the Summerside Chamber of Commerce, Past-President of the Prince County Family Services Bureau, and Past-President and Treasurer of the Summerside Rotary Club.

Jane MacAdam, FCPA, CA Auditor General Province of Prince Edward Island Jane MacAdam was appointed Auditor General for the Province of Prince Edward Island in March 2013. Prior to her appointment, Jane had been in a senior position with the Office of the Auditor General for over 25 years. Over the years, Jane has served on committees of the Canadian Council of Legislative Auditors and the Cana- dian Institute of Chartered Accountants. She has also been active in a number of not for profit and community based organizations. Jane is a graduate of the University of Prince Edward Island and is a long time resident of Morell, PEI.

Congratulations to the three members.

These Fellows will be officially awarded at our Convocation and Awards Ceremony on June 7, 2019 at 7:30pm, at the Florence Simmons Performance Hall.

Thank you to our Awards Committee Debbie Good, FCPA, FCA (Chair), Terry Keefe, FCPA, FCMA and Doug Carr, FCPA, FCGA

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Local Member Earns Spot in National CPA Branding Campaign

You scream! CPA Prince Edward Island member Chad Heron, CPA, I scream! CA, Vice President at COWS Inc., is one of the Canadian CPAs featured in the national branding campaign re- We all scream... leased in October 2018. for an ice cream-making CPA? Meet Chad, a CPA from PEI The campaign shows the exciting roles that CPAs can producing one of our and do hold, such as producing the World’s Best Ice favourite treats. Cream! For further details on the campaign, see the CPA Canada article Debunking the “boring accountant” myth.

Have a look at Chad’s video on our YouTube Channel, and watch for Chad’s image in social media, billboards (outside PEI), in airports and bus shelters across Canada.

#anythingbutboring

Community Volunteer Income Tax Program

Want to help people in your community? Do you have a basic understanding of income tax? Volunteer with a community organization to help people by doing their taxes!

With the Community Volunteer Income Tax Program (CVITP), you’ll be helping thousands of people get the benefits they’re entitled to. As a CVITP volunteer, you’ll receive training, guid- ance and tax software.

Register to volunteer today!

Community Volunteer Income Tax Program in Prince Edward Island:

* This data is as of June 9, 2018 and subject to change ** The data is as of August 30, 2018 and subject to change. It applies exclusively to the 2017 tax return year and to benefits administered through the CRA during the 2018-2019 benefit year.

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Stan MacPherson appointed chairman of Junior Achievement P.E.I. board of P.E.I. Sports Hall of Fame announces governors 2018 inductees Stan MacPherson Kathy O’Rourke (Curling) has been appointed to serve as the next Kathy O’Rourke skipped chairman of the one of P.E.I.’s greatest Junior Achievement curling teams to the final at the 2010 Scotties Tour- of P.E.I. board of nament of Hearts, nar- governors…. rowly losing to Jennifer Jones in Sault Ste. Marie, The Guardian | Ont. It was only the sec- October 01, 2018 ond time that P.E.I. had finished as runner-up in the national women’s

championship….

Blair Corkum receives Chamber The Guardian | October 18, 2018 Volunteer Excellence Award Island volunteers recognized for dedi- The Greater Charlottetown Area Chamber cation to community groups of Commerce will honour Blair Corkum with the 2018 Vol- Island volunteers, from left, Blair Corkum of unteer Excellence the Community Legal Information Associa- Award at the Presi- tion, Judy dent’s Excellence Herlihy of the

Awards on Nov. 14. P.E.I. Wom- A CPA with numer- en’s Network ous financial plan- and Leo Bro- ning designations, derick of the Corkum specializes Council of Ca- in hourly fee-for- nadians P.E.I. service financial Chapter show planning and financial divorce consulting the certifi- through Blair Corkum Financial Planning cates of appreciation they received during Inc. the 11th annual Volunteer Awards and Fund-

Members in the News the in Members Greater Charlottetown Chamber of Commerce raising Breakfast. Missing from the photo: News Release | October 22, 2018 Irene Burge, Cooper Institute; Valerie Curtis, The Guardian | November 15, 2018 Bedeque Area Historical Society; Peter Dun- field, Canadian Cancer Society; and Gerry Mawhinney, New London Community Com- plex. Denise Lewis Fleming given nod as The Guardian | November 18, 2018 new CEO of Health PEI

Denise Lewis Fleming has been appointed the new CEO of Health P.E.I. after serving the role on an interim basis since May.

Fleming is touted as bringing extensive strategic, operational and policy development experience to the position with the province’s health authority.

“Denise has done an outstanding job as acting CEO and I am confi- dent she will continue to thrive and provide the necessary leadership to move our system forward,” said Health and Wellness Minister Rob- ert Mitchell. The Guardian | December 7, 2018

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CRA Consultation CPAPEI and CPA Canada Co-Host CRA’s “Serving You Better” Roundtable

In September, CPA Prince Edward Island col- information easier to access, understand, and laborated with CPA Canada to host a use; clarify infor- roundtable with senior officials from the Can- mation about pay- ada Revenue Agency (CRA), as part of the ment options; and im- CRA’s “Serving You Better” consultation pro- prove services related gram. to the audit, collec- tions, and appeals This consultation program is key to the processes. CRA’s overarching commitment to serving the needs of small and medium-sized busi- The CRA is expected nesses and their accounting service provid- to release a report summarizing the 2018 ers. The program gives stakeholders a forum consultation process in early 2019. In the in which to share valuable feedback, which meantime, you can view the CRA’s key initia- the CRA can then use to streamline its pro- tives and check for progress reports online at grams and services and make these pro- canada.ca/en/revenue-agency. Go to: About grams and services more client-focused. the Canada Revenue Agency > Corporate reports and information > Small and medium The CRA conducted similar consultations in businesses: the Canada Revenue Agency is 2016, at which time participants suggested committed to Serving You Better (under the that the organization modernize and raise Service heading). awareness of its digital services; make tax

CPAPEI to Host CPP & OAS Overview Lunch & Learn January 17, 2019

CPAPEI is pleased to host a free lunch & learn session with Wendy McGrath, Citizen Services Specialist with Service Canada. Wendy will de- liver an overview of the basics and any recent changes with respect to the Canada Pension Plan, Old Age Security & Guaranteed Income Sup- plement rules. Jamie Jackson from CRA will accompany Wendy, and provide general information on the Disability Tax Credit.

Date: Thursday, January 17th, 2019 Time Lunch available at 11:15am | Presentation 11:30am - 1:30pm Location: Brackley Boardroom | Cox & Palmer | 97 Queen St., 6th floor, Charlottetown Presented by: Wendy McGrath, Citizen Services Specialist with Service Canada

Please RSVP to reserve your space, or contact Leanne at [email protected].

Spread the Word About Free FinLit Sessions

CPA Canada’s Financial Literacy Program now offers more than 40 free finan- cial literacy sessions designed to meet the needs of nine different target audi- ences: Adults; Seniors; New Canadians; School-aged students; Post-secondary students; Small and medium-sized businesses; Entrepreneurs; Not-for-profit or- ganizations; and Remote communities.

Contact CPAPEI or visit cpacanada.ca/ financialliteracy for details.

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CPAPEI Membership Changes for the period October 1 —December 14, 2018

New Members by Program Completion Associate Membership Ling Chen, CPA Alexandra Genest, CPA, CA Lan Guo, CPA Kaitlyn Lord, CPA Applications for Public Practice Licensing Tianyi Yu, CPA Alexandra Genest, CPA, CA Sarah Taylor, CPA, CA Membership Transfers to CPAPEI Kaitlyn Lord, CPA Jonathan Crawford, CPA, CA Bill Waterman, CPA, CMA Retirement Status Allan MacKenzie, CPA, CGA

New Member Information Session

CPAPEI will be hosting a new member information session on March 28, 2019, which will provide more detailed information on the require- ments of a member and cover commonly asked questions.

More details to follow in the new year.

New Student Recruitment Advisor with the CPA Atlantic School of Business

John Thomas is the new and he is currently finishing his Master of bilingual Student Recruit- Counselling Psychology at Université de ment Advisor for New Moncton. Brunswick and Prince Ed- ward Island for the CPA He is very excited to be joining the CPA At- Atlantic School of Busi- lantic School of Business team and looking ness. John will be working forward to collaborating with you in the fu- out of the CPA New ture. Brunswick office located in Moncton and will be build- Please feel free to contact John to organize ing upon the terrific work of Rachelle an Information Session or to respond to any Gauvin, who has left the organization to pur- questions regarding the path to becoming a sue other opportunities. CPA; T 506.382.1266 or jthom- [email protected]. Originally from Newfoundland and Labrador, John has over 7 years of recruitment experi- Welcome to the CPA family John! ence with organizations such as the Explore Official Languages Program, Memorial Uni- versity and Université de Moncton. In addi- tion to his wealth of recruitment experience, John has a Bachelor of Arts (Political Sci- ence/ Business) from Memorial University

Chartered Professional Accountants of Prince Edward Is- land Mail: PO Box 301, Charlottetown, PE C1A 7K7 Courier: 97 Queen St., Suite 600 Charlottetown, PE C1A 4A9 Tel 902 894 4290 | Fax 902 894 4791 | Email in-

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