Tax Traps & Tips

FTP: PARTNERSHIP AMENDMENT ACT WEB WORKS: NEW CAREER WEBSITE FYI: ME? IN PUBLIC PRACTICE? (PART I) ED: ME? IN PUBLIC PRACTICE? (PART II) PLUS: 2004 CONVOCATION LIST

EarlyEarly AchievementAchievement && CommunityCommunity ServiceService AwardsAwards

BEYOND NUMBERS • JUNE/JULY 2004 Flexibility.

Flexibility = True Peace-of-Mind. When it comes to insurance, we think it should go wherever you go. That’s why, when you choose WCASA’s affordable term life or disability insurance, you have coverage independent of your current employer. So, as long as you’re a member of a participating institute, you are free to roam the globe in peace. It’s what we Affordable plans, call a world of flexibility. premium coverage. For more information on our plans and services, visit www.wcasa.com Note to THECONTENTSJUNE/JULY2004 Members: COVER: Early Achievement & Community Service Awards Consideration of By Michelle McRae, Editor Merger with CMAs

The material for this issue of JUNE/JULY 2004, No.434 F E A T U R E S Published 10 times annually by the Beyond Numbers was written Chartered Accountants of British Columbia. PRESIDENT’S NOTES 4 before merger discussions were Editor & Illustrator FOR THE PROFESSION 5 Michelle McRae announced. Because of the long

Cover, Design & Layout COVER STORY 6 lead-time in print material for the Blindfolio Design EARLY ACHIEVEMENT WINNER: magazine, we have corresponded GORDON CUMMINGS, CA Advertising with members by email, fax, and Advertising In Print FEATURE STORY 8 Telephone: 604-681-1811 directly by mail to announce the Facsimile: 604-681-0456 COMMUNITY SERVICE AWARD WINNERS merger discussions. Director of External Affairs Lesley MacGregor S E C T I O N S You can find more information Institute Council John Cowperthwaite, FCA President TAX TRAPS & TIPS 12 about the merger at www.ica.bc.ca Barbara Carle-Thiesson, FCA 1st Vice-President THE IRS WANTS EVERY Amed Naqvi, CA 2nd Vice-President TAXPAYER TO HAVE A NUMBER and at www.cica.ca/perspectives. Doug Murphy, CA Treasurer You will also find a full article Jack Arnold, CA Janet Heino, CA·CBV FINANCIAL FACTS & 14 Susan Burns John Larsen, CA MONEY MATTERS outlining the case for the potential Steven Burridge, CA Dan Little, CA ‘TIS BETTER TO GIVE… Jim Carr-Hilton, CA Al McNair merger in the July issue of Johan de Rooy, FCA Margaret Parkinson, CA Odd Eidsvik, FCA Peter Roberts, CA PD NEWS 16 CA Magazine. Ross Fraser Robert Wicks, CA UPCOMING PD SEMINARS

Chief Executive Officer WEB WORKS 17 Our focus right now is on Richard Rees, FCA NEW CAREER WEBSITE consulting with you. Information Manager, Executive Office Karen Heskin PLUGGED IN 18 sessions are being held across MEMBER AND STUDENT NEWS Beyond Numbers is printed in British Columbia the province, and we will be and mailed 10 times annually to more than 8,300 chartered accountants and 1,000 CA students in public 2004 CONVOCATION LIST 20 contacting members to let you practice, industry, education, and government service throughout BC, Canada, and other countries. FYI 22 know about meetings scheduled ME? IN PUBLIC PRACTICE? Beyond Numbers’ editorial and business offices are at: in your area. An electronic Suite 500, One Bental Centre, 505 Burrard St., Box 22 (PART I) Vancouver, BC V7X 1M4 discussion group is also available, Phone: 604-681-3264 ETHICAL DILEMMAS 26 and you can always share your Toll-free in BC: 1-800-663-2677 ME? IN PUBLIC PRACTICE? Fax: 604-681-1523 (PART II) views by writing to us directly Internet: www.ica.bc.ca

Opinions expressed are not necessarily endorsed by at [email protected]. the Institute.

Beyond Numbers supports the CA profession in BC by sharing news from the Institute and news about members, by sharing viewpoints on issues of specific interest to members, and by promoting member involvement in Institute activities.

Publications Mail Agreement No: 40062742 PRESIDENT’S NOTES

BY JOHN COWPERTHWAITE, FCA PRESIDENT

anding gear down industries and all manner of careers, and it’s once again, a celebration of the membership. As I prepare to pass the presidential foolish to think that our interests will always This year, Gord Cummings, CA, joins the gavel and the authorship of this column be aligned. What we must do now is address select ranks of our Early Achievement Award on to Barb Carle-Thiesson, FCA, our differences while continuing to celebrate winners, and his impressive professional LI’m reminded of last June when the values we all share as CAs. accomplishments are profiled in the Cover these were handed to me. In my first column Work towards this goal has already begun in Story. Suffice it to say, in less than ten years as president, I said, “My job for this year will a number of arenas: The ICABC has taken a as a CA, Gord has built a reputation as a tech- be to guide Council on a steady course and strong “one size of standard setting does not nical wizard and frequent resource for many help the profession navigate any turbulence— fit all” stance with the Accounting Standards in the CA community. Congratulations or more serious perils, like the mechanical Oversight Committee; we’ve created a separate Gord! failure that was Enron.” Michelle, the editor, strategy to meet the unique needs of members Three other CAs remind us that there’s more titled my column “This is your captain speak- in industry; and the Mid-Size Firms Forum, to life than work—our 2004 Community ing.” As it turned out, it was an apt metaphor which we support, has developed into a Service Award winners. In this month’s for the year. strong force. Feature Story, we detail their contributions With great relief, I can say we’ve landed In short, to help members deal with the to the community. I know their admirable without any mechanical failures, though there changing world, greater targeting of member commitment to philanthropy is shared by were some bumpy patches along the way. needs and stronger communication channels many of you. While the ride may have been uncomfortable, with different member groups are key. I’m Speaking of which, this month’s Financial I believe we’ve emerged stronger and better proud to say that we made a significant step Facts & Money Matters article “’Tis better prepared to cope with any turbulence in the in this direction during my tenure. to give…” looks at the process of charitable future. giving from both sides of the equation. My advice to Barb is not to wish for clear Thank you Also this month, Mike Essex, CA, director skies, as there will always be obstacles to Despite holding the title of “president,” I have of Practice Review and Licensing, and Chris overcome, but to wish for a strong team with been just one of many leaders at the Institute Utley, CA, director of Ethics, offer a two-part which to govern our profession. I know that this past year. The Executive Committee has article entitled “Me? In Public Practice?” In Barb herself will bring strength and vision to formed a consensual leadership team, providing FYI, Mike cautions that contracting can her presidency, complemented by the support to the president, Council, and CEO sometimes cross the line into public accounting, humour and compassion she has already Richard Rees, FCA. It has been through the and in Ethical Dilemmas, Chris points out the shown as a member of the Executive leadership of everyone on Council that different dangers of preparing tax returns for friends and Committee. perspectives were heard, debated, and consid- family. Afraid you might be crossing the line? ered. And Richard has led the Institute staff Be sure to read both articles. Looking back in turning much of what we discuss into We faced the most turbulence this past year concrete services, activities, and plans. Thank with the amended Independence Standard you all. Thanks to everyone who made and the Quality Control Exposure Draft. These two issues created divisions within our Recognizing other leaders in the this past year such a great profession deeper than any I have seen before. profession experience. On to you Barb! But these rifts came as no surprise—we are a But enough reminiscing—on to this month’s diverse profession, with members spanning all magazine contents! The June/July issue is,

4 THANK YOU BEYOND NUMBERS JUNE/JULY 2004 FOR THE PROFESSION

BY RICHARD REES, FCA CEO

c to allow for LLPs priate forms and processes in place. take on as an engagement and made it diffi- The wait is finally over. On cult sometimes for people to take on riskier April 27, the provincial Good public policy engagements…. This [legislation] is great government introduced Bill Modernizing partnership law to allow for news.” B 35 – Partnership Amendment LLPs now puts BC on an equal footing with Act, 2004, which allows for Limited Liability the rest of North America, where LLPs have More info Partnerships (LLPs) in BC. become the norm in partnership law over the David Wende, LL.B., of Alexander Holburn Prior to these amendments, partnership law past decade, primarily because they make Beaudin & Lang, will speak about the in BC was seriously out of date, and the good public policy. changes to partnership law at the AGM on provincial government is to be congratulated LLPs started in the US in the early 1990s June 23rd. And look for more details on LLPs for addressing the problem. As Finance and support began to build in Canada at the in future issues of Beyond Numbers. Minister Gary Collins said in the Legislature: end of that decade. In 1998, the federal “[BC] has lagged behind other jurisdictions Standing Committee on Banking, Trade, and in Canada and around the world in not Commerce endorsed LLPs for the provinces, Caution re: having legislation providing for limited liability and Ontario became the first province to partnerships. These amendments will remedy introduce legislation. By 1999, the Uniform Federal Election the situation, making BC a more attractive Law Conference of Canada had recommended If you are asked to act as auditor of place to do business.” LLPs for the provinces, and Alberta had The government said the amendments make become the second to modernize its partnership a candidate in the upcoming federal partners more fully accountable to their clients, law. Similar legislation to allow for LLPs was election, note that performing such and ensure that all partners can engage in their brought in by Quebec in 2000, Saskatchewan duties falls under the umbrella of business without putting personal assets at risk. in 2001, Manitoba in 2002, and New public practice; you must, therefore Brunswick in 2003. Partnership Amendment Act be licensed with the Institute and carry Under the amendments to partnership law— LLP efforts professional liability insurance. As well, which had passed third reading by the time BC’s new partnership legislation is the culmi- the Practice Review & Licensing Beyond Numbers went to press—partners in nation of years of effort by the accounting Committee will review the audit file a limited liability partnership have protection and legal professions. In second reading supporting your opinion. from personal liability for the debts of the debates, Collins said: “Government had partnership and the other partners, except in received direct representation from the law cases of negligence or wrongdoing. profession and chartered accountants, who The Institute will waive all costs related Collins said the amendments will place requested that changes to their legislation be to licensing and file review; however, made.” BC at the forefront in Canada by providing the insurance costs cannot be waived, partners with full-shield limited liability. Achieving LLPs for CA firms has been one as they are not an Institute service. According to the legislation, to obtain and of the Institute’s top priorities for many years. maintain LLP status, the partnership must The Institute has had numerous meetings Moreover, all members are advised register at the Corporate Registry, notify with both elected and non-elected government that they must maintain the professional clients of their change in status, include the officials, preparing and submitted policy papers liability insurance for six years after letters “LLP” in their business name, and and making several presentations. All of these performing the task. make an up-to-date list of partners available efforts paid off as the provincial government to the public at all times. As part of the became aware of the issue, understood its legislation, the Accountants (Chartered) Act importance, and took action. If you have any questions, please will be amended to allow for LLPs. During third reading of the legislation, contact Mike Essex, CA, director of BC’s new legislation places no restrictions MLA Brian Kerr, FCA, called it a “red-letter Practice Review & Licensing, at on the types of businesses able to register. In day,” explaining that he’d had to face the [email protected] fact, Collins said the legislation will come liability problem in his previous work as a or 604-488-2622 into force by regulation (expected in the fall) CA. Kerr said: “The liability chill had quite toll free 1-800-663-2677. 5 once the Corporate Registry has the appro- an effect on the type of work that you would

BEYOND NUMBERS JUNE/JULY 2004 COVER STORY

Early Achievement Winner: Gordon Cummings, CA By Michelle McRae, Editor

earing about some of Gordon manager with D&H, where his expertise in (Gord) Cummings, CA’s assurance—and, in particular, GAAP and accomplishments—an honours GAAS in both Canada and the US—have degree in business administra- garnered him the lead role in setting firm Htion from Simon Fraser standards and processes. Gord is currently University, a spot on the 1996 UFE Honour responsible for all aspects of compliance with Roll, an extremely high proficiency in accounting and assurance standards and accounting and assurance—you gather that documentation systems, including addressing he’s a high achiever. But to hear Gord tell it, initial registration and ongoing relationships this wasn’t always the case. with the Canadian Public Accountability “I was the complete opposite in high Board and the Public Company Accounting school,” he laughs. “Let’s just say high school Oversight Board in the US. wasn’t a good fit.” He is also a leader in providing assurance Still, Gord managed to pull his socks up in and consulting services to publicly listed senior year, scoring a high enough grade point corporations, and to businesses planning to average to fulfill his parents’ wish that he seek become publicly listed. These services include post-secondary education. audits of financial statements, assistance with During his first year at Simon Fraser regulatory compliance, and related matters. University, accounting and business were the He provides similar services to privately held furthest courses from the history buff’s mind. businesses. To gain a more thorough knowledge “I thought business students were the lowest of US standards, he became a CPA in the form of life,” he admits with a laugh. state of Illinois in 2001. An economics class in second year changed Gord also does a fair amount of teaching— his attitude. The professor was so impressed something he really enjoys (the irony of this, with Gord’s mid-term essay that he decided to given his self-professed loathing of school as a share it with the rest of the class. “He’s reading teenager, is not lost on him). “I’m a bit of an out this paper, and it suddenly occurs to me: academic,” he admits. “Not in the ivory tower ‘Hey, that’s my paper!’” he remembers. “It’s sense, but in the practical sense.” At D&H, the first time that ever happened to me.” he has taken on the challenge of developing This vote of confidence helped spark an internal professional staff education courses and interest in business, and when Gord later policies. Outside the firm, he’s been a sessional scored an A+ in his first accounting course, he lecturer in accounting at SFU’s Faculty of knew he was on to something. Not only did Business Administration, and he continues to he have an aptitude for accounting, he also teach technical accounting courses through the really liked it. ICABC’s Professional Development program. By the time he graduated from SFU in In addition to public practice and teaching, 1996, Gord had already spent one summer Gord volunteers extensively with the working with CA firm D&H Group (then Institute, most recently joining the Task Force Dyke & Howard) in Vancouver. (The decision on CA Life Cycle of Professional Learning, to work with a smaller firm was partly influ- which was struck in September 2003. “The enced by his parents; they’d advised him that profession has given me so much,” he offers, working with a smaller firm would give him “that I feel responsible to give back.” more entrepreneurial experience and a better His longest connection is with the Exposure chance to stand out if he really applied himself.) Draft Committee, which he joined in 1999. When the firm subsequently offered him a Gord, who calls himself “a total GAAP geek,” full-time job, Gord decided to give public vows he’ll be a member of the ED committee 6 practice a shot. He became a CA in 1998. as long as they’ll have him. Since then, he has gone on to become a senior In 2001, he was invited to join the Practice

BEYOND NUMBERS JUNE/JULY 2004 Review and Licensing Committee, on which he continues to serve. It’s given him insight into another aspect of public practice. “The profes- Nominations for next year sional practice management side of things has never really been my focus,” he explains. We’re making some changes to our Member “Working with the PR&L Committee has given me a real opportunity to see how the Recognition Program, so those of you interested profession self-regulates.” in nominating a colleague for next year’s awards, For the Mid-Size Firms Forum, of which D&H is a member firm, Gord is currently co- please note: some of the deadlines have authoring the Mid-Sized Firms Protocol and Practice Guide, a guide to help mid-sized firms changed. address new professional standards such as the recently revised standard for independence, and the proposed standard on quality control. 2005 award deadline changes With all of these commitments, it’s not Early Achievement Award: October 31, 2004 surprising that he cites time management as one of his biggest challenges. “Work is really time- Community Service Award: January 31, 2005 consuming,” he says, “but I’m not a workaholic.” Ritchie W. McCloy Award for CA Volunteerism: (On his wish list: more travel and outdoor recreation, and earning his masters degree.) January 31, 2005 Another challenge is the increasing complexity of business. “To be up to date on GAAP and GAAS these days,” he says, “you pretty much Nomination forms are available on the Institute have to specialise. Over the past eight years or so, Canadian GAAP has changed significantly, website at www.ica.bc.ca under Member having largely harmonized with US GAAP, Resources/Forms/Nomination Forms. and more changes are coming. And soon we’re going to see a lot of changes to GAAS.” Dealing with this complexity is what he finds most rewarding about his work—in particular, facing the constant challenge of applying standards that have not been written with small and mid-size businesses primarily in mind. “At the end of the day,” he says, “it’s rewarding to find a way to comply with these standards and meet the needs of clients.” Despite his noted expertise and his accomplishments, Gord is circumspect about receiving an Early Achievement Award. “I don’t think I’ve done anything special,” he says. “But I really appreciate the nomination.” Gord may think he’s done nothing special, but we know he’s one of the Institute’s rising stars, and we congratulate him on his Early Achievement Award. We know there are other stars out there, so if you know an early achiever, take the time to nominate them for next year’s award. Don’t just think about it—the person you nominate could be next year’s cover story! (See the accompanying box for deadline information.)

This year, in recognition of Gord's early achievement, Western CA Services and Meloche Monnex have agreed to donate 7 $1,000 to the registered charity of his choice.

BEYOND NUMBERS JUNE/JULY 2004 FEATURE STORY

Community Service Award Winners By Michelle McRae, Editor

olunteerism is a big priority in Some 25 years later and Doug—still a partner Contribution to the Realization of the Salmon the lives of many CAs. This with BDO’s Salmon Arm office—has never Arm Community Centre Award in 1987. month, we profile three CAs looked back. The following year, he became involved who exemplify the charitable Within months of settling in their new with R.J. Haney Heritage Park, a 40-acre Vethos shared by so many of you: surroundings, Doug and Donna joined the wooded park managed by the Salmon Arm Douglas (Doug) Adams, CA; Jennifer local Kinsmen and Kinette Clubs in order to Museum and Heritage Association. The Bettiol, CA; and Maurice Bouchard, CA. connect with their new community. It proved museum society had just moved a heritage a wise decision. “Getting involved with schoolhouse onto the barren property when Doug Adams, CA, CFP Kinsmen was one of the smartest things we’ve Doug first got involved as treasurer. “The Doug Adams has been ever done,” Doug shares. “It enabled us to books were a mess,” he recounts, “and there deeply involved in the make a lot of friends very quickly and helped was no money in the bank.” The first item on community of Salmon us feel at home.” his agenda: help sort out the organization’s Arm since he and his During his nine years with Kinsmen (he’s financial affairs. family first moved there now a member of K-40, for Kinsmen over 40) Since 1994, he’s served as president of the from Manitoba in 1979. Doug served terms as treasurer and president. organization, which is now thriving. “We He and his wife Donna In 1984/85, when the Salmon Arm branch have an annual budget of $260,000,” he says. had been looking to leave Winnipeg, where was the largest Kinsmen Club in BC, he was “Ten buildings have been built or moved onto Doug worked with the local office of honoured to receive the organization’s the property so far, and we employ up to 15 BDO Dunwoody LLP, since the winter of “Outstanding President Award.” people in the summer season.” In 2003, the 1978/79—the coldest Manitobans had Through Kinsmen—to which he links all of Park and Museum (which contains the experienced in 30 years. So when opportunity his later charitable work, including his four- archives for the District of Salmon Arm) were knocked the following fall, Doug, Donna, year stint as a Little League baseball coach— voted the Best Tourism Attraction in the and their two kids (daughter Angie, now a Doug became involved with the Shuswap Shuswap area by the local Chamber of CASB student with KPMG LLP, and son Community Centre Society, serving as president Commerce, another organization with which Brad, currently working in Russia) packed up during its 1985/86 conception phase. The Doug has volunteered over the years. and moved to BC. project was close to his heart. “We had two In addition to his work with R.J. Haney Doug’s love of the outdoors, stemming from small kids at the time,” he explains, “and we Heritage Park, Doug currently volunteers with his childhood in rural Southern Manitoba, missed having access to an indoor swimming the Salmon Arm Economic Development influenced the family’s decision to settle in pool and a community centre, so I decided to Mentorship Program, through which he Salmon Arm. “I wanted to work in a smaller get involved.” mentors new and existing businesses. He centre,” he says, “one that would not only For his contributions to the Society, which also presents seminars in the community— offer sufficient challenges in terms of work, included shepherding the project through a sponsored by his firm, the financial community, but also a lot of recreation and a real sense of referendum in order to borrow funds for or Okanagan University College—on topics community.” construction, Doug received the Outstanding like estate planning and income taxes. With all of these activities, time management can be a struggle, but Doug—who plans to keep helping out as long as he can—says the “great support” of his firm’s staff and partners, the staff at R.J. Haney Park, and his family is what enables him to give back. “Getting involved gives you the opportunity to meet so many people from different walks of life—not just from the business side of things,” he offers. “And it’s really rewarding to see the fruits of your labour.” Doug became a CA in Manitoba in 1974, 8 and joined the BC Institute in 1980. He became a certified financial planner in 1999.

BEYOND NUMBERS JUNE/JULY 2004 Jennifer Bettiol, CA night throughout the year, and 70% report with Covenant House “indefinitely.” “An award wasn’t some- coming from abusive homes. Jennifer admits “I know I’ve been fortunate in my life,” she thing I’d ever thought the work can be difficult emotionally— explains, “and I want to give back. Covenant about, so this came as a particularly during the Christmas season. House is a wonderful service for youth in real shock,” says Jennifer “Some of the kids have a place where they can need, and I’m happy to help.” Bettiol, nominated for her stay for a night here or there—whether it’s Jennifer became a CA in BC in 1982, the work with the Vancouver with a grandmother, a cousin, a sibling, or a same year she won the Governor General’s Gold branch of Covenant House, friend,” she says. “But on Christmas Eve you Medal for the highest standing in Canada on a crisis-intervention centre and residence for see the kids who truly have nobody, and that’s the UFE. She is a past member of the ICABC’s homeless and runaway youth. tough.” Still, she knows it’s for kids like these Board of Examiners and Practice Review and Jennifer’s been volunteering with youth- that Covenant House is most vital. Licensing Committee, and a past member of the oriented organizations pretty much since In addition to her role as volunteer reception- Education Subcommittee of the Committee on her own children—19-year-old David and ist, Jennifer continues to donate financially to Joint Relations between the ICABC and the 16-year-old Michael (with husband Dennis the organization, and she also participates in Society of Management Accountants of BC. Bettiol, CA, of Ernst & Young LLP in donor “thank-a-thons” several times a year. Vancouver)—were toddlers. From serving as What she finds most rewarding about her Maurice Bouchard, CA treasurer of the Council of Parent work with Covenant House is seeing young Growing up the eldest of Participation Preschools of BC to novice people rise above their circumstances. “These seven children (a 16-year division manager of the Arbutus Club Minor kids are still at an age where they can turn age gap separating oldest Hockey Committee, from tour chaperone their lives around,” she says. “And it’s especially from youngest), Maurice with the Summer Pops Youth Orchestra to rewarding when the ones who’ve gotten off Bouchard learned early on member of the Point Grey Secondary School the streets come back to Covenant House just what it meant to pitch in. “Safe After Grad” Committee (to name just a to let us know they’re doing well.” He helped his parents few), she’s done it all. Currently retired from public practice, however he could, and when he turned 16, In 2002, Jennifer decided to get involved Jennifer plans to return to work or school in the this meant doing chauffeur duty. “My mom with Covenant House. “I wanted to do next few years and continue studying Italian didn’t drive,” he explains, “so my driving her something charitable that was related to and French (an ongoing project). Whatever the around meant my dad could focus on his adolescents but not related to my children’s future holds, she vows to continue volunteering construction business.” activities,” she says. Already a financial contributor to Covenant House, Jennifer asked how else she could help the organization. “I told them I was a CA, but reception was the position they needed filled, so I took it,” she says. “In hindsight, I’m really glad I did, because I love it. It requires a completely different skill set.” Since then, she’s continued to volunteer as a receptionist once a week. Her duties include administrative work and screening the youth when they arrive to ensure the safety of staff, volunteers, and other youth. Her most important role is serving on the “frontline” as the first friendly, trustworthy, and non- judgemental contact homeless kids make when they come to Covenant House seeking help. “It’s my job to interact with them when they come in,” she says, “and I think my experience with my own children helps me relate.” What also helps is her past teaching experience at the Langara campus of Vancouver Commu- nity College, where most of her students were between the ages of 18 and 20. She and other volunteers and staff certainly see a lot of kids come through the doors of Covenant House. According to estimates, up 9 to 1000 youth are on the streets on any given

BEYOND NUMBERS JUNE/JULY 2004 FEATURE STORY continued...

Moving Forward on Independence By Lesli Boldt

Maurice was envisioning construction for over the years include coaching his kids’ his own future until his father urged him to sports teams, serving as treasurer of the North Congratulations! pursue his studies instead. “My parents were very Delta Thistle Curling Club, helping to found supportive during my school years,” he recalls. the North Delta Shakey Blades Oldtimers Iain MacKay, FCA, partner While attending university, Maurice extended hockey team, and serving as treasurer and his chauffeur services to friends, organizing a director of the Surrey/Delta Oldtimers’ with MacKay LLP in free carpool. “I had the only car,” he explains, Hockey Association. Vancouver, is the recipient of a “so I drove about four or five people most days.” Bouchard & Company also has an ongoing He’s continued to demonstrate this kind of community project of sponsoring many clients, 2004 BC Community matter-of-fact, quiet generosity throughout staff, and family members through a 13-week his professional career. Dale Carnegie course centred on personal Achievement Award. This is In 1977, he and his wife Audell (nicknamed development. “It’s a large financial commit- Bim) moved to Delta with two children in ment,” Maurice says, “but it’s one of the most the first year of the BC tow, and Maurice established Bouchard Lake rewarding things the firm has done.” in Surrey (now Bouchard & Company). His He, Bim, and their kids—Lee (a BCIT grad Community Achievement bank manager at the time suggested that he enrolled in the CFA program), Jacquie Awards, which recognize join the board of a charitable organization. (a dispensing optician), Lindsay (attending the Looking back, Maurice says he hasn’t learned University of Alberta at Edmonton), and Mark British Columbians who’ve how to say “no” since. (studying at UBC) have each taken the course. “Not that I want to,” he adds. “The support from my firm in this and helped shape the province. He joined the board of directors of the Delta other endeavours over the years has been really Family Services Society in 1978, serving as helpful,” Maurice says. “And the support MacKay was given the honour treasurer and vice-president before becoming from my wife has been extraordinary. She and president in 1983. When his presidency I made a conscious agreement when our based on his leadership and ended in 1987, Maurice remained on as a kids were younger that she would watch the membership with the BC director at large. In 1998, he served on a joint home front while I worked with the firm and board committee that culminated in the volunteered in the community, and she has Cancer Foundation during the amalgamation of the Delta Family Services supported me every step of the way.” Society with the Delta Assist Community Though he says he’ll be happy to step down busiest time in its history. With Services Society into the Deltassist Family & from his volunteer commitments when Community Services Society. He is currently someone else is ready to step up, Maurice MacKay's strong leadership, president of the new Society’s board. continues to extol the merits of community Maurice is also a charter member of the service. “Even when I’m serving as a treasurer, the Foundation has seen a North Delta Rotary Club, to which he’s volunteering gives me a change of pace from dramatic increase in funds belonged for more than 22 years, and served the everyday,” he shares. “It’s given me the as treasurer during the Club’s formative years. chance to meet different people and see the available for cancer research He has also supported the activities of the community in a different way.” Delta Boys & Girls Clubs for some 20 years, Maurice became a CA in BC in 1974. and resources for patients whether helping to raise funds or, with his firm, serving as auditor for a reduced fee. For the tremendous work they do in the com- throughout Vancouver and BC. For 25 years, Maurice, who grew up in munity, Doug, Jennifer, and Maurice have Coquitlam near “Maillardville” (an area pop- been selected as this year’s Community ulated by many French-speaking residents), Service Award winners. Our congratulations has maintained his connection with this to each of them! community by helping seniors with their tax returns as a tax captain with Foyer Maillard Endnote 10 Seniors’ Centre. *From www.covenanthousebc.org/main/ His many other charitable contributions youth_f_stats.html

BEYOND NUMBERS JUNE/JULY 2004 The Member Recognition Program

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?

Nominate a colleague for: Fellowship (FCA) Lifetime Achievement The Honorary CA Designation Early Achievement* Community Service* The Ritchie McCloy Award for CA Volunteerism*

*Deadlines have been changed as follows: Early Achievement: October 31, 2004 Community Service: January 31, 2005 Ritchie McCloy Award: January 31, 2005

Nomination forms are available on the Institute website at www.ica.bc.ca under Member Resources/Forms/Nomination Forms.

BEYOND NUMBERS JUNE/JULY 2004 TAX TRAPS & TIPS

The IRS Wants Every Taxpayer to Have a Number By Benita Loughlin, CA, and Karin Lypkie

hat is an ITIN? institutions—authorized by the IRS to assist individuals earning wages: Any applicant in this If your Canadian clients individuals in obtaining ITINs.) Successful category who has a visa valid for employment are investing in the US applicants were issued an ITIN card with a must first apply for an SSN with the Social they may be asked to provide nine-digit number that always began with Security Administration (SSA). They must Wan Individual Taxpayer the number nine and had a seven or then provide proof, along with their application Identification Number (ITIN). This number eight as the fourth digit, in the form for an ITIN, that the SSA has rejected their is required when an individual who is not 9XX-XX-XXXX. SSN application. The Social Security eligible to obtain a Social Security Number Administration has got to love that (SSN) opens an account with a US financial The latest rules process. institution, sells a US real property interest In December 2003, the IRS revised the (the seller needs an identification number so application requirements for ITINs to Buy a bigger wallet the purchaser can withhold and remit the ensure that they are only issued To avoid any possible similarities required US withholding tax and file the to individuals with US tax to an SSN card, the IRS will applicable forms with the IRS), or is subject responsibilities and not for Did You now issue an ITIN authorization to reporting and withholding on investments other reasons, such as providing letter to successful applicants in US partnerships and rental properties. personal identification. In most Know? instead of a card. Along with international investors, independent cases, the new policy requires contractors and employees may find that they applicants to demonstrate a tax Older numbers are no longer need an ITIN to comply with their US tax need for an ITIN by attaching valid filing obligations. US federal tax returns to their ITIN numbers Prior to 1996, the IRS issued An ITIN may be obtained from the Internal applications (the ITIN applica- temporary identification num- Revenue Service (IRS). The IRS will issue an tion is now a newer version of issued before bers following the same ITIN to an individual who has US federal tax Form W-7). Under the new 1996 are no 9XX-XX-XXXX format as an reporting or filing requirements but does not policy, applicants must submit ITIN. Individuals to whom qualify for an SSN. Generally only US citizens, an original or certified copy of a longer valid these numbers were issued may green card holders, and certain visa holders valid passport, or a combination not be aware that numbers are eligible to obtain an SSN. of at least two or more documents issued before 1996 are no longer from the IRS’s reduced list of 13 acceptable valid. If pre-1996 temporary numbers are used How do you apply for an ITIN? documents. The aforementioned certifying on a US federal tax return, processing of the Until recently, an ITIN could be obtained by agents have not changed. return will be delayed until the individual mailing or handing in a completed Form W-7 Exceptions to the “US federal tax return acquires a valid ITIN. New temporary (Application for IRS Individual Taxpayer attached with application” requirement are numbers issued by the IRS begin with the Identification Number) to an IRS office, outlined in Form W-7’s instructions, and are letter “T.” along with an original passport or two or more subject to other documentation requirements original documents that verified the owner’s (go to www.irs.gov to get Form W-7, complete Good luck getting a number—the rules are foreign identity and non-US status. The with filing in-structions). loathsome, and they keep changing! applicant was able to choose from a list of 40 It’s interesting that one of the exceptions documents acceptable to the IRS for this allows an individual to apply for an ITIN Benita Loughlin, CA, is a partner in purpose. Applicants who were reluctant to number if they’ve opened a US bank account International Executive Services with KPMG surrender original documents to the IRS for (on the basis that the bank may be required to LLP in Vancouver. Karin Lypkie also works in the four to six-week processing period had the withhold tax on interest payments and report International Executive Services at KPMG’s option of having their documents certified by this to the IRS on a tax form). In order to Vancouver office. such agents as American notary publics (no apply for an ITIN in this category, the non-US notarizations accepted), the offices of individual is required to provide evidence that the US Embassy/Consulate, and “Authorized they’ve opened the account. Ironically, it’s Acceptance Agents.” (An acceptance agent is unlikely that any bank in the US would open 12 an individual, business, or organization— an account for someone who doesn’t already commonly accounting firms or financial have a number! Another exception applies to

BEYOND NUMBERS JUNE/JULY 2004 Harold Zlotnik Peter G. Lamb Garry Zlotnik Martin Zlotnik Mark A. Zlotnik CLU B.A., CLU, TEP B.Comm., C.A., B.Comm., LL.B. C.A., CLU, TEP CFP, CLU, CH.F.C.

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Life Insurance /Estate Planning/Wealth Management & Retirement Planning/ Employee Benefits & Pensions/Structured Settlements

Vancouver 1200 Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 Tel: (604) 688-7208 • Fax: (604) 688-7268 • Toll Free Line 1-800-663-3171 Victoria 3711 Grange Road, Victoria, BC V8Z 4S9 • Tel: (250) 727-3445 • Fax: (250) 479-9716 www.zlc.net FINANCIAL FACTS & MONEY MATTERS

‘Tis better to give… By Thane Stenner, CIM, FCSI

Helping wealthy clients bequests: “I believe that a lot of people with so when the intended gift is substantial. In make large gifts significant wealth have charitable intentions.” practical terms, that means taking the time to A canvasser shows up at your Whatever their motivation, Jack Arnold, understand the motivations behind the gift. door. Perhaps you see an ad on CA, of MacKay LLP in Surrey, says it’s When a client approaches him with an idea HTV. Or maybe you find a letter definitely not the tax breaks that inspire about a charitable request, the first thing Hall in your mailbox. However it happens, you clients to make charitable gifts. “This is does is listen. “When [the client] has made feel compelled to give a little to the cause, so not just a tax issue,” he emphasizes. “This a decision to make that commitment, it’s you get out your chequebook. For many of is about leaving a legacy. People donate our job to facilitate it for them,” he us, that’s as complicated as charitable giving because they want to contribute to explains. ever gets. society. The fundamental issue is That’s not to say the professional is only When the intended bequest is considerably a moral imperative—they feel it’s there to rubber-stamp the client’s plan. larger, however, it makes sense to put more the right thing to do.” “We encounter [some] individuals who thought into the giving process. BC’s CAs are Professionals aren’t the only are perhaps a little more aggressive in there to help—drawing upon their years of ones who’ve noticed a spiked terms of the amount they want experience and highly specialized skills to interest in charitable giving. to contribute,” Hall says. “My help high-net-worth (HNW) clients make a Those who work with charities approach is to express caution big impact in the community. are well aware of the upsurge as if the numbers appear too big well. “Certainly the statistics to me.” An increased interest show that more people are Like Hall, Arnold believes Charles Hall, CA, of Hall and Company in donating to causes than they that professionals have a duty Vancouver, has noticed that more and more did, say, ten years ago,” says to be more than technicians HNW clients are interested in making substan- John Stettner, MBA, CFRE. This is not just when it comes to charitable tial charitable gifts. “More people are reaching As the executive director of “” giving. “I tell [clients] approxi- that level of economic success,” he says, “and Variety – The Children’s Charity a tax issue. This mately what the tax benefits they’re looking to give something back.” of BC, Stettner is the first to is about leaving might be,” he says, “but I spend His observation is echoed by Irene Jacob, admit that charitable giving has most of my time talking to them CA, TEP, of Ernst & Young LLP in Vancouver. become big business: “Twenty a legacy about why they’re [making the “I think it’s directly related to larger estates— years ago, there weren’t 80,000 gift] and what they’re trying to there is that much-talked about movement of charities [in Canada]. There are accomplish. They [may] know wealth from one generation to the next, and today.” what they want to do, but they don’t necessarily it’s starting to occur,” she explains. According know why they want to do it. You have to learn to Jacob, clients who have more than enough A personal process to ask those questions.” means to take care of their children are naturally Despite the numbers involved, charitable giving Those who work with charities take a similar interested in finding other options for their is still an intensely personal process—even more approach. As Stettner explains, being attentive to the needs of individual donors is a key part of his job. “Our process is called a donor- centred relationship. We put the donor at the centre and ask, ‘what is it that you want?’ We want to make sure the [donation] goes where they think it’s going to help most.” It’s this personal attention that helps Stettner attract substantial donors.

A different skill set Of course, the personal skills required for the job aren’t necessarily the kind of thing you 14 can learn from a textbook. “The kind of experience that I have in dealing with [charitable

BEYOND NUMBERS JUNE/JULY 2004 Want the latest giving] clients is 100% learned on the job,” representative at the institution,” she says. Hall says with a laugh. “The charities have different policies—they He says it all comes down to understanding may not accept all types of gifts. You have to news flash? people, and that professionals looking to do sit down and talk to them about it.” this kind of work need to care about clients on a personal, as well as a professional, level. More than a job “It’s an absolute job requirement,” Hall stresses. Speak to a few professionals who are involved “I pride myself on developing strong relation- in charitable giving, and you quickly get the ships [with clients]. Almost ahead of the busi- sense that it’s more than just a job. Hall puts ness aspect of dealing with a particular it plainly: “The trust the client places in me All you have to do is client—being aware of their personal financial when they’re asking about charitable giving is send us your email needs, and their family and estate planning important. It’s an indication there’s a bond needs is important to me.” between the professional and the client. For address Arnold couldn’t agree more, pointing out me, that’s what being in public practice is all that in the charitable giving business, success about.” If you haven’t received depends on forging longstanding personal For Arnold, the motivation is much the any email from the Institute relationships. “I’d be very surprised if someone same. “I’ve been doing this for 35 years, and off the street walked into my office and asked one of the fundamentals of being in public in the past year—including for advice on how to give $1 million away,” practice is that it’s not about dollars and the May 11, 2004 he muses. For many clients, he says, giving is cents,” he says. “I get a lot of personal satis- message about the merger a deeply emotional process they don’t share faction in having a good personal relationship with just anyone: “You wouldn’t want to talk to with the client, and in helping them make a we’re discussing with the some unknown individual. You want to talk personal decision.” CMAs—it’s because we to someone you can trust.” At the end of the day, it’s the people that don’t have your current Once again, things aren’t that much different make the job truly satisfying for Jacob. “You email address. on the other side of the table. In his role as meet a lot of great people, and you develop a executive director of a charitable organization, lot of wonderful relationships, because you’re Stettner admits that his primary duty is to helping them deal with things that mean a lot The quickest way for you forge a connection between the charity and to them,” she says, smiling. “You have to care to get the latest is to send HNW donors. “It’s about creating a relation- about [them]. You can’t provide them that your email address to ship,” he explains. “Most people don’t make a service unless you make it personal.” sizeable donation without having some Jennifer Neher, Accounts knowledge of the organization. Most of the Thane Stenner, CIM, FCSI, is a First Vice Receivable and time, a person builds an affinity with a President and Investment Advisor with the Membership Records, [particular charity]. They make smaller T. Stenner Group of CIBC Wood Gundy, based at [email protected]. donations, and those donations grow over in Vancouver. The views of Thane Stenner do time.” not necessarily reflect those of CIBC World It’s a natural step to extend this relationship- Markets Inc. This article is for information only. Please give us the one building process to the CAs and other financial CIBC Wood Gundy is a division of CIBC email address you’d like professionals who work with donors. Says World Markets Inc., a subsidiary of Canadian us to use. Stettner: “If the professional is sensitive to the Imperial Bank of Commerce and member CIPF. client, and the client says, ‘I’d like to donate some money,’ I want the professional to be And don’t worry: We’re educated about our cause.” selective in the emails we To Jacob, it’s a service model that makes sense. “When you’re making a substantial send, and promise not to contribution, it makes a lot of sense to sit bombard you! 15 down with the director or planned giving

BEYOND NUMBERS JUNE/JULY 2004 PD NEWS

Upcoming Professional Development Seminars

CAs IN INDUSTRY PD DAY SEMINARS ON PERSONAL DEVELOPMENT using plain English. Even if you’re already a This full-day conference is packed with practical Raising Your Resilience good writer, the seminar will sharpen your skills. and relevant professional development sessions Responding to life’s daily challenges is the Jun 25 7am-9:30am Four Seasons covering: the latest issues in BC’s economic ultimate test of resilience. Resilience is the ability outlook; a financial reporting update; a legal to bounce back from stress, pressure, and E-Mail Intelligence™ update; emerging trends in corporate risk adversity, and respond effectively to the frantic Today’s communication technology brings management; a corporate tax update; ethics; pace of work and life. In this seminar, us together as never before. But electronic leadership challenges; and employment law participants will learn the habits, routines, and communication requires new skills to make requirements. characteristics required to stop striving and this technology more interactive and effective— begin thriving in a world defined by accelerating more like face-to-face conversation. This work- The morning keynote speaker is Helmut change, uncertainty, and unpredictable terrain. shop examines why we must handle email with Pastrick, chief economist of Credit Union Jun 10 9am-5pm Hyatt Regency care, as it challenges our productivity, creates Central of BC. Pastrick will review the outlook conflict, and controls our workday. of the BC economy, focusing on its key industries Motivating People: Jun 29 9am-5pm Sutton Place and sectors. The luncheon speaker, David C. Keeping the Enthusiasm Alive Bentall, will speak on ethics in the executive suite. In our organizations today, success depends on Presentation Power our people. After all, nothing much gets done This seminar is for those who make formal Don’t miss this opportunity on June 24 to without them. What inspires people to give up presentations or who need to enhance verbal learn, participate, network with your peers, and their discretionary energy? What compels communication skills. We begin the workshop enjoy this dynamic, interactive full-day session. people to be truly invested and excited about by looking at overcoming the fear of making Jun 24 9am-5pm Four Seasons Hotel what they do? How can leaders rise to the presentations. We then explore how to analyze challenge of motivating people? This seminar your audience and develop relevant, cohesive UPCOMING SEMINARS will help participants understand the complex presentation content. Next, we focus on tactical PrimePlus/ElderCare Services: issue of motivation and apply the concepts in presentation skills such as: connecting through Non-financial Aspects the reality of the day-to-day work world. identification, opening with impact, maintaining Join your PrimePlus peers and qualified industry Jun 11 9am-5pm Hyatt Regency attention, using humour successfully, keys to experts for a hands-on workshop and the successful Q&A sessions, and closing and mov- opportunity to network. We’ve partnered with Negotiating I & II ing the audience to action. other professionals to provide you with infor- Together, Negotiating I and II comprise an July 7 9am-5pm Sutton Place mation on the non-financial side of your integrated two-day skills development program. PrimePlus practice and give you some handy They are presented as two one-day modules for For detailed course descriptions or for a tips on how to better serve your PrimePlus the convenience of members. It should be complete schedule of upcoming PD seminars, clients. This course is designed for professionals noted, however, that this two-day program consult your Spring 2004 PD Brochure or refer who are now offering or looking to offer provides a comprehensive and sequential treat- to our website at www.ica.bc.ca. To register, PrimePlus Services. The course is also useful for ment of the topics examined. call the PD Department at 604-488-2641. public practice professionals who want to pro- Jun 14&15 9am-5pm Sutton Place vide additional value-added services to their clients. Changing Organization Directions FREE PD SEMINARS FOR CAS Jun 22 9am-12:30pm Sutton Place Hotel Whether you are an internal change agent or The ICABC’s PD department is pleased to a consultant advising clients on how to build a offer the following free PD seminars before the Public Sector Accounting Update new culture, reconfigure resources, or embrace Annual General Meeting on June 23, from This seminar addresses the recent activities of new strategic directions, this practical seminar 1-3pm at the Sutton Place Hotel. See the flyer the Public Sector Accounting Board. The will provide the skills, insights, and tools needed enclosed in this month’s mailing for more info. seminar will be of direct interest to members to get the job done. The facilitator has • Tax in the Current Time Zone working in or consult with government, and counselled over 600 organizations in the public • Engagement Letters those who are involved in the audits of and private sectors, and has shown them how government financial statements. Participants to refocus their business, embrace sustainable Pre-registration is required. will leave this seminar with knowledge of projects change, develop workable business strategies, currently underway, be on the leading edge of and achieve their full potential. Register early as seating implementation issues, and get the answers to a Jun 16 9am-5pm Sutton Place is limited! number of questions directly related to these issues. Sharpening Your Business Writing Skills Jun 21 9am-5pm Harbour Towers This one-day seminar will dramatically 16 Jun 22 9am-5pm Four Seasons Hotel improve your writing skills by showing you how Jun 23 9am-5pm Grand Okanagan to communicate faster and more effectively

BEYOND NUMBERS JUNE/JULY 2004 WEB WORKS

Introducing Our New Career Website By Sarah Stephen, Communication Coordinator

ummer is often a time for loadable “Personal Planning Journal,” which jobsite) and ones that are general in scope. reflection—about your job, you can complete as you navigate the site. Career-related, self-assessment, and professional your health, next year’s NHL This section also provides self-analysis tools development websites round out the online season.... While the ICABC that will ask you tough questions about your resources. If you’re looking for a longer read, Scan’t change the outcome of the values, strengths, and goals. This process of several career-management books are also listed. playoffs or hit the treadmill on your behalf, self-assessment will guide you as you explore a we can help when it comes to your career. In variety of career options. Support & Advice collaboration with the Young CA Forum, Looking for support or advice? This section we’ve created a career website designed to Career Options for CAs will help you get the answers you’re seeking. help you assess your employment goals, map Career Options for CAs casts the spotlight on Join the discussion boards to post inquiries out the path to help you reach these goals, CAs working in common practice areas and and read the postings of other members— and provide you with the necessary tools outlines the skills necessary for their jobs. replies are posted within one business day. along the way. Profiles of CAs who have made career Want to get in touch with CAs who’ve already While many job-boards and career resources transitions—whether from schoolteacher to faced the decisions you’re facing? This section are available online, few address the unique forensic accountant or from auditor to tells you how to connect with our CA needs of chartered accountants or allow users academic—chart the steps of each transition Network and provides a link to networking to create their own career paths. With this in and identify the competencies required. A events. mind, the Forum and the Institute, together “Career Matrix” complements the profiles by with e-Learn Solutions, developed CAreer linking these competencies with the ICABC’s Let us know if the site works for you Connections as a resource for BC’s CAs. Professional Development offerings. The CAreer Connections site will continue to The website—at www.ica.bc.ca/careers— grow over the next few months. We welcome consists of four main sections: Planning Your Resources your feedback and suggestions—tell us how Career, Career Options for CAs, Resources, The Resources section of the website includes we can make this tool useful for you. and Support & Advice. an extensive list of online and tangible Contact me at [email protected] or Lesley resources. For job seekers, two kinds of job MacGregor, director of external affairs, at Planning Your Career boards are available: ones that are specific to [email protected]. (Or contact either of us Planning Your Career introduces the down- CAs (including CA Source and the Institute’s at 604-681-3264/toll-free 1-800-663-2677.)

CAreer Advisor Network Developing a web-based career website is the third of three areas in which the Young CA Forum decided to focus its efforts in 2003/04. The other two areas—mentoring and networking—were launched in the fall of 2003. Approximately 100 enthusiastic CAs (all of whom had qualified within the past five to ten years) agreed to participate in an informal “CAreer Advisor Network,” to which newly qualified CAs can turn for answers about particular industries and career paths. Some of these mentors and young CAs attended the October 2003 kick-off of the CAreer Advisor Networking sessions. The next session is scheduled for early June 2004, and will feature a panel of CAs working in industry.

Industry strategy The CAreer Connections website, CAreer Advisor Network, and other Young CA projects correlate with the Institute’s new strategy for members in industry, which was profiled in last month’s Feature Story. As we mentioned last month, in-depth interviews with members in industry (conducted in 2003) revealed that it’s during the time of first transition from public practice to other arenas that CAs are most in need of resources, networks, and guidance. As part of the industry strategy, we aim to help CAs make informed decisions about careers in industry, ease their transition from a professional services environment into the corporate world, create networks that maintain a connection to the profession, provide useful tools for a job that can encompass everything from HR to strategic planning, and keep members informed about the changing rules and regulations that impact them. The aforementioned communication vehicles we help us achieve these goals. 17 For more information about the industry initiatives, please contact Lesley MacGregor at 604-488-2610 or 1-800-663-2677.

BEYOND NUMBERS JUNE/JULY 2004 PLUGGED IN:

Member and Student News

CONGRATULATIONS Congratulations to our 50-year members! CONTRIBUTE TO CA EDUCATION Rich Denis, CA, of KPMG LLP in Kamloops, Donald R. Alves, CA NEW: Dr. Gerald (Jerry) A. Feltham has been named to the board of directors of Stanley F. Avis, CA Scholarship the Kamloops Chamber of Commerce. Kenneth P. Benson, CA A new scholarship has been established in Leslie Bestwick, CA honour of Jerry Feltham, FCA’s retirement The Kelowna Museum Association has elected Ronald L. Cliff, FCA from the Sauder School of Business at UBC a new board of directors for 2004, and has John E. Collins, CA in 2003. Jerry is a pioneer in the application named Jim Grant, CA, of Grant Thornton Robert A. Court, CA of information economic theory, and an LLP in Kelowna, as president. William C. Dunlap, CA ICABC Lifetime Achievement Award winner. James J. Estock, CA Linda Holland, CA, is serving as a director Bernard Fahy, CA.CBV (BC & Yukon) Scholarships will be awarded to doctoral on the 2004/05 board of the Crisis George K. Harper, CA accounting students on the recommendation Intervention and Suicide Prevention Centre Gordon L. Harwood, CA of the Sauder School of Business. To donate of BC. Kelly Kerklaan, CA, of KPMG LLP Arthur H. Jackson, CA to the fund or for more information, contact in Vancouver, is board treasurer. Arthur H. Jones, CA Kirsten Baker, development officer at the Gordon D. Leversage, FCA Sauder School of Business, at 604-822-9405 This past March, Jay Peachey, CA, of Allied John E. Lindow, CA or [email protected]. Windows in Aldergrove, and his team from Bonar S. Lund, FCA the Royal City Curling Club in New D. J. Ian Macdonald, CA CA Education Foundation Westminster won the bronze medal in the William D. Matheson, CA The mission of the Chartered Accountants’ 2004 Nokia Brier Canadian Men’s Curling Oliver R. McConnell, CA Education Foundation is to advance accounting Championship held in Saskatoon. Their Charles G. McConville, CA education in BC by awarding and distributing third-place finish has secured them a berth in Harold E. McFarlane, CA annual scholarships and bursaries at post-sec- the 2005 Canadian Olympic Trials Event, Robert J. McKay, CA ondary institutions throughout the province; which will be hosted by Halifax in December Loyd H. McNicol, CA sponsoring relevant and practical research in 2005. The winner of this event will represent John A. Milroy, CA accounting scholarship; and stimulating the Canada at the 2006 Winter Olympics in James Paterson, CA continuous educational experience of the Italy. (Team Peachey won the BC Men’s J. Hector Provost, CA Institute’s members and students. Curling Championship in February.) Denis J. Sartin, CA Walter J. Smith, CA If you’re interested in contributing to the Blair Wilson, CA, recently won the West Geoffrey R. Snelgrove, CA Education Foundation, there are several ways to Vancouver Liberal party nomination, making Albert D. Stewart, CA donate: individuals can make general donations, him the Liberate candidate for West David Solomon, CA, CIP contribute through planned giving, and set up Vancouver-Sunshine Coast in the upcoming William P. Wallace, CA memorial funds or scholarships; Professional federal election. Wilson was profiled at Arthur E. M. Walton, CA Development instructors can donate their fees; length in the April 8, 2004 issue of north and firms can take part in a matching scholar- shore Outlook, and was also interviewed for And to our 60-year members! ship program. Full details can be found on the the ICABC’s September 2003 Vancouver Sun Elvin A. Christenson, CA (BC & Yukon) CAEF website at www.caef.bc.ca. supplement. Clarence S. Nicholl, CA

Frederick Wright, FCA, has been appointed to the Independent Advisory Board of NOTICES TO THE EDITOR Burgundy Asset Management Ltd., which provides discretionary investment management Send your news to private individuals, charitable founda- to me at: tions, and select institutional investors. [email protected] 18 Wright is with Capital West Partners in Vancouver.

BEYOND NUMBERS JUNE/JULY 2004 MOXON PERSONNEL Ltd. The Accounting Specialists

2004 AGM and Members’ Recognition in our Dinner—June 23, 2004 th The 2004 Annual General Meeting (AGM) CANDIDATE $50,000PROFILES - Senior Accountant will take place June 23, 2004, at the Sutton A recently designated CGA with experience 17 Place Hotel in Vancouver (845 Burrard Street). $110,000 - C.F.O. in a distribution environment has year! The meeting will begin at 3:30pm. All AGM A 1993 CA who has functioned as a C.F.O. experience as an Accounting Manager. meeting material will be available on the website in both the manufacturing and distribution Their work experience includes, assisting industries is seeking a similar position with financial statement and budget with a growing company. This candidate at www.ica.bc.ca as of May 28, 2004. (Log-in preparation, cash flow management, has extensive experience with public details are outlined in the AGM material sent filings and has been very successful in variance analysis and troubleshooting with last month’s mailing to all members.) generating private financing. This relating to the financial software system. candidate is experienced in supervising a structured accounting department, setting $39,000 - Intermediate Accountant The Members’ Recognition Dinner will take and monitoring goals and assisting the A 4th level CGA student is looking for an place immediately following the AGM at The company in maximizing their objectives. opportunity with a growing company. $75,000 - Public Practice This candidate has indirectly supervised Sutton Place Hotel. The event will begin with A 1999 qualified CA with 7 years accounting clerks in a previous position a no-host reception at 5:30 pm, and dinner experience in public practice, including 3 and has assisted a Controller in preparing years at a management level. They are the financial statements, month end and presentations will start at 6:30 pm. The seeking an opportunity with a small to cost to attend is $80. Registration forms for medium sized firm where future reconciliations and variance analysis. partnership potential exists. This They are seeking a position with a the dinner were provided with last month’s candidate articled in a large firm and dynamic and progressive organization that moved to a medium sized firm to get mailing, and can also be found on the website can provide opportunity for advancement. more involved in client relations in review under Member Resources/ Forms. and compilation engagements. This $32,000 - Accounts Payable candidate is a motivated and team An Accounts Payable clerk with experience oriented individual who enjoys a variety of in both small and large organizations is challenges in their work. looking for a similar position. Their MISSING MEMBERS $60,000 - Assistant Controller current position is a high volume, with We’re trying to locate the following members. A designated CGA with experience in a large public company is seeking an duties including, coding invoices, If you know of their whereabouts, please opportunity as Controller with a medium matching invoices and purchase orders contact Jennifer Neher at (604) 488-2616 or sized organization. This candidate has and preparing cheques for signature. solid experience preparing financial at [email protected]. statements, management reports, budget preparation and variance analysis. Mr. Keppel C. Boulton, CA These are just a few of the many Mr. Mervin E. Davis, CA highly skilled accounting staff from Mr. John R. Ducharme, CA Moxon Personnel. Whatever your Mr. William R. Fairgrieve, CA accounting needs, Moxon Personnel Mr. A. Robert Godwin, CA can help. Mr. S. Gordon Huff, CA Mr. Wilfrid B. Johnston, CA Mr. Alan M. Jones, CA The Right People Mr. Bernd J Krueger, CA Mr. Alan R. Laing, CA . . . Right Now! Mr. Harold E. McFarlane, CA Call Ben Moxon, CA at 604-688-5100 Mr. Robert T. McKean, CA Mr. Reginald M. M. Rowe, CA Mr. Robert Smith, CA Mr. Robert J. Sundberg, CA MOXON PERSONNEL Ltd. The Accounting Specialists

1185 W. Georgia St., Suite 905, Vancouver BC V6E 4E6 FAX 604-688-0342 E-MAIL: [email protected] WEB ADDRESS: www.moxonpersonnel.com

THE PERMANENT AND TEMPORARY ACCOUNTING SPECIALISTS CONVOCATION LIST

Congratulations to the Institute’s Newest Members!

*Omar ALWARID Graeme L. COCKE *Bernice E. GRANBOIS Nicholas ARGUE *Julie Ann COLLINS Patrick C. GRANT *Bob ATWAL *Marilyn D'SA *Jonathan Stanley GREB Erez BAHAR *Joyce DAI Shishir GUPTA *Larry BEATTY *Brenna DALOISE Steven S. HAINES Jeremy I. BERGEN George DANES Trevor HAMMOND *Andrew BIANCHINI Carl J. DEAN *Jody HATTO FEARNSIDE Ajai Paul Singh BILN *Gaetana DERMODY *Parm HAYER *Sandra BLAIR Narbinder DHESI *Karamjeet Kaur HEER *Sarah BOON David W. DIEBOLT *Kamini HITKARI Heather A. BRAY *Wendy Wei DING *Grant E. HODGKINS Robert G. BRUCE Chris DODDS Struan R. HOWES Brad L. CARLYLE Neil Richard DORKEN Dayna HUI Delta D. CARMICHAEL *Monique DOUCET *Rod HYNES Jennifer Erin CARR *Daniel DRAGIC Barbara J. JACKSON Jennette E. CHALCRAFT *Sarah DRISCOLL Anil JAMANI *Eric Hoo-Ming CHAN Ryan DUNLOP Brian C. JANG *Nahla CHARAF *Kim DUSSELDORP *Keith F. JENSEN Nicole CHARLESWORTH *Alka DUTT *Steven JEONG *Pinky V. CHAUHAN Thomas EARLE *Mark JOHNSTON *Andrew CHEN Kate EDWARDS Tara Lee JONES Simon W. CHEN Trisha L ELLIOTT Louise KELLOW *Michael Chee Wai CHEUNG Dave ELLIS *Fergal KELLY Arthur D. CHIN Amelia FAN Melanie KERR Richard CHONG *Tina A. FINAN *Nitin Neil KHARE Cynthia L.Y. CHOW *Julien FRANÇOIS Christina Patrice KIRCHHOFER Raymond CHOY David B. FROST Neil A. KLOMPAS Salina Shiu-Ming CHU *Steven FUNG George Demetre KONDOPULOS *Henry CHUNG *Adam GARLICK Amy C.M. KONG *Andrea A. CIOLFITTO *Megan Sarah Isobel GARRITY *Minoru KOSHIMURA Christine Joanne CO Anndra GRAFF Aaron Joseph KUZIK

BEYOND NUMBERS JUNE/JULY 2004 Kristy Caprice KWAN Ryan B. NICHOLSON Christopher J. THOMSON Bryndon Leslie KYDD *Andrew OH *Karen Marie THOMSON Sophia LAM Nelson ONG *Carmen M.F. TO Sharon LANDRATH *Jonathan OSTEN *David TONG *Sue Y. LAU Shaun James Edward OUELLETTE Dawn E. TONKIN Aaron Y.H. LAW *Devon L. PANNU *James R. TRITES Ryan D. LAYTON *Shahid PANNUN Yvonne C. TSO *Sonya S.H. LEE *Kanika S. PARKASH Erica Kelly TYLER Dick LEONG Andrea Joy PARKER Patrick H.E. Tanchi UY Virginia S.M. LEONG Sanjeev PARMAR *Koert C. VANDENENDEN *Brian LEUNG Melissa PAYNE *Alex VERGEYCHYK Sindy LI Richard A. PEARSON Diana VUONG Jamie LIDDICOAT Janet PERRY Gregory Anton WAHL *Wayne LO Peter J. PIJNACKER *Yee Lun Emmery WANG Yat-Sze LO *Bryant PIKE Todd G. WEBBER *Garrett C. LOUIE Mario PIRODDI *Miki WELCH *Greg LOUIS Martin POLLER Kate WILSON Henry LU Konstantin POLYAKOV *Aaron WONG Vinson LUU Melanie POND Corinna Gen Mun WONG *Sai MA *Frances POTGIETER *Jane WONG Christine M. MACINTYRE Kelly POUSTIE *Jeremy Cedric WONG Davin Sean MACLENNAN *Vikas (Rick) PRINJA *Lily WONG Jerry MAHNGER Russell T. RITCHIE Lynn M. WONG Valerie V. MARTIN *Alexander H. ROBINSON *Samson WONG *Sandra MATSUYAMA Adrian ROTHWELL Katherine YAN *Dunstan G.J.D. MCDONALD Nick A. SAKLAS Lesley YAU I. James MCDONALD Hank G. SAM Mark YE *Elizabeth Dianne MCGREGOR *Jennifer M. SAM Gary YEE Jaime Dawn MCLAREN *Hark SANDHU Stephanie Amanda YEE *Dave MCPHERSON Ada SAW *Pansy YEUNG Jim MELVILLE Cheryl J. SCHMIDT *Karen YIP *Lisa Yiping MIAO Greg D. SMITH *Yujung Eugenia YOON *Jennifer E. MILMAN *Sarah Elizabeth SMITH Kenji YOSHIDA *Richard MOCKETT Terri SPENCER *Richmond YOUNG Shera R. MOLDAY *Alexander C. SUELZLE Tony YOUNG Tony Spencer MORGAN *Darci A. SUITOR Andy William K. YU Danielle MORIN *Lisa Hoi-Sze TAM *Helen Beiyan ZHU Scott Wilson MUNRO Kevin TEIXEIRA *Mark C. ZAINO *Clint MUPRHY Bernard TER STEGE *Shiv NAT Christopher M.M. THOMAS *As of April 22, 2004: To be admitted to *Venus NGAN Jeremy THOMAS membership upon completion of requirements in 2004.

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BEYOND NUMBERS JUNE/JULY 2004 FYI

Me? In public practice? (Part I) By Mike Essex, CA, Director of Practice Review & Licensing

ontractors sometimes walk as performing the practice of public accounting on what they considered to be a contract a fine line when there are three or more contracts in controllership basis. In both members’ cases, Chief financial officers and place. In such cases, the contractor is required the Corporation Capital Tax Branch in controllers are generally to obtain a practice licence and professional Victoria had undertaken audits of their Cthought of as employees of liability insurance, and is subject to practice clients’ companies and determined that organizations. As a result, they are excluded review and the bylaws and rules of profes- corporation capital tax returns should have from the definition of the practice of public sional conduct as they apply to members in been filed and tax remitted for a number of accounting in Bylaw 100, which specifically public practice. years where no returns had been filed. Both notes that any services included in the companies were subsequently assessed the definition be provided “to the public.” Protect yourself outstanding balance of capital tax, interest, However, members frequently ask me if they If you provide CFO and controllership ser- and penalties for failure to file. are, in fact, practising public accounting vices on a contract basis, here are some basic Needless to say, the clients are upset and when they provide CFO or controllership steps you should take to protect yourself: seeking redress—in both cases claiming that services to companies on a contract basis. • First, all contracts should be in writing. they believed they had engaged the services of The frequency of these inquiries has increased A formal contract will specify the CAs in public practice and, as a result, significantly since the formation of the responsibilities of both the contractor and assumed these CAs had professional liability Canadian Public Accountability Board and the client, and will serve as a reference insurance. Also in both cases, no written the introduction of the new independence should any misunderstandings arise at a contract had existed between the parties, and rules, as the need for public companies to later date. Specifically, the contract should the CAs had used the descriptive style “chartered have their auditors meet the new require- address the issue of insurance and accountant.” Both members are now facing ments has created many new opportunities indemnification in the event of error or possible legal action by their clients and inves- for contractors. legal action brought against either the tigation by the Professional Conduct Enquiry Historically, the Practice Review and client or the contractor. Committee. Licensing Committee (the Committee) has • Second, all correspondence issued by the considered contractors equivalent to employ- contractor on behalf of the client should ees if they provided services to one or two appear on the client’s stationery. The only If in doubt, contact me clients. It was felt that, for reasons beneficial correspondence the member should have to both the contractor and the client, having on their own stationery is the regular If you’re uncertain as to where services provided on a contract and/or part- billing for services rendered. Also, in no you stand in this area or have time basis was tantamount to an employment instance should the contractor use the relationship. descriptive style “chartered accountant” other questions regarding It isn’t unreasonable for an individual to have on their stationery or any other material, contract CFO and controllership two part-time jobs. However, when a contractor unless they are licensed to practise public has a significant number of part-time jobs, accounting. Rule of Professional Conduct services, please contact me the various employers could be interpreted as 402.1 reads, in part, as follows: at [email protected] or by “the public.” At this point, the relationship Regardless of the functions actually performed, between contractor and clients begins to mirror the use of “chartered accountant(s)” as part telephone at 604-488-2622/ the relationship between public practitioner of the firm name or as a descriptive style, in toll-free 1-800-663-2677. and clients. offering services to the public, shall be regarded There is something else to consider: the as carrying on the practice of public accounting viewpoint of the client as to whether the for the purposes of these rules of professional contractor is “my CFO” or “my CA.” This conduct. viewpoint is especially important where the contractor is preparing a client’s tax filings— Cases in point the client might assume the contractor is in The need to consider these basic steps was public practice, as this function is routinely recently illustrated in two specific cases 22 performed by public practitioners. involving ICABC members who had provided Currently, the Committee views a contractor services to companies, over a period of years,

BEYOND NUMBERS JUNE/JULY 2004 ICABC’s Benevolent Fund offers support to members in need

All information is held in the strictest confidence

To apply for assistance, contact: Barry Mottershead, FCA Director of Member Services & Fund Secretary Phone: 604-488-2628 Toll Free: 1-800-663-2677 Email: [email protected]

Donations to the fund can also be sent to his attention. Tax receipts will be issued

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BEYOND NUMBERS JUNE/JULY 2004 ETHICAL DILEMMAS

Me? In public practice? (Part II) By Chris Utley, CA, Director of Ethics

I don’t work for a CA firm, so I on the return, Sam, who was very busy, their own time as individuals. don’t practice public accounting suggested that Tom ask the tax department to The problem for all these folks is that public and therefore don’t need a licence make the appropriate change. Feeling accounting is also defined to include “providing or insurance. Right?” Not necessarily. The “brushed off,” Tom called the Institute. Based advice, counsel, or interpretation with respect to “Institute’s bylaws define the practice of public on his description, an investigation was taxation matters.” Even though many tax accounting in terms of what you do, not launched. returns done for friends and family are so where you work. Unfortunately, every tax simple that advice would never be needed, season a few members cross the line when The outcome there are always exceptions. preparing tax returns for family and friends. Thankfully, the investigation was simple. This fictionalized account is based loosely By the time it took place, Sam had advised The message on an actual case before the Professional the CRA of the required change himself, The PCEC is not unreasonable in these Conduct Enquiry Committee (PCEC). and was quite clear that Tom had caused cases. It’s clear that most of us do prepare Names and circumstances have been changed the error. Tom had transposed tax returns for a few friends and to preserve anonymity. numbers in his summary of family members, and providing medical expenses and hadn’t Preparing Tax some advice is part of what we A typical scenario noticed the problem until he’d Returns for do. After all, that’s why they ask A friend or family member approaches you to received his assessment notice. Friends? for our help in the first place. do their taxes, and you say yes. It doesn’t occur Tom eventually agreed that he The PCEC just asks that you to you to get a practice licence or purchase himself should have advised the have a cautionary awareness of professional liability insurance—after all, CRA of the error in his return, the requirements and of the you’re not working for a CA firm, the fee is and acknowledged that he You May potential consequences should minor or non-existent, and the return looks hadn’t asked Sam for any advice. you not fail to meet these simple. The argument: “I’m not in Need a requirements. However, things are rarely that simple. Let’s public practice, so preparing a Licence! Finally, if you do prepare tax say your friend Jean has a number of questions tax return is OK” can work, but returns, remember that you will about her tax situation. Should she contribute it requires that you maintain a be held to professional standards more to her RRSP? What house expenses are precarious balancing act. The PCEC concluded and therefore need to keep full support for deductible if she starts a home-based business? that Sam had only avoided crossing the line your work. Our insurers tell us that there are If she gets a new car, should she lease? You by luck alone. After reading the definition of more claims regarding tax matters than any- end up giving her advice. the practice of public accounting in response thing else, so don’t risk getting sued for slop- You complete Jean’s return, and she buys to the investigation, Sam swore off tax return py work just because you’re doing someone you dinner. Barring some careless mistake or preparation. else a favour. ignorance about some recent tax change, you think that’s the end of your involvement. What the bylaws say Concerned? Not quite. Jean comes to you in July and The Bylaw 100 definition of the practice of Worried about crossing the line? Please contact says, “I just came across a form for interest on public accounting says that preparing a tax Mike Essex, CA, director of Practice Review & an account I’d forgotten about. What do I do return is a public practice activity if you also Licensing at [email protected] or by telephone at now?” Or worse, she’s waving an assessment provide assurance, compilation, or accounting 604-488-2622 toll-free 1-800-663-2677. notice and saying, “Help!” You realise you’ve services. That is, if you are in public practice, crossed a line and your friend has become any tax returns you prepare are part of that your client. public practice activity. But you would already Please note: The contents of this article are hold a licence and the requisite insurance so only for the general guidance of readers. The A real-life example there would be no problem. PCEC deals with each case individually, based Sam’s friend Tom needed a simple return The problem exists for our members outside on its specific facts and circumstances. filed quickly. Sam—our CA—wasn’t working public practice who prepare tax returns. It can for a CA firm and gave no thought to the also arise for members in public practice who 26 definition of the practice of public accounting. prepare tax returns outside the auspices of When Tom later asked him to correct a mistake their firms—for instance, doing returns on

BEYOND NUMBERS JUNE/JULY 2004

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