CPABC in Focus serves as the voice of the accounting profession in BC. Published six times a year, it is distributed to approximately 30,000 CPA members, students, and candidates. Each issue focuses on professional matters facing the accounting profession, ranging from taxation and changes to standards, to ethical dilemmas and a broad variety other topical subjects.
CPABC in Focus – May/
In this issue: Celebrating excellence in the profession, our cover story features profiles of CPABC's 16 Member Recognition honourees for 2021.
Plus: A look at the results of CPABC's Mental Wellness Survey; insights for leaders on envisioning a post-pandemic workplace, meeting the expectations of the future of work, and detoxifying the office; tax planning considerations for donating life insurance to charity; tips for creating effective data visuals; and more!
CPABC in Focus Articles in Newsroom
Five tips for creating effective data visuals
When trying to communicate the message behind the numbers, many financial professionals miss the mark. Fortunately, there are some readily available tools—data visuals, or “dataviz” for short—that can help you communicate financial analyses effectively.
Giving the gift of life insurance to charity
When planned carefully, making charitable contributions by gifting life insurance can further reduce the after-tax cost of giving from the base-case scenario.
Detoxifying the office: How to create healthy and secure workspaces
Targeted efforts to attract and retain today’s workers will mean little if leaders don’t also identify and root out toxic behaviour.
The future of work - what it means for leaders
These are turbulent times. Leaders at every level are facing a new reality that continues to evolve. The challenge of meeting new demands and expectations is extraordinary.
Envisioning the post-pandemic workspace
Working through the pandemic has forced employees to adapt, and they’re emerging from this transformative experience with new expectations for the office. To meet these expectations, employers will need to reimagine the workplace to allow for more flexibility, autonomy, and community-building.
Mental wellness in the CPA profession
A look at the results of CPABC's Mental Wellness survey
Bill C-30: Changes to the taxation of employee stock options
An employee stock option plan could make up a substantial part of an employee’s total compensation package and provide them with a valuable tax deferral.
Twenty years later: Lessons from Enron
The Enron scandal led to the demise of one of the world’s largest accounting firms and triggered the most significant changes in the accounting profession in 100 years.
BC Check-Up: Invest
CPABC’s latest report highlights strong investment recovery across BC, but challenges remain
Women in the C-suite: The long road to gender parity
Five CPA executives share their insights
Breaking down communication breakdowns
Three common pitfalls and how to avoid them
Generational diversity at work
Harnessing the power of a multi-generational workforce
Doughnut Economics and the push for regenerative, distributive systems
How a radical business model is changing the goal for business
How to strengthen your writing skills (And why you should)
More organizational communication is written than you may think. Decisions, tasks, and knowledge are largely reliant on writing, so being able to communicate effectively in writing remains a vital job skill—particularly now, when so many people work remotely.
Celebrating CFE success!
Meet the BC writers who excelled on the September 2021 CFE
What's the buzz? Considerations on the current and temporary BC PST rebate program
The provincial government added the current temporary BC PST Rebate on Select Machinery and Equipment to its roster of COVID-19 tax incentives and benefits in March 2021. Since then, the BC Ministry of Finance has continued to update its webpage on the temporary rebate as additional details have become available.
Insolvency expert turns memorable cases into thrilling fiction
David Bowra, FCPA, FCA, didn’t have to look far to find inspiration for his debut crime novel, Banking on Murder.
Maintaining confidentiality and public confidence
CPAs in Canada are bound by a strict requirement of confidentiality that applies to all aspects of their professional work. In BC, the CPABC Code of Professional Conduct outlines the requirements and provides registrants with extensive guidance on this topic. In this article, we cover the major confidentiality rules in the CPA Code, describe situations that are prone to potential breaches of confidentiality, and provide some cautionary examples.
Bill C-208 opens the door to new tax-planning opportunities for family businesses
Succession planning is an important consideration for the founders and owners of family businesses, and the tax strategies available for selling shares to and purchasing shares from a third party versus a related party can vary significantly. Bill C-208 is intended to give families more flexibility to access certain tax advantages to facilitate intergenerational transfers of shares of small family businesses.
Digital transformation: The national picture
Canada’s CPA profession has always sought to collaborate on issues of national importance, and always in the public interest. One area of collective focus has been digital transformation, with an emphasis on member-facing initiatives.
Work in British Columbia
CPABC's BC Check-Up: Work report looks at emerging employment trends across the province.
Managing cash difficulties
COVID-19 impacts have put financial pressure on many businesses and not-for-profit organizations, especially in certain sectors, resulting in reduced revenues and cash pressures. And while the government has provided substantial funding assistance since the pandemic started, this support is now in sunset mode, which means more CPAs will likely have to help their employers or clients manage through cash difficulties.
Declaring revenue: Is it a hobby or a business?
Whether you bake cupcakes and sell them to co-workers or go fishing after work and sell what you catch to friends, any profit you make from your passion could be considered business income, subject to income tax in Canada.
Understanding the need for an ESG strategy
“If Canada is to meet its long-term objectives, sustainable finance must become, simply, finance. In other words, climate change opportunity and risk management need to become business-as-usual in financial services, and embedded in everyday business decisions, products and services.”
Celebrating CFE success!
Meet the two BC writers who made the May 2021 CFE National Honour Roll
One cool customer: New CPABC chair Karen Horcher, FCPA, FCGA, CFA, has a knack for navigating uncertainty
She doesn’t consider herself a natural risk-taker, but Karen Horcher is definitely cool under pressure.
Looking ahead: CPAs weigh in on the future of work
Here's what CPABC members had to say about the future landscape for employers and employees.
Leveraging your CPA designation in the boardroom
A CPA designation may as well be the golden governance ticket. From small not-for-profit organizations to large corporations, it seems everyone wants a CPA on their board. And it’s understandable—in an increasingly complex world, organizations are looking for directors who bring innovation, systems thinking, and experience navigating ambiguity and disruption.
Working from anywhere - the tax implications for employers
The pandemic has reshaped the way employees work. Many have been forced to work remotely, and some have chosen to relocate. But necessity has borne some interesting insights.
Zooming your negotiations
Negotiation skills are among the most critical skills a leader can possess. A strong negotiator can creatively leverage corporate interests, catalyze change management efforts, resolve conflict, and influence key decisions. So what does it take to be a strong negotiator in a virtual world?
Life in British Columbia
BC Check-Up: Live report looks at demographic and affordability trends across the province
"It just clicked" - Why Rhian Quarry made the switch from science to the CPA
It was while working reception at Madison Pacific Properties Inc., a real estate management and development company in Vancouver, that Rhian Quarry realized she wanted to become a CPA. She had just completed her bachelor’s degree in health sciences and was looking for a new direction when inspiration struck.
Taking the first step to a digital transformation
One silver lining that has emerged over the past year is that the majority of organizations have realized the value of digital efforts—from client service to marketing to stakeholder engagement—and are putting resources into planning and implementing them.
Family business continuity: How to secure the family legacy
If there’s one thing business leaders have learned over the last 12 months, it’s that they need to be prepared for the unexpected. The rapid emergence of COVID-19 and its subsequent impact on businesses across industries underscored.
Improving the mental health of Canadian workers
Did you know that Canada has both a national mental health strategy and a National Standard for Psychological Health and Safety in the Workplace?
Prioritizing mental health at work
How KPMG GVA is supporting wellness and destigmatizing illness
When it comes to the debt forgiveness rules, is all really forgiven?
The recent economic downturn may bring forth unexpected tax issues. As creditors become more inclined to forgive or settle debt without full or even partial repayment, more corporations may find that they are settling debt for less than the principal amount.
The fight continues
An update on anti-money-laundering initiatives
CPABC’s Indigenous strategy
Building for a strong, more inclusive future.
Celebrating CFE success!
Meet the 10 candidates from BC and Yukon who made the National Honour Roll.
BC Check-Up: Work
Bringing calm resolve to turbulent times
Geoffrey Dodds, CPA, CA, embraces his role as chair of the CPABC board even as COVID-19 continues to disrupt norms.
The ethics of technology
The explosion of technology over the last 30 years has changed the way we do business—but have we given enough consideration to its ethical impacts?
Finding opportunities in an economic downturn: Estate freezes (and refreezes)
During an economic downturn such as the one in which we currently find ourselves, many taxpayers focus on finding cost-cutting measures, including opportunities to decrease their immediate tax burdens. What may not be top of mind, however, are opportunities to minimize future tax burdens by freezing or refreezing an estate.
Accelerating business agility: Maximizing organizational effectiveness in the age of COVID-19
Many business leaders and accounting professionals are wondering how best to recover from the disruptions of the COVID-19 pandemic and set their organizations up for success in the uncertain months and years ahead.
Keeping the numbers up
Report recommends measures to maintain CPA training pipeline and meet future demand
Family trusts: Recent changes and continued benefits
The last three years have seen significant changes in tax legislation. Private family businesses have felt the bulk of these changes, and many are still trying to digest the impact within their businesses.
#MeToo – Empowering women leaders is good business
Clear, concise, consistent – The three Cs of effective communication
Communication is by far one of the most valuable skills in any professional’s toolkit. Whether you’re just starting your career or you’re a seasoned vet, being an effective communicator at work is key to your success.