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
When planned carefully, making charitable contributions by gifting life insurance can further reduce the after-tax cost of giving from the base-case scenario.
Targeted efforts to attract and retain today’s workers will mean little if leaders don’t also identify and root out toxic behaviour.
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.
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.
A look at the results of CPABC's Mental Wellness survey
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.
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.
CPABC’s latest report highlights strong investment recovery across BC, but challenges remain
Five CPA executives share their insights
Harnessing the power of a multi-generational workforce
How a radical business model is changing the goal for business
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.
Meet the BC writers who excelled on the September 2021 CFE
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.
David Bowra, FCPA, FCA, didn’t have to look far to find inspiration for his debut crime novel, Banking on Murder.
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.
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.
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.
CPABC's BC Check-Up: Work report looks at emerging employment trends across the province.
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.
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.
Meet the two BC writers who made the May 2021 CFE National Honour Roll
She doesn’t consider herself a natural risk-taker, but Karen Horcher is definitely cool under pressure.
Here's what CPABC members had to say about the future landscape for employers and employees.
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.
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.
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?
BC Check-Up: Live report looks at demographic and affordability trends across the province
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.
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.
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.
How KPMG GVA is supporting wellness and destigmatizing illness
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.
An update on anti-money-laundering initiatives
Meet the 10 candidates from BC and Yukon who made the National Honour Roll.
Geoffrey Dodds, CPA, CA, embraces his role as chair of the CPABC board even as COVID-19 continues to disrupt norms.
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.
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.
Report recommends measures to maintain CPA training pipeline and meet future demand