celebrating ufe success! · 2021. 2. 19. · successful ufe candidates—393 of whom passed on...

Alexa Loo, CA, sets sights on 2010 GamesUpdate on foreign affiliate residenceShareholder rightsMember Profile: Dave Oscienny, CA

In this issueMeet BC’s UFE honour roll students + get our UFE results recap and the list of BC passers

On the Cover

January 2010

Celebrating UFE Success!

Chartered Accountants & Business Advisors

Congratulations to our newest generation of leaders!

Malcolm EllisonVancouver

Maryna KirichukVancouver

Peter LokVancouver

Richard DoncomKelowna

Jena FriedrichKelowna

Nicole ParentKelowna

Dustin StadnykKelowna

Vancouver1100 - 1177 West Hastings Street

Vancouver, BC V6E 4T5Tel: (604) 687-4511

Toll Free: 1 (800) 351-0426

Surrey#112, 7565 - 132nd Street

Surrey, BC V3W 1K5Tel: (604) 591-6181

Kelowna500-1620 Dickson Avenue

Kelowna, BC V1Y 9Y2Tel: (250) 763-5021

Toll Free: 1 (866) 763-5021

www.mackay.ca

The partners, principals and staff at MacKay LLP would like to congratulate the 7 successful writers of the 2009 Uniform Evaluation for Chartered Accountants in British Columbia. We commend the hard work, dedication and focus of our team members to achieve such impressive results on the 2009 UFE.

2009 Successful UFE 00.indd 1 12/8/2009 1:41:24 PM

Jan 2010 ica.bc.ca 5

contents

12

On the Cover

Meet BC’s UFE Honour Roll Students!

6 Notes from the President Creating more student training

positions

8 For the Profession UFE results recap for BC and

CASB

10 Research Corner Unreconciled differences

28 Tax Traps & Tips An update on foreign affiliate

residence

30 Financial Facts & Money Matters

Shareholder rights: More than meets the eye

32 PD News Winter PD Highlights

34 Plugged In News for and about members

& students Movers & shakers in the

profession PRL Notice Notice from Member Services:

Are you receiving the latest news?

Volunteers Wanted Member Profile:

Dave Oscienny, CA 42 Ethical Dilemmas Private trusts and client trust

22Kudos to... BC’s 444 successful

UFE candidates

24Chasing a Dream Alexa Loo, CA, sets her

sights on the 2010

Olympic Winter Games

10%

Cert no. SCS-COC-000648

6 ica.bc.ca Jan 2010

January 2010, No.484

Published eight times annually by the Institute of Chartered Accountants

of British Columbia.

EditorMichelle McRae

Design Blindfolio Design

604-761-9212

AdvertisingAdvertising In PrintPhone: 604-681-1811Fax: 604-681-0456

Senior Director of External AffairsLesley MacGregor

Institute CouncilKaren Keilty, FCA

President

Peter Norwood, FCA1st Vice-President

Lenard Boggio, FCA2nd Vice-President

Michael Macdonell, CATreasurer

Jack Arnold, CALinda Lee Brougham, CA

Kyman Chan, CAKaren Christiansen, CA

John Crawford, CAGordon Holloway, FCA

David HughesAnthony Mayer, CA

Al McNairSheila Nelson, CAJohn Sims, FCA

James Topham, CAKenneth Tung

Praveen Vohora, CA

Chief Executive OfficerRichard Rees, FCA

Beyond Numbers is printed in British Columbia and

mailed eight times annually to more than 9,000

chartered accountants and more than 1,800 CA students

in public practice, industry, education, and government

service throughout BC, Canada, and other countries.

Beyond Numbers’ editorial and business offices

are located at:

Suite 500, One Bentall Centre, 505 Burrard St., Box 22

Vancouver, BC V7X 1M4

Phone: 604-681-3264

Toll-free in BC: 1-800-663-2677

Fax: 604-681-1523

Internet: www.ica.bc.ca

Opinions expressed are not necessarily

endorsed by 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

Notes from the President

More student training positions needed

Congratulations to BC’s 444 successful UFE candidates, and a special note of recognition to our 12 honour roll students (including this year’s National Gold Medallist), each of whom is profiled in our Cover Story on page 12. You represent the future of our profession, and we are very proud of your achievement!As we celebrate the success of our UFE candidates, I want to ask each member

to consider your role in helping to train future CAs. I ask this because the market continues to demand more CAs than are available, even though we currently have more members and students than ever before. The economic slump has led to fewer student training positions, and it is not uncommon now to see several candidates vying for each position; and those who do not secure a training position often end up pursuing other professions. If we are to remain the pre-eminent accounting profession in BC as demand continues to grow, the economy rallies, and more members retire, we must create more training positions.As detailed by Lara Greguric, CA, director of training offices for the CA

School of Business, in the September 2009 issue of the magazine, the new CA Practical Experience Requirements (PER) were mailed to each CA training office (CATO) in August 2009. As Lara explained, the new processes expand the areas in which students can be trained, giving CA firms the opportunity to create training positions in tax and finance, and allowing for new positions in industry. (With only one-third of our members working in public practice, these changes make obvious sense.)So I ask you to consider if your organization could train future CAs. I would

also like to ask if there is anything the Institute could do to encourage you to start training students, or to train more students if your office is already a CATO?We are currently working on a comprehensive national strategy to ensure the

continued pre-eminence of the CA profession in Canada, and one aspect of this strategy is expanding student training opportunities. We will keep you informed as the national strategy evolves. You can expect to hear more about training issues and demographics in the coming year.In the meantime, I welcome you to send me comments and questions at

[email protected].

–Karen Keilty, FCA


For the Profession

UFE Results Recap for BC and CASBBy Dr. Sheila Elworthy, CA CASB VP of Learning

C ASB students had remarkable success on the 2009 Uniform Evaluation (UFE). On one of the world’s most

challenging exams, 1,037 students demonstrated that they have achieved the level of competency required to become a CA. Moreover, 898 of these students did so on their first attempt.

BC has many reasons to celebrate, with 444 successful UFE candidates—393 of whom passed on their first attempt!

In addition, 24 of this year’s 51 national honour roll spots went to CASB students, 12 of whom are from BC. Top honours went to BC student Jolene Kendrew of Victoria, who placed first on the UFE in Canada and won the Governor General’s Gold Medal. A big congratulations to Jolene!

UFE flow-through rateThe flow-through rate measures the number of students who write the UFE and are ultimately successful in obtaining the CA designation. This statistic is relevant because CASB students who have yet to take (or pass) the UFE can take heart in knowing that more than 94% of the students who have written the UFE in the past several years did ultimately pass the exam.

Year Flow-Through % 2006 97.0% 2007 95.9% 2008* (cumulative 2nd attempt only) 93.4%

*Because students are given three attempts at writing the UFE, the 2008 statistic is incomplete.

BC school performance We’re always proud of the top performers who emerge from our BC schools. The following table shows the number of successful students from each institution:

School Successful UFE Candidates British Columbia Institute of Technology 13 British Columbia Institute of Technology – Co-op Program 1 Capilano University 4 Kwantlen Polytechnic University 9 Okanagan University College 11 Royal Roads University 9 Simon Fraser University 51 Simon Fraser University Co-op Program 13 Thompson Rivers University 2 Thompson Rivers University Open Learning 16 Trinity Western University 6 University of British Columbia 151 University of British Columbia Co-op Program 14 University of the Fraser Valley 7 University of Northern British Columbia 15 University of Victoria 33 Vancouver Island University 6

Competency-based learningCASB is very proud of the work we’re doing with competency-based learning. To become a well-rounded CA, an individual needs education, experience, and evaluation. The UFE has been competency-based for many years, and practical experience requirements recently became competency-based as well. We see CASB as the third part of the equation, providing education that prepares students for their work experience, for success on the UFE, and for long-term careers as CAs.

Time to celebrate!CASB congratulates the 444 BC candidates who successfully wrote the UFE, and we give special congratulations to BC’s 12 honour roll students! We remain very pleased with the success of our program—both in BC and in Western Canada.

A word about this year’s results recapYou may notice that the recap looks different this year. In conjunction with the CICA and the other provincial institutes, the ICABC has adopted a new national agreement on how to present the results. This approach focuses on flow-through rates rather than pass rates. Extensive additional data continues to be provided to and reviewed by Councils, CASB, and educators. This national decision was made earlier in 2009, without reference to the current results.

Smart, naturally. Motivated, definitely. On our team—fortunately.

www.GrantThornton.ca Audit • Tax • Advisory

Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

This ad prepared by: ryan edwards ClienT: granT ThornTon File name: gT 2009 bC UFe ad ad #: gT-2009-83 pUbliCaTion: beyond nUmbers magazine Trim size: 7.5" x 9.75" ColoUrs: CmyK

At Grant Thornton, we recognize the difference that each person can make. Imagine the impact that the following 22 high-performing, committed individuals can have. We are delighted to congratulate these members of our team for having recently passed the Uniform Evaluation (UFE), as well as for the distinctive service they offer our clients every day. They go the extra mile in all they do, and we are thrilled to play a part in their ongoing success!

Front row (left to right): Robert Brown, Joyce Cheung, Sarah Kim, Emma Whibley, Nancy Lum, Gurpreet Lidhar, Jancie Chiu, Tina Walia and Josh Matte.

back row (left to right): Mike Scarlett, Andreas L’Abbé, Troy Melnychuk, Chris Warburton, Kelly Latzel, Keith D’Souza, James Stewart (Honour Roll), Lawrence Schouten, Mark Fairweather, Amir Moghadasi, Angelina Zhao, Holly Palmer and Chris Diaz.

In British Columbia. Across Canada.


Unreconciled DifferencesBy Dr. Kin Lo, CA, Ph.D.

For decades, the US Securities and Ex-change Commission (SEC) has required foreign private issuers (FPIs)—non-US

companies that list their securities on a US exchange—to reconcile their financial statements to US generally accepted accounting principles (GAAP). This requirement makes perfect sense because investors in the US who are buying securities need financial statements that are comparable between US and non-US companies.

So what would happen if the SEC dropped

this requirement? Wouldn’t investors be worse off as a result of less information being available? A number of published studies show that inves-tors consider the information provided in the reconciliation to be material, so wouldn’t they feel short-changed if this information were no longer available?

Well, the SEC did, in fact, drop the reconcilia-tion requirement for FPIs that use international financial reporting standards (IFRS), effective November 15, 2007. However, as detailed in a new research paper presented at the Sauder School of Business on November 20, 2009, the reaction to this change was not as expected.

In The market reaction to eliminating the reconciliation requirement for US Foreign Private Issuers, Richard Willis, along with his colleagues Paul Chaney and Debra Jeter at Vanderbilt University, studied the effects of this regulatory change on investors. Going into the project, the three researchers expected negative consequences.The actual results, however, turned out to be the opposite.

On average, shares in FPIs outperformed other firms during the events that led up to the rescission of the reconciliation requirement, which suggests that investors viewed the regulatory change favourably. In addition, the study found that investors tend to react more favourably

Research Corner when: a) there are higher proprietary costs of disclosure; b) there is less information asymmetry among investors; and c) an FPI has higher infor-mation quality.

This research shows that more isn’t necessarily better when it comes to investment information. The results suggest that the requirement to reconcile amounts from IFRS to US GAAP yielded limited benefits and significant costs, and that neither of the two standards is so superior to the other as to justify the additional cost of a reconciliation. In this case, less truly does seem to be more.

Kin Lo, CA, Ph.D., holds the CA Professorship in Accounting in the Sauder School of Business at UBC. The CA Professorship is funded by the CA Education Foundation of BC. Send your questions on accounting research to Kin at [email protected].

1 At the time of this writing, The market

reaction to eliminating the reconciliation

requirement for US Foreign Private Issuers

was a working paper. Interested parties can

obtain a copy by contacting Professor

Richard Willis at richard.willis@owen.

vanderbilt.edu.2 The ICABC provides financial support for

accounting research workshops at UBC.

once again, an amazing pass rate for our ufe writers.

10 ties cut in 2009!

Andy Tugume, Sarah Hundal, Alex Stewart, Priyanka Parkash, Margaret Puhacz, Mathew Lee, Elyse de Jong, Vipin Sachdeva,

Garry Sum, Rosanne Lamarche

congratulations to

Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8

Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com

Close the doors and walk away. Happy.

www.pwc.com/ca

The decision to sell a business is difficult, the process shouldn’t be. PricewaterhouseCoopers has an experienced, dedicated team to help you navigate the personal and financial issues around the transfer of business ownership.

© 2009 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. 1608-01

For more information, please contact:

Jim McGuigan 604 806 7594 [email protected]

Randy Garg 604 806 7081 [email protected]

Pirooz Pourdad 604 806 7805 [email protected]


once again, an amazing pass rate for our ufe writers.

10 ties cut in 2009!

Andy Tugume, Sarah Hundal, Alex Stewart, Priyanka Parkash, Margaret Puhacz, Mathew Lee, Elyse de Jong, Vipin Sachdeva,

Garry Sum, Rosanne Lamarche

congratulations to

Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8

Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com


On the Cover

Meet BC’s UFE Honour Roll Students for 2009! By Michelle McRae, Editor

Jolene Alice Kendrew (née Boehm) – National Gold MedallistUFE writers will tell you that walking out on that third day of the exam can leave you feeling

numb, depressed, anxious, relieved… or some combination thereof. Jolene Kendrew had hoped to emerge with a sense of confidence, but instead found herself full of doubt.

“The experience was more emotionally and mentally draining than I expected it to be,” she says. “When I walked out of the exam, I was relieved that the three days were finally over, but I was completely exhausted. In the end, I felt just like everyone said I would—awful!”

So it came as a complete shock when Jolene learned she’d not only made the national honour roll, but placed first in Canada, netting the Governor General’s Gold Medal.

“I couldn’t believe it,” she says.Looking back, Jolene says the most challenging

aspect of the entire UFE process was learning to walk away at 5:00pm and focus her energy on something other than the upcoming exam.

“I knew that a balanced study plan was crucial for success,” she says, “but it was still difficult to walk away when a simulation didn’t go well.”

The support of a few key people helped her stay focused and positive.

“I couldn’t have managed this process without my husband Jeff supporting me and encouraging me to take time off when I was burning out,” Jolene says. “And Jennifer Reed, CA, the acting director of finance for the City of Colwood, pro-vided me with much needed encouragement and advice on surviving the summer—especially during the ‘low’ moments.”

It is with great pleasure that we introduce the 12 BC students who made the national honour roll for the 2009 UFE: Jolene Kendrew (National Gold Medallist), Leanna Ho, Siobhan Hughes, Morgan Kenny, Grace Loh, Ilya Margulis, Sumeet Sangha, Matt Stevens, James Stewart, Dylan Vokey, Nina Wang, and Sean Wilson.


She also gives credit to her study buddy, Laura Belding, an articling student with KPMG LLP in Victoria.

“Laura kept the two of us on track,” Jolene says. “The hours of constructive discussion and feedback we shared helped us both continuously improve.”

The pair met at KPMG, where Jolene completed her articles. She’d joined the Victoria office in 2006 after earning a bachelor of commerce degree with a specialization in general business from the University of Victoria.

Jolene completed her articling experience in 2008, and accepted a position in local govern-ment. Today, she’s the acting deputy director of finance for the City of Colwood, a municipality just west of Victoria.

Looking to the future, she says she hopes to get involved in CA education.

“Growing up in Kelowna, I always wanted to be a teacher, because I loved helping others learn,” she says. “So I’d like to get involved in teaching and mentoring future CAs— through CASB and perhaps other post-secondary institu-tions.”

With the UFE now behind her, Jolene is one step closer to this goal. Her advice to future writers is to seek encouragement and help when needed.

“There will be moments where you feel like you’ve stopped improving, and those are the most difficult to get through,” she cautions. “Take breaks when you’re burning out and never give up—if you take the steps advised by those who came before you, you will be successful!”

Jolene enjoys spending time with friends and family, running, highland dancing, and reading.

Leanna Ho“When I walked out of the UFE, I was very excited and relieved to finally be done,” says Leanna Ho. “I didn’t know what the outcome would be, but I knew I’d done my best.”

For Leanna, the toughest part of the whole process was maintaining her confidence level.

“When you’re preparing for the UFE, there are times when everything seems to fall into place with relatively little effort,” she says. “But then there are also days when nothing seems to work. The challenge, I think, lies in not getting discouraged on those days when you may not be performing at your peak. And what’s important is that you learn from your mistakes.”

Also key, says Leanna, is developing a coherent preparation strategy.

“The most rewarding part of my UFE experi-ence was creating a study plan and sticking to it,” she recounts. “It gave me the confidence of knowing that I’d done the best I could to prepare myself for the exam.”

Clearly, sticking to this study plan paid off for the honour roll student. Also instrumental to her success, she says, was the help of her col-leagues at Deloitte & Touche LLP in Vancouver.

“My study partners, Kevin Burkett and Rob Kozak, provided support, and their critical anal-ysis of my papers was really helpful,” Leanna says. “Also, Josh Samson, CA, was really supportive, my mentor Pejman Mahlooji, CA, helped me manage the stress, and my mentor Robyn Corney, CA, provided valuable advice to improve my case writing, and reminded me to

take time off from studying.” Leanna also gives credit to loved ones.“My parents were always supporting and

encouraging me, and my brother Alex lent me his lucky t-shirt,” she says. “My friends, too, were really supportive and helped me relax and enjoy my time away from studying.”

Now as she works on completing her articling experience at Deloitte, Leanna is focused on the mining sector. The University of BC graduate earned a bachelor of science in mathematics in 2006, and completed UBC’s Diploma in Accounting program in 2007. In the future, she hopes to work and travel internationally.

In the meantime, however, Leanna offers some advice to next year’s UFE writers: “Try to maintain a positive attitude, and make sure to take time away from studying to enjoy the summer.”

Leanna enjoys playing ice hockey, roller hockey, and softball, and also enjoys travelling.

Siobhan HughesGrowing up, Siobhan Hughes imagined she would some day have a career in the sports industry. Siobhan never thought she would end up in accounting, like

her father, Aidan Hughes, CA. After learning about the flexibility of the CA designation, however, Siobhan eventually decided to enrol as an accounting major in the Sauder School of Business Co-op program at the University of BC. She graduated from UBC with a bachelor of commerce degree (with honours) in May 2009.

Protect it. Grow it. In That Order

Ross Turnbull, CA, CBV, CFA

Director, Portfolio Manager

Tel 604 844 5363Toll Free 1 888 886 [email protected]

P L A T I N U M M E M B E R

*The Model is an all-equity portfolio established by the Research Department in December 1994, with a hypothetical investment of $250,000. The Model provides a basis with which to measure the quality ofour advice and the effectiveness of our disciplined investment strategy. Trades are made using the closing price on the day a change is announced. These are gross figures before fees. Past performance isnot indicative of future performance. MEMBER CIPF

odlumbrown.com trust • vision • investment integrity

Average Monthly Performance(Dec/94 – Nov/09)

4.0%3.5%

up months(60% of time)

down months(40% of time)

-1.9%

-3.8%ob model portfolio*

s&p/tsx total return index

Performance Since Inception(Dec/94 – Nov/09)

781%

275%

s&p/tsx totalreturn index

ob model portfolio*

Portfolio measurements and comparisons are done at mid-month and not month end.

09.OBRTurnbullAd1 12/9/09 11:28 AM Page 1


Siobhan is currently articling with Ernst & Young LLP in Vancouver, and works in the firm’s assurance group, focusing primarily on public mining companies. She hopes to work abroad in the future, but is content, for the time being, to simply enjoy her success on the UFE.

For helping her succeed, Siobhan credits a few key supporters.

“My boyfriend, Craig Hall, CA, went through the UFE process in 2008 and was a tremendous help to me,” she says. “He gave me advice, helped me stay calm, and provided the support I needed. Also, my E&Y study partners, Peter Portka and Richard Rawnsley, were great at helping me stay focused, while still managing to make me laugh. And my parents provided constant support—this has been a difficult process at times, but they were always there when I needed them.”

Most challenging about the UFE process, she says, was staying motivated.

“There were study days when a hard practice simulation would just deflate my confidence,” she remembers. “Learning to take what you can from those simulations and move on is a tough thing to do.”

Tough, but well worth the effort. “I didn’t feel overly confident after the last day

of the exam, but I felt that it went alright,” she

remembers. “Mainly, I was just happy to be done, and ready to celebrate with my friends. It’s a great feeling when you walk out—all the stress is replaced with excitement!”

Her advice to future UFE writers is as to try to enjoy the summer.

“Don’t study too late, and take Fridays off when you need to,” she says, adding: “Also, make sure you have the right study group—people you can get along with for two months but who aren’t afraid to tell you when you’re wrong.”

Siobhan enjoys travelling, spending time with friends and family, watching hockey games, and practising yoga.

Morgan Kenny“I never believed past writers when they said it’s impossible to tell how you’ve done on the exam, but it’s true,” says Morgan Kenny. “I had no idea if I’d passed.”

Even more challenging than the exam itself, she says, was maintaining her confidence level in the months leading up to the exam.

“It’s a long summer, and sometimes it can

seem like you’re not making much progress,” she explains. “So it can be challenging to maintain perspective and not let the stress overwhelm you.”

Morgan says the support of family, friends, and study partners helped her stay positive.

“My mom, dad, and brothers had complete confidence in me, and always reminded me to have fun and take breaks,” she says. “My roommate was always willing to listen, even in my most irrational moments—she knows more about the UFE than any non-CA student should! My study partners at KPMG LLP in Vancouver—Danny Gollogy and Dan Jover—believed in me even when I didn’t. They made me laugh all summer, and at the same time, continuously challenged me.

“I was also fortunate to have an amazing support team at my firm,” Morgan adds. “I’m grateful to my mentor, Joel Boyd, CA, every-one at Brentwood, and the KPMG marking pool for their invaluable feedback and well-timed words of encouragement.”

Her advice to future writers is to keep the positivity flowing.

“Believe in yourself as best you can,” she says, “and surround yourself with people who will believe in you even when you can’t.”

With the UFE now behind her, Morgan is focusing on completing her articling experience at KPMG. She’s currently working in the information, communication, and entertain-ment assurance practice, with both public and private sector clients.

Her work enables Morgan to draw on a multi-disciplined background that includes a bachelor of science degree with a major in computer science and a minor in commerce from the University of BC (2006) and comple-tion of UBC’s Diploma in Accounting program (2007).

“I’ve been able to put many of the skills I learned during my computer science degree to use while working at KPMG,” she says, “and I’m extremely happy with the path I’ve taken.”

Morgan was born in Fremont, California, and raised in Nanoose Bay, on Vancouver Island. In her spare time, she enjoys swimming, playing on the KPMG dodgeball team, socializing with friends, and playing golf, which she took up over the UFE summer.

dap_beyondnumbers_sep09.eps 9/9/2009 1:56:57 PM


Tomorrow’s leadersCongratulations to the Vancouver office’s successful UFE writers.

What’s next?ey.com/ca

Pam Calderon Di Chen Eason Chen David Choi Paul Cormack Dave Evans Richard Gill Dave Harper John Inthavixay Ashley Kates Dasha Kotliarova Juliana Kung Carol Lee Louisa Lun

Diana Martins Corinne Meldrum John Miller Scott Nichols Laurel O’Brien Peter Portka Richard Rawnsley Aly Sheriff Michelle So Peter Venetsanos Georg Woernle Jeremy Wong Jessy Xu Jessica Zhan

© 2009 Ernst & Young LLP. All rights reserved.


Grace Loh“I would describe the feeling I had walking out of the UFE as surreal,” says Grace Loh. “After an intensive two-year period of study and work, and an even more demanding summer, I

was simply relieved that it was over.”An articling student with mid-sized firm D&H

Group LLP in Vancouver, Grace is currently focused on providing audit, assurance, and business advisory services to private enterprises.

Prior to joining the CASB program, Grace earned a bachelor of commerce degree, majoring in finance (2003) and a bachelor of laws (2006)—both from the University of BC. Her subsequent decision to pursue the CA designation was based on several factors.

“I respected how the program combined practical work experience with comprehensive training and evaluation,” she says. “I also recog-nized that the CA designation opens a lot of doors, and I was excited to work with and learn from knowledgeable professionals.”

Grace says the professionals at D&H were vital to her success on the UFE.

“The partners and staff provided ongoing

encouragement and support throughout the UFE process,” she says. “My UFE coaches at D&H, Jack Chan, CA, and Jennifer Manarin, CA, provided valuable guidance; and my men-tors there—Jason Chang, CA, Jessica Chou, CA, and Loan Nguyen, CA—helped me build my confidence and develop a disciplined approach to case writing.

“I’m also indebted to Michelle Young and my study partner Connie Shum, both also at D&H,” Grace adds. “Michelle kept me grounded, and Connie provided infinite patience and honest feedback. I’m privileged to have shared this experience with them.”

Lastly, Grace credits her family and friends for providing “unconditional support and letting me chart my own path.”

Looking back, she says the most challenging aspect of the UFE process was overcoming the idea of the UFE. “Adjusting my mindset to perceive the UFE as simply another exam (albeit a very long and arduous one) took time,” she says.

The most rewarding aspect was the sense of accomplishment she felt after writing the exam. “Regardless of whether I passed or failed,” Grace says, “it marked the end of a rigorous period of my life.”

Her advice to future UFE writers is to take time to debrief their practice cases thoroughly:

“Ultimately, I found that there was no better way to learn than from my own omissions and errors.”

Grace enjoys travelling, reading, and learning different languages.

Ilya Margulis“As I looked up at my timer to see that there were only 30 minutes left in the exam, I got this excited and jittery feeling, knowing that I was only minutes away from finishing one of the

most challenging things I’d ever faced in my life,” remembers Ilya Margulis. “I literally had to force myself to focus on finishing the exam, and then I walked out of there in a sort of daze, not knowing if I had done well, but knowing that I had put in the best effort I could.”

Ilya is a senior accountant with Walsh King LLP in Vancouver, where he currently focuses on audit and tax work. He is a graduate of the University of BC’s Co-op program, having completed a bachelor of commerce degree with a dual specialty of accounting and management information systems in 2007.

According to Ilya, the most challenging aspect of the UFE experience was the level of commit-ment involved.

“It was hard to wake up every morning and write practice exams every day for weeks on end,” he says. “But when the time came to actually write the exam, I was finally able to kick into that ‘extra gear’ and focus.”

For helping him succeed on the UFE, Ilya gives credit to a number of supporters.

“My family helped by providing encourage-ment and believing in me; the management of Walsh King helped by providing me with work experience I could lean on during the exam; and my co-workers and friends who had already gone through this process provided valuable feedback and support, and marked exams for me,” he says. “In particular, I want to thank Kulwant Sidhu, CA, a tax consultant at Walsh King; Kevin Walsh, CA, a tax manager at Walsh King; and Matt Stradiotti, CA, of The Bowra Group, for helping me get through the months of study with minimal stress.”

Stress management, he says, is key to success on the UFE.

“My most important piece of advice for future writers is to do everything possible to keep your stress level down, and to not study to the point of exhaustion,” says Ilya. “It’s incredibly important to keep a steady routine that includes

plenty of time for sleep and fun. And be sure to seek out and follow the advice of people who’ve been through the process already—they under-stand what you’re going through.”

Born in Moscow, Ilya moved to Canada at age 7, and grew up in Richmond, BC. He enjoys spending time with friends and family, watching movies and hockey, rollerblading, and spending time outdoors.

Sumeet Sangha“Growing up, my career choices were all over the place,” recalls Sumeet Sangha. “I never saw myself as an accountant, but as I grew older, I realized that becoming a CA would provide me

with a wide array of opportunities and career flexibility.”

So after earning a bachelor of business admin-istration (with a concentration in accounting) from Simon Fraser University in 2007, Sumeet began articling with BDO Dunwoody LLP, in the firm’s Langley office. Currently, his focus is on assurance.

Looking back over the UFE experience, Sumeet says the biggest challenge was actually learning to study less.

“I knew the UFE was going to be the biggest exam I’d ever written, and my natural instinct was to study every waking hour and cram as much information into my head as possible,” he explains. “So I had to learn how to take my mind off the exam at the end of each study day, and take time to relax and recharge my batteries to keep my focus throughout the summer.”

That’s why Sumeet advises future UFE writers to maintain a level of balance.

“It’s important to not let the UFE process overwhelm you,” he says. “Maintaining a balance during the preparation will enable you to walk into the exam feeling fresh and sharp mentally.”

Sumeet says friends and family helped him achieve this balance by “keeping me level-headed, and providing the support I needed to get through the exam.” He also credits his success on the UFE to the support of several key people at his firm.

“David Reznick, CA, my UFE mentor, and Dan Rudd, CA—both from BDO—shared their UFE experiences with me, and provided various tips and pointers to help me succeed,” he says. “And my study partner at BDO, Justin Leung, provided the feedback and constructive criticism I needed to address my weaknesses.”

Sumeet remembers feeling a mixture of relief

and uncertainty after the last day of the UFE. Now, with this hurdle past him, he says he’s excited to see what the future holds.

Sumeet enjoys golfing, playing basketball, hang-ing out with his friends, and watching sports.

Matt StevensAs a kid growing up in North Vancouver, Matt Stevens dreamt of a ca-reer playing pro-football with the Green Bay Packers. “I was a wide receiver growing up,” he says, “and Brett Favre

was in his prime in those days.”By the time he got to university, however,

finance had won out over pro-sports. Matt went on to earn a bachelor of accounting from the University of BC in 2007, and completed an MPAcc degree at the University of Saskatchewan in the summer of 2009.

Now articling with KPMG LLP in the firm’s Vancouver office, Matt is focusing on real estate and financial institutions. In the future, he hopes to gain some international experience, live in a different culture, and also work with a start-up company.

“As long as I’m in a position where I’m con-


tinually learning and being challenged, I think I’ll be happy with my work,” he says.

As for the challenges of the UFE process, Matt says his biggest obstacle was staying focused during the three days of the exam.

“The cases are broad enough that you could write for hours and still have things you want to say, so it was a struggle to put each case behind me and focus on the next,” he explains. “I understand now why people say they want to quit after the first day. I did feel a bit better after the second and third days, but I still had no idea if I’d done well.”

For helping him “survive” the UFE, Matt credits the support of friends, mentors, and family.

“I feel privileged to have studied with Mike Woeller and Graham Hindson, my study buddies at KPMG,” he says. “The three of us challenged each other every day for four weeks. And my mentors at KPMG—Jeff Louie, CA; Roopa Dave, CA (now with the BC Children’s and Women’s Hospital); and Nicole Comey, CA, provided intellectual and emotional support whenever I needed it, and then some. The whole support network at KPMG and the professors of the MPAcc program were also huge factors.

“Lastly,” Matt adds, “I thank my family— especially my mom, my dad, and my sister—for their ongoing support throughout the articling process and in life.”

Matt’s advice to future UFE writers? “It sounds clichéd,” he says, “but I think confidence is the key. Don’t let a bad day ruin your mindset, because you can recover from it, and it’s likely that you’ve done way better than you think.”

Matt enjoys skiing, playing golf, reading books, and watching movies. He also enjoys “tumbling,” which he describes as “a European sport requiring equilibrium and perseverance that is played in teams of ten.” The moustache Matt’s sporting in his photo was grown for “Mo’vember,” an international charitable event that happens every November to raise funds for men’s health issues. In Canada, money raised during Mo’vember goes directly to Prostate Cancer Canada.

James Stewart“It was a very intense and exhausting three days,” says James Stewart of the UFE. “Walking out of the exam, I just felt relieved that it was over.”

James is an articling stu-dent at Grant Thornton

LLP in Kelowna, where he’s currently focused on audit. In 2004-2005, he completed two co-op terms at Grant Thornton while also completing his university degree at Okanagan University College (which split into Okanagan College and UBC-Okanagan in his final year). James took the business program’s accounting option and earned a bachelor of business administration in 2007.

With regard to the UFE, James says the most challenging thing about the entire experience was not the exam itself, but the fatigue that set in during the last few weeks of study.

“At that point, I was tired of studying and writing practice questions,” he recounts. “I was concerned that I might be burning out and just wanted it all to be over with.”

With the UFE now safely behind him and

Our firm consistently demonstrates high UFE pass rates year after year producing top notch CA professionals to handle the business needs of our valued clients.

The UFE is a milestone career achievement that will allow our UFE Grads to accelerate their careers in one of BC’s largest independent CA firms.

900 - 400 Burrard StreetVancouver, BC V6C 3B7

Tel: 604-684-6212www.wolrigemahon.com

From left to right:Jacqueline Cua, May Cheng, Beatrix Wiriahardja, Jeanne Lee, Travis Taylor, Aliya Rawji, Mona King, Gabriela Oteiza Dunn

WOLRIGE MAHON LLP IS PROUD TO CONGRATULATE OUR 2009 UFE WRITERS!


study burnout no longer a concern, James gives credit for his success to the support of his study partners at Grant Thornton.

“I definitely want to thank my fellow UFE writers at the firm: Mike Scarlett, Gurpreet Lidhar, Chris Warburton, and Mark Fairweather,” says James. “I wasn’t really nervous walking into each day of the exam, and I think that was largely due to the study routine the five of us had developed, which allowed us to get used to writing with other people in the room.

“I also want to thank my family, my friends, and my girlfriend for supporting me throughout the whole UFE process,” he says.

His advice to future writers is to find a study plan that works for them.

“And be sure to take a few days off if you feel like you’re starting to burnout,” James adds. “Also, I recommend finding a hobby or activity that will take your mind off of studying and the exam. My summer golf membership was probably one of the best investments I made!”

James grew up in Salmon Arm and moved to Kelowna after graduating from high school. He enjoys playing golf, volleyball, and softball.

Dylan Vokey“I felt an enormous sense of relief, but I had no idea how I’d done,” says Dylan Vokey, remem-bering his post-UFE mood. “I’m sure I was just as nervous as the next writer about my

results until I received the good news from my firm.”

The firm is KPMG LLP in Burnaby, where Dylan is currently focusing on audits for mid-sized private companies. The articling student graduated from Simon Fraser University in June 2009 with a bachelor of business administration and a certificate in liberal arts. Through his co-op terms with KPMG, Dylan had the oppor-tunity to write the UFE right after graduation, before starting his articles full-time.

Looking back, he says his biggest UFE challenge as learning to trust his gut.

“The analytical side of my brain was approach-ing each new case with the previous one still in mind,” Dylan recounts. “It wasn’t until I began to follow my instincts fully, in the final week of studying, that I was able to adapt to each new scenario thrown at me, and offer analyses and

solutions that were truly my own.”He credits the “enormous” support provided

by his firm for much of his success on the UFE.“KPMG provided rigorous in-house prepara-

tion and a strong support system, and my KPMG UFE mentor, Steven Bao, CA, had an uncanny ability to call me at exactly the right time,” Dylan says. “Also, my study buddy Dorothy Woo and her mentor Ian Wells, CA (both at KPMG) marked my responses and really helped me keep on my toes.

“I am also grateful for the support of my parents Richard and Arlene Vokey, former journalists and now novelists, and my wonderful girlfriend Rebecca, a literature student,” he says. “They helped me find my personal approach to the UFE: ‘First, find the plot; second, finish the story.’”

As for how his own story will unfold, Dylan is weighing several possibilities.

“I’ve always had an interest in corporate finance and private equity,” he says. “But I also like the idea of graduate school.”

Dylan was born in Makati in the Philippines, and raised in Port Moody, BC. He enjoys reading, writing, and travelling. He also trains in Hapkido and plays soccer and tennis to stay in shape.

Congratulations to our 16 successful 2009 UFE writers.

FROM THE LEFT (top):

Greg Kaniewski, Jamie Soo,

Cara Pavlakovic, Anne Chow,

Kelly Taylor, Alexis Ahn,

Meg Wilson, Richard

Konings, Jana Moore,

Ivy Wang, Brian Pogue

FROM THE LEFT (bottom):

Michael Auras, Chris Scalena,

Sara Maseko, Christina

Helsing, Kim Antifave

DMCL Chartered Accountants is proud – with a 94% pass rate – to recognize the commitment required to be the best!

OUR FUTURE CHARTERED ACCOUNTANTSwww.dmcl.ca

DMCL_numbers_ad.indd 1 12/14/09 9:21:49 AM

© 2009 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. 1667-10 1231

Carmen Amezquita Hernandez • Rebecca Aziz • Michelle Baldwin • Whitney Ball • Lisa Blandford • Lucie Bohan Amy Bonner • Tracy Borralho • Sarah Brunet • Iryna Chernykh • Simon Chu • Darb Dhillon • Carlyn Elliott Theresa Engbert • Brent Friesen • Jenny-Claire Ganasi • Laurel Gillis • Ben Groot • Philip Hancyk • Kristen Hodge Tiffany Hsiao • Anil Jiwani • Gaurav Kapadia • Samantha Kong • Trisha Kramer • Jennifer Lam • Belinda Lau • Irwan LauAriel Laver • Carol Lee • Kerry Liu • Miguel Martinez • Jaime McCulloch • Trevor Melnychuk • Na’im Merchant Mike Mosindy • Akemi Nakanishi • Jason Ng • Joshua Ngo • Hayley Owens • Manny Sandhu • Nicole Schecker Allan Spissinger • Grace Tu • Kelly Tupper • Laura van Bodegom • David Wilcox • Ken Woiden • Jasmine Wong Patrick Wong • Ethan Yoo • Tommaso Zamperini • Lan Zhang

Congratulations to our 53 successful writers of the 2009 Uniform Evaluation for Chartered Accountants in British Columbia

They came, they wrote, they conquered*


Ni (Nina) Wang“Overcoming anxiety and believing in yourself is extremely important,” says Nina Wang. “For me, the most challenging thing about the UFE was try-ing to stay focused and confident throughout the

summer—especially toward the end of the process.”

This includes the actual writing of the exam. “The UFE covers a broad range of knowledge, so staying focused and confident over the three days is quite challenging,” she says. “I was definitely relieved when the exam was finally over—I didn’t know whether I had done well, but I knew I had given it my all.”

A graduate of Simon Fraser University, Nina earned a bachelor of business administration degree with a concentration in accounting and finance in 2008. She is currently articling with Deloitte & Touche LLP in Vancouver, with a primary focus on telecommunications companies.

“I chose the CA profession because it will open multiple opportunities in my life and provide flexibility for international learning,” she says. “In the future, I can see myself making a difference as a CA, and having an impact on people and things around me.”

Looking back over the UFE experience, Nina says she’s grateful for the amount of knowledge she gained throughout the summer leading up to the exam.

“I learned so much through my firm in-house, through module 6, through self-study sessions, and through discussions with my study group,” she says. “Along the way, I also had the opportunity to establish close relationships with my study group members: Ryan Chan, Nancy Kurokawa, and Andrew Lau. They were instrumental to my success.”

These study buddies were part of a larger support team of family, friends, and colleagues.

“My grandparents and my parents have provided tremendous support throughout my life, and were very supportive during the summer leading up to the exam,” Nina says. “My boyfriend and UFE mentor Sam K. Wong, CA, a controller with Pathway Capital Ltd., provided a lot of support and advice as well. My other mentor, Jason Tong, CA, a senior accountant at Deloitte, also provided valuable support and guidance. I thank him, and everyone at the firm—especially those on the UFE Committee—for their help.”

Her advice to future UFE writers is to remain relaxed and confident throughout the study process and during the exam.

“Believe in yourself,” Nina says, “and trust your professional judgment.”Nina was born and raised in China, and came to Canada by herself in the fall of 2002, after graduating

from high school. She enjoys watching movies—especially international films.

Sean Wilson“The opportunity to travel and continue my education,” says Sean Wilson, when asked what drew him to the CA profession. The University of BC graduate attended the Sauder School of Business and earned a bachelor of commerce, specializing in accounting, in November 2008. Today, he’s articling with KPMG LLP in the firm’s Vancouver office, and focusing on industrial markets (mining).

“I’m very interested in renewable energy,” he says, “and I’d like to be involved in this sector in some capacity in the future.”

Sean also intends to fulfil a childhood dream of becoming a pilot, and hopes to get his private licence soon. For the moment, however, he’s still reeling from news of his success on the UFE.

“The exam itself seemed way harder than any of the practice exams I had done, just because there was just so much riding on it,” he says. “Walking out on the last day of the exam was surreal. So many people had come to support all of the writers—it was really amazing.”

For Sean, the most challenging thing about the entire UFE process was the final week of studying. “By then, my study group and I were getting a little burned out, so we really had to refocus and relax

before we could keep on studying,” he explains. “At the same time, one of the most rewarding things about this experience was the relationship I built with my study partners Jon Stewart and Linda Schucroft.”

Sean credits Jon and Linda, both of whom are also at KPMG, for helping him succeed on the UFE, and also gives thanks to his mentor at KPMG, Peter Waignein, CA.

“I also want to thank my parents Larry and Trish,” he says, “and my girlfriend Cami.”Sean’s advice to future UFE writers is twofold: “Understand the exam and how it’s marked before

jumping in and studying,” he says. “And definitely don’t over study—take off at 4pm, and don’t study on weekends!”

Born in Singapore, Sean came to Canada in 1990 and grew up in North Vancouver. He enjoys coaching and playing field hockey, hiking the Grouse Grind, and travelling. Sean recently returned from a trip to India, and previously travelled for an entire year through Europe, Southeast Asia, and China. The moustache Sean’s sporting in his photo was grown for “Mo’vember,” an international charitable event that happens every November to raise funds for men’s health issues. In Canada, money raised during Mo’vember goes directly to Prostate Cancer Canada.

Congrats once again to BC’s 12 honour roll students for a job well done!

Photography:Jolene Kendrew was photographed by Deddeda Stemler, of Photography by Deddeda in Victoria. James Stewart was photographed by Michael Heroux, of Free Spirit Studio in Kelowna. All other stu-dents were photographed by Kent Kallberg of Kent Kallberg Studios Ltd. in Vancouver.


Jolene KENDREW Governor General’s Gold Medal

Leanna HOSiobhan HUGHESMorgan KENNYGrace LOHIlya MARGULISSumeet SANGHAMatthew STEVENSJames STEWARTDylan VOKEYNi (Nina) WANGSean WILSON

Saare ADAMSJi Young AHNPablo AIROMegan ALLENRishma ALLIBHAICarmen AMÉZQUITA HERNANDEZJanet ANNABLEKimberly ANTIFAVETeresa AUGUSTYNMichael AURASRebecca AZIZSharlene BABICHMichelle BALDWIN-PINCHWhitney BALLWanvisa BANTERNGHANSATanya BASTIANJared BEHRLaura BELDINGDavid BELLCelina BELLINGHAMTanya BENNETTBinny BHINDERLisa BLANDFORDLucie BOHANBrad BOLGERAmy BONNERTracy BORRALHOLyndon BRAUNRobert BROWNSarah BRUNETMichelle BUREEKevin BURKETTPatrick CAFFREYPamela CALDERONLucy CAOYing Ying CENDathie CHANEdmund CHANEugenia CHANJennifer CHANKelly CHANMartin CHANRyan CHANVicki CHANVincent CHANHermandeep CHANDIAlex CHANGYooJin CHANGNeil CHAPMANLing CHE

Congratulations to BC’s 444 Successful UFE Candidates of 2009!

Cong CHENDi CHENHenry CHENStephanie CHENJie CHENGMay CHENGWai CHENGIryna CHERNYKHBernadette CHEUNGJoyce CHEUNGJancie CHIUDaniel CHOLindsay CHOADavid CHOIKaren CHONGAlex CHOWAnne CHOWChristine CHUSimon CHUVanessa COATTAMichael COOKPaul CORMACKDanielle COSTELLOSean COWANJacqueline Trina CUARobin DANIELSElyse DE JONGSherry-Anna DEISSNERShivreet DEOLAmindeep DHANavneet DHALIWALJatinder DHAMRATDarbjeet DHILLONSukhdeep DHILLONChristopher DIAZMichael DILLABAUGHAlissa DILWORTHRebecca DIXONMichelle DODDAaron DODSWORTHRichard DONCOMColin D’SOUZAMichael DUDENHOEFFERCarlyn ELLIOTTMalcolm ELLISONTheresa ENGBERTDavid EVANSMark FAIRWEATHERLing FANGAlexandre FARRELLFonny FONGJason FONGJames FOUCAULTJoann FRANCISJena FRIEDRICHBrent FRIESENIan FRIPPAndrea FUNKTanya GALLJenny-Claire GANASIYing GAOPeter GEHMegan GEIERNavjot GILLRichard GILLTara GILLLaurel GILLISLindsay GLAVANMichal GOLDSTEINDaniel GOLLOGLYNeil GOODMAN

Weiwei GOUNatasha GREGORYHalwinder GREWALParvinder GREWALSimardeep GREWALBenjamin GROOTMackenzie GUYPhilip HANCYKJon HARDINGDavid HARPERMatthew HARPERKatherine HAYJason HAYLOCKChristina HELSINGEhren HESSGraham HINDSONKristen HODGELara HOLTBYBerwin HONGAndrew HOPPERJulie HORTONJulie HOWALDJui-Yao HSIAOTiffany HSIAOJovi HSIEHWei-Lun HUVivien HUANGRosanna HUIDylan HUMESarah HUNDALGordon HUNTBrooke HURFORDJohn INTHAVIXAYShera IPDeepk JASWALAnil JIWANIKristin JOHNSONDaniel JOVEREva JUTRASMichael KANEVSKYJagdeep KANGGregory KANIEWSKIGaurav KAPADIAAshley KATESDiane KEEStephanie KEEBrandon KELLEYJeremy KELLYDaniel KEOGHDanielle KILLAMPeter KIMSarah KIMMona KINGWilliam KINGRebecca KINKEADMaryna KIRICHUKMaryAnn KNOLLVictor KOIrina KOLBINAEnoch KONGSamantha KONGRichard KONINGSJason KOONERDaria KOTLIAROVARobert KOZAKTrisha KRAMERJenia KRASTEVASamantha KRULITSKIJuliana KUNGNancy KUROKAWAYvonne KWOK

NationalHonour Roll


Andreas L’ABBEHussein LALANIJennifer LAMPatricia LAMRosanne LAMARCHEChristopher LARONGEKelly LATZELAndrew LAUBelinda LAUIrwan LAUMaggie LAUMichael LAUGABrett LAURITZENAriel LAVERAlbert LAWHang LECarol K.L. LEECarol Y-C LEEJeanne LEEKevin K.M. LEEKevin T. LEEKyung LEEMathew LEEPraise LEEVanessa LEEYoung Ju LEEAlistair LEUNGJamie LEUNGJaney LEUNGJustin LEUNGLeslie LEUNGLisa LEUNGRita LEUNGValerie LEUNGAlfred LIGurpreet LIDHARChao LINYen Jung LINGarret LITTLEKerry LIUKaren LOJia En LOHPeter LOKViolet LOUIEJeffrey LOVELLKaren LUKNancy LUMLouisa LUNShyla MACCALLUMWilliam MACHINAndrew MACKENZIESarah MACLEODAaron MACNEILKelly MACNEILLChristian MADSENNickolas MAHDaniel MAKSYMCHAKKuldip MANNQuinn MARTINMicheal MARTINEAUJames MARTINEZDiana MARTINSSara MASEKOJoshua MATTEChristiane MAYGARDJaime MCCULLOCHAlina MCGUINNESSCorinne MELDRUMTrevor MELNYCHUKTroy MELNYCHUKNa’im MERCHANTJohn MILLERChristopher MILLSTatjana MILOJKOVICJulia MOBBSAmir MOGHADASIJana MOORECraig MORTONGrant MOSBYMichael MOSINDY

Joanna MUKAIRandi MYHRESAkemi NAKANISHIEmily NEUFELDJason NGKelven NGMaggie NGJoshua NGOScott NICHOLSCharles NIPLaurel O’BRIENSeung OHMatthew O’RAEGabriela OTEIZA DUNNLeanne OUELLETHayley OWENSAaron OYECarla PACINOPatrick PADMOREHolly PALMERNicole PARENTJae PARKJonghyun PARKPriyanka PARKASHCara PAVLAKOVICRobert PAYMENTAndre PERRETBrian POGUEPeter PORTKAPhillip POSTAynsley PRICEShaun PRICEMargaret PUHACZRohan RAHEJAVishwadeep RAHEJANeetu RAISINGHANIAliya RAWJIRichard RAWNSLEYJoseph RENOOYAngus RICHARDSONDavid ROBINSONMicaela ROQUEMichael ROSELindsey ROSEBUSHLimin RUANParmjit RUNDHAWAKyle RUSSELLMelanie RUSSELLVipin SACHDEVADeanna SADLERManraj SANDHURamnik SANDHUAmritpaul SANGHERAMeaghan SARAZINChristopher SCALENAMichael SCARLETTNicole SCHECKERLawrence SCHOUTENLinda SCHUCROFTJennifer SCHULZAly-Khan SHERIFFDong Hyun SHIMSiah SHINAzadeh SHOKRANIConnie SHUMAlbert SIMElizabeth SKILLINGSJeffrey SMITHPatrick SMITHGina SNYDERMichelle SODan SONGJamie SOOHardeep SOORMAAllan SPISSINGERDustin STADNYKAshley STEIERAlexander STEWARTJonathan STEWARTPeter STOJAKOVIC

Michael STRANGAylin SUATACGarry SUMMan Wah TAIAlan TAMHarpreet TAMBERFlorence TANPaul TANJane TANGPushpinder TATLAYKelly TAYLORTravis TAYLORAmandeep THINDALSavina TOORTrevor TOPPINGAlfred TSEAndy TSEWan Wei TUAndy TUGUMEKelly TUOHEYKelly TUPPERNikola TUSEKBrian URQUHARTChristopher VALLANCELaura VAN BODEGOMJason VAN GARDERENLeanne VANDERENDERyan VANDERPOLAndre VELAZQUEZPanagiotis VENETSANOSPedro VILLALaura VINEYMark VLEEMINGTina WALIADaryl WALKERAnnie WANGChia Ping WANGYansheng WANGYixing WANGChristopher WARBURTONAndrew WATSONJodi WESTONMarlyse WHARTONEmma WHIBLEYMindy WIGHTDavid WILCOXMelissa WILHELMMegan WILSONTroy WILSONBeatrix WIRIAHARDJAShelane WISEMANMichael WOELLERGeorg WOERNLEKenneth WOIDENAnita WONGBrandon WONGJacqueline WONGJasmine WONGJeremy WONGJesus WONGKim WONGPatrick WONGRyan WONGVictoria WONGJessy XUEric YAUSamuel YAUAmanda YEEElke YEUNGJennifer YEUNGGwenyth YIPRobin YONGEthan YOOMichelle YOUNGJoyce YUENTommaso ZAMPERINIAndrew ZELKEBei ZHANLan ZHANGJingyi ZHAO


Chasing a Dream: Alexa Loo, CA, Sets Her Sights on the 2010 Winter GamesBy Michelle McRae, Editor

Alexa Loo, CA. Photo by Sherri Koop Photography in Vancouver.

When Canadian athletes enter BC Place stadium during the opening ceremonies of the 2010 Winter

Olympics this February, Alexa Loo, CA, hopes to be among them.

“Canada will be the last country to enter the stadium,” she says, “and the roar of the home crowd is going to be amazing.”

If Alexa’s name sounds familiar, it’s likely because the Richmond resident’s considerable achievements as a competitive snowboarder have netted her profiles in a number of publica-tions over the years, including Beyond Numbers and CAmagazine in 2000; and, more recently, the Georgia Straight, for which she also graced the cover (November 5-12, 2009), the e-maga-zine Scout (December 1, 2009), and TV Week magazine (December 5, 2009).

A veteran on the Canadian National Snowboard Team, which she joined in 1998, Alexa is the current Canadian National Champion in the Parallel Giant Slalom (PGS)1—a title she has earned five times in the last nine years. She has competed in PGS and Giant Slalom races at each biennial World Championship event since 1999, and has collected 13 top-ten finishes at World Cup events, as well as many first-place finishes at Nor-Am Cups.

At the time of this writing in mid-December 2009, Alexa is ranked 14th in the World Cup standings, 16th on the points list of the Fédération Internationale de Ski (FIS), 7th on the FIS’s World Ranking List, and 4th in the Nor-Am Cup standings. She now has five more World Cup qualifying events to go before knowing for certain if she will compete in the Olympics. Assuming she qualifies for the 2010 Games, Alexa will compete in the Ladies’ PGS, which is scheduled to take place February 26th on Cypress Mountain.

The 2010 Games represent the culmination of many, many years of hard work, and Alexa is hoping the third time will be the proverbial charm. Eight years ago, she was set to compete

1 Between the 1998 and 2002 Winter

Olympics, the “Parallel Giant Slalom” event

replaced the “Giant Slalom.”


in the 2002 Olympic Winter Games but missed qualifying for the event due to a technicality. It was a bitter pill to swallow, but Alexa now looks back on the experience as part of a learning curve.

“I was really disappointed to miss realizing my Olympic dream in 2002,” she says, “but maybe that little technicality is what drove me to be-come the athlete and person I am today.”

Over the next four years, Alexa focused on making the Olympic Team and making it to the 2006 Games in Turin, Italy. This time she did qualify, and in the process, became the first Canadian woman to compete in the PGS at an Olympic Winter Games event. Unfortunately, however, her dream was cut short when she made a mistake in her second qualifying run that landed her in 20th place—out of contention.

“Making the 2006 Olympic team and walking into the opening ceremonies with my team, I felt like I had finally made my dream come true,” Alexa remembers. ”So to fail in the quali-fying round was devastating. I’d worked toward this goal for 11 years, and suddenly it was over.”

In addition to this disappointment, there would be other obstacles to overcome on the road to the 2010 Games. In January 2007, Alexa

Alexa competing at the Valmalenco Italy World Cup (qualifying) race on March 23, 2009. She placed 13th out of 50 competitors at this event. Photo courtesy of the Fédération Internationale de Ski.

OC NGRATULATIONS MANNING ELLIOTT IS VERY PROUDOF ITS TEAM OF ACHIEVERS:

to our successful UFE writers on completing a major step in their professional careers! Lyndon Braun

Seung Hee Oh

Savina Toor

Jagdeep Kang

Vincent Chan (missing from photo)

Pictured (L-R)

Navneet Dhaliwal

Fonny Fong

Karen Luk

Herman Chandi

Another favourite destination is Kronplatz, Italy.

“Winning the qualification round in Kronplatz in 2006 showed me that I could be the fastest of all the women in the field,” Alexa explains. “I’ve had some of my best results there, and it probably has something to do with the great food!”

For helping her reach the highest levels of competition—enabling her to experience a life she describes as both gruelling and exciting— Alexa gives credit to her coach, Mark Fawcett.

“Mark has helped me become the rider that I am now,” she says. “Without him, I would not have progressed as quickly and as far as I have, and I would not be where I am today.”

Nor would she be here today without her genuine passion for the sport, which actually traces back some 20 years. Alexa’s parents, both avid skiers, had a cabin on Mt. Baker in Washington State, and it was there that they taught their young daughter to ski. As a result, she was already a proficient skier when she dis-covered and got “hooked” on snowboarding at age 16.

“I loved the feeling of carving turns and going fast,” she remembers. “I began to dream of

tore the anterior cruciate ligament (ACL) in her left knee, and had to undergo reconstructive surgery.

“I missed most of the 2007 season,” she says, “and I had to fight hard to regain the Canadian title in 2008.”

This wasn’t her first serious injury—she had already torn the ACL in her left knee in 1996, and in her right knee in 1997. But the various setbacks to her body and her morale over the years did nothing to dissuade her from continu-ing to compete on the world stage. If anything, the challenges only made her more determined.

Part of that determination is exemplified by her intense training regimen—when she’s not on the slopes, it’s not uncommon for Alexa to spend six hours a day at the gym.

“You get to the point where your palms are bleeding from the weights,” she says. “But toughening up is part of the process.”

Still, it’s not all sweat and tears. Competing at the international level also has its perks—chief among them, the opportunity to see the world. Among her favourite places to visit during the World Cup tour, she says, is Barcelona: “I love the food, the people, the art, and the architec-ture.”

competing in the annual Mt. Baker Banked Slalom event, but I was afraid that I would make a fool of myself because I didn’t know how to run gates on my snowboard.”

It wasn’t until Alexa graduated from the Uni-versity of BC (earning a bachelor of commerce) in 1994 that she began to focus seriously on the idea of competitive snowboarding. In 1995, she joined the snowboard club at Blackcomb Mountain in Whistler, and began training gates on the weekends. The rest of her week was spent articling with KPMG LLP in Abbotsford. By the following year, Alexa was already taking the winters off to train full-time.

In 1997, she began training with a number of different private teams, including the US Pro team in Colorado, and travelling to various races. Early in 1998, she decided to try out for the Canadian Olympic team (the 1998 Games marked the debut of snowboarding at the Olympics), but she was still a bit too green to compete at the highest level.

It was also in 1998 that Alexa qualified as a CA and began to train with the Canadian Snowboard Federation (CSF). Since then, she has become a

continued on page 37

Top fi nancial talent is always your best investment.

Accountemps, Robert Half Finance & Accounting and Robert Half Management Resources are the leaders in specialized fi nancial and accounting staffi ng for temporary, full-time and project placement, respectively.

Congratulations to B.C.’s successful Uniform Evaluation Candidates of 2009!

Vancouver • Fraser Valley Burnaby-Richmond

Call today for your FREE 2010 Salary Guide.

© 2009 Robert Half. 0809-1011

1.800.803.8367accountemps.com

1.800.474.4253roberthalf.com

1.888.400.7474roberthalfmr.com


Top fi nancial talent is always your best investment.

Accountemps, Robert Half Finance & Accounting and Robert Half Management Resources are the leaders in specialized fi nancial and accounting staffi ng for temporary, full-time and project placement, respectively.

Congratulations to B.C.’s successful Uniform Evaluation Candidates of 2009!

Vancouver • Fraser Valley Burnaby-Richmond

Call today for your FREE 2010 Salary Guide.

© 2009 Robert Half. 0809-1011

1.800.803.8367accountemps.com

1.800.474.4253roberthalf.com

1.888.400.7474roberthalfmr.com

To help you celebrate with us, we are offering our software package for a special price of $289. This is a saving of $100 off our regular price!

Easypay offers a full range of payroll features, including interfaces to Simply, Quickbooks, Accpac and most other accounting software packages. Use Easypay and then interface to the

G/L of your choice to give you the most accurate and cost effective payroll solution!Call us at 1-800-270-0075 to place your order today.

Internet Pay Stubs Now AvailableFor more information or a FREE evaluation copy go to our website www.easypay.ca

P A Y R O L L M A D E E A S Y

Easypay Is Celebrating Our 25th Anniversary!

No cash value. No cash back. This coupon is only valid for new Easypay packages being purchased at the regular price of $389. This coupon cannot be combined with any other offer, discount or coupon. One coupon is allowed per purchase. Coupon is not valid on prior purchases. Coupon is valid until February 28th, 2010.

$100offNew Package

BN ad R3.indd 1 12/10/09 1:53:09 PM


Tax Traps & Tips

An Update on Foreign Affiliate ResidenceBy Richele Frank, CA

A number of recent court cases in Canada and the UK have brought the issue of residence to the forefront for tax

professionals. In addition to a couple of landmark decisions concerning the residency of foreign trusts, these recent cases have also yielded some takeaway points relevant to Canadian resident taxpayers with interests in foreign affiliates: •Canadiantaxationauthoritiesareconcerned

with, and possibly seeking to challenge, corporate residency status.

•The decisions generally emphasize the importance of the “central management and control” test, which is relevant in determining the residence of corporate entities for Canadian tax purposes.

•Factsanddocumentationarekey.Toensurethat the desired tax results are achieved, Canadian resident taxpayers with foreign affiliates need to ensure that the implementation of their planning is documented appropriately.

This article does not cover the role of treaties in the determination of tax residence, nor does it provide a comprehensive review of Canadian case law on corporate residency. Instead, it highlights some important administrative con-siderations for Canadian resident taxpayers that are considering implementing foreign affiliate structures or that already have foreign affiliates.

Why the residence of a foreign affiliate is importantFailure to establish the residence of a foreign affiliate in a jurisdiction outside of Canada may derogate the effects of tax planning. In particular: •Non-residents of Canada are subject to tax

only on certain sources of taxable income earned in Canada, whereas Canadian resi-dents are subject to taxation on worldwide income. Thus, foreign affiliates deemed to be residents of Canada may be subject to domestic taxation.

•A foreign affiliate’s earnings from an activebusiness do not qualify as exempt surplus unless the affiliate is considered to be a

resident of a designated treaty country under both the applicable income tax treaty and Canadian domestic law. Exempt surplus is desirable, as it may be repatriated to Canada without incremental tax consequences.

Structure maintenance and documentation are criticalWith many taxpayers cutting general and administrative costs under current economic strains, effective structure maintenance is a timely topic. Many a tax director has no doubt considered whether efforts to document and maintain outbound structures can be economized, but in light of the recent court cases, the correct answer to this question is a resounding “no.” In fact, these recent challenges seem to suggest the exact opposite—that the utmost care must be taken to support the residency status of foreign affiliates.

Various historical cases have established the factors considered by the taxation authorities in the determination of corporate residency—the central management and control test, among others. However, no single factor is ultimately determinative of residency status; the determi-nation is fact-specific, subjective, and potentially complex.

Regardless of the complexity of the factors involved in a particular determination, it is critical to prove the existence of these factors. In the recent cases, the courts extensively reviewed and considered the evidence support-ing the assertion of residence. Absent suitable documentation to establish and support an affiliate’s ongoing foreign residence status, taxpayers risk a successful challenge by the taxation authorities.

If it isn’t documented, it didn’t happenIt is critical, therefore, that taxpayers retain evidence of facts that are relevant to the issue of determining a foreign affiliate’s residence. While not an exhaustive list, the following points should be considered by Canadian resident taxpayers that are thinking of implementing foreign affiliate structures or that already have foreign affiliates:1. During the implementation process, any

advice sought and obtained from financial, tax, and legal advisors should be documented.

2. Consideration should be given to documenting even the simplest of tax structures in a written technical memorandum that outlines the alternatives, impacts, and tax conclusions related to the establishment of the structure.

3. Foreign incorporation documents and con-stating documents (for example, shareholder agreements) should be maintained on a timely basis and retained in a minute book, preferably in the foreign affiliate’s jurisdiction of residence.

4. Directors should hold regular and periodic meetings outside of Canada—preferably in the foreign affiliate’s jurisdiction of residence. It should be ensured that the decisions of directors are documented carefully in written minutes—preferably by a corporate secretary, contemporaneously with the meet-ings in question.

5. Establish operating guidelines at the outset of a structure and follow them to a tee. Ensuring that the parties involved in the operation of an outbound structure (including management, employees, and service providers) clearly understand their responsibilities vis- a-vis the structure is key to achieving the desired tax consequences of that structure.

6. Foreign affiliates should maintain evidence that signing, contracting, and/or decision-making authority resides outside Canada. For example, where documents are executed, ensure that it is clear that such documents are executed outside Canada.

7. Where external non-resident directors are hired, and particularly where critical decisions related to business operations are made by such directors, consider hiring directors who have a knowledge base and background relevant to the foreign affiliate’s operations. It may also be worthwhile to document the contributions these “active” non-resident directors make to the decision-making of the foreign affiliate.

8. Ensure that statutory reporting and tax compliance is filed in a timely manner, both in the foreign jurisdiction and in Canada. For example, note that Canadian information returns pertaining to the ownership of interests in foreign affiliates and controlled foreign affiliates (Forms T1134A and T1134B) must be filed annually. This also holds true for the reporting of information pertaining to transactions with related non-residents (Form T106).

1 These cases include: Garron Family Trust v.

The Queen (2009 TCC 450), Renee

Marquis-Antle Spousal Trust v. The Queen

(CITE), 1143132 Ontario Limited v. The Queen

(2009 TCC 477), and Ronald H. Lingle v. The

Queen (2009 TCC 435) in Canada; and

Laerstate BV v. CRC [2009] UKFTT 209 (TC)

in the UK.

9. Ensure that foreign tax filings are made on a timely basis and that such filings are consistent with filing positions taken for Canadian tax purposes (and vice versa).

10. On a regular basis—possibly annually, in conjunction with the review or audit of the financial statements—prepare a foreign affiliate residency assessment. This assessment should accumulate the information needed to establish and affirm that a particular affiliate is resident in a particular jurisdiction.

11. Where transactions or reorganizations with foreign affiliates are carried out, ensure that such transactions comply with the terms of the existing agreements.

12. Where business or administrative functions (for example, management, treasury, and/or marketing) are performed by the Canadian taxpayer for the benefit of its foreign affiliate, ensure that you have documentation sup-porting that such services are appropriately priced and charged to the foreign affiliate. The same kind of supporting documentation should be maintained for any inter-company transactions relating to the business of the foreign affiliate.

Timeliness mattersJust as it is important to have adequate documentation that asserts the residence of a foreign affiliate, it is equally important that such documentation be timely. Maintaining books and records to support a structure from the outset is not only the easiest route from an administrative perspective; it also provides a bona fide trail of evidence to provide to the taxation authorities.

Furthermore, since the management and board members involved in the establishment of a foreign affiliate structure might not be around come audit time, having timely and accurate documents that support the establishment and operation of a particular foreign affiliate may prevent scrambling should the taxation authorities decide to start a review years after the structure was originally created.

Take precautionsThe potential downside of a successful challenge by the taxation authorities on the residency status of affiliates in an outbound structure certainly underscores the age-old adage about an ounce of prevention being worth a pound of cure.

Richele Frank, CA, is a senior manager in the International Corporate Tax group at KPMG LLP in Vancouver.

Nov/Dec ’09 ica.bc.ca 1

$150,000 – CFO

This person is a seasoned professional

that has a CA designation and has

worked for a public company listed on the

TSX Venture exchange. The company

is involved in mining exploration and

has a number of properties around the

world. This candidate has been assisting

the CEO/President in raising funds

as well as playing a leading role in all

financial affairs – including the regulatory

filings and due diligence on a potential

acquisition. This person is looking

for a similar opportunity in a growing,

entrepreneurial enterprise, where they

can make a difference.

$100,000 – Controller

Our candidate has, unfortunately, lost

their position due to a corporate takeover

by an eastern based company. They have

10 years of progressive and excellent

experience in the manufacturing,

distribution and service industries. They

have progressed up their career from

hands-on accounting roles to a Controller

role and supervised eight staff. They are

looking for a stable and growing company

where they can contribute.

$65,000 – Public Practice CA

This person is very interested in

continuing their career in public practice

in a growing firm. They have excellent

experience in audits, reviews and

compilations with a variety of owner

managed clients and enjoy the diversity

and challenge that public practice offers.

They have also been involved in tax

compliance and some planning. They

would be very keen on an opportunity to

make Partner at a later date.

$50,000 – Accountant

Our candidate has four years of

progressive experience and wants

to continue on their career path with

a successful company. They have

undertaken all aspects of accounts

payable, accounts receivable, assisted

with payroll, performed bank/account

reconciliations, prepared financial

statements and are keen to continue their

career in a progressive company.

$48,000 – Collections

Our candidate has worked in

collections for five years and has also

coordinated the accounts receivable

for their employer. They have excellent

interpersonal skills and use tact and

diplomacy when undertaking their duties.

$40,000 - Accounts Payable

Our candidate has performed all aspects

of accounts payable and is looking for

a similar role with a stable organization.

They have three years of solid A/P

experience with companies in the hi-tech

and distribution fields.


Financial Facts & Money Matters

Shareholder Rights: More than Meets the EyeBy Stephen Antle

Suppose that you advise a shareholder whose company has not produced audited financial statements or held an

annual general meeting for several years. Your client complains to the company. You write to the chair of the board of directors. No result. Is there anything you can do?

Suppose, instead, that you advise one of several equal shareholders in a company—one who has always been involved in its management. After a falling out with the other shareholders, your client is voted off the board of directors and fired. The other shareholders stop providing your client with corporate information. Attempts to resolve the situation dissolve into confrontation. Does your client have options?

Or suppose that your client is the majority

shareholder of a corporation, and also controls its board of directors. Your client proposes to seek the board’s approval to be paid an extraor-dinary dividend or abnormally high management fee. You review the articles of the company, which leave such matters to the discretion of the board. Are there any risks to proceeding as proposed?

The answer to all three questions is: “Yes.” While the companies or shareholders in these scenarios may be within their strict legal rights to take the steps described, that is not the end of the story. In all common-law jurisdictions in Canada, the legislatures have added other obligations to those legal rights. Collectively, these obligations comprise what is commonly known as the law of “shareholder oppression,” and everyone who advises a company or a share-holder needs to be familiar with it.

Simply put, if a shareholder can persuade the court that they had a reasonable expectation1 about how their company would be run, and that the company failed in meeting that expectation by treating them in a manner that was “oppressive,”

“unfairly prejudicial,” or that “unfairly disre-garded” their interests in the company, the court has a very broad power to remedy the situation.

For conduct to be deemed “oppressive,” it must be coercive, demonstrate an abuse of power, or suggest bad faith or a departure from standards of fair dealing. Examples of such conduct include the following: excluding from management a shareholder who has a reasonable expectation of continued involvement; paying unwarranted management fees; making wasteful loans to shareholders; appointing or removing directors improperly; not providing required or customary financial information; and not holding required shareholder meetings.

With regard to “unfairly prejudicial” conduct, the term itself may seem redundant, but it is, in fact, possible for conduct to be considered prejudicial but fair—for example: excluding a shareholder from management because their

1 The shareholder’s expectation must be both

subjectively held and objectively reasonable,

given the corporate situation.

CONGRATULATIONS TO OUR SUCCESSFUL UFE WRITERS

OF 2009

KNV believes the key to motivation is a unique balance of desire, determination, and commitment. Brett, Sharlene, Michael, David, and Mark truly embody these elements in their unrelenting pursuit of goals and commitments to excellence. We are incredibly proud to congratulate our students who passed the 2009 Uniform Evaluation and look forward to their future contribution as part of our team of outstanding professionals.

“The great thing in the world is not so much where we stand, but rather in what direction we are moving.”

- Holmes

Independent Member firm of DFK International

WWW.KNV.COM

Brett Lauritzen, Sharlene Babich, Michael Cook, David Wang, Mark Vleeming


working relationship with the other managers has collapsed. As for conduct that “unfairly disregards” a shareholder’s interest, remedies in such cases are only available where provincial legislation is modelled on the Canada Business Corporations Act.

The additional protection of the shareholder oppression remedy is not just available to minority registered shareholders of closely held companies. Registered and beneficial sharehold-ers, minority and majority shareholders, and shareholders of closely held and publicly traded companies, all have the same protection. So do entities such as parents of corporate shareholders, beneficiaries of trust shareholders, and even creditors. Under the legislation modelled on the Canada Business Corporations Act, former shareholders, as well as directors and former directors, also have this protection. Note, however, that in British Columbia, in order for this protection to be available, a shareholder must seek a remedy both in a “timely” manner (while the conduct about which they’re complaining can still be remedied) and, in any event, within six years of that conduct.

To seek a shareholder oppression remedy, a shareholder must start a lawsuit by filing a petition with the Supreme Court of British Columbia. In this petition, they must set out the remedy they seek and the facts on which they’re basing their request. They must also file an affidavit setting out the evidence proving these facts to be true. Such lawsuits are intended to be resolved summarily, on affidavit evidence, which usually takes a matter of months. However, corporate situations are often complex, with lengthy histories; in such cases, lawsuits may have to be tried, and this can take signifi-cantly longer.

If a shareholder persuades the court that there has been oppression, unfairly prejudicial conduct, or conduct that unfairly disregards their interest, the court can grant any remedy it deems appropriate to resolve the situation. If we refer back to the three examples set out at the beginning of this article, the court might: 1) order the company to produce audited financial statements or hold the shareholders’ meeting within a specific time; 2) order the majority shareholders to make a “shotgun” offer to either buy the excluded shareholder’s shares or sell theirs to the excluded shareholder at the same price; or 3) forbid the company from paying the management fee and order the majority shareholder to repay any fees already paid. Other possible remedies include adding or removing directors; varying or setting aside transactions; correcting corporate records; ordering the com-

pany or other shareholders to buy the complaining shareholder’s shares at a value set by the court; and liquidating the company.

While the oppression remedy is a flexible and powerful tool, the specific facts of each case will dictate what can be accomplished. The key thing to remember is that shareholders are not always limited by their legal rights, nor are companies and majority shareholders always free to exercise theirs. Therefore, if you are advising a shareholder who is unhappy about the way things are going at their company, or you’re advising a company that is pushing its actions to the letter of its legal entitlement, you should consider consulting with a lawyer who is familiar with this area to ensure that you get the full picture.

Stephen Antle is a partner in the Vancouver office of Borden Ladner Gervais LLP. He practises in the area of commercial dispute resolution, including negotiation, mediation, arbitration, administrative proceedings, and litigation.


PD NewsWINTER PD PROGRAMFor detailed course descriptions or a complete schedule of upcoming PD seminars, consult your winter 2010 PD brochure or visit our website at www.icabc-pd.com. To register, call the PD department at 604-681-3264.

Audit & AccountingTransitioning to International Auditing StandardsThis seminar will provide an overview of current developments in the transition of Canadian audit standards to international ones. It will be beneficial to members who practice public accounting. Mar 4, 9am-5pm, Vancouver

Transitioning to Private GAAPThis seminar will provide participants with a review of all of the changes occurring for non-publicly accountable enterprises in Canada, and will explain how these changes will impact the financial statements of private enterprises.Jan 26, 9am-5pm, Vancouver

Jan 29, 9am-5pm, Abbotsford

Feb 1, 9am-5pm, Vancouver (FULL)

Feb 1, 9am-5pm, Parksville

Feb 1, 9am-5pm, Surrey

Feb 4, 9am-5pm, Kamloops

Feb 4, 9am-5pm, Kelowna

Feb 8, 9am-5pm, Prince George

Feb 8, 9am-5pm, Victoria

Mar 5, 9am-5pm, Vancouver

ManagementConverting to a Paperless OfficeGiven the widespread use of electronic tools, many offices are going paperless. Converting your practice to a paperless environment pre-sents new and exciting opportunities, as well as new and challenging pitfalls. This seminar will provide “hands-on” tips and discuss the challenges that you have to deal with.

This seminar will discuss methodology for converting to paperless operations, and will provide hands-on tips for creating a structure for your network and an ongoing procedure for quality control. It will discuss the software solutions available for small to medium-sized offices.Jan 22, 9am-12:30pm, Vancouver

FREE WINTER PD SESSIONS!Pre-registration is required and seating is limited, so be sure to register early!

A Market in Transition: Perspectives on Today’s Capital MarketsKick off the New Year with this free PD event, which will provide an overview of current and quickly evolving financial and economic developments. It’s an important period of transition for global capital markets. You are invited to join presenters Patricia Croft, the chief economist for RBC Global Asset Management, and Andrew Sweeney, the vice-president of Phillips, Hager & North Investment Management Ltd., as they discuss some of the important issues surrounding the evolving global economy and capital market landscape, and the impact of these themes on Canadian investors. Jan 28, 7:30-9:30am, Vancouver

A Presentation by the Taxpayers’ OmbudsmanCanada’s Governor General in Council has appointed Paul Dubé as the country’s first Taxpayer’s Ombudsman. Dubé will serve for a three-year term. This information session will describe the role and mandate of the Taxpayer’s Ombudsman and his office.Feb 3, 8-9am, Vancouver


Executive BreakfastsExpert Testimony: The Old and the NewThis presentation will acquaint members with the common law and professional obligations facing a CA engaged as an expert witness in the Supreme Court of British Columbia. It will review the practical implications of the new Rules of Court as they directly apply to CAs preparing reports and giving opinion evidence at court. This will include new deadlines, mandatory content, required documentary sup-port, and more.Mar 29, 7:30-9:30am, Vancouver

How to Realize Your Vision of SuccessThe objective of this seminar is to provide you with the knowledge and skills needed to take control of your time and create a more satisfac-tory balance between your work and your personal life.Mar 16, 9am-5pm, Vancouver

What’s Next: Beyond Midlife, Toward a Purposeful RetirementMost people know that sound investments and financial planning are imperative when preparing for retirement. Often overlooked, however, is the importance of understanding and managing the crucial lifestyle and psycho-social issues involved in transitioning into a balanced and joyful retirement.

This interactive seminar will help you pro- actively navigate from the workplace to a partial or full retirement or to a re-engagement.Feb 5, 9am-12:30pm, Vancouver

The Courage to Speak Without a Safety NetThe meeting is on, and suddenly the focus is on you. If you’d like to be one of those people who always seems to say the right thing, at just the right moment, consider taking this seminar. It will help you learn to respond to questions, speak up at meetings, and even feel more comfortable in social situations.Mar 9, 9am-5pm, Vancouver

TaxationHST: Planning for HarmonizationBC plans to adopt the HST on July 1, 2010. This shift from the existing retail sales tax system will expand the tax base and impact most busi-nesses, consumers, and non-profit organizations. While most businesses will benefit from this shift, others will experience special challenges.

This course will review the HST rules and the special transitional provisions related to this shift to better prepare businesses and organizations for the impact of the adoption of HST.Jan 19, 9am-12:30pm, Vancouver

Registered PlansThe government provides a number of enhanced savings opportunities with RRSPs, RESPs, TFSAs, and other offerings from their “alphabet soup” of registered plans. Unfortunately, the rules governing these plans are complex and can be confusing.

This seminar will help you make sense of how these plans work, where/when they are best used, and how they fit together in financial planning.Jan 27, 7:30-9:30am, Vancouver


Plugged In: News for and about members & students

Congratulations!Wayne Audette, CA, has been elected treasurer of the Probus Club of Vancouver, a 375-member business club for retired and semi-retired professionals and business persons. The Vancouver chapter is part of Probus Canada, which has more than 23,000 members.

Bill Boden, CA, is the largest standardbred horse owner in BC, and one of six individuals currently serving on the BC Horse Racing Industry Management Committee. The Committee was formed in November 2009 to oversee horse racing in this province. Boden is the chair of First Coal Corporation, and the founder and president of CW Funds Groups.

In late October 2009, Garth Busch, CA, was appointed regional managing partner for Vancouver Island by Meyers Norris Penny (MNP) Chartered Accountants & Business Advisors. Busch works closely with MNP’s team members in Campbell River, Courtenay, Nanaimo, and Duncan to deliver accounting, tax, and advisory services to clients across the Island.

Ian Jarvis, CA, recently became the CEO of TransLink. Jarvis participated in the creation of TransLink, then when on to serve as the organization’s CFO, COO, and VP of finance and corporate services before assuming his latest role. His past experience also includes serving as VP of finance and corporate services for Coast Mountain Bus Company and as CFO of the Greater Vancouver Regional District.

Doug Johnson, CA.CIRP, of Ernst & Young LLP in Vancouver, has been appointed to the board of directors of the Richmond Hospital Foundation. Johnson is currently serving as treasurer.

In November 2009, Erfan Kazemi-Esfahani, CA, received PricewaterhouseCoopers’ 2009 BC Region Volunteer of the Year award in recognition of his volunteerism with the Vancouver Public Library (VPL). Kazemi-Esfahani has been involved with the VPL for three years. Currently vice-chair of its board of directors, he helps the library set its strategic vision, develop policy, promote youth services, and facilitate children’s literacy programs. He is also a proponent of strengthening library services for residents who are socially excluded or vulnerable.

Kazemi-Esfahani is a manager in the Audit and Assurance Group at PwC in Vancouver. This award is part of the Volunteer Recognition Program of the PricewaterhouseCoopers Canada Foundation. As part of this award, a cash donation of $2,000 was been made to the VPL.

Alastair (Al) Kenning, CA, officially took over as Nanaimo’s city manager in the fall of 2009. Kenning has been with the administration since 1987, and has held several positions over the years, including director of finance, general manager of corporate services, and, most recently, deputy city manager. Kenning’s past experience also includes holding senior positions with the BC Lottery Corporation and the Thompson-Nicola Regional District.

Michael Parker, CA, has been appointed vice-chairman of the board of governors of Thompson Rivers.

John Strangway, CA, of J. Strangway, CA, in Terrace, received a Business Excellence Award from the Terrace and District Chamber of Commerce this past November. Strangway won in the “Family Friendly Business” category.

Four BC CAs complete DIFA programCongratulations to Daniel J. Dalton, CA, CFE, DIFA; Jacklyn Davies, CA, DIFA; Stephen Graff, CA·CISA, DIFA; and Campbell Stafford, CA·CBV, DIFA, for completing the Diploma in Investigative & Forensic Accounting (DIFA) program at the University of Toronto in 2009. Each received a graduate studies diploma in investigative and forensic accounting. Ten BC CAs now who hold this degree, which is a requirement for CAs who wish to pursue the CA·IFA specialist designation.

Announcements


CAEF Doctoral Studies Support ProgramDid you know that the Chartered Accountants’ Education Foundation (CAEF) has a Doctoral Studies Support Program that encourages CAs to pursue doctoral studies (in accounting, assurance, or taxation) and teach at BC universities?

The Doctoral Studies Support Program provides forgivable loans of up to $10,000 per year, for up to four years.

To be considered, applicants must:• Demonstrateadmissiontoa

recognized doctoral program and/or be in the course-work stage of the doctoral program;

• Demonstratethattheirplannedcourse of studies will prepare them for a career in teaching and research in accounting, assurance, or taxation, and that their studies include a concentration in one or more of these fields;

• Haveoneyearoffull-timeteachingexperience at the university level, or have demonstrated ability and interest in teaching; and

• Beacharteredaccountant,orpossess the equivalent designation from another country.

For more information, visit www.caef.bc.ca or contact Jan Sampson, FCA, chief operating officer of the ICABC, at 604-681-3264 or 1-800-663-2677 (toll free in BC), or email [email protected].

Helping future CAsHave you ever wondered how you could help students who are interested in becoming members of our proud profession? Consider donating to the CA Education Foundation (CAEF).

The CAEF is a registered charity established by the BC Institute of CAs in 1990 to support the endeavours of current and future CAs.

One of the Foundation’s important activities is to ensure that scholarships are available to students at every university and college in BC. The 25 scholarships currently available each year are administered either directly by the universities or by the CAEF itself. Some of these scholarships help students with financial need; others recognize academic excellence and/or leadership; all go to students who’ve indicated their intentions to become CAs.

There are different ways to donate:

• General donations – Mail, fax, or drop off a donation at the ICABC’s offices in downtown Vancouver. (Did you know that many of our Professional Development Program instructors donate their fees?)

• Planned giving – Consider naming the CAEF as a beneficiary in your will. This legacy could be a fixed sum or estate residue. Alternatively, you could name the CAEF as a primary or secondary beneficiary of an annuity, RRSP, or other financial instrument of your estate.

• Giving in memoriam – The CAEF was originally set up as the Institute’s Memorial Scholarship Fund in 1969/70, when colleagues and family members of Desmond O’Brien, CA, sought to acknowledge and maintain his contributions to the profession. This tradition has continued, with many such gifts being made over the past 30+ years.

• Matching Scholarship Program for CA firms and associations – The CAEF has set aside funds to encourage a matching program for CA firms and associations in order to fund new scholarships at educational institutions throughout BC.

Please visit the CA Education Foundation’s website at www.caef.bc.ca for more information about past donors, a listing of our most recent scholarship winners, and a summary of the other valuable activities undertaken by the CAEF each year.


PRL Notice – Cancelled LicencesPursuant to its meeting of November 27, 2009, the Practice Review & Licensing Committee announces that the following firms are no longer in public practice under these names:

Firm Name CityLyris Aquing, CA Richmond

Ken Lagasse Inc. Vancouver &

Burnaby

Kenneth R. Lovin, CA Prince

George

R.M. Roberts & West

Associates Ltd Vancouver

Aaron R. Triplett, CA Burnaby

Lawrence Woo Ltd. Vancouver

Volunteers WantedName: S.U.C.C.E.S.S.Who they are: A community-based, multi-service organization that promotes the well-being of new immigrants. Through the organization’s Host Mentoring Program, Canadian residents mentor newcomer professionals to help them find work in their chosen fields, achieve their career goals, and understand more about Canadian culture in the process.Seeking: Accountants (working or retired) to serve as volunteer mentors, sharing expertise and time to help newcomers with similar backgrounds. Duties: Two to three hours once a week for three months, starting at the earliest possible availability. Volunteers must be Canadian citizens or long-term residents of Canada familiar with the cultural, economic, and employment systems inherent in Canada. Location may vary depending on the nature of match activity. To be discussed between participants. Contact: Jessica-Ann Dozois at 604-936-5900 (Burnaby/Coquitlam) or Grace at 604-279-7180 (Richmond).

Notice from Member ServicesAre you receiving all of the latest news?

To provide members with the latest news on professional matters as quickly as possible, various departments within the Institute have increased the use of email updates (which has the additional benefit of helping to save a few trees).

Of course, updating you via email only works if we have your correct email address. So if you want the latest information, including invitations to free PD sessions, be sure to provide us with your current, active email address.

You can update your contact information online by visiting our secure website at: www.ica.bc.ca/secure or by visiting the main website at www.ica.bc.ca and clicking “ICABC SECURE LOGIN” at the top of the page.

Help us keep you informed!

AGM Advance Notice – 2010 AGM and Members’ Recognition DinnerThe ICABC’s 2010 annual general meeting (AGM) is scheduled to take place on the afternoon of June 23, 2010, in Vancouver. Directly following the AGM will be the tenth annual Members’ Recognition Dinner. So mark your calendars now, and join us for both events!

Details will be provided in upcoming issues of Beyond Numbers.

Upcoming FVCAA eventThe Fraser Valley CA Association will be hosting the following event on February 4, 2010:Tax DisputesPresented by Smetheram & Company, Tax & Business Law8-9:30am, Cascade Community Centre in AbbotsfordRSVP to: [email protected]


Chasing a Dream: Alexa Loo, CAcontinued from page 26

powerhouse in the world of snowboarding, both on and off the slopes. As she has moved up in the athletic ranks of the FIS, Alexa has also spent considerable time speaking,

presenting, and advocating for Canadian snowboarders behind the scenes. She has served as an athlete representative for both the national team and the FIS, and joined AthletesCAN, the association of Canada’s national team athletes, as treasurer in 2002. On behalf of sport, Alexa and other members of AthletesCAN spoke to the House of Commons Finance Committee in November 2003, and successfully lobbied parliament to appoint a Minister of Sport. In April 2004, Alexa presented a request for an increase in sports funding to the Minister of Sport, and this resulted in an increase of nearly $7 million in direct funding to 1,400 national team athletes. The following year, she presented a CSF funding request to stakeholders—Sport Canada and the Canadian Olympic Committee among them—and this request resulted in an additional $1.5 million in funding for snowboarding.

Alexa has also participated as a seeing-eye guide at various international Paralympics events, including in Athens in 2004. and participated in the RBC Olympian Program in 2007. That same year, she spoke at the AthletesCAN forum held at the Canada Winter Games in Whitehorse.

In addition to her ongoing work as a board member of AthletesCAN, Alexa serves on the finance committee of the Canadian Olympic Committee (COC) Athletes’ Council, which she joined in 2006, and serves as the COC’s “Athletes’ Voice”—preparing and delivering motivational speeches with an Olympic theme to corporate, community, and media groups.

With her skills as a public speaker, her insider’s knowledge of the sports world, and her accounting background, Alexa is considering several possible career avenues for life after competitive sports. Sports commentating is one possibility; working within the COC or another sports association is another. And then there’s her online store, Loo Sports, which she and her partner plan to turn into a bricks-and-mortar business in the near future.

But this talk of future possibilities doesn’t mean Alexa is about to retire.“Part of what kept me going through the gruelling training sessions these past four years was

knowing that I could retire after the 2010 Games,” she admits. “But, at the same time, I’ve learned to never say never. So I can’t say for certain whether I will or won’t compete after 2010. The main thing is that I want to reach the end of my snowboarding career knowing that I reached my potential.”

Given all of her hard work and determination, odds are good that Alexa will get the chance to do just that at the 2010 Games. We wish her luck!

A little help from her friends

Helping Alexa as she preps for the

Games is Scott Armstrong, CA,

of Entrust LLP, Chartered

Accountants in Richmond.

“Scott has been awesome,”

Alexa says. “He acts as a gateway

between me and the public,

providing material to the press,

drumming up support, and making

sure that I don’t overextend myself

by taking on too many speaking

engagements (I have difficulty

saying no when people ask me to

speak—especially when kids are

involved). With his support, I’m

able to focus on my training.”

For Scott, who first met Alexa

after seeing her speak at a PD

Potluck event, being able to help

a Canadian Olympic contender is

its own reward.

“I find Alexa really inspiring,” he

says. “Initially I approached her to

make a financial contribution, but

over time, I realized I could also

help by connecting her with other

people who’d be interested in

providing pro bono help—people

like photographers and website

designers, for example. It has been

my pleasure to help in any way I

can.”


The Society’s mandate is becoming all the more relevant as the province’s senior population con-tinues to increase. That’s why Dave wanted to share his experience in Beyond Numbers—he’s hoping more CAs 55 and over will get involved.

That’s some pretty impressive hardware, but Dave says the medals are just icing on the cake.

“The level of competition was at least what I expected it to be, and I was impressed by the genuine intensity of the participants,” he says. “But I was surprised by how positive, empower-ing, and uplifting this whole experience was.”

His most vivid memories from the Games include watching men in the 80+ age class compete in the high jump, and watching a 90+-year-old woman run the 100-metre dash.

“I was genuinely surprised,” he says, “and I found it really inspiring.”

It’s that kind of spirit that harkens to the real purpose of the Games, as described by the BC Senior Games Society: “One of the stated goals of the Seniors Games is to provide BC’s seniors with the opportunity to enrich their lives, keep active, and stay socially involved. Although competition is an important part of the Games, active participation by seniors in sport, recre-ation, and culture is its real purpose.”

“One of the simple things I really enjoyed as a teenager was throwing stuff,” he says with a laugh.

So last year, when Dave turned 55 and became eligible to compete at the BC Seniors Games, he dusted off his running shoes and got back out on the field.

“I’d read about the Games in various news articles, and had met several past participants, and it seemed like a lot of fun,” he recounts. “I thought preparing for and trying something new and challenging like this would be a great way to mark my 55th year.”

As Dave soon discovered, the Seniors Games are impressive in both size and scope. In fact, the multi-sports event is one of the largest sporting competitions organized within the province. The Games have enjoyed a steady rise in popu-larity since the first 650 participants competed at the inaugural event in Vernon in 1988, and by 2009, the number of participants had jumped to more than 3,800.

The 2009 Games were hosted by the City of Richmond, with many events centered around the new Richmond Olympic Oval, which Dave describes as “breathtaking.” During the four days of the Games (September 16-19), he competed in six track and field events: the hammer throw, the javelin, the discus, the shot put, the triple jump, and the long jump. He did very well, exceeding the individual event performance standards for his age class (55-59) by an average of 15%, which netted him six medals: one gold, three silver, and two bronze.

Member Profile: Dave Oscienny, CA

Never Too Late to Go for Gold By Michelle McRae, Editor

“...I was surprised by how positive, empowering, and uplifting this whole experience was.”

“We all know that it’s important to stay active, but we don’t always make the time to exercise and participate,” he says. “Training for an organized event such as the Games can be truly motivating. Just because we get older doesn’t mean we have to stop being athletic—or that it’s too late to start—or start again. The Games prove that. And they’re fun—not only did I survive, but I also met some really nice people, made some new friends, and came away with a renewed sense of confidence, a feeling of being alive, and the satisfaction of having met a fresh challenge.”

Helping Dave meet this challenge was coach Anna Jack, of the Alberni Track and Field Club. He describes her guidance as invaluable.

“When I decided this was what I wanted to do, I picked up the phone and called the club to see if any help might be available,” he remembers. “That’s how I found Anna. She was supportive and incredibly skilled, and also uncompromising, so there was no coddling. There’s no way I

O kay, so maybe you’re not an Olympic athlete. Few people are. But that doesn’t mean you have to give up on the idea of competitive sports. Just take a page from David (Dave) Oscienny, CA, who recently rekindled his love of track and field competition some 40 years after first launching a discus into the air.

would have done as well without her help!”Also invaluable, Dave says, was the support of

his wife Brenda. “We both believe in leading an active, balanced,

healthy lifestyle,” he says. “When our four kids


A fine haul – Dave Oscienny, CA, and his various medals from the 2009 BC Seniors Games.

Photo by Quintin Winks. This photo originally appeared in the Alberni Valley Times

(October 2, 2009), and is reprinted here with permission.

were growing up, we spent numerous seasons coaching, managing, and generally supporting recreational and competitive youth and adult soccer and hockey. Brenda currently competes on a women’s soccer team, and she thought it was great that I decided to train for the Games.”

After accompanying her husband to the event, Brenda came away from the experience similarly inspired.

“Even though it’s a ‘seniors’ event, there’s so much youthfulness,” she says. “It’s almost indescribable. When you watch everyone compete, it’s like they’re no longer 55 and older—in their minds, they’re 20 years old again. And the quality of the competitors—some of them are just amazing.”

Dave’s competitive achievements at the Games were formally recognized by the City of Port Alberni in October 2009, when Mayor Ken McRae presented him with a city plaque for placing in the top three in provincially sanc-tioned competition.

The 2010 BC Seniors Games will take place in the Comox Valley/Campbell River area, much closer to home for Dave, who runs his own public practice firm in Port Alberni. He’s hoping to participate again this year.

“I see this as a rewarding addition to my life,” he says. “There’s a saying: ‘We don’t stop playing because we grow old; we grow old because we stop playing.’ I guess I’ve taken that to heart.”

The BC Seniors Games Society was launched in 1987 with the assistance of the Recreation and Sports Branch of the Ministry of Municipal Affairs, Recreation, and Culture. The Society is a registered, volunteer-based, not-for-profit organization that aims to promote the active participation of BC’s resident seniors (aged 55+) in sports and recreation. For more information on the BC Seniors Games, visit: www.bcseniorsgames.org.


At Your Service

Personalized Portfolio ManagementTaxable, Registered, Tax-Free, and Pension Fund Accounts

H20-000-424_CS2_FIN.indd 1 3/6/09 2:31:33 PM

US and Cross-border Tax Specialist TeamOur practice is limited to US and Cross-border tax mattersworking principally with Canadian business and investment in the US and US citizens resident in Canada.

Tax Strategies• Canadians with US Business Activities and Investments • US Citizens Resident in Canada • Immigration to/from US • Cross-Border Ownership Strategies for: > US and Canadian Real Estate > US Investment and Operations in Canada

Tax Return Preparation• US Federal, State and Canadian Individual Income Tax Returns • US Federal and State Business Income Tax Returns

Warren Dueck, CA - Steven Flynn, CAphone: 604.448.0200 fax: 604.448.9294 www.wldtax.com

NOTE: Logo font ratio is 28pt Optima bold for the title and 11pt Trebuchet MS for the slogan.

Practice Limited to U.S. and Cross-border Tax Matters

Sadhra & ChowSpecializing in Mining Taxation

We can assist your company with the following:

Income Tax Provisions, including conversions to IFRS standards

Canadian Tax Compliance and Planning

International Structuring

Michael Sadhra,CAT: (604) 218-6281E: [email protected]

Hannah Chow,CAT: (604) 646-5898E: [email protected]

LLP

Twenty years combined tax experience assisting junior to multinational mining corporations.


KELOWNA CA FIRM LOOKING TO EXPAND CLIENT BASE We are a well-established accounting firm with offices throughout the Okanagan looking to further expand our

operations by purchasing existing clients or an existing firm. We offer a wide variety of experiences and a good breadth

of knowledge of small to medium-sized business as well as personal taxes. If you are looking for an opportunity to scale

down your business or retire, we have experience in office purchases and will focus on making a smooth as possible

transition. We will work with you and your clients to make sure the fit is good and that the clients are comfortable with

the transition. Please feel free to respond in confidence care of Beyond Numbers, Box 01101.

Classifieds

At Your Service

Employment

Achieve your potential with usWe’re looking for a business tax compliance manager to work in our Vancouver office.

Your responsibilities:• Plan, manage and deliver Canadian corporate tax

compliance products.• Identify tax issues and supervise staff to help

resolve them.• Identify opportunities to minimize tax liabilities or

risks to clients.• Prepare and help clients with their tax provisions.• Communicate with tax authorities concerning filed

returns and tax audits.

Qualifications:• Undergraduate degree in a related field• Minimum of five years of corporate tax experience• Accounting designation• Completion of the CICA in-depth tax course

For more information and to apply, visit ey.com/ca/careers.

© 2

009

Erns

t & Y

oung

LLP

. All

righ

ts re

serv

ed.


Private Trusts and Client TrustBy Chris Utley, CA Director of Ethics

Many Canadians use private trusts—whether to provide for their children’s future education expenses, to protect

wealth, or as tax and estate planning vehicles and to protect wealth. Many hire CAs to plan, create, and administer these trusts.

Unfortunately, circumstances can arise that call into question the professional practice of these CAs. The following scenario offers an example of such circumstances, and should serve as a cautionary tale for CAs who work with trusts.

The situationJames* is an experienced CA and tax specialist who administers approximately 200 trusts. Simon is one of his clients, and has been with James for nearly 15 years. Each year, James prepares Simon’s personal income tax return, as well the returns for his engineering practice and family trust.

Simon and his ex-wife Lisa have a teenage son named Tom, who resides with Lisa. In 2006, Simon spent $15,000 to cover a variety of his son’s expenses, which included school fees, sports equipment, trips, and golf lessons. James reimbursed Simon with funds from the family trust and prepared a T3 slip, which he then submitted to the trustees for distribution to the CRA and the beneficiary (Tom).

Unfortunately, Tom did not end up declaring the $15,000 as income on his 2006 personal tax return, and this led the CRA to issue a reassessment. Tom subsequently sent a letter of complaint to the ICABC, saying that he had never received the T3 slip from the family trust, nor any funds from the trust—whether directly or indirectly. The PCEC authorized an investigation into the matter.

Ethical Dilemmas What happenedDuring the PCEC investigation, it became apparent that Lisa was the real author of the complaint, and that Tom had signed the letter after discussing it with her. Not surprisingly, Lisa told the investigator that she would prefer if he interviewed her about the letter, rather than her son.

During the investigation, it also came to light that Lisa had initiated a number of lawsuits against her ex-husband over the past 12 years. These lawsuits covered a wide variety of issues, including custody and child support.

In this case, Lisa’s entire complaint hinged on her belief that James should have distributed the T3 to her son Tom by the tax deadline date. She told the PCEC investigator that she wanted the ICABC to delve into the affairs and management of the family trust and then provide her with any information uncovered. Specifically, she wanted to know the identities of the trust manager and the trustees, the location and value of the trust accounts, and how the funds were being distributed.

James told the PCEC investigator that because neither Tom nor Lisa were his clients, he’d had no obligation to disclose information to either one. He further pointed out that disclosing information to Tom or Lisa would have breached his confidentiality to Simon, thereby constituting a breach of Rule 208 of the ICABC’s Rules of Conduct. James’s lawyer also advised the PCEC that a beneficiary of a discretionary trust has no right to obtain any information pertaining to said fund.

In addition, James explained that he’d been involved as a witness in some of Lisa’s past legal actions against his client, and said he believed this was merely another of her attempts to extract financial information from her ex-husband at someone else’s expense.

In fact, as he revealed to the PCEC, James had attempted to insulate himself from any possible actions Lisa might launch by clearly laying out the limits of his obligations in his letter of engagement to Simon. This letter stated that James would prepare T3s for the beneficiaries of the family trust and provide these slips to the trustees for distribution, but would not distribute the slips himself. In addition, James indicated in the engagement letter that he was not responsible for verifying any trust funds spent.

The outcomeThe PCEC considered whether James had contravened Rule 201.1 (Maintenance of Reputation of the Profession), Rule 202 (Integrity and Due Care), and/or Rule 205 (Misleading Representations). In rendering its decision, the PCEC concluded that James had fulfilled the obligations spelled out in his letter of engagement, and had also protected the confidentiality of his client’s affairs. Lisa and Tom’s complaint was dismissed.

The PCEC subsequently sent a letter to Lisa stating that the matter has been resolved to its satisfaction. Lisa expressed disappointment—particularly when she learned that the information gathered during PCEC investigations remains completely confidential, even to the extent that the PCEC investigator(s) cannot be compelled to give evidence in court. It may be that Lisa had hoped to take advantage of the PCEC process to unearth information she’d had difficulty obtaining through other channels.

The messageMembers who work with family trusts may some day find themselves caught in the middle of a family battle. By defining and documenting his obligations, and by remaining focused on his responsibilities to his client, James kept himself out of the drama as much as possible.

Comments or questions? Contact me at [email protected].

*Please note: This fictionalized account is based loosely on an actual case before the PCEC. Names and circumstances have been changed to preserve anonymity. The contents of this article are only intended for the general guidance of readers. The PCEC deals with each case individually, based on its specific facts and circumstances.

A word about the PCEC and confidentialityMembers who are investigated often question the confidentiality of the PCEC investigation process. Many are concerned that the complainant might get a hold of information they’ve provided to the investigator(s) and the committee. We assure them that the PCEC keeps any such information completely confidential, and that only PCEC investigators and committee members have access to information gathered during investigations.

Suite 1100 1177 West Hastings Street Vancouver, BC, V6E 4T5 Telephone: 604.687.4544 Facsimile: 604.687.4577 www.bmmvaluations.com

Spencer Cotton: 604.697.5212 Jeff Matthews: 604.697.5203 Cheryl Shearer: 604.697.5293 Rosanne Terhart: 604.697.5286 Farida Sukhia: 604.697.5271

Vern Blair: 604.697.5276 Rob Mackay: 604.697.5201 Gary Mynett: 604.697.5202 Ron Parks: 604.697.5242 Hugh Livingstone: 604.697.5238

Blair Mackay Mynett Valuations Inc. is the leading independent business valuation and litigation support practice in British

Columbia. Our practice focus is on business valuations, mergers and acquisitions,

economic loss claims, forensic accounting and other litigation accounting matters.

We can be part of your team, providing you with the experience your clients require.

Chris Halsey-Brandt: 604.697.5294 Kiu Ghanavizchian: 604.697.5297 Chad Rutquist: 604.697.5283

Left to Right:

Chad Rutquist, Far ida Sukhia, Chris Halsey-Brandt, Ron Parks, Spencer Cotton,

Rosanne Terhart, Robert D. Mackay, Gary M. W. Mynett, Hugh G. L iv ingstone,

Cheryl Shearer, Jeff P. Matthews, Kiu Ghanavizchian, Vern Bla i r.

KPMG’s many faces of success© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. 2612

Congratulations to our 77 successful 2009 UFE writers

In British Columbia, KPMG’s talented team of accredited Chartered Accountants will include:

Rishma AllibhaiJanet AnnableTanya BastianLaura BeldingDavid BellTanya BennettBinny BhinderLucy CaoVicki ChanYooJin ChangKaren ChongVanessa CoattaRobin DanielsAlissa DilworthMichelle DoddAlex FarrellJason FongTanya GallMegan Geier

Nav GillTara GillDanny GolloglyHaley GrewalMackenzie GuyGraham HindsonLara HoltbyDylan HumeKristin JohnsonDaniel JoverBrandon KelleyMorgan KennyPeter KimJenia KrastevaSamantha KrulitskiHussein LalaniMaggie LauPraise LeeVanessa Lee

Garrett LittleKaren LoAaron MacNeilKelly MacNeillMicheal MartineauChristy MaygardAlina McGuinnessJulia MobbsCraig MortonKelven NgLeanne OuelletAndre PerretAynsley PriceRohan RahejaAngus RichardsonMicaela RoqueKyle RussellMelanie RussellAmrit Sanghera

Linda SchucroftElizabeth SkillingsMatt StevensJonathan StewartMichael StrangHarpreet TamberKelly TuoheyChris VallanceDylan VokeyDiane WanStephanie WanMarlyse WhartonSean WilsonMichael WoellerJesus WongAmanda YeeElke YeungGwenyth YipRobin Yong

Our Partners and staff are proud to recognize the hard work and dedication required by each of our team members to achieve their exceptional results on the 2009 Uniform Evaluation. Special congratulations to Morgan Kenny, Matt

Stevens, Dylan Vokey and Sean Wilson who have earned a place on the National Honour Roll.

20 09

celebrating ufe success! · 2021. 2. 19. · successful ufe candidates—393 of whom passed on...

Documents