Celebrating UFE Success! - Institute of Chartered Accountants of BC

January 2010
Celebrating UFE
Success!
On the Cover
Meet BC’s UFE honour
roll students + get our UFE
results recap and the list of
BC passers
In this issue
Alexa Loo, CA, sets sights on 2010 Games
Update on foreign affiliate residence
Shareholder rights
Member Profile: Dave Oscienny, CA

T
2
d
C
2009 S

Congratulations
to our newest generation of leaders!
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.
Richard Doncom
Kelowna
Jena Friedrich
Kelowna
Nicole Parent
Kelowna
Dustin Stadnyk
Kelowna
Malcolm Ellison
Vancouver
Maryna Kirichuk
Vancouver
Peter Lok
Vancouver
Chartered Accountants & Business Advisors
Kelowna
500-1620 Dickson Avenue
Kelowna, BC V1Y 9Y2
Tel: (250) 763-5021
Toll Free: 1 (866) 763-5021
Surrey
#112, 7565 - 132nd Street
Surrey, BC V3W 1K5
Tel: (604) 591-6181
Vancouver
1100 - 1177 West Hastings Street
Vancouver, BC V6E 4T5
Tel: (604) 687-4511
Toll Free: 1 (800) 351-0426
www.mackay.ca
2009 Successful UFE 00.indd 1 12/8/2009 1:41:24 PM

contents
On the Cover
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
12
Meet BC’s UFE
Honour Roll
Students!
22
Kudos to...
BC’s 444 successful
UFE candidates
24
Chasing a Dream
Alexa Loo, CA, sets her
sights on the 2010
Olympic Winter Games
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
10%
Cert no. SCS-COC-000648
Jan 2010 ica.bc.ca 5

January 2010, No.484
Published eight times annually by the
Institute of Chartered Accountants
of British Columbia.
Editor
Michelle McRae
More student training
positions needed
Design
Blindfolio Design
604-761-9212
Advertising
Advertising In Print
Phone: 604-681-1811
Fax: 604-681-0456
Senior Director of External Affairs
Lesley MacGregor
Institute Council
Karen Keilty, FCA
President
Peter Norwood, FCA
1st Vice-President
Lenard Boggio, FCA
2nd Vice-President
Michael Macdonell, CA
Treasurer
Jack Arnold, CA
Linda Lee Brougham, CA
Kyman Chan, CA
Karen Christiansen, CA
John Crawford, CA
Gordon Holloway, FCA
David Hughes
Anthony Mayer, CA
Al McNair
Sheila Nelson, CA
John Sims, FCA
James Topham, CA
Kenneth Tung
Praveen Vohora, CA
Chief Executive Officer
Richard 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
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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
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
president@ica.bc.ca.
–Karen Keilty, FCA
6 ica.bc.ca Jan 2010

For the Profession
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.
UFE Results Recap
for BC and CASB
By 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 rate
The 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.
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 learning
CASB is very proud of the work we’re doing with competency-based learning. To become a wellrounded
CA, an individual needs education, experience, and evaluation. The UFE has been
competency-based for many years, and practical experience requirements recently became competencybased
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 recap
You 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.
8 ica.bc.ca Jan 2010

Smart, naturally.
Motivated, definitely.
On our team—fortunately.
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.
www.GrantThornton.ca
Audit • Tax • Advisory
Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

Research Corner
Unreconciled
Differences
By Dr. Kin Lo, CA, Ph.D.
For decades, the US Securities and Exchange
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 investors
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 reconciliation
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
when: a) there are higher proprietary costs of
disclosure; b) there is less information asymmetry
among investors; and c) an FPI has higher information
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 kin.lo@sauder.
ubc.ca.
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.
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10 ica.bc.ca Jan 2010

once again, an amazing pass
rate for our ufe writers.
10 ties cut in 2009!
congratulations to
Andy Tugume, Sarah Hundal, Alex Stewart, Priyanka Parkash,
Margaret Puhacz, Mathew Lee, Elyse de Jong, Vipin Sachdeva,
Garry Sum, Rosanne Lamarche
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
Jan 2010 ica.bc.ca 11

On the Cover
Meet BC’s UFE Honour Roll
Students for 2009!
By Michelle McRae, Editor
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.
Jolene Alice
Kendrew
(née Boehm) –
National Gold
Medallist
UFE 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, provided
me with much needed encouragement
and advice on surviving the summer—especially
during the ‘low’ moments.”
12 ica.bc.ca Jan 2010

P L A T I N U M M E M B E R
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 government.
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 institutions.”
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.
09.OBRTurnbullAd1 12/9/09 11:28 AM Page 1
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 experience
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 colleagues
at Deloitte & Touche LLP in Vancouver.
“My study partners, Kevin Burkett and Rob
Kozak, provided support, and their critical analysis
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
Hughes
Growing 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
Average Monthly Performance
(Dec/94 – Nov/09)
3.5%
4.0%
Performance Since Inception
(Dec/94 – Nov/09)
781%
Tel 604 844 5363
Toll Free 1 888 886 3586
rturnbull@odlumbrown.com
up months
(60% of time)
down months
(40% of time)
275%
odlumbrown.com
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Jan 2010 ica.bc.ca 13

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
dap_beyondnumbers_sep09.eps 9/9/2009 1:56:57 PM
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, everyone
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 entertainment
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 completion
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.
14 ica.bc.ca Jan 2010

© 2009 Ernst & Young LLP. All rights reserved.
Tomorrow’s leaders
Congratulations 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
Jan 2010 ica.bc.ca 15

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 recognized
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 mentors
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 commitment
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 encouragement
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
16 ica.bc.ca Jan 2010

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 understand
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 administration
(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, hanging
out with his friends, and watching sports.
Matt Stevens
As a kid growing up in
North Vancouver, Matt
Stevens dreamt of a career
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 student
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
WOLRIGE MAHON LLP IS PROUD TO CONGRATULATE OUR 2009 UFE WRITERS!
From left to right:Jacqueline Cua, May Cheng, Beatrix Wiriahardja, Jeanne Lee, Travis Taylor, Aliya Rawji, Mona King, Gabriela Oteiza Dunn
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 Street
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Tel: 604-684-6212
www.wolrigemahon.com
18 ica.bc.ca Jan 2010

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, remembering
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 midsized
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 opportunity
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 approaching
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 preparation
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 ACCOUNTANTS
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DMCL_numbers_ad.indd 1
12/14/09 9:21:49 AM
Jan 2010 ica.bc.ca 19

They came,
they wrote, they
conquered*
Congratulations to our 53 successful writers
of the 2009 Uniform Evaluation for
Chartered Accountants in British Columbia
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 Lau
Ariel 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
© 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

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 trying
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 students
were photographed by Kent Kallberg of Kent Kallberg Studios Ltd. in Vancouver.
Jan 2010 ica.bc.ca 21

22 ica.bc.ca Jan 2010
Jolene
KENDREW
Governor General’s Gold Medal
Leanna
HO
Siobhan
HUGHES
Morgan
KENNY
Grace
LOH
Ilya
MARGULIS
Sumeet
SANGHA
Matthew
STEVENS
James
STEWART
Dylan
VOKEY
Ni (Nina)
WANG
Sean
WILSON
Saare
ADAMS
Ji Young
AHN
Pablo
AIRO
Megan
ALLEN
Rishma
ALLIBHAI
Carmen
AMÉZQUITA HERNANDEZ
Janet
ANNABLE
Kimberly
ANTIFAVE
Teresa
AUGUSTYN
Michael
AURAS
Rebecca
AZIZ
Sharlene
BABICH
Michelle
BALDWIN-PINCH
Whitney
BALL
Wanvisa
BANTERNGHANSA
Tanya
BASTIAN
Jared
BEHR
Laura
BELDING
David
BELL
Celina
BELLINGHAM
Tanya
BENNETT
Binny
BHINDER
Lisa
BLANDFORD
Lucie
BOHAN
Brad
BOLGER
Amy
BONNER
Tracy
BORRALHO
Lyndon
BRAUN
Robert
BROWN
Sarah
BRUNET
Michelle
BUREE
Kevin
BURKETT
Patrick
CAFFREY
Pamela
CALDERON
Lucy
CAO
Ying Ying
CEN
Dathie
CHAN
Edmund
CHAN
Eugenia
CHAN
Jennifer
CHAN
Kelly
CHAN
Martin
CHAN
Ryan
CHAN
Vicki
CHAN
Vincent
CHAN
Hermandeep
CHANDI
Alex
CHANG
YooJin
CHANG
Neil
CHAPMAN
Ling
CHE
Congratulations to BC’s 444 Successful
UFE Candidates of 2009!
Cong
CHEN
Di
CHEN
Henry
CHEN
Stephanie
CHEN
Jie
CHENG
May
CHENG
Wai
CHENG
Iryna
CHERNYKH
Bernadette
CHEUNG
Joyce
CHEUNG
Jancie
CHIU
Daniel
CHO
Lindsay
CHOA
David
CHOI
Karen
CHONG
Alex
CHOW
Anne
CHOW
Christine
CHU
Simon
CHU
Vanessa
COATTA
Michael
COOK
Paul
CORMACK
Danielle
COSTELLO
Sean
COWAN
Jacqueline Trina CUA
Robin
DANIELS
Elyse
DE JONG
Sherry-Anna
DEISSNER
Shivreet
DEOL
Amindeep
DHA
Navneet
DHALIWAL
Jatinder
DHAMRAT
Darbjeet
DHILLON
Sukhdeep
DHILLON
Christopher
DIAZ
Michael
DILLABAUGH
Alissa
DILWORTH
Rebecca
DIXON
Michelle
DODD
Aaron
DODSWORTH
Richard
DONCOM
Colin
D’SOUZA
Michael
DUDENHOEFFER
Carlyn
ELLIOTT
Malcolm
ELLISON
Theresa
ENGBERT
David
EVANS
Mark
FAIRWEATHER
Ling
FANG
Alexandre
FARRELL
Fonny
FONG
Jason
FONG
James
FOUCAULT
Joann
FRANCIS
Jena
FRIEDRICH
Brent
FRIESEN
Ian
FRIPP
Andrea
FUNK
Tanya
GALL
Jenny-Claire
GANASI
Ying
GAO
Peter
GEH
Megan
GEIER
Navjot
GILL
Richard
GILL
Tara
GILL
Laurel
GILLIS
Lindsay
GLAVAN
Michal
GOLDSTEIN
Daniel
GOLLOGLY
Neil
GOODMAN
Weiwei
GOU
Natasha
GREGORY
Halwinder
GREWAL
Parvinder
GREWAL
Simardeep
GREWAL
Benjamin
GROOT
Mackenzie
GUY
Philip
HANCYK
Jon
HARDING
David
HARPER
Matthew
HARPER
Katherine
HAY
Jason
HAYLOCK
Christina
HELSING
Ehren
HESS
Graham
HINDSON
Kristen
HODGE
Lara
HOLTBY
Berwin
HONG
Andrew
HOPPER
Julie
HORTON
Julie
HOWALD
Jui-Yao
HSIAO
Tiffany
HSIAO
Jovi
HSIEH
Wei-Lun
HU
Vivien
HUANG
Rosanna
HUI
Dylan
HUME
Sarah
HUNDAL
Gordon
HUNT
Brooke
HURFORD
John
INTHAVIXAY
Shera
IP
Deepk
JASWAL
Anil
JIWANI
Kristin
JOHNSON
Daniel
JOVER
Eva
JUTRAS
Michael
KANEVSKY
Jagdeep
KANG
Gregory
KANIEWSKI
Gaurav
KAPADIA
Ashley
KATES
Diane
KEE
Stephanie
KEE
Brandon
KELLEY
Jeremy
KELLY
Daniel
KEOGH
Danielle
KILLAM
Peter
KIM
Sarah
KIM
Mona
KING
William
KING
Rebecca
KINKEAD
Maryna
KIRICHUK
MaryAnn
KNOLL
Victor
KO
Irina
KOLBINA
Enoch
KONG
Samantha
KONG
Richard
KONINGS
Jason
KOONER
Daria
KOTLIAROVA
Robert
KOZAK
Trisha
KRAMER
Jenia
KRASTEVA
Samantha
KRULITSKI
Juliana
KUNG
Nancy
KUROKAWA
Yvonne
KWOK
National
Honour Roll

Jan 2010 ica.bc.ca 23
Andreas
L’ABBE
Hussein
LALANI
Jennifer
LAM
Patricia
LAM
Rosanne
LAMARCHE
Christopher
LARONGE
Kelly
LATZEL
Andrew
LAU
Belinda
LAU
Irwan
LAU
Maggie
LAU
Michael
LAUGA
Brett
LAURITZEN
Ariel
LAVER
Albert
LAW
Hang
LE
Carol K.L.
LEE
Carol Y-C
LEE
Jeanne
LEE
Kevin K.M.
LEE
Kevin T.
LEE
Kyung
LEE
Mathew
LEE
Praise
LEE
Vanessa
LEE
Young Ju
LEE
Alistair
LEUNG
Jamie
LEUNG
Janey
LEUNG
Justin
LEUNG
Leslie
LEUNG
Lisa
LEUNG
Rita
LEUNG
Valerie
LEUNG
Alfred
LI
Gurpreet
LIDHAR
Chao
LIN
Yen Jung
LIN
Garret
LITTLE
Kerry
LIU
Karen
LO
Jia En
LOH
Peter
LOK
Violet
LOUIE
Jeffrey
LOVELL
Karen
LUK
Nancy
LUM
Louisa
LUN
Shyla
MACCALLUM
William
MACHIN
Andrew
MACKENZIE
Sarah
MACLEOD
Aaron
MACNEIL
Kelly
MACNEILL
Christian
MADSEN
Nickolas
MAH
Daniel
MAKSYMCHAK
Kuldip
MANN
Quinn
MARTIN
Micheal
MARTINEAU
James
MARTINEZ
Diana
MARTINS
Sara
MASEKO
Joshua
MATTE
Christiane
MAYGARD
Jaime
MCCULLOCH
Alina
MCGUINNESS
Corinne
MELDRUM
Trevor
MELNYCHUK
Troy
MELNYCHUK
Na’im
MERCHANT
John
MILLER
Christopher
MILLS
Tatjana
MILOJKOVIC
Julia
MOBBS
Amir
MOGHADASI
Jana
MOORE
Craig
MORTON
Grant
MOSBY
Michael
MOSINDY
Joanna
MUKAI
Randi
MYHRES
Akemi
NAKANISHI
Emily
NEUFELD
Jason
NG
Kelven
NG
Maggie
NG
Joshua
NGO
Scott
NICHOLS
Charles
NIP
Laurel
O’BRIEN
Seung
OH
Matthew
O’RAE
Gabriela
OTEIZA DUNN
Leanne
OUELLET
Hayley
OWENS
Aaron
OYE
Carla
PACINO
Patrick
PADMORE
Holly
PALMER
Nicole
PARENT
Jae
PARK
Jonghyun
PARK
Priyanka
PARKASH
Cara
PAVLAKOVIC
Robert
PAYMENT
Andre
PERRET
Brian
POGUE
Peter
PORTKA
Phillip
POST
Aynsley
PRICE
Shaun
PRICE
Margaret
PUHACZ
Rohan
RAHEJA
Vishwadeep
RAHEJA
Neetu
RAISINGHANI
Aliya
RAWJI
Richard
RAWNSLEY
Joseph
RENOOY
Angus
RICHARDSON
David
ROBINSON
Micaela
ROQUE
Michael
ROSE
Lindsey
ROSEBUSH
Limin
RUAN
Parmjit
RUNDHAWA
Kyle
RUSSELL
Melanie
RUSSELL
Vipin
SACHDEVA
Deanna
SADLER
Manraj
SANDHU
Ramnik
SANDHU
Amritpaul
SANGHERA
Meaghan
SARAZIN
Christopher
SCALENA
Michael
SCARLETT
Nicole
SCHECKER
Lawrence
SCHOUTEN
Linda
SCHUCROFT
Jennifer
SCHULZ
Aly-Khan
SHERIFF
Dong Hyun
SHIM
Siah
SHIN
Azadeh
SHOKRANI
Connie
SHUM
Albert
SIM
Elizabeth
SKILLINGS
Jeffrey
SMITH
Patrick
SMITH
Gina
SNYDER
Michelle
SO
Dan
SONG
Jamie
SOO
Hardeep
SOORMA
Allan
SPISSINGER
Dustin
STADNYK
Ashley
STEIER
Alexander
STEWART
Jonathan
STEWART
Peter
STOJAKOVIC
Michael
STRANG
Aylin
SUATAC
Garry
SUM
Man Wah
TAI
Alan
TAM
Harpreet
TAMBER
Florence
TAN
Paul
TAN
Jane
TANG
Pushpinder
TATLAY
Kelly
TAYLOR
Travis
TAYLOR
Amandeep
THINDAL
Savina
TOOR
Trevor
TOPPING
Alfred
TSE
Andy
TSE
Wan Wei
TU
Andy
TUGUME
Kelly
TUOHEY
Kelly
TUPPER
Nikola
TUSEK
Brian
URQUHART
Christopher
VALLANCE
Laura
VAN BODEGOM
Jason
VAN GARDEREN
Leanne
VANDERENDE
Ryan
VANDERPOL
Andre
VELAZQUEZ
Panagiotis
VENETSANOS
Pedro
VILLA
Laura
VINEY
Mark
VLEEMING
Tina
WALIA
Daryl
WALKER
Annie
WANG
Chia Ping
WANG
Yansheng
WANG
Yixing
WANG
Christopher
WARBURTON
Andrew
WATSON
Jodi
WESTON
Marlyse
WHARTON
Emma
WHIBLEY
Mindy
WIGHT
David
WILCOX
Melissa
WILHELM
Megan
WILSON
Troy
WILSON
Beatrix
WIRIAHARDJA
Shelane
WISEMAN
Michael
WOELLER
Georg
WOERNLE
Kenneth
WOIDEN
Anita
WONG
Brandon
WONG
Jacqueline
WONG
Jasmine
WONG
Jeremy
WONG
Jesus
WONG
Kim
WONG
Patrick
WONG
Ryan
WONG
Victoria
WONG
Jessy
XU
Eric
YAU
Samuel
YAU
Amanda
YEE
Elke
YEUNG
Jennifer
YEUNG
Gwenyth
YIP
Robin
YONG
Ethan
YOO
Michelle
YOUNG
Joyce
YUEN
Tommaso
ZAMPERINI
Andrew
ZELKE
Bei
ZHAN
Lan
ZHANG
Jingyi
ZHAO

Chasing a Dream: Alexa Loo, CA, Sets Her
Sights on the 2010 Winter Games
By Michelle McRae, Editor
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 publications
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-magazine
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
Alexa Loo, CA. Photo by Sherri Koop Photography in Vancouver.
1
Between the 1998 and 2002 Winter
Olympics, the “Parallel Giant Slalom” event
replaced the “Giant Slalom.”
24 ica.bc.ca Jan 2010

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 become
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 qualifying
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.
CONGRATULATIONS
to our successful UFE writers
on completing a major step in their professional careers!
MANNING ELLIOTT IS VERY PROUD
OF ITS TEAM OF ACHIEVERS:
Pictured (L-R)
Lyndon Braun
Seung Hee Oh
Savina Toor
Jagdeep Kang
Navneet Dhaliwal
Fonny Fong
Karen Luk
Herman Chandi
Vincent Chan (missing from photo)
Jan 2010 ica.bc.ca 25

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 continuing
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 architecture.”
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 discovered
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
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 University
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
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Jan 2010 ica.bc.ca 27

Tax Traps & Tips
An Update on
Foreign Affiliate
Residence
By 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:
• Canadian taxation authorities are concerned
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.
• Facts and documentation are key. To ensure
that 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 considerations
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 important
Failure 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 residents
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 active
business 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 critical
With 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 determination
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 supporting
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 happen
It 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 constating
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 meetings
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 visa-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 decisionmaking
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.
28 ica.bc.ca Jan 2010

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 supporting
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 matters
Just 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.
$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.
Take precautions
The 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

Financial Facts & Money Matters
Shareholder Rights:
More than Meets the
Eye
By 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 extraordinary
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 shareholder
needs to be familiar with it.
Simply put, if a shareholder can persuade the
court that they had a reasonable expectation 1
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 disregarded”
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
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Evaluation and look forward to their
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Brett Lauritzen, Sharlene Babich, Michael Cook, David Wang, Mark Vleeming
“The great thing in the world is not so much where we stand, but rather in what direction we are moving.”
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WWW.KNV.COM
Independent Member firm
of DFK International
30 ica.bc.ca Jan 2010

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 shareholders,
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 significantly
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 company
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.
Jan 2010 ica.bc.ca 31

PD News
WINTER PD PROGRAM
For 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 & Accounting
Transitioning to International Auditing
Standards
This 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 GAAP
This 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
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 Markets
Kick 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’ Ombudsman
Canada’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
Management
Converting to a Paperless Office
Given the widespread use of electronic tools,
many offices are going paperless. Converting
your practice to a paperless environment presents
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
32 ica.bc.ca Jan 2010

How to Realize Your Vision of Success
The objective of this seminar is to provide you
with the knowledge and skills needed to take
control of your time and create a more satisfactory
balance between your work and your
personal life.
Mar 16, 9am-5pm, Vancouver
What’s Next: Beyond Midlife, Toward a
Purposeful Retirement
Most 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 proactively
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 Net
The 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
Taxation
HST: Planning for Harmonization
BC 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 businesses,
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
Executive Breakfasts
Expert Testimony: The Old and the New
This 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 support,
and more.
Mar 29, 7:30-9:30am, Vancouver
Registered Plans
The 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
Jan 2010 ica.bc.ca 33

Plugged In: News for and about members & students
Announcements
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 program
Congratulations 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.
34 ica.bc.ca Jan 2010

CAEF Doctoral
Studies Support
Program
Did 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:
• Demonstrate admission to a
recognized doctoral program and/
or be in the course-work stage of
the doctoral program;
• Demonstrate that their planned
course 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;
• Have one year of full-time teaching
experience at the university level, or
have demonstrated ability and
interest in teaching; and
• Be a chartered accountant, or
possess 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 sampson@
ica.bc.ca.
Helping future CAs
Have 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.
Jan 2010 ica.bc.ca 35

PRL Notice – Cancelled
Licences
Pursuant 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
Lyris Aquing, CA
Ken Lagasse Inc.
Kenneth R. Lovin, CA
R.M. Roberts &
Associates Ltd
Aaron R. Triplett, CA
Lawrence Woo Ltd.
City
Richmond
Vancouver &
Burnaby
Prince
George
West
Vancouver
Burnaby
Vancouver
Volunteers Wanted
Name: 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 Services
Are 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
Dinner
The 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 event
The Fraser Valley CA Association will be hosting the following event on
February 4, 2010:
Tax Disputes
Presented by Smetheram & Company, Tax & Business Law
8-9:30am, Cascade Community Centre in Abbotsford
RSVP to: laurie@fvcaa.ca
36 ica.bc.ca Jan 2010

Chasing a Dream: Alexa Loo, CA
continued 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.”
Jan 2010 ica.bc.ca 37

Member Profile: Dave Oscienny, CA
Never Too Late to Go for Gold
By Michelle McRae, Editor
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.
“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 popularity
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.
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, empowering,
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, recreation,
and culture is its real purpose.”
“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
“...I was surprised by how
positive, empowering, and
uplifting this whole experience
was.”
The Society’s mandate is becoming all the more
relevant as the province’s senior population continues
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.
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
38 ica.bc.ca Jan 2010

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 sanctioned
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.
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.
Jan 2010 ica.bc.ca 39

At Your Service
Personalized Portfolio Management
Taxable, Registered, Tax-Free,
and Pension Fund Accounts
H20-000-424_CS2_FIN.indd 1
Practice Limited to U.S. and Cross-border Tax Matters
3/6/09 2:31:33 PM
US and Cross-border Tax Specialist Team
Our practice is limited to US and Cross-border tax matters
working 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
NOTE: Logo font ratio is 28pt Optima bold for the title
• US Federal, and 11pt State Trebuchet and Canadian MS for the Individual slogan. Income Tax Returns
• US Federal and State Business Income Tax Returns
Warren Dueck, CA - Steven Flynn, CA
phone: 604.448.0200 fax: 604.448.9294 www.wldtax.com
Sadhra & Chow
LLP
Specializing 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
Twenty years combined tax experience assisting junior to multinational mining corporations.
Michael Sadhra, CA
T: (604) 218-6281
E: msadhra@sadhrachow.com
Hannah Chow, CA
T: (604) 646-5898
E: hchow@sadhrachow.com
40 ica.bc.ca Jan 2010

At Your Service
Classifieds
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.
Employment
Achieve your potential with us
We’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.
© 2009 Ernst & Young LLP. All rights reserved.
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.
Jan 2010 ica.bc.ca 41

Ethical Dilemmas
Private Trusts and
Client Trust
By 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 situation
James* 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.
What happened
During 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 outcome
The 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 message
Members 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 utley@ica.bc.ca.
*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 confidentiality
Members 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.
42 ica.bc.ca Jan 2010

Left to Right:
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Rosanne Terhart, Robert D. Mackay, Gary M. W. Mynett, Hugh G. Livingstone,
Cheryl Shearer, Jeff P. Matthews, Kiu Ghanavizchian, Vern Blai r.
Blair Mackay Mynett Valuations Inc.
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