Download April 2012 issue - Institute of Chartered Accountants of BC

April 2012 

What is wealth 

management? 

On the Cover 

Taking a progressive and 

enriched approach to 

personal financial 

management 

In this issue 

Unification: Where do we go from here? 

12 common credit mistakes 

Staying fit on the job 

The 21-year deemed disposition rule

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contents 

On the Cover 

6 

What Is 

Wealth 

Management? 

5 

Unification: 

Where do we go from here? 

16 

12 Common Credit 

Mistakes 

A cautionary list to share 

with your clients 

19 

Staying Fit When You 

Sit All Day! 

Chained to your desk? 

Here are some exercises 

and stretches to do at work 

4 Notes from the CEO 

A progress report on 

unification 

26 Tax Traps & Tips 

Family trusts and the 21-year 

deemed disposition rule 

28 PD News 

Spring PD Highlights 

30 Plugged In 

News for and about members 

& students 

Member announcements 

Thank you to volunteers 

Social Networking Group 

event recap 

Young CA Forum event 

recap 

34 For the Profession 

Become an ICABC leader 

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Cover image: Tony Cordoza/Photographer’s Choice RF by Getty Images.

April 2012, No.502 

Published eight times annually by the 

Institute of Chartered Accountants 

of British Columbia. 

Editor 

Michelle McRae 

The unification 

process continues... 

Design 

Blindfolio Design 

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Advertising 

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Phone: 604-681-1811 

Fax: 604-681-0456 

Senior Director of Member Services 

& External Affairs 

Amy Lam, CA 

Institute Council 

Lenard F. Boggio, FCA 

President 

Gordon Holloway, FCA 

1st Vice-President 

Karen Christiansen, CA 

2nd Vice-President 

Michael Macdonell, CA 

Treasurer 

Rosemary Anderson, CA 

Olin Anton, CA 

Barbara Brink 

Don Coulter, CA 

John Crawford, CA 

John Gingell, CA 

Andrew (Sandy) Hilton, CA 

David Hughes 

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Dan Little, FCA 

John Mackenzie, CA 

Sheila Nelson, CA 

Ben Sander, FCA 

Eric Watt, CA 

Chief Executive Officer 

Richard Rees, FCA 

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Internet: www.ica.bc.ca 

Opinions expressed are not necessarily 

endorsed by the Institute. 

Notes from the CEO 

Since Council released the BC Provincial Merger Proposal at the end 

of January, there has been a flurry of activity at the BC Institute. Len Boggio, FCA, 

your Council president, and I have spoken to approximately 1,000 members in 

the last three months alone—holding six town halls sessions in Vancouver, 

Langley, and Victoria, and presenting to members in industry at ICBC and 

WorkSafe BC. 

In addition to our provincial activities, members of the BC Executive and 

Council have continued to work actively with national and provincial partners as 

the unification initiative has moved forward in jurisdictions across Canada. At 

the time of this writing in late March, significant developments are occurring: 

The CPA legislation has been tabled before the Quebec National Assembly, and 

is expected to be enacted very soon, officially introducing a fourth accounting 

body into the Canadian market; two more jurisdictions—Saskatchewan and 

Newfoundland and Labrador—have released three-way provincial merger 

proposals; and Manitoba has released a two-way merger proposal and held an 

advisory vote with its members. 

In Manitoba, 1,402 members (representing 48% of the entire membership) cast 

ballots. Of those who voted, approximately 60% voted in support of merging 

the ICAM and CMA Manitoba. At the time of this writing, the ICAM Council was 

considering the results of the vote, and determining its next steps. 

Although our official consultation period here in BC has ended, we will continue 

to reach out to members throughout the month of April in order to provide as 

much information as possible in the lead up to the vote in May. In the meantime, 

I encourage you to read the article on page 5, in which Len Boggio recaps the 

consultation process here in BC, and discusses the upcoming member vote 

regarding unification. 

If you haven’t yet managed to review the issue of unification in detail, you will 

find a comprehensive range of resources, including online presentations, at 

www.ica.bc.ca 

—Richard Rees, FCA 

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 

4 ica.bc.ca April 2012

Unification: Where Do We Go from Here? 

By Len Boggio, FCA 

Unless you’ve been tucked away on a 

secluded island without Internet access 

for the past year, you’re more than 

likely aware of the unification initiative currently 

under consideration. We’re now in the home 

stretch, and I’d like to take this opportunity 

to discuss the decision-making process, some 

preliminary consultation results, the role of the 

Institute and government in the unification 

process, and next steps. 

I believe the BC Council developed a decisionmaking 

process that was inclusive, extensive, and 

highly consultative. I can say with confidence 

that this decision-making process will provide 

Council with the information needed to accurately 

gauge what BC CAs think about the 

national Unification Framework and the Provincial 

Merger Proposal. 

About the consultation process 

The consultation process was a comprehensive 

one, comprised of information sessions (town hall 

forums and firm meetings), surveys, and focus 

groups. Consultations took place between May 

and December of 2011, and between January and 

March of 2012. 

In all, Council reached out to more than 2,300 

ICABC members via 48 information sessions 

across the province. Council also enlisted Vision 

Critical (chaired by industry leader Angus Reid) 

to conduct a member survey. More than 3,300 

CAs responded to this survey, which took place 

between January 24 and February 21, 2012. 

(This survey was one of several conducted 

during the consultation process; managing partners 

in public practice and training principals at CA 

Training Offices were also surveyed, as were 

managers, owners, professionals, and entrepreneurs 

across BC.) Vision Critical also conducted 

in-depth interviews with Council’s public representatives, 

and held a focus group for academics. 

Member and stakeholder feedback 

A wide variety of opinions were expressed. Overall, there was general support for the eight principles 

contained in the unification framework, but views on unification were split. Young CAs expressed the 

most concern about the unification proposal. CAs in public practice were more supportive than their 

counterparts in industry. 

In terms of our stakeholders, most of the small, mid-sized, and national firms we spoke with were, 

overall, very supportive of unification. Similarly, academics, public representatives, and consumers all 

said they believed the merger was in the public interest. 

Our dual mandate 

During the consultation process, the extent of the membership’s role in determining the final outcome 

of the unification initiative was often a contentious issue, with many members saying they were 

surprised to learn that CAs would not be the ultimate decision-makers on unification (just as the final 

decision is not up to your Council or Institute). At the same time, many members said they were unaware 

of the ICABC’s dual mandate, which is to represent members’ interests and protect the public interest. 

The Institute is a self-regulating professional body established through government legislation, and 

its role and mandate can only be modified by the legislature through changes to the Accountants 

(Chartered) Act. Accordingly, Council has consistently stated that the ultimate decision-maker about 

the structure of BC’s accounting profession is the provincial government. Council’s role in this process 

is to provide government with relevant information and ensure that members’ voices are heard. 

The government is aware of the developments regarding unification in BC and elsewhere in Canada, 

and has asked for our input. They support Council’s consultation process, and are awaiting its report 

and recommendations. I’m confident that Council will be able to provide a credible submission that 

allows the Institute to be involved in any process going forward. 

About the vote 

So… what’s next? Over the coming weeks, Council will review member and stakeholder feedback, 

and assess the progress of unification in other jurisdictions across Canada. Council will then draft the 

report and recommendations to government. Rest assured that the report and recommendations will be 

provided to members for consideration first. You will then be asked to vote on the recommendations, 

and the results of this vote will be provided to government in the final report. 

However, it’s important to note that the outcome of this vote will not be binding on the legislature. 

For this reason, Council has tried—throughout the consultation process—to be cautious in not 

overstating the impact of the vote. At the same time, Council believes it is imperative that your views 

on this issue are provided to government. 

Council expects to release the information to members in early May, with a vote to be held shortly 

thereafter. 

Len Boggio, FCA is the president of the ICABC, and a partner at PWC in Vancouver. 

At the time of this writing, Council had not yet had an opportunity to fully 

assess the consultation results. A more thorough release of the survey and 

consultation results will be provided to members in the coming weeks as part 

of the draft report to government. 

April 2012 ica.bc.ca 5

On the Cover 

What is Wealth Management? 

By Tanner Philp, CA, CIM 

Editor’s Note: This article is the first in a five-part series of articles on wealth management issues by Tanner Philp. Subsequent 

instalments will appear in every second issue of Beyond Numbers in our Financial Facts & Money Matters column. 

A 

handsome, grey-haired man and his 

casually-but-elegantly dressed wife 

relax on their sailboat, gazing out over 

the blue water as they discuss how wealth management 

helped them achieve their retirement 

goals. A young couple smiles serenely as their 

financial advisor calmly espouses the need for 

wealth management to achieve their educational 

goals for their newborn bundle. A middle-aged 

man, stressed at having lost his job of 20 years, 

is assured by his bank manager that all will 

turn out well, and that if he manages his wealth 

carefully… you probably get the point. We are 

currently being inundated with advertisements 

that promote wealth management as the key to 

peace of mind and financial security. But is 

wealth management really a panacea? 

Wealth management has been a field of practice 

for many years. However, its prevalence in the 

advertising campaigns of financial services firms 

has increased significantly in recent years. Anecdotally, 

there are two likely reasons for this 

increase in profile. First, a generation of baby 

boomers are now reaching the age of retirement. 

By and large, this generation has enjoyed 

economic success and has accumulated material 

wealth; they are typically well-educated professionals 

or skilled tradespeople, and they have the 

financial and intellectual resources to seek a 

better mousetrap for financial management. 

This is the primary demand driver. 

Second, investment management and financial 

planning have become commoditized services. In 

an ongoing attempt to differentiate themselves 

in a highly competitive marketplace, financial 

services firms are branching into wealth management. 

This is the primary supply driver. 

Don’t begrudge financial services firms this 

marketing-driven agenda, because their initiatives 

have the potential to significantly improve the 

manner in which financial services are delivered to 

consumers—and at a time when those consumers 

are demanding it. In fact, wealth management 

promises to be a very important evolution in 

financial advisory services. 


At the highest level, wealth management combines 

investment management and financial 

planning. Investment management—the art and 

science of making investments—is concerned 

with capital adequacy to achieve personal and 

financial goals. It entails the management of 

assets—usually marketable securities (stocks and 

bonds) or real estate. The activities of investment 

management include asset mix selection, security 

selection, monitoring, and reporting. Financial 

planning—the art and science of structuring 

financial affairs—entails the management of 

income and expenses, taxes, liabilities, and succession. 

It includes the activities of tax planning, 

will and estate planning, creditor proofing, credit 

and lending, business succession, and insurance. 

At their core, investment management and 

financial planning have the same objectives: 

amassing sufficient capital to achieve personal 

and financial objectives. It seems natural, then, 

that more effort should be made to integrate 

these solutions under the umbrella of wealth 

management. 

Using a holistic and integrated 

strategy 

Wealth management is a holistic and integrated 

strategy to accumulate, preserve, grow, and transfer 

financial and non-financial assets, and its output 

is a strategic financial plan or a financial roadmap. 

It’s holistic in the sense that it needs to incorporate 

all elements of a person or family’s affairs in 

order to be useful (henceforth, the term “client” 

will be used to refer to individuals, families, and 

any applicable companies, foundations, and/or 

trusts). It’s integrated in the sense that all of a 

client’s advisors need to work together in order 

to complete the wealth management process. 

12.RTurnbullChartAd 3/23/12 1:59 PM Page 1 

Figure 1 

Source: RBC Wealth Management – PH&N Investment Counsel 

The historical norm has been for clients to consume 

investment management, tax planning, 

legal services, and a list of related services as 

discrete product sleeves with limited direct interaction 

among advisors. Wealth management 

challenges that historical model and moves 

towards a holistic and integrated approach. (See 

Figure 1 for a summary of the operational 

components of a wealth management approach.) 

Done effectively, wealth management has the 

potential to reduce risk, taxes, and expenses, and 

improve financial returns, thereby increasing the 

amount of assets available. It can provide for the 

efficient consumption of assets and the efficient 

transfer of assets during lifetime and death. 

Achieving personal and 

financial goals 

Wealth management is a very important tool for 

achieving personal and financial goals. Advisors 

should, ideally, engage as a personal CFO to 

clients, with a goal of enabling them to achieve 

personal and financial objectives using every tool 

available. In my experience, advisors often fail to 

o d l u m b r o w n . c o m 

Is the Volatility Getting to You? 

Find out how a disciplined investment approach 

can help you protect your wealth. 

Ross Turnbull, CA, CBV, CFA 

Vice President, Director, 

Portfolio Manager 

T 604 844 5363 or 1 888 886 3586 

rturnbull@odlumbrown.com 

odlumbrown.com 

350% – 

300% – 

250% – 

200% – 

150% – 

100% – 

50% – 

0% 

-50% – 

43% 

comparative performance since 1999* 

ob model portfolio** 

s&p/tsx total return index 

s&p 500 total return index ($cdn) 

-23% 

-32% 

156% 

173% 

8% 

-37% 

-48% 

tech correction recovery 

credit crisis 

recovery 

since dec ’ 99 

dec ’ 99 – oct ’ 02 oct ’ 02 – jun ’ 08 jun ’ 08 – mar ’ 09 mar ’ 09 – today dec ’ 99 – today 

-34% 

85% 

79% 

69% 

330% 

94% 

-18% 

*As at March 15, 2012; peaks and troughs measured from highs and lows in the S&P/TSX Total Return Index, except for Tech Correction where October 15, 2002 was used rather than the actual low date for the S&P/TSX of October 9, 2002. 

**The Odlum Brown Model Portfolio is an all-equity portfolio established by the Research Department in December 1994, with a hypothetical investment of $250,000. The Model provides a basis with which to measure the 

quality of our advice and the effectiveness of our disciplined investment strategy. Trades are made using the closing price on the day a change is announced. These are gross figures before fees. Past performance is not indicative 

of future performance. Member-Canadian Investor Protection Fund. 


see beyond their own areas of expertise, and fail 

to recognize opportunities to add value to their 

client. Case in point: By focusing their efforts on 

generating superior returns, investment managers 

may miss opportunities to reduce tax liabilities 

(for example, by holding interest-bearing investments 

in tax-exempt accounts and Canadian 

dividend-paying investments in taxable accounts, 

or by implementing a prescribed rate loan between 

a high-tax-rate spouse and a low-tax-rate 

spouse). 

At the same time, I should mention that clients 

can also do their part in sidetracking their strategic 

financial agenda. Many get caught up on the return 

they earn on their investment portfolio, or on 

the amount of fees they pay their accountant or 

lawyer, but overlook or underestimate the risk of 

losing a spurious lawsuit, which could cause them 

to write a check for their entire net worth (an event 

that credit protection structures can mitigate). 

In short, taking a multi-disciplinary approach 

enables clients to plan for a much broader set of 

opportunities and risks. 

Understanding personal and 

financial goals 

The first and most important step for a wealth 

management advisor is to understand a client’s 

personal and financial goals. This requires a 

lengthy, in-depth, and ongoing discovery and 

learning process—one that will continue over 

the life of the advisor/client relationship. Many 

clients cannot fully define their goals without 

some prompting and guidance, so advisors can 

play a key role in initiating conversations and 

lines of questioning to uncover the client’s core 

objectives and priorities. This process is commonly 

referred to as “discovery.” (Figure 2 provides a 

summary of the most common concerns about 

retirement, which, in turn, provides insight into 

the common goals of everyday clients.) 

Building a financial roadmap 

Once goals are well understood, the next step is 

to build a financial roadmap that achieves the 

objectives. Because wealth management takes a 

broad approach, it can be daunting for an advisor 

to determine where to begin. For reference, it’s 

worth noting the institutional money management 

approach, in which the first key step is to build a 

cash flow model, sometimes called a “liability 

schedule.” This commonly used term refers to 

a projection of all the future commitments a 

pension fund is obligated to fulfil. 

Defining these future liabilities and designing 

an offsetting portfolio of assets is a complex process 

that requires considerable time and expense. 

Figure 2 

Source: CA Magazine, April 2010, RBC and Ipsos Reid Poll, 2009. 

Yet in the realm of personal finances, it is commonplace for advisors to recommend financial strategies 

without fully understanding future cash flows (both positive and negative). One egregious example is the 

rule of thumb that a person’s allocation to equities should be 100% minus their age—the quantitative 

merit to such an approach is very limited. Equally egregious is the advisor who recommends a complex 

tax-planning structure without reviewing whether the extra cost, risk, and return of said structure 

would improve future cash flows. Without a clear projection of cash flows, recommendations are, at 

best, half-baked. At worst, they’re dangerous. 

Thus, a next key step in wealth management is to build a cash flow model, preferably after tax. 

Minimizing liabilities and maximizing assets 

Planning and implementing strategies to minimize liabilities and maximize assets comes next. This is a 

very broad category that includes investing assets, tax planning, and all the operational areas typically 

equated with financial planning (refer to Figure 1). 

Here’s a simple example: A client might say, “We need a 5% return on our assets to maintain our 

current lifestyle after retirement.” Wealth management provides myriad paths to this goal. Is it feasible 

that basic tax planning (for example, family trust planning or income splitting) can save 1% per year in 

taxes? Depending on the family makeup, it often is feasible. Is it feasible to save 1% per annum in 

investment management fees? Here too, the answer is often yes, because Canada has some of the highest 

investment management fees in the developed world. 

By thinking in terms of “wealth” management, rather than simply “investment” management, this 

hypothetical client has generated a 2% annual return using low-risk financial planning solutions. The 

client’s other assets or planning solutions (for example, operating companies, real estate, or investments) 

will need to make up the 3% shortfall. Since the client has already generated 2% from financial planning, 

they can afford to generate lower returns from investment assets; this, in turn, equates to lower risk. 

Admittedly, this example is fairly simple. Nevertheless, this is a very real situation that arises frequently. 

Perhaps this example of wealth management will enable you to view financial services—and, in 

particular, investment management, an area where many consumers complain about poor quality 

service and high fees—in a new light. In a wealth management approach, investment management 

should no longer be about, “My return number is bigger than yours.” Rather, it should be about, 

“What return is needed to meet a client’s goals, and where does that return come from?” In short, if 

advisors want to help clients achieve their goals, they should embrace wealth management. 


Creating an advisor triangle 

Clearly, in order to deploy a wealth management approach, a variety of advisors need to be involved. 

Figure 3 is a diagram of an advisor triangle. If this triangle is in place, wealth management solutions can 

be identified and engaged very effectively. 

Each advisor in the triangle has an important role to play. First, each must do their part to deliver the 

basic building blocks of wealth management, which I would define as: 1) investment management; 

2) basic tax planning and compliance; and 3) will and estate planning. 

Second, each advisor must continually engage in a discovery and learning process regarding the client’s 

affairs to identify the need for more specialized advice. For example, if a client is a US citizen or a US 

tax resident, they will require specialized advice throughout the wealth management process. Or, if an 

individual owns a multi-generational family business, they may be seeking advice on how to transfer 

control and ownership to the next generation. Regardless of the scenario, the advisors should always be 

on the lookout for value-add opportunities that require more specialized advice. 

Whether a person has a $300-thousand or $300-million net worth, the basic components of the advisor 

triangle are the same. The people, if any, providing the advice may change, but the concepts do not. 

Tax compliance may be provided by a professional accountant or a reputable software solution. Will 

and estate planning resources come in all shapes and sizes—from off-the-shelf wills available on the 

Figure 3 

Internet to high-priced legal services. In that regard, 

the various roles in the advisor triangle 

may actually be filled by the same person (or 

non-person), but the need to actively manage 

the three core components remains unchanged. 

The exact specialties of the advisors is not as 

important as their ability to interact with each 

other, and their ability to identify investment 

management and financial planning issues that 

are relevant to the client. For example, it is 

equally common to find a will and estate lawyer 

in an advisory triangle as it is to find a commercial 

lawyer. The key is that each lead advisor in the 

advisor triangle develops a holistic and integrated 

perspective. 

One drawback to the advisor triangle approach 

is that it can be complex and time-consuming to 

implement. Elevated levels of communication are 

required among advisors, and it can be a challenge 

for advisors to find the time and opportunity to 

engage in this communication. Joint meetings 

between advisors and families are one way to 

manage this challenge. Having fewer, but much 

deeper, relationships between advisors and clients 

is a trend that will like grow among financial 

services firms that are serious about wealth management. 

The role of the accountant is a particularly key 

one here. The accountant is often the primary 

source of advice, plus they have the added benefit 

of preparing or reviewing financial records and 

seeing the client’s tax returns each year. This 

tends to be quite revealing information, which 

can lead to return and risk mitigation opportunities. 

In addition, accountants and lawyers have 

tended to be more fee-transparent than investment 

advisors, who may get paid via unseen commissions 

and trailers; this added transparency creates a 

high degree of trust with clients. 

More details to come... 

Hopefully this summary has provided a general 

understanding of what wealth management is all 

about, and how it can help create a strategic 

roadmap to financial well-being. In subsequent 

entries in this series, I will examine, in more detail, 

the various underlying components of a wealth 

management plan. 

Source: Tanner Philp, CA, CIM - RBC PH&N Investment Counsel 

Tanner Philp, CA, CIM, is an investment counsellor 

at RBC PH&N Investment Counsel in Vancouver, 

where he is responsible for providing wealth and 

discretionary investment management solutions to 

private clients. 


12 Common Credit Mistakes 

By Matthew Chan, CA, AMP, MBA 

A 

credit error can be very costly, because a good credit history can be the determining factor in 

getting a good credit score, which in turn is required for important loans such as mortgages, 

credit lines, and business loans. Yet, as a mortgage professional for eight years, it’s still surprising 

how often I see clients making basic, easily avoidable credit mistakes. 

What follows is a cautionary list—a list of the top 12 preventable credit mistakes I’ve seen clients make. 

Share it with your clients to help them ensure that they’re well prepared for future loan applications. 

Mistake #1: Not making the minimum payment 

If an individual is not able to pay out some debts (such as credit card debt), they should at least pay 

the minimum required to avoid being dinged with a late penalty. Late payments are recorded in an 

individual’s credit history as “derogatories” (items in a credit file that have a negative impact on an 

individual’s credit score). 

Individuals who get themselves deeply into debt have a tendency to give up and stop making 

payments altogether, thinking that they will pay out the debt in its entirety at a later date. I always 

advise clients against taking this route, because the damage they incur along the way won’t be worth it. 

Interestingly enough, whether a late payment is made on a $100 debt or a $10,000 debt, Equifax will 

penalize the credit score equally. 

Mistake #2: Not staying on top of charges for a seldom used 

credit card 

Time and time again, the most common late payments I see are for credit cards that are seldom used, 

like retail cards. This is because a client will use the card to take advantage of a promotion and then 

forget about the payment until it is past due. 

I tell clients that the best way to avoid making 

this mistake is to pay for any charges as soon as 

possible after using a seldom-used card. For 

example, I only use my American Express card 

when shopping at Costco, so when I get home 

from the store, I immediately pay the balance off 

online. 

Mistake #3: Not checking 

account balances on a regular 

basis 

Identity theft is rampant, and we never know 

when or where our credit cards will be compromised. 

That’s why I advise clients to check their 

credit card balances regularly, even for credit 

cards they don’t often use. While applying for a 

loan, a client of mine was shocked to discover 

that he owed some $30,000 on his (rarely used) 

MasterCard—none of which was legitimate. By 

the time my client discovered these fraudulent 

charges, the balance was already several months 

old. As a result, he had to undergo a lengthier 

process to get the issue resolved. He also had to 

pay for a portion of the charges, because credit 

card companies hold individuals accountable for 

managing their credit balances. 

Mistake #4: Forgetting about 

outstanding credit card 

balances during extended 

absences or after moving 

I’m surprised by how often I see derogatories in 

a client’s credit bureau report that are the result 

of these oversights. 

Often, individuals forget to pay their credit card 

balance(s) prior to departing for vacation, and 

this can be a costly mistake—particularly when 

the vacation is a lengthy one. That’s because it’s 

very easy to forget about debt when you’re away 

from home. The safest scenario here is to clear all 

of the current debt before leaving, if possible. 

Similarly, many individuals forget to inform 

credit card companies when they move. This, 

too, can be a costly mistake, because it’s easy to 

forget about outstanding debts when you stop 

receiving bills in the mail. Any individual who 

is moving to a different address should make 

absolutely sure that they notify credit card 

company(ies) of their change of address. 

Another way to minimize risk in both of these 

situations is to switch to email billing notification 

and/or automated payments. 


Mistake #5: Having all debt 

maxed out on a credit card or 

line of credit 

Equifax actually penalizes an individual’s credit 

score if they are at or close to their credit limit. 

For example, if an individual has $20,000 owing 

on a credit card with a limit of $21,000, their 

credit score will likely get hit harder than if they 

have $10,000 owing on two separate credit cards 

with $20,000 limits. So if a client has all of their 

debt maxing out a particular trade line—such as 

a credit card or line of credit—I urge them to 

consider spreading out the debt over two or 

more credit lines. 

Mistake #6: Sticking with only 

one credit card 

When an individual wants to build credit, they 

should get a few active trade lines (such as credit 

cards, lines of credit, etc.) going at the same 

time. There are at least two good reasons for 

having multiple trade lines: 1) it creates more 

data and history to build up their credit score; 

and 2) it can help mitigate damage to their 

credit score in the event that they miss a payment 

on any one of their trade lines. For 

example, if an individual forgets to pay their 

Visa bill on time one month, the histories on 

their other credit cards/trade lines will make it 

easy for lenders to see that the late Visa payment 

is an isolated mistake. 

Mistake #7: Not re-establishing 

credit after going through 

consumer proposal or 

bankruptcy 

Usually, when a client goes through a traumatic 

experience, such as bankruptcy or consumer 

proposal, their natural instinct is to avoid 

getting credit altogether, because they think 

avoidance is the best way to prevent future credit 

issues. However, banks and future lenders want 

to see re-established credit, especially after a crisis. 

Generally, there is the rule of “2-2-2”—lenders 

want to see re-established credit through at least 

two trade lines of $2,000 or more, and for at 

least two years. 

It is very frustrating to see a well-meaning client 

who has been discharged from bankruptcy for 

several years get denied for mortgage financing 

simply because they never took the time to 

re-establish their credit. 

Ultimately, if a client is facing challenges 

getting accepted for credit, it is still well worth 

the money and time to get a secured credit card 

to start the ball rolling. 

CFO - $200,000 – This candidate is a 

motivated Chartered Accountant that 

has a proven history working in mining 

companies - mainly in the exploration/ 

development area. They have been successful 

raising funds and dealing with 

investors and lending institutions. They 

are also very well versed in handling 

regulatory issues and dealing with the 

latest accounting pronouncements. They 

have also been involved in setting up 

accounting systems and assessing internal 

controls. In short, they understand 

the industry and enjoy working in a team 

environment. They are looking for a similar 

position with a company that has an 

excellent management team and some 

interesting properties. 

Controller - $110,000 – This candidate 

is a designated accountant with a passion 

for the mining industry. They have 

spent several years moving up the ladder 

in 2 different mining companies – one 

involved in exploration and development 

and the other a new producing company. 

They enjoy travel and have had to make 

numerous trips to South America to assist 

with accounting procedures and policy in 

their acquired properties. They have also 

been very involved in an IFRS conversion 

and led the in-house team doing 

the conversion. They have one year as 

a Controller and would be keen to join 

a motivated group in a public resource 

environment. 

Chief Accountant - $85,000 – Our designated 

candidate has 10 years of progressive 

experience with companies in the 

distribution and manufacturing industries. 

They have had exposure to costing and 

inventory accounting and enjoy supervising 

staff. This person has also been 

involved in their latest company with cash 

flow projections and budgeting. This 

person is also particularly strong in the 

systems area and has assisted the company 

with a systems conversion. They 

are looking for a position with a growing 

company that offers stability and the 

chance to grow their career. 

Accountant - $60,000 – This person has 

just obtained their accounting designation 

and has worked in the hi-tech industry 

for the last 6 years (with the same company). 

They started in the A/P area and 

have steadily moved up in positions of 

progressive responsibility. They have 

undertaken duties related to account reconciliations, 

adjusting journal entry preparation, 

payroll, HST and other government 

remittances, financial statement preparation. 

They are very interested in private 

companies and working in a position that 

offers training and career growth. 

Continued on page 12

Mistake #8: Not having “good quality” credit 

In addition to quantity, Equifax also considers the quality of an individual’s credit lines. Generally 

speaking, major credit cards such as Visa, MasterCard, and American Express are considered superior 

to retail credit cards. 

Credit limits are also considered. All other things being equal, having a clean history for a credit card 

with a credit limit of $20,000 is going to be more impressive than having a clean history for a credit 

card with a credit limit of $500. 

Mistake #9: Cancelling a major credit card after getting a new one 

Many people who have short credit histories make the mistake of cancelling one credit card after they 

get a new one, or cancelling a card after they decide they simply don’t need it anymore. Generally, 

lenders and Equifax would like to see two years or more of credit history for any given trade line. 

Therefore, if an individual cancels trade lines without first establishing a few years of history, they risk 

impairing their ability to obtain a mortgage. 

If a client is just starting out with credit (for example, if they’re a young adult, fresh out of university, 

or if they’re a recent immigrant to Canada), I strongly suggest that they keep their credit cards active 

until they’ve at least established a few years of credit history. 

Mistake #10: Not using credit 

Any individual looking to build (or rebuild) their credit should start by getting a few trade lines going. 

The next step is to remember to use these trade lines, because this will generate activity and build 

credit history. For example, I often advise clients to use their credit cards at least once a month—even 

if only to make smaller purchases, such as groceries or gas. 

Mistake #11: Focusing credit on one credit type 

A mix of different types of credit that may include credit cards, auto loans, and lines of credit is more 

positive than a concentration of debt from credit cards only. A mix of different types of credit will boost 

an individual’s credit score by demonstrating to Equifax and lenders that the individual has a history of 

handling different types of loans. 

This is particularly true if a client is looking to 

rebuild their credit after their credit score has 

been damaged (for example, during a divorce, 

bankruptcy, or consumer proposal). 

When clients are looking to rebuild their credit, 

I advise them to have one or two open major 

credit cards combined with another trade line, 

like a personal loan or auto lease. 

Mistake #12: Making frequent 

credit inquiries over a short 

period of time 

Making a few credit inquiries shouldn’t materially 

affect an individual’s score, unless their score is 

already dangerously low (at or below borderline), 

so they needn’t worry about having their credit 

checked from time to time. However, I advise 

clients to avoid having their credit checked 

multiple times over a short period (usually, this 

happens when an individual shops for a new 

vehicle or applies for multiple credit cards over 

a short period of time), unless it’s absolutely 

necessary. 

The problem with making multiple credit 

inquiries over a short period of time is that Equifax 

will interpret this flurry of activity as a sign that 

you are actively seeking more credit, and it will 

deem you to be a higher credit risk accordingly. 

Extend your reach 

across the border. 

We are a team of 15 US and cross-border 

tax professionals creating solutions for 

Canada-US tax issues. 

US citizens 

resident in Canada 

Cross-border 

business activities 

Canadians with 

US investments 

US tax return 

preparation 

Laura McLeman, CA 

Warren Dueck, FCA/CPA 

Steve Flynn, CA/CPA 

Helping clients avoid costly 

mistakes 

So there you have it—12 easily avoidable credit 

mistakes. May this list help you in helping your 

clients! 

Matthew Chan, CA, AMP, MBA, is a mortgage 

planner with Dominion Lending Centres – Downtown 

Financial in Vancouver. He works primarily with 

business professionals and self-employed clients, and 

specializes in new home purchases, debt refinancing, 

and consolidation. 

Contact Equifax 

If your client is in doubt 

about their credit score, 

advise them to contact 

Equifax and order a copy 

of their credit bureau: 

www.equifax.ca. 

604.448.0200 www.wldtax.com 


Senior Director, Member Services 

Institute of Chartered Accountants of BC (ICABC) 

Downtown Vancouver 

This is a very exciting time within the accounting profession. In the midst of changes in 

standards, the three regulated accounting designations within BC and other parts of the 

country are discussing how the profession can be unified. The ICABC is seeking a 

strategic CA to join the leadership team in the role of Senior Director, Member Services. 

The essence of the mandate of this role is to serve the needs of members. The position 

provides strategic and operational oversight to the Advisory Services and Professional 

Development functions at the ICABC, and participates actively in provincial, regional, 

and national conversations related to changes within the profession. 

The candidate must have a strategic and curious mind, abundant energy, common sense, 

a high tolerance for ambiguity, an appetite for change, and excellent interpersonal and 

writing skills. The candidate must be a team player and collaborator with good judgment, 

high integrity, excellent influencing and networking skills, and a strong interest in the 

technical matters of the accounting profession. Poised and persuasive, the candidate 

must have proven management expertise and at least 15 years of experience in 

progressively more influential leadership positions. Organized, forward-thinking, and 

flexible, the candidate must possess a facilitative style, the ability to engage in creative 

problem-solving, an unfailing commitment to ongoing learning, and a knack for 

anticipating and leading change. 

The ICABC offers competitive compensation and benefits, and a progressive, 

collaborative work environment that promotes growth and balance. All qualified 

candidates are encouraged to reply, in confidence, quoting file #14487, to 

search@janetdavid.com. We thank and acknowledge all candidates, and will 

proactively contact those selected for interviews. 


Staying Fit When You Sit All Day! 

By PPC Canada 

A note from Member Services: The Institute provides its members and students, as 

well as their immediate family members, with a number of benefits through PPC 

Canada’s Employee and Family Assistance Program (formerly Interlock). Most 

members are aware of the provision of confidential counselling services; however, 

there are many other free and confidential services available under this benefit 

program. 

The PPC series is intended to highlight these services. In the February/March issue 

of Beyond Numbers, we discussed some healthy habits designed to help you stay 

focused on your career goals. In this instalment, we highlight some quick and clever 

ways to stay fit right at your own desk—something that’s all the more important if 

you spend the bulk of your workday sitting in front of a computer. 

For more information about PPC and your member benefits, visit the ICABC 

website at www.ica.bc.ca/ppc. To book services, contact PPC directly at www. 

ca.ppcworldwide.com or call 1-800-663-9099. To access the online health and 

wellness tools, use the following log-in: username: “healthy”; password: “living”; 

key code for e-counselling: “healthyliving.” 

Finding the time and energy to exercise before, during, or after a long workday can be difficult. 

But did you know that you can fit in a few minutes of exercise each hour you’re at work by 

using the equipment at your desk? Here are some tips to show you how to turn your desk area 

into a workout area. 

We Defend Chartered Accountants. 

For more information, please contact: 

. 

David B. Wende 604 484 1795 dwende@ahbl.ca 

Emily A. Stock 604 484 1756 estock@ahbl.ca 

Suite 2700 - 700 West Georgia St. Vancouver, BC Canada V7Y 1B8 (T) 604 484 1700 (F) 604 484 9700 www.ahbl.ca 

Lower body 

Start your program with the largest muscle 

group in the body: the quadriceps. The quadriceps 

are a large group of four muscles that cover 

the entire front and side of each thigh. A good 

exercise for these muscles is the squat. Stand 

in front of your office chair with your feet 

shoulder-width apart. For balance, keep one 

hand on your desk during the entire exercise. 

Bend your knees as though you’re sitting, 

keeping your weight on your heels and your 

back straight (putting your weight on your heels 

will help protect your knees). Bend as much as 

you are comfortable with, or until the tops of 

your thighs are even with the seat of the chair. 

Make sure you can see your feet—otherwise you 

are too far forward. Slowly rise to your original 

standing position. 

To stretch and strengthen the quadriceps, sit 

up straight in a chair that supports your lower 

back, with your feet flat on the floor. Extend one 

leg until it is straight, while keeping your abs in 

tight, and hold for 20 seconds while tightening 

(or flexing) your quadriceps. Relax by slowly 

lowering your leg to the floor. Repeat with your 

other leg. 

To stretch your hamstrings (collectively, the 

three muscles on the back of each thigh), sit 

back in a chair with your lower back supported. 

Place your hands under one knee, and with knee 

bent, slowly lift your leg toward your chest. 

Remember when stretching to go only as far as 

you feel comfortable. To avoid injury, do not 

push beyond your comfort level. 

Wall sits are another good set of exercises for 

your upper legs. Stand straight with your back 

touching a wall, and your abs in tight. Move 

your feet away from the wall so that the wall is 

supporting the weight of your back. Bend at the 

knee so that your legs form a 90-degree angle. 

Hold this position as long as you can, being 

aware of your limits. 

Calf raises exercise the gastrocnemius (the 

largest, most prominent muscle of the calf). 

Stand on your toes as high as possible while 

flexing the calf muscle. Return slowly to the 

starting position and repeat several times. 

You can get a good lower leg and ankle stretch 

while sitting in your chair. While seated, extend 

or point the toes of your right foot straight 

ahead. Hold for at least 20 seconds and feel the 

stretch in your ankle area. Then alternate the 

stretch by placing the back of your right heel on 


the floor and flexing your foot to bring your toes 

toward your body. Again, hold for at least 20 

seconds. Repeat with the left leg. 

Upper body 

Shoulder and back muscles are particularly 

vulnerable to injury during long days spent 

sitting at a desk. Upper body stretches for the 

shoulders and back can help you avoid/lessen 

tension in these areas while also strengthening 

muscles. 

To release shoulder and upper back tension, 

raise your shoulders up to your ears, hold for a 

few seconds, and then lower them back down 

and relax with a deep exhale. Another way to 

stretch this area is to extend your arms out in 

front at shoulder level, and interlock your 

fingers with palms facing away from you. 

To stretch your pectorals (collectively, the 

three groups of muscles that cover the chest), 

roll your shoulders backwards and hold. Then 

reach behind your lower back with both arms 

and interlock your fingers with palms facing 

away from you to allow for a fuller stretch of the 

chest area. Another way to release chest tension 

is to clasp your hands behind your neck and 

press your elbows back. These upper body 

stretches can be performed as often needed to 

help you lower your stress level. 

To stretch out your wrists and forearms, hold 

your right hand out, with your palm facing 

down. Relax the hand but keep your arm 

out straight. With your left hand, apply light 

pressure to your right hand, and bring your fingertips 

toward your body. Hold for a few seconds. 

Then, alternate by turning your arm so that 

your right palm is facing upward. Gently bend 

the fingers of your right hand down and away 

from your wrist, with the fingers open and 

relaxed. Use your left hand to push the fingers 

of your right hand down for more of a stretch. 

Another way to stretch your hands is to make 

a fist with one hand and squeeze tightly for 2-3 

seconds. Then open your fingers wide and stretch 

your hand and finger muscles out. Repeat with 

the other hand. 

Smooth, easy neck stretches help to reduce the 

daily build-up of tension in your upper back. To 

stretch your neck, gently and slowly turn your 

head as far to the right as is comfortable and 

hold for a few seconds. Repeat to the left. While 

sitting straight in your chair, with your lower 

back pressed against the seat, you can also lower 

your chin gently toward your chest and hold. 

PPC can help you reach your health-related goals 

Did you know that, as an ICABC member or student, you—along with 

your immediate family members—are eligible to receive free professional 

assistance in trying to make positive changes in your life through PPC 

Canada? PPC can help you: 

• Make a range of positive health/lifestyle changes - PPC’s Health Coaching 

Program is a comprehensive wellness and lifestyle change program that 

includes assessments, health risk appraisals, workbooks, and one-on-one 

telephone-based health-coaching sessions. 

• Help you to become healthier by improving your nutrition – PPC offers 

nutritional coaching sessions with a dietician who will assess your eating 

habits and help you address your nutritional goals. 

Call PPC Canada today to arrange these services at 1-800-663-9099. 

Abs of steel 

When seated, try keeping your lower back pressed against the back of your chair, with your abdominal 

muscles in tight. Imagine bringing your navel towards your spine. Contract and relax. 

Another way to engage your abs is to sit up straight in your chair with your lower back supported and 

your feet flat on the floor. Tighten the upper and lower abdominal muscles as you breathe, pushing 

your lower back against the chair support. Once again, imagine that you are bringing your navel in 

towards your spine. Hold this position for 2-3 seconds, then relax with a big exhalation. This exercise 

can be performed as often as possible for relaxation and abdominal strengthening. 

Another option is to visualize your stomach area as a clock, with your navel as the centre, and 12 just 

below your sternum. Starting at 12, try to tighten the area corresponding to each hour on the clock, in 

sequence from 1 back up to 12. You’ll probably find that some areas are much easier to isolate. The goal 

Brian Mombourquee, CA • Joe Bring, CA, CBV 

Sandy Adachi, CA 

Continued on page 25 

Valuation and Financial Services LLP 

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Visit us today 

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Tax Traps & Tips 

Is a Family Trust’s 21st 

Anniversary a Cause 

for Celebration? 

By Perry Yuen, CA 

Discretionary family trusts are versatile 

and flexible tax tools for estate and 

succession planning matters, and their 

usage has become more prevalent than the 

simple introduction of family members as direct 

shareholders in the context of a shareholder’s 

estate freeze or at the outset of incorporation of 

a company. 

Trusts can certainly yield many practical uses 

and tax advantages. An inter-vivos trust, for 

example, can realize income (losses), recapture, 

and/or capital gains (losses) without receiving 

any actual proceeds of disposition as a consequence 

of the deemed disposition rules provided 

in Canada’s Income Tax Act (Act). 

In absence of other very specific deemed 

disposition rules in the Act, the “21-year deemed 

disposition rule” is the most common and 

significant Canadian income tax application to 

many discretionary trusts established in Canada, 

whereby all of a trust’s interests do not vest 

indefeasibly. Most family trusts resident in Canada 

are subject to a deemed disposition of all their 

trust property every 21 years at their fair market 

values, and are subject to income taxes on 

accrued gains, income, or recapture. A trust does 

not cease to exist due to the 21-year deemed 

disposition rule in the Act, but rather on the 

terms stipulated in its own trust deed. 

With careful setup and planning, Canadian 

taxation resulting from the 21-year deemed 

disposition can be either mitigated or avoided 

by making a tax-deferred distribution to a 

Canadian-resident beneficiary immediately before 

the deemed disposition date. 

“With careful setup and planning, 

Canadian taxation resulting from 

the 21-year deemed disposition can 

be either mitigated or avoided...” 

This article summarizes the general types of trust property affected by the 21-year deemed disposition 

rule for common family trusts resident in Canada, and reviews various common strategies to deal with 

this rule. It excludes the deemed disposition issues related to non-resident trusts, alter-ego trusts, and 

joint common-law partner or spousal trusts. 

Determining whether the 21-year deemed disposition rule applies 

In determining whether a trust is significantly affected by the 21-year deemed disposition rule, it is very 

important to obtain the following information prior to any tax planning: 

1. The original trust agreement (also referred to as indenture or deed) and any amendments; 

2. A current list and residency details of all income and all capital beneficiaries; 

3. All deeds of appointment; 

4. The creation date of the trust; 

5. Details of the trust’s “time of division” requirements; 

6. Details of all property and assets currently held by the trust; 

7. Current financial dynamics and the marital stability of beneficiaries; and 

8. The objectives of the trustee(s) with respect to control/retention and future growth of trust properties. 

Property held by a family trust that is commonly affected by the 21-year deemed disposition rule includes: 

1. Shares of a qualified small business corporation, qualified farm property, and qualified fishing property; 

2. Marketable securities (including mutual funds and portfolio investments); 

3. Real and depreciable property; 

4. Personal-use and listed-personal properties; 

5. Canadian and foreign resource properties; and 

6. Land held as inventory. 

Common tax strategies 

There are four common tax strategies when dealing with the 21-year deemed disposition rule: 

1. Doing nothing; 

2. Rolling out the property to capital beneficiaries; 

3. Freezing all corporate common shares and distributing/rolling out non-voting preferred shares to 

capital beneficiaries; and 

4. Changing the residency of the trust. 

1. Doing nothing 

Sometimes the best strategy is the simplest: leaving assets with accrued capital gains/losses behind in the 

trust. This simple solution is very practical and cost-effective when the amount of tax arising from the 

21-year deemed disposition is minor compared to the complications and/or tax advisory fees of a 

complex plan. 

When the income taxes arising from the deemed disposition of the trust’s properties are manageable, 

and when it is desirable to retain the trust’s properties (for example, the voting common shares of private 

corporations) within the family trust, it is sensible to leave the trust properties behind if the terms of 

the trust deed provide such ability. 


2. Rolling out the property to capital 

beneficiaries 

A tax-deferred rollover of the trust’s property to 

its Canadian resident capital beneficiaries pursuant 

to subsection 107(2) of the Act is the most 

common strategy employed by tax practitioners. 

However, there are specific requirements in subsection 

107(2) of the Act that should be noted, 

including the stipulation that a trust cannot be a 

reversionary trust where subsection 75(2) of the 

Act applies, and the requirement that the trust’s 

capital beneficiaries must be Canadian residents. 

Family trusts must be established properly to 

avoid the reversionary trust trap and to enable 

the trustee to exercise the tax-deferred rollover 

provision. 

Where some capital beneficiaries are non-residents 

of Canada, it will make sense to distribute 

assets with a high cost-base to them at their 

fair values, and only roll out properties with 

significant accrued gains to Canadian-resident 

beneficiaries. This selective method of distribution 

will avoid or mitigate the trust’s obligation in 

remitting significant non-resident withholding 

taxes. However, the trustee should be able to 

make adjustments or equalization distributions to 

compensate the Canadian resident beneficiaries 

for the higher inherent tax liability on the lowtax 

cost-base assets rolled out to them. 

3. Freezing all corporate common 

shares 

Another strategy that can be used immediately 

before the 21-year deemed disposition date is to 

reorganize the shares of the private corporation 

held by way of a “corporate freeze.” This strategy 

is an effective way to isolate the accrued value of 

the corporation into non-voting preferred shares 

for distribution to the beneficiaries on a tax-free 

basis, pursuant to subsection 107(2) of the Act. 

With this strategy, the trust and its trustee(s) 

will continue to retain a class of the new 

common voting shares with nominal value. This 

strategy will also restart the 21-year window 

of deferral on the future growth of the new 

common shares held by the trust. 

4. Changing the residency of the trust 

A trust is taxed in Canada on its income and 

capital gains based on its province of residency 

and where its trustee(s) resides. Therefore, to 

mitigate the income taxes, it is possible to 

migrate the tax residency of a trust, on or before 

its year-end, to another province where the tax 

rate on property income is lower. 

Trust-to-trust transfers are a trap! 

It is important to note that with the enactment of subsection 104(5.8) of the Act, it is no longer an 

option to make trust-to-trust transfers prior to the 21-year deemed disposition date to extend the 21-year 

window and thereby defer the inherent tax liability. 

The good news 

With proper tax planning and consultation with a tax advisor, a trust’s income tax resulting from the 

21-year deemed disposition rule can be either avoided by way of deferral or—at the very least— 

mitigated. 

Perry Yuen, CA, is an associate partner with MacKay LLP in Vancouver, where he specializes in Canadian 

taxation for private corporations, individuals, and trusts. 

aic_bc_beyond_numbers(december2011)_Layout 1 12/8/2011 10:19 AM Page 1 

We Value Canada 

The only thing 

better than an educated 

guess is an educated answer. 

You can’t afford to guess when it comes to property portfolios. 

Consult an AIC designated member to ensure you have the 

most current and accurate information across all areas of real 

property investment and value. Our experts have the breadth 

and depth of experience to work with you on IFRS. 

Make a real property expert – an AACI or CRA – part of 

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210 - 10451 Shellbridge Way 

Richmond, British Columbia V6X 2W8 

Tel: (604) 284-5515 • Fax: (604) 284-5514 

info@appraisal.bc.ca • www.appraisal.bc.ca 

Appraisal Institute of Canada 

British Columbia 

Advisory Services | Consultation | Due Diligence | Feasibility Studies | Valuation 


PD News 

Spring Conferences 

Work/Life Balance Conference 

May 29, 8:30am-4:45pm 

Vancouver Convention Centre West 

GROW 

Information Technology Conference 

June 14-15, 8:30am-4:30pm 


CAs in Industry PD Day 

June 19, 8:30am-5pm 


Victoria CA Conference Day 

June 21, 8:30am-5pm 

Westin Bear Mountain Golf Resort & Spa 

Our popular conferences provide members 

with the most efficient way to obtain practical 

information for use in the workplace. 

Once again, each conference will feature 

plenary presentations, as well as concurrent 

sessions that registrants can choose from. 

A complete list of topics and conference 

speakers will be provided in future mailings, 

as well as on our website at: www.icabc-pd. 

com. 

SPRING PD PROGRAM 

For detailed course descriptions or a complete schedule of upcoming PD seminars, consult your spring 

2012 PD catalogue or visit our website at www.icabc-pd.com. To register, call the PD department at 

604-681-3264. 

FREE PD 

Quality Control: How to Make It Work for You 

The quality control standards for assurance engagements were revised in December 2009. Join in this 

discussion on common implementation issues, and share potential solutions. Staff from the ICABC’s 

Advisory Services department will discuss some of the concerns most frequently expressed by members. 

This session is free for CAs only. 

July 11, 8:00-10:00am, Vancouver 

Pre-AGM Sessions 

On June 20, we will be offering our annual free PD before the ICABC AGM. Watch for details in 

future mailings. 

Accounting & Assurance 

New: IFRS – US GAAP: Update and 

Comparison 

This seminar will provide an update on the key 

differences between US GAAP and Canadian 

standards (IFRS). It will show participants how 

to identify and apply the main changes to US 

GAAP, and help them find tools and resources 

to keep current throughout the year, or enhance 

their knowledge on a particular topic. 

May 31, 9am-5pm, Vancouver 

New: Understanding Today’s Investment 

Landscape: A Primer on Hedge Funds 

The explosive growth of hedge funds in the 

US over the last decade is set to spill over into 

Canada. This seminar will familiarize participants 

with the common hedge fund structures and 

approaches. It will aid them in distinguishing 

between legitimate reasons for using hedge 

funds and pie-in-the-sky fantasies. 

June 6, 7:30-9:30am, Vancouver 


IFRS – Accounting for Financial Instruments 

This seminar will walk through financial instruments accounting standards under IFRS. It will review 

the differences between IFRS and Canadian GAAP, highlight recent standards changes, and examine 

the impact of current GAAP differences on the balance sheet and the income statement. 

June 8, 9am-5pm, Vancouver 

New: Building Your Own Retirement Pension with Annuities 

In this fast-paced, half-day course, the instructor will: explain what an annuity is, and review the 

various types; analyse inflation indexing; discuss how to leave annuity money to heirs if you die young; 

and provide real examples of annuity rates from a variety of insurance companies in Canada. 

June 19, 1:30-5pm, Vancouver 

ICABC’s 

Benevolent Fund 

offers financial 

support to 

members in need 

New: Strategic Finance for Small-Medium Enterprises (SMEs) 

SMEs and larger enterprises often face different financial challenges. And yet, it’s just as imperative for 

SMEs to create a solid financial strategy—one that provides a foundation on which they can successfully 

meet their objectives. 

The purpose of this seminar is to assist SMEs with their financial strategy, management, and decisionmaking 

processes. 


Management 

Lost in Translation: Level 1 – An Overview of Business & Social English Language Skills for 

Accounting Professionals* 

A business professional’s competency is sometimes judged according to their English-language 

communication skills. This course will address the challenges faced by many non-native Englishspeaking 

professionals. Participants will be intro-duced to communication techniques and useful phrases. 

May 22, 9am-12:30pm, Vancouver 

*Level 2 will be held June 13, 9am-5pm, in Vancouver. 

New: Why EQ Matters as Much as IQ 

High IQ has long been considered central to success, but current research highlights the importance of 

emotional intelligence as well. 

A key leadership skill in today’s workplace is the ability to work with diverse individuals. This course 

will help you increase your EQ by sharing practical tools you can use to better understand employees. 


New: Excel Tables – Revolutionize How You Work with Excel 

Added to Excel with its 2007 release, tables are one of the best features via which you can increase your 

efficiency and proficiency with this software. 

May 25, 9am-12:30pm, Vancouver 

June 20, 9am-12:30pm, Victoria 

New: Charting with Microsoft Office – Communicate More Effectively 

Learn how to move past the basics of charting in Microsoft Office, and create compelling charts that 

communicate your message more effectively. 

May 25, 1:30-5pm, Vancouver 

Taxation 

Creative Use of Partnerships in Tax Planning 

This seminar will discuss the creative use of partnerships in tax planning, and cover some of the more 

common issues and pitfalls encountered by practitioners. 

June 12, 9am-12:30pm, Vancouver 

Breaking Up Is Hard to Do 

When a marriage or common law relationship ends, the division of family assets can be complicated. 

Learn how business and family assets are classified in family law, and the role you can play in advising 

both lawyers and clients effectively. 

June 26, 9am-12:30pm, Vancouver 

All information is held in the 

strictest confidence 

To apply for financial assistance, 

contact: 

Amy Lam, CA 

Senior Director of Member Services 

& External Affairs and Fund Secretary 

Phone: 604-488-2629 

Toll Free: 1-800-663-2677 

Email: lam@ica.bc.ca

Plugged In: News for and about members & students 

Announcements 

Congratulations! 

Kathy Conway, FCA, became president and chief executive officer of Interior Savings Credit Union in Kelowna this March. 

Conway previously served as the credit union’s senior vice-president and CFO. Prior to joining Interior Savings in 2002, 

she spent 12 years at VanCity Savings Credit Union. Conway was elected to the ICABC Fellowship in 2004. 

R. W. (Bob) Garnett, CA, ICD.D., was recently appointed independent chair of the board of directors of Great Panther 

Silver. Garnett has served as one of the company’s independent directors since May 2011. He currently chairs its audit 

committee and serves as a member of its nominating and corporate governance committee. He also serves on the board 

of VRX Worldwide, where he is chair of the audit committee. Garnett previously served as vice-chair of the South Coast 

British Columbia Transportation Authority (Translink) and as chair of Translink’s audit committee. He completed the 

Institute of Corporate Directors’ Certified Director’s Program in 2007. 

James MacIntyre, CA, recently made a big career change. In October 2011, he became the sole owner of Studio Kitchens 

& Design and PI Granite Fabricators in Nanaimo, two local businesses with a total of 25 employees. Prior to becoming a 

business owner, MacIntyre worked for six years as the CFO of a local engineering firm. 

Our thanks to our RRSP & tax tips volunteers! 

Each year, the Institute releases RRSP and tax tips to newspapers and radio stations across BC. This very successful 

media program would not be possible without the help of dedicated volunteers. We thank the following for their help 

on the 2012 tips: 

Arthur Azana, CA, of D&H Group; 

Randall Hay, CA, of MNP; 

Tracy MacKinnon, CA, of Deloitte; 

Tom Morton, CA, of Smythe Ratcliffe; 

From BDO: Robert Mah, CA; David Mueller, CA; and Colin Young, CA; 

From KPMG: Jason Fong, CA; Harry Hoff, CA; and Charissa Tehrani, CA; and 

From PWC: Larry Bell, CA; Danielle Desjardins, CA; and Sherri DuMerton, CA. 


BC AGM Advance Notice 

2012 AGM and Members’ 

Recognition Dinner 

The ICABC’s 2012 annual general 

meeting is scheduled to take place 

on the afternoon of June 20, 2012, 

in Vancouver. Directly following 

the AGM will be the 12th 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. 

Young CA Forum Event Recap 

By Calvin K. Lee, CA 

Yukon AGM Advance Notice 

2012 ICAYK Annual General 

Meeting 

The 36th annual general meeting 

of the Institute of Chartered 

Accountants of the Yukon is 

scheduled to take place on the 

afternoon of June 22, 2012, at the 

Edgewater Hotel in Whitehorse. 

FVCAA Event Notice 

Fraser Valley CA Association 

(FVCAA) is pleased to announce 

the following upcoming events: 

May 3, 2012 

Fraudulent Conveyances 

Keynote speaker: George Abakhan, 

CA·CIRP, of Abakhan & Associates 

in Vancouver 

June 7, 2012 

Communication and Soft Skills for 

the Workplace 

Keynote speaker: Tammy 

Robertson, MA, of WorkHeart 

Consulting in Calgary 

Both events will take place at the 

Cascade Community Centre in 

Abbotsford, and start at 8am. The 

cost for each event is $35.00 and 

includes breakfast. RSVP to Laurie 

Daschuk at laurie@fvcaa.ca 

ICABC Young CA Forum committee members Calvin Lee, CA (far left); Edward Ho, 

CA (far right); and Adrian Dastur, CA (second from right), with three of the event’s 

speakers (from left to right): Donald Fairholm, CA; Larry Nelson, FCA; and Chris 

Kumar. 

The ICABC’s Young CA Forum hosted a CA speakers’ panel event at the Sutton Place Hotel in 

Vancouver on Wednesday, January 18, 2012. The event was sponsored by CA Insurance Plans 

West, and its aim was to give young CAs an opportunity to hear well-travelled and experienced 

speakers reflect on their career experiences. Serving on the panel were Donald Fairholm, CA, of 

Fairholm & Company, Chartered Accountants in Richmond; Larry Nelson, FCA, a consultant in 

Vancouver; and Sam K. Wong, CA, a controller with Luna Gold Corp. in Vancouver. Donald and 

Larry discussed their endeavours in both public practice and industry, while Sam provided some insight 

into his recent experience in starting a not-for-profit organization. Rounding out the panel was Chris 

Kumar from Robert Half Accounting & Finance, who gave a presentation on resumé preparation and 

interviewing skills. 

These presentations were followed by a question and answer session, which gave participants the 

opportunity to ask the panel career-related questions and seek general advice. After the event, there was 

time for networking and a chance to meet the panellists. 

The Young CA Forum Committee gives special thanks to CA Insurance Plans West for sponsoring 

this event. We also thank the ICABC for giving free copies of the book, Personal Balance Sheet: A 

Practical Career Planning Guide,* to the first 50 arrivals. 

This was a sold-out event with over 70 registered participants. To those of you who were on the long 

waiting list and didn’t get to attend: We hope to see you at our next event! Be sure to check for event 

updates on the ICABC website at www.ica.bc.ca under Member Centre>Forums>Young CAs. 

Calvin K. Lee, CA, is a senior accountant at Fairholm and Company, Chartered Accountants in Richmond, 

and a member of the Young CA Forum Committee. 

* Randall M. Craig, Personal Balance Sheet: A Practical Career Planning Guide (Toronto: Knowledge, 

2008). 


ICABC Social Networking Group 

Event Recap 

By Katheryne Gardiner, CA, and Jennifer Tokarek, CA 

On February 2, 2012, the ICABC Social Networking Group hosted Hockey Night in CAnada at The Granville Room in Vancouver. While watching 

the Canucks take on the Detroit Red Wings, attendees got the chance to network with existing contacts and make new ones! 

As each CA entered the venue, they were given a name tag with two hockey players’ names written on it—these names corresponded to their 

tables for the night. After some initial catching up, everyone went to their respective tables to watch the game and learn a little about each other—all while 

enjoying great food and drinks. Those who connected 

with a predetermined number of people 

were given additional tickets for the grand prize 

draw of a Canucks Jersey. 

Unfortunately, the Canucks lost the game to 

Detroit by one goal that night. Nevertheless, 

everyone had a great time at the event, and 

we were pleased to see a mix of members from 

industry and public practice in attendance. 

We want to say a big thank you to our Social 

Networking Group committee members Joseph 

Bonvillain, CA, Kevin Burns, CA, Claudia 

McMahon, CA, Allison Ning, CA, and Kim 

Sigismund, CA, for doing an amazing job organizing 

and hosting Hockey Night in CAnada. 

Committee members are currently gearing up for 

the spring event. See below for more information! 

Upcoming event invite… 

We hope you can join us at our next networking 

event, which will be held on May 24th at 

SOCIETY dining lounge in Yaletown. If you 

haven’t received your invite yet, you can expect 

the registration details to be emailed to you 

shortly. 

In the meantime, if you’d like more information 

on the Social Networking Group’s events or would 

like to propose an idea for a future event, contact 

the Group’s committee chair, Jennifer Tokarek, 

CA, by email at jennifer.tokarek@td.com. 

Monique Van Vliet, CA (left) chats with other members of the “Sedin” table during the first 

intermission. 

Katheryne Gardiner, CA, and Jennifer Tokarek, 

CA, are members of the ICABC Social Networking 

Group. Both work at TD Waterhouse Private Client 

Services. 

Danley Yip, CA, with Lisa Dorian, CA·CIA. 

Kevin Burns, CA, with Canucks jersey 

winner Ashwin Maharaj, CA. 


Announcing 

CICA’s Financial Reporting Conference 

for the Oil and Gas Industry 

JUNE 6-7, 2012 • METROPOLITAN CONFERENCE CENTRE, CALGARY 

IN COOPERATION WITH 

A two-day 

industry-driven 

conference 

featuring the 

most up-to-date, 

practical 

information 

available. 

IMPAIRMENTS – Over a half-day dedicated to all 

the important issues including: 

• Overview of Year-End and First Quarter 2012 Results – What Really Happened? 

• Panel Discussion on Key Decisions – including CGU groupings 

• Panel Discussion on Recoverable Amount and How All the Parts Fit – 

a discussion among a controller, valuator and reserves evaluator 

• Interim Impairments – Impairment Test or Mark to Market? 

Other conference sessions include: 

• Joint Arrangements – What Will Change? 

• Interim Reporting – How Much Disclosure? 

• Farm-In Case Study 

• Message from the Chief Accountant of the Alberta Securities Commission 

Don’t miss this unique opportunity to network with your peers 

and learn everything you need to know to help your organization 

or clients with important financial reporting issues! 

CONFERENCE EXHIBITOR TO DATE: 

For more information and to register visit www.cpd.cica.ca/oilgas

At Your Service 

Personalized Portfolio Management 

Taxable, Registered, Tax-Free, 

and Pension Fund Accounts 

Exclusive coverage for 

CAs and CA firms. 

• Term Life Insurance 

• Medical and Dental 

• Long Term Disability 

• Office Contents 

Visit caipw.ca or call 1.800.661.6430 

CUSTOMS CONSULTANTS 

Our team provides Customs Compliance Solutions to importers and exporters 

doing business in North America and Internationally including: 

Compliance Reviews 

NAFTA & FTA Qualification and Solicitation 

Tariff Classification & Valuation 

Customs Audit Assistance 

Appeals and Rulings 

wholyk@livingstonintl.com 

Tel 604-685-3555 (8042) 

Fax 604-687-2941 

Wyatt S. Holyk, B.Comm., CA 

Certified Customs Specialist (US & Canada) 

n 

www.welcomenetworks.com 

info@welcomenetworks.com 

Servicing Accounting Professionals over 14 years. 

Reliable and affordable IT support with visible results. 

No mark-up on any hardware or software. 

Free evaluation of your existing network. 

Ask for Jag : 604-515-1700 

205-7893 Edmonds St, Burnaby, BC V3N 1B9 

KOTLER van den BRINK & COMPANY 

U.S. & Cross-Border Tax Consultants 

! U.S. Federal and State Compliance 

! Cross-Border Tax Structures 

! Corporations " Partnerships " LLC’s 

! Individuals " Estates " Trusts 

SERVING OTHER PROFESSIONALS SINCE 1988 

MARC W. KOTLER, CA 

T (604) 531-6207 ! F (604) 538-9713 ! E marc@kvdb.com 

www.kvdb.com 

KEEP YOUR COMPANY NAME 

FRONT & CENTRE! 

Let our team of advertising professionals help you: 

Design an advertising program that maximizes budget 

and exposure. 

Create advertising material on demand. 

Reach your target audience. 

To reach almost 10,000 BC CAs and CA students, contact 

your account rep today for current rates and deadlines. 

ADVERTISING IN PRINT 

T: 604.681.1811 • F: 604.681.0456 

E: info@AdvertisingInPrint.com 


Employment 

DIRECTOR 

CORPORATE ACCOUNTING 

Lead an inspired team 

Honest and open, genuinely confident and 

team spirited. These are the core values at 

the heart of this highly successful private 

real estate company. 

As director, you will lead a team of 12 staff 

with 2 direct reports and will oversee all 

corporate accounting, compliance and IPP. 

You must have experience of corporate 

accounting for a complex (100+ entity) 

private company with knowledge of ASPE. 

Real Estate experience is of benefit but not 

essential. 

Contact Gavin Ryan 

for more details at 

gryan@hays.ca 

or 604 648 4319 

SENIOR FINANCIAL 

ANALYST 

Corporate, complex, collaborative 

Add value to one of BC’s largest 

corporations through your commercial 

and analytical abilities. 

Your track record of financial analysis, 

commercial acumen, budgeting, forecasting 

and financial modeling with truly aid this 

company’s continued performance. 

Working as a business partner to various 

operating divisions you will show your 

experience in both technical capability 

and your approach to communicating 

with senior management. 

Contact Tim Pearson 


tpearson@hays.ca 

or 604 648 4281 

CONTROLLER 

MINING 

Are you resourceful? 

With operating mines throughout Latin 

America and new projects under 

development you can utilise your industry 

experience and Spanish language skills 

as controller for this natural resource 

company. 

You will display a strong understanding of 

IFRS and accounting for production stage 

mining companies and a passion for 

leading people. 

Contact Terry Whitehead 


twhitehead@hays.ca 

or 604 648 4296 

Classifieds 

LOOKING TO PURCHASE 

Lower Mainland - A 3-partner firm looking to expand seeks to purchase 

a practice or block of accounts. Will consider retirement, succession, or 

merger opportunities. Contact purchaseCA@gmail.com. Confidentiality 

will be respected. 

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 contact 

bckelownaca@gmail.com. Confidentiality will be respected. 

Vancouver - Mid-size CA firm looking to assist with your succession plan. 

$500k to $2m range. We can buy or merge in if the fit is right. Staying on 

after a purchase to affect a smooth transition is possible. Reply in 

confidence to: mergeprose@gmail.com 

Staying fit... 

continued from page 15 

is to be able to isolate and thus strengthen each “hour” 

on the clock equally. 

Design a program just for you 

What’s most important when designing a program is to 

keep your abilities in mind. For beginners, doing two 

sets of 12 repetitions daily will increase strength at a 

doable pace. For the athlete, three sets of 15 repetitions 

should suffice to maintain a good level of fitness. 

Make time for your health 

It is crucial to maintain a wide range of motion and 

flexibility, especially if your job requires you to sit all 

day. Start by scheduling time during the day for your 

favorite exercises and stretches, and remember to focus 

on your form—keeping your back straight and hips 

positioned directly below your shoulders. Also, remember 

to maintain a relaxed neck and shoulder area 

throughout your desk-exercise session—the last thing you 

want to do is tense up one area while trying to relax another! 

The good news is that you can stay fit when you sit 

all day by choosing the right exercises and stretches for 

your ability level. 


For the Profession 

Become an ICABC leader! 

Call for Council nominations 

Effective leadership is vital to the CA profession. It is with 

that awareness in mind that the BC Council sets the goals 

for the ICABC each year, determining what the Institute 

should be doing, for which constituencies, at what cost, 

and with what expectations. 

Are you, or someone you know, interested in becoming 

a leader among CAs? As a Council member, you’ll 

focus on the strategic issues faced by our 

membership and the profession as a whole— 

issues such as education and professional 

development. You’ll also get the chance to 

expand your skills and your network. 

What you’ll gain: 

• A chance to help advance your profession 

• Access to up-to-date information about the 

challenges faced by CAs 

• The opportunity to exchange ideas and 

perspectives with other leaders in the profession 

• Exposure to a wealth of professional and personal 

contacts 

What you’ll need: 

• A demonstrated commitment to the accounting 

profession 

• A strong background in community and 

volunteer work 

• Leadership experience 

If you or anyone you know is interested in 

running for election to Council, you’ll find 

the Council Nomination Form on our 

website at www.ica.bc.ca under 

Member Centre>Forms>Leadership 

(choose the Council Nomination Form). 


The CA Member Savings Program’s 

Summer Travel Contest 

Sign up for the Member Savings Alert for 

a chance to win one of five travel prizes! 

Prizes 

Two $1,000 travel vouchers 

from VIA Rail Canada ($2,000 value) 

Two night stay and two day car rental in Montreal 

from the Hyatt Regency and Hertz ($650 value) 

Two night stay and two day car rental in Toronto 


Two night stay and two day car rental in Vancouver 


A collection of 10 Frommer’s travel books 

from Wiley on Canadian destinations ($250 value) 

Enter by May 31st, 2012 

Go to camembersavings.ca and subscribe to the Member Savings Alert.* 

Draw on June 1st, 2012 

* Chartered Accountants subscribed to the Member Savings Alert will automatically be entered into the draw. For complete contest rules and 

regulations, please e-mail: membersavings@cica.ca 

Sponsored by 

camembersavings.ca

Left to Right: 

Vern Blair, Cheryl Shearer, Robert D. Mackay, Kiu Ghanavizchian, Chad Rutquist, Gary M. W. Mynett, 

Chris Halsey-Brandt, Andy Shaw, Jeff P. Matthews, Farida Sukhia 

Blair Mackay Mynett Valuations Inc. 

is the leading independent business valuation and litigation support practice in British 

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

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

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

Suite 1100 

1177 West Hastings Street 

Vancouver, BC, V6E 4T5 

Telephone: 604.687.4544 

Facsimile: 604.687.4577 

www.bmmvaluations.com 

Vern Blair: 604.697.5276 

Rob Mackay: 604.697.5201 

Gary Mynett: 604.697.5202 

Andy Shaw: 604.697.5212 

Jeff Matthews: 604.697.5203 

Cheryl Shearer: 604.697.5293 

Farida Sukhia: 604.697.5271 

Chris Halsey-Brandt: 604.697.5294 

Kiu Ghanavizchian: 604.697.5297 

Chad Rutquist: 604.697.5283

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