Rick MacKay Elected President - The Institute of Chartered ...

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CRA Proposing Mandatory E-filing Requirements after 2012 A surprise measure was introduced in the 2012 federal budget legislation (Bill C-38), a mandatory e-file requirement, which will be effective for 2012 income returns filed after December 31, 2012. The proposal will impact tax preparers engaged to prepare more than 10 income tax returns annually. The proposal contains a new definition of “tax preparer” for this purpose, which includes a person or partnership that accepts consideration to prepare more than 10 “returns of income” of corporations or more than 10 “returns of income” for individuals (other than trusts) in a calendar year. An employee who prepares these returns in performing their employment duties is not considered a tax preparer for these purposes. These tax preparers must electronically file “any return of income that they prepare for consideration” under proposed subsection 150.1(2.3), although up to 10 corporate returns and 10 individual returns may be filed by other means. Bill C-38 also introduces penalties for non-compliance of $25 for each individual return and $100 for each corporate return that is not e-filed. Specific e-file exceptions have been proposed. More information on Bill C-38 is available on the Parliament of Canada’s website at parl.gc.ca. All of these amendments come into force on January 1, 2013. If you would like to share your thoughts on this proposal, please contact Gabe Hayos, FCA, CICA’s Vice-President of Taxation. He can be reached by e-mail at Gabe.Hayos@cica.ca or on his blog at CAConnect. CRA to Expand Carryover Information Displayed in “My Account” The Canada Revenue Agency (CRA) has carryforward information available for individual taxpayers who use the My Account service on their website. Accountants appointed as client representatives can access this information. Loss carryforward information is presently only available for the last 25 years, with the starting point for the 25-year slide rule currently starting at 1988. This period may not be sufficient, such as in respect of the capital gains deductions which started in 1985, or in respect of adjusted cost base values determined in 1972, when capital gains taxation became effective. The CICA has approached the CRA on this issue, and is pleased to report the following response from the CRA: “Information for Carryover amounts in My Account currently have a 25-year slide rule applied starting at 1988. Next year, at the current state, the display will be 1989 and subsequent years. However, due to the many requests being received from users, a work order has been prepared (in time for February 2013 systems update) to allow the display back to 1972 when required.” For additional information or questions, please contact Gabe.Hayos@cica.ca. 10 Auditor Selection To: The Members Each year the Audit Committee of The Institute of Chartered Accountants of Manitoba reviews the selection process for the Institute’s auditors and makes a recommendation to Council for the coming year. This is in turn ratified by the membership at the AGM. In addition, the Audit Committee approves the fee for the coming year. Members of the Manitoba Chartered Accountants Foundation Inc. also approve the use of the Institute’s auditors as the Foundation’s auditors at their AGM. Booke and Partners has now been approved as the Institute’s and Foundation’s auditors for 2012-13. In considering the appointment of auditors, the committee evaluates the current auditors and has found that they continue to meet expectations. The committee has discussed the advantages and disadvantages of changing auditors and feels that there has been no compelling reason to change. The committee has agreed however that if expressions of interest were to be received from other firms, it would consider a tendering process. Cheryl A. Atchison, CA Chair 2011-12 Audit Committee
Launch of newly revised CICA In-Depth Tax Course - What’s Changed? Known as the best course for tax professionals in Canada, CICA’s In-Depth Tax Program is about to get a makeover. The changes that begin rolling out in September 2012 are intended to update and improve the quality of the course for students and enhance accountability and performance assurance for employers. Rejuvenation of the course follows the recommendations of the October 2009 report of the Association’s Tax Education Task Force (TETF). “While preserving the curriculum’s successful mix of theory and on-the-job experience, we’re upgrading the course to respond to changing student needs and the rising complexity of tax practice,” says Vivian Leung, CA, Program Director for Tax Education at CICA. “The new course will be more integrated and comprehensive, using a competency-based approach and by delivering content at an appropriate pace for optimum learning using today’s learning technologies.” What’s new in the course? The new In-Depth Tax Program will feature an orientation course dedicated to tax research and communications for all new students entering into the program. The addition of this course will ensure the participants’ first exposure into the Stakeholder consultation to enhance audit quality The Canadian Public Accountability Board (CPAB) and the Canadian Institute of Chartered Accountants (CICA) have initiated a research and consultation process to enable those with a stake in audit quality to discuss and determine Canada’s perspective on the audit issues currently being deliberated at the world table. The “Enhancing Audit Quality: Canadian Perspectives” consultation process will engage broad stakeholder input to develop Canadian views about solutions and seek to influence final outcomes with respect to strengthening audit quality globally. Check out the opportunities to participate and share your thoughts by visiting the CICA’s website for information on the process, including documents and resources online at cica.ca/enhancingauditquality. course is more focused and directional and it will also teach students the tax research framework they will be utilizing throughout the entire course. The new group study component will utilize learning technologies to deliver e-learning self-study modules and facilitate online discussions. This will be coupled with the traditional, in-person, facilitator-led discussions for an optimal learning experience. In-Residence will still feature lectures and tutorial sessions, however they will be re-developed implementing pedagogical best practices. The courses also include self-assessments, knowledge checks, and feedback reports. A certificate of achievement will also be granted to students upon successful completion of the course. To allow adequate time for the more comprehensive curriculum, the duration of the In-Depth Tax Course has been increased from the current two years to three. Research conducted with students of the existing In-Depth Tax Course indicated that the current course covered too much ground too fast. How does the new course affect current students? The existing course will be phased out over the next three years with current students completing the course in its present structure. For example, students who have completed our current In-Depth Tax 1 course will continue in September 2012 with the existing In-Depth Tax 2 course. New course starts September 2012 “Throughout this summer we will be adding new resources to the site and providing news about our progress as we ramp up to launch part one of the new In-Depth Tax Course this September,” says Leung. “With the remainder of the course being introduced gradually over the next three years, we are excited to continue our 40 year history as the country’s leading tax education course.” For more information about the new In-Depth Tax Course and to register, visit CICA’s Continuing Education Tax Courses Web Community at cpd.cica.ca/incometax.cfm. 03 11
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Page 5 and 6: Manitoba CAs receive Diamond Jubile
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