368 BC Candidates

Dr. Don Carter, FCA’s amazing legacyMeet the new VP Learning for CASBQualified investments for RRSPsRecycling revisited

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

On the Cover

January 2009

368 BC CandidatesExperience the Thrillof UFE Success

Our futureOur success

Alym AmlaniAnthony BalicGrace ChanVivian ChanJudy ChuiJeremy CrichtonMichael DeepwellAdriel Fernandes

Congratulations to our 32 successful 2008 Uniform Evaluation (UFE) writers. The UFE requires focus, dedication and a deep understanding of our business. The partners and staff would like to congratulate all of our writers, especially Jasjeet Lally and Quinton Pullen who have placed on the National Honour Roll. Soon to be accredited as Chartered Accountants, our rising talents include:

Abigail MeanaQuinton Pullen Adam RennieJamie RobinsonLisette SangsariJosephine SavoldelliKenny SharmaHolly Tomte

Jason TongMark WallaceCarole WongEdmund WongSam WongEdwin YauJennifer YW YuSimon Zhang

Erin HarwoodJasjeet LallyBrian LiJohn LiVivian LinDeena LuLeah MaPejman Mahlooji

Manning Elliott LLP is one of British Columbia’s fastest growing, full service accounting firms. We have 55 years of history, offices in Downtown Vancouver and Abbotsford, and flexible work schedules.

Manning Elliott LLP

Chartered Accountants11th floor, 1050 West Pender StreetVancouver, BC, Canada V6E 3S7

Phone: 604.714.3600, Fax: 604.714.3669www.manningelliott.com

Helping to build thefuture of accountants!

Congratulationsto our

Students!

www.Davidson-Co.com • 1200-609 Granville Street, Vancouver • P: 604-687-0947 F: 604-687-6172

Tom Ip

Leanne Sulis

Bill Tsang

Justin Foo

Roland Young

Manci Chen

studentsDec08:Layout 1 12/12/08 10:16 AM Page 1

Jan ’09 ica.bc.ca 5

contents

10

On the Cover

Nine BC Students Make the UFE Honour Roll

6 Notes from the President New Year brings new ad

campaign and new IFRS resources

8 For the Profession How to address fallout from

the economic downturn

26 Tax Traps & Tips Qualified Investments for

RRSPs

30 PD News Highlights from the winter

PD program

32 Plugged In News for and about members

& students Movers&shakersinthe

profession Didyouknow?Anotefrom

MemberServices... AdvisoryAlert:Foreign

designations

38 Ethical Dilemmas Member feedback prompts

another look at recycling

18A Look at the UFE Results How the numbers stack

up for BC and CASB

+ the list of BC’s 368

successful UFE candidates!

20Happy Trails to a Trailblazer A look at Dr. Don Carter,

FCA’s amazing legacy

25Meet the New VP Learning for CASB Dr. Sheila Elworthy, CA

looks forward to working

with the CASB team

6 ica.bc.ca Jan ’09

January 2009, No.476

Published eight times annually by the Institute of Chartered Accountants

of British Columbia.

EditorMichelle McRae

Design Blindfolio Design

604-761-9212

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

Senior Director of External AffairsLesley MacGregor

Institute CouncilDoug Murphy, FCA

President

Karen Keilty, FCA1st Vice-President

Peter Norwood, CA2nd Vice-President

Robert Wicks, CA, CFPTreasurer

Jack Arnold, CALenard Boggio, FCA

Lindalee Brougham, CAKyman Chan, CA

Karen Christiansen, CAJohn Crawford, FCA

David HughesMichael Macdonell, CA

Anthony Mayer, CAAl McNair

John Sims, FCAJames Topham, CA

Kenneth TungPraveen Vohora, CA

Chief Executive OfficerRichard Rees, FCA

BeyondNumbers is printed in British Columbia and

mailed eight times annually to more than 8,300

chartered accountants and more than 1,500 CA students

in public practice, industry, education, and government

service throughout BC, Canada, and other countries.

BeyondNumbers’ editorial and business offices

are located at:

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

Vancouver, BC V7X 1M4

Phone: 604-681-3264

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

Fax: 604-681-1523

Internet: www.ica.bc.ca

Opinions expressed are not necessarily

endorsed by the Institute.

BeyondNumbers 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

2009 is off and running!

Happy New Year! I hope you all had a happy and safe holiday season. It gives me great pleasure to kick off the New Year with a heartfelt congratulations to the 368 BC students who passed the UFE, nine of whom made the national honour roll. You are joining a profession that is defined by trust, integrity, and the highest professional standards, and on behalf of the Institute’s Council, I congratulate you on reaching this milestone! (For more on BC’s UFE results, see pages 10 and 18.)January 2009 also signals the launch of the profession’s new national

advertising campaign. With the tag line, “Decisions matter,” this new campaign targeted at executives and business leaders builds on the concept of the “CA Advantage” by positioning CAs as valued professionals whom organizations can trust to make important decisions. Ads will be appearing on television, in print, and on radio. More information is provided in the January 2009 issue of CAmagazine and online at www.decisionsmatter.ca.The arrival of 2009 also means that we are one step closer to Canada’s

adoption of international financial reporting standards. To help us manage and lead in the 2011 changeover, the Chartered Accountants of Canada continues to provide new resources, including an online program called “Introduction to IFRS - Implications for Canadian Business.” Presented in module format for ease of use, this new course explains the

reasons for Canada’s move to IFRS and provides: a) a taste of how IFRS compare with current Canadian GAAP; b) insights into when and how to gather relevant data in the lead-up to the changeover; and c) strategies for managing the implementation process. It’s free for CAs in Canada and Bermuda, and eligible for CPD credit. For more information, visit the CICA’s eLearning Portal at http://67.192.106.170/CICA_init/. As always, if you have any questions or comments, please feel free to contact

me at [email protected]. All the best in 2009!

–Doug Murphy, FCA

A note about the Executive TourAs the Executive Tour winds down, I have to say that I’ve really enjoyed speaking with members across BC. It has been especially gratifying to see so many younger CAs turn up to the events. My thanks to all of you who met with us along the way!


For the Profession

Dealing with the Economic CrisisBy Stella Leung, CAProfessional Standards Advisor

Everyone is talking about the global credit crunch and economic crisis, but what does it mean for individual CAs

locally? Well, it’s likely that most BC CAs will feel at least some effects from the fallout of the economic downturn; therefore, it’s important for you to understand and be prepared for how you might do business differently now—and this is true whether you work in public practice or industry.

Members in industryAs you know, it’s not business as usual right now. And you might be feeling the pinch not only because of your company’s woes, but also because of the woes of your customers or suppliers.

No surprise: The key piece of advice is to maintain cash flow, but optimising working capital is easier said than done. Most advisors suggest the following: •Involvethedifferentoperationaldivisionsof

your company, since the finance department does not control every aspect of accounts receiva- bles, accounts payable, and the supply chain.

•Accelerate collections and delay payments. This must be done strategically to avoid damag-ing key customer and supplier relationships.

•Reduce inventory by reviewing the entire inventory management process. Don’t sacrifice your competitive position just to achieve short-term savings.

Intighttimes,it’simportanttolookatallaspectsof your business and control both variable and fixed costs. Get your staff and other departments involved in the process of finding cost-saving measures. Don’t cut costs indiscriminately—make cuts with your overall long-term market strategy in mind. Consider delaying capital ex-penditures or expansion plans, but also consider

whether such delays could have a negative long-term impact on your corporate strategy.

More than ever, it’s important to maintain a good relationship with your bank by keeping them informed about your business, your industry, and your customers. Develop a plan to stay current with payments to avoid having any re-strictions placed on your financing arrangements. This will save you money in the long run and ensure that you have the necessary lines of credit in place when the economy turns around.

At the same time, take this opportunity to critically review your relationship with your suppliers and customers. There may be opportu-nities to reduce the number of suppliers you deal with and/or secure more favourable terms. Take the time to monitor your customers’ financial health.Investigatepromptlywhenthereareanycollection problems.

A crucial point for any business during difficult times is to avoid falling behind on tax payments and filings. Make sure you remit the payroll withholdings and GST/PST payments on time, as there are penalties for late filing and interest for taxes owing, and none of them are tax-deductible.

Ifyouareworkingatapubliccompany,you’llneed to consider disclosing how your company is coping with the current economic situation in your next Management Discussion and Analysis.


TheCICArecentlyreleasedaCanadian Perfor-mance Report Alert to help companies explain the effects of market volatility on their performance, financial condition, and future prospects. For example, the report suggests that management communicate the effects of recent market deve-lopments on: •Strategyandriskmanagement; •Resultsanalysis; •Liquidity; •Criticalaccountingestimates;and •Theabilitytocontinueasagoingconcern.

The Canadian Performance Report Alert can be downloaded from the CICA’s website at www.cica.ca/cpr.

Members in public practiceNow that you’ve seen what’s happening with your clients, you know that you have to be extra cautious in providing services. More than ever, it’s imperative that you have a thorough understanding of your clients’ businesses. Knowing that management might be under pres-sure to meet external expectations for earnings or internal expectations for performance criteria shouldpromptyou toaskmorequestionsandbe sceptical of the answers.

Inplanningyouraudits, itwouldbeprudentto discuss with your clients all their business risks during these troubled times. Make sure you cover all the material items such as debt and related covenants, foreign operations, and long-termcontracts.Reviewtheinternalcontrolsover credit policy, inventory obsolescence, and cut-off. Find out if your clients have made any commitments for expansion—for example, did they sign a new lease earlier in the year for a project that is now on hold? Take time to review the significant balance sheet items and determine if there are any valuation issues.

Don’t be afraid to keep digging until you’re satisfied that you have all the information you need. The risks associated with all financial statements work have increased, and must be assessed and addressed. Just as important, you must tie your risk considerations back into your procedures. It’s not only audits that carryrisks—even compilations can have their fair share of risks, so make sure you do not become associated with anything false or misleading or that you should have known to be false or misleading.Askquestions!

For further discussions about auditing during a credit crisis, please review the February 2008 and November 2008 issues of Risk Alert from the Auditing and Assurance Standards Board, which are available at www.aasb.ca.

Public practitioners face similar difficulties as any other business people in uncertain economic times. For example, you, too, could face a cash flow crunch due to slower collection and bad debts. And you, too, could be tempted to take on work you might not normally do, or take on clients to whom you wouldnormallyshowthedoor.Consequently,it’simportantforallpractitionerstosetcleartermsandconditions for their services and specify payment arrangements in their engagement letters.

Moreover, now is a time for you to stand firm on your client acceptance and retention policy. Taking on engagements you are not comfortable with or associating yourself with clients who have poor reputa-tions will only hurt your practice in the long run.

A final wordWhether you’re in industry or public practice, you will likely be affected by the current global credit crisis.Tosurviveit intactistobeawareoftherisksandplanaccordingly.Ifyouworkinindustry:Don’tbe temptedby short-term solutions at the expenseof your long-term strategy. If youwork inpublicpractice:Askquestionstogettoknowyourclients’businessesbettersoyoucanaddresstherisks.

Andifyouhaveanyquestions,pleasecallmeat604-488-2609ortollfree1-800-663-2677,orsendme an email at [email protected].

PD courses tackle changing economic climateEconomic Outlook 2009 – Jan 22, 2009, 8-9:30am, VancouverCome and discuss the quickly evolving financial and economic developments in BC and the world with fellow members and a leading economist.At this free PD event, Helmut Pastrick, the chief economist for BC Central

Credit Union, will share his perspective on the economic outlook for the year ahead, and will examine the many external, macro factors influencing BC’s economy. Key BC industry conditions and forecasts, consumer and investment

spending trends and forecasts, and some regional economic information will also be presented.Registration is limited, so register early!

Tax in Troubled Times - Feb 11, 2009, 7:30-9:30am, VancouverAs a result of the current economic turmoil, many enterprises are facing financial difficulty and tax loss situations. This seminar will review corporate tax issues that arise in troubled times, and will provide an overview of debt forgiveness issues, strategies to preserve debt-funded losses, and loss utilization issues and strategies.The seminar will be extremely useful for any CAs who are dealing with

companies facing financial difficulty.

To register, call the PD department at 604-681-3264 or visit www.icabc-pd.com.


On the Cover

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

“I am pleased to offer my congratulations to BC’s newest honour roll students,” says John Gunn, FCA, CEO for the CA School of Business. “The path to becoming a CA requires dedication, effort, and talent, and these new professionals should be very proud of themselves.”

Sandy Chan“The most rewarding aspect of the UFE was being able to experience the entire process with my closest friends—my colleagues and old class-mates,” says Sandy Chan. “The most challenging

aspect was learning to stay as calm and confident as possible, both before and during the exam.”

For helping her stay positive throughout the UFE process, Sandy credits her family and friends.

“My parents were tireless in their encourage-ment and always lent an ear,” she says. “My study partners at KPMG, Janice Lee and Peggy Yang, made studying as ‘fun’ as possible. And Henry Liao [with KNV] provided unwavering support.”

Sandy also gives credit to the support network at KPMG.

“Ioweabigthankyoutomymentor,Yvonne Chan, CA, for all her advice—whether it was guidanceonhowtoapproachaquestionortipsonhowtode-stress!”sheadds.“AndI’dliketothank Michael Poon, CA, everyone at Brentwood (KPMG’s UFE prep program), and the firm’s marking pool for coaching me, marking my questions,andgivingmethenecessaryskillstotackle the UFE.”

Currently articling at KPMG’s Vancouver office, Sandy focuses primarily on financial institu-tions. Born and raised in Vancouver, she is a 2006graduateoftheSauderSchoolofBusinessat the University of BC, having earned a bachelor of commerce (with honours), with a concentra-tion in accounting.

She has big dreams for the future.

It is with great pleasure that we introduce the nine BC students who made the 2008 UFE Honour Roll: Sandy Chan, Jennifer

Chung, Katie Den Bok, Sarah Flood, Jessica Jang,JessiLally,JeremyPierce,QuintonPullen,and Michael Sadovnick.


“Iwanttokeeplearningandgrowingasaper-son, as well as be able to make a positive impact inmycommunity,”Sandysays.“Eventually,I’dalso like to go back to school, and I want toteach in some capacity in the future, whether withtheInstituteorCASB.”

Her advice for future UFE writers is all about attitude.

“Success on the UFE is all about having the right mentality,” she says. “Work hard, never give up on yourself, and believe that you can succeed. And don’t keep your stress all bottled up—talk/vent to your family and friends. Doing thatdefinitelymademefeelbetter!”

In her spare time, Sandy likes to spend time with family and friends, read, go to the theatre, and watch hockey.

Jennifer Chung“Itisalongandstressfulroad, but the end result is very rewarding,” says Jennifer Chung of her UFE experience.

“The most challenging aspect of the UFE was battling my nerves and

tryingtoovercometheanxietyIfeltgoingintothe exam every day,” she recounts. “I was so exhaustedandmentallydrainedwhenIwalkedoutoftheexamonthethirdday—Iwasrelievedthat it was over and had my fingers crossed that Iwouldn’thavetowritetheexamagain.”

Happily, she doesn’t.“The most rewarding aspect now,” Jennifer

says, “is reflecting back and appreciating every-

one who supported me along the way and encouragedmetodothebestthatIcoulddo.”

She gives credit to a number of supporters.“I would like to thank my mom, dad, and

sister for offering continuous support and en-couragement throughout the entire process,” Jennifersays.“Ialsowanttogiveabigthankstomy study buddy Eva Lau [with the Office of the Auditor General of BC], and my study buddy in MPAcc, David Rusnacik [with Ernst & Young]. AndIwanttothanktheMPAccinstructorsanddirector for the instrumental role they played in my preparation process.”

An articling student with KPMG in Burnaby, Jennifer also gives a “special thanks” to the sup-port network at her firm.

“IreallyappreciatetheguidanceIreceivedfromthe firm’s UFE committee,” she says, “especially my mentors Brandon Ma, CA, and Larry Law, CA.”

Born and raised in Metro Vancouver, Jennifer is an alumna of the University of BC. She graduatedin2006withabachelorofcommerce(with honours), majoring in accounting. She also holds a masters of professional accounting from the University of Saskatchewan, which she earned in October 2008. At KPMG Burnaby, Jennifer currently works in Assurance Services with private enterprise and public sector clients.

Her advice to next year’s writers is straightfor-ward: “Have confidence in yourself, never give up, and stay focused. Hard work pays off.”

In her spare time, Jennifer enjoys ballet, playing the piano, badminton, and travelling.

Katherine Den Bok“I felt well prepared going into the UFE,” says Katherine (Katie) Den Bok. “Many people had shared their experi-ences with me and told me what to expect, so

the entire experience was fairly comparable to my expectations.”

What did surprise her was the sudden rush she felt as the third day drew to a close.

“Duringthelast30minutesoftheexam,IhadahugegrinonmyfacethatIcouldn’thide,”shesays.“IfeltgiddyasIwalkedoutoftheexam,becauseIknewitwasover.Asformyperformance,however,IhadnoclueastohowI’ddone.”

With the results now in, Katie says the most challenging aspect of the UFE process was staying positive even when she didn’t get the results she wanted on practice simulations. By contrast, the most rewarding aspect was sticking to her study plan, knowing that she’d done everything she could to prepare herself—whatever the outcome might be.

And it paid off. That’s why she advises next year’s writers to trust themselves.

“Follow your instincts—if you get tired of writing cases, take a break so you don’t burn out,” she says. “Keep a level head, and don’t let small failures throw you off along the way. Stay focused and try to see the big-picture improvements you’re making throughout your study time.”

For supporting her throughout her own study period, Katie thanks her family, her husband


Justin, and her colleagues at KPMG’s Abbotsford office, where she is completing her articles: her study buddy Lee-Ann Devereux, and her UFE mentors Heidi Jacobsen, CA, and Daniella Rogina, CA.

BorninLangleyandraisedinVernon,Katieisa graduate of Simon Fraser University, having earned a bachelor of business administration in 2005. She currently works in Assurance, focus-ing mainly on audit engagements.

With the UFE now behind her, Katie says she looks forward to “conjuring up new goals and aspirations” for the next phase of her career.

In her spare time, Katie likes to read, play tennis, and spend time with friends and family.

Sarah FloodFor Sarah Flood, the most challenging aspect of the UFE experience was maintaining a bit of perspective.

“It’s hard not to be-come overwhelmed by the idea of the UFE,”

Sarah says. Most rewarding about the whole experience

was realizing she was nearing the end of a long

journey, and that she could—and would— accomplish her goal.

For helping her along the way, Sarah gives thanks to an extended support network.

“My husband and family encouraged and supported me throughout the whole process,” she says. “They let me vent, calmed my nerves, and boosted my confidence when I needed it,and they distracted me from the UFE when needed as well.

“I also wouldn’t have made it through thesummer without the help of my fellow UFE writers at KPMG—especially my study partner Jenny Yue, who helped keep me on track and provided endless words of encouragement and supportatjusttherightmoments.AndIwant to thank my UFE mentor at the firm, Chrissy Raniseth, CA, for her invaluable feedback, advice, and encouragement.

“Finally,”sheadds,“Iwouldliketothankthepast writers who made up the KPMG UFE preparation program in Victoria for all the time and energy they spent helping us get ready for this exam, as well as all the markers at the firm’s Brentwood UFE prep course.”

Currently articling at KPMG’s office in Victoria, Sarah works primarily with small owner-managed businesses, but also with a few larger audit cli-ents. She previously interned with McGorman

MacLeaninParksvillewhileattendingMalaspinaUniversity-College(nowVancouverIslandUni-versity),fromwhichshegraduatedin2006witha bachelor of arts (with distinction), majoring in business and accounting.

She now looks forward to the possibility of teaching in the accounting profession, saying: “I’d like to try my hand at teaching through facilitating in the CASB program.”

Her advice to next year’s UFE writers is to find the path that works best for them.

“It’simportanttohaveagoodbalanceofwhatfeels right to you personally, combined with the advice from past writers and experts,” Sarah explains.“Respecttheexam,butrememberthatyoucandoit!”

In her spare time, Sarah enjoys reading, playing tennis, knitting, watching movies, and visiting with family and friends.

Jessica Jang“Iwasincompleteshock,with absolutely no idea astohowIhaddoneoreven how I should befeeling,” says Jessica Jang, recounting a post-UFE fog. “Having talked to past writers,Iknewtoexpect

these feelings, but it was still very strange to ex-periencethemfirsthand!”

Now that the fog has lifted and the results are in, Jessica offers the following advice to future UFE writers: “Try to keep a positive attitude throughout the process, as there may be many days when you doubt your abilities. Also, try to relax each night after the exam, and get lots of sleep so you’re recharged for the next day.”

An articling student with BDO Dunwoody in Vancouver, Jessica gives the firm high praise for its UFE support.

“IwanttothankeveryoneatBDOforprovid-ing me with such excellent guidance, support, and training throughout my career, and during the UFE process,” she says. “The guidance I received from the Densmore UFE prep program definitely helped me develop my approach in preparingfortheexam.AndI’mindebtedtomyUFE mentor, Vince Boon, CA [formerly of BDO] forcalmingmynerveswheneverIneededit.

“Big thanks also go to my study partners at BDO: Kelsey Lunn, Melissa Shiau, and Bill Atkinson, for their amazing feedback and sup-port,” she continues. “They were instrumental in helping me realize what my weaknesses were. More importantly, they were able to tell me whatIwasdoingwell.THE UNIVERSITY OF BRITISH COLUMBIA

The many faces of success*

© 2008 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. 1325

Heather Adamski Ryan Bigelow Jenny Bloch Marianne Carroll Michael Carter Kevin Chan Yanta Chan Daniel Chew Melissa Chong Agathe Chu Vivien Chuang Sam Cochrane Eugene Dautzenberg Kelli Dawson Matt Fargey Ideh Fesharaki Davinder Grewal Jennifer Guo Tammy Hall Wilson Ho Ben Hurd Kathryn Johnson Zaya Kadyrova Maura Kearney Miranda Lam Raymond Lau Alison Lebitschnig Matt Lee Diana Leong Michelle Li Carrie Ma Murray Mackwood Tara Mickelson Grace Ng Jessica Nielsen Janet Park Jeff Potter Ali Pourdad Karenn Ramirez Molina Mario Ramos Elliott Setiawan Leslie Shen Mika Tomita Leah Tse Selina Tung Dmitry Uduman

Jerry Wan Dallyn Willis Derrick Wong Wilson Wong Michael Woodward Anna Wu Wayne Yeung Carolyn Yu Cheryl Yue

Congratulations to our 55 successful writers of the 2008 Uniform Evaluation for Chartered Accountants in British Columbia:

9


“Last but not least,” she says, “I especially want to thank my family, friends, and my boyfriend Tom Nguyen. They catered to my every whim on those pivotal exam days, and they provided never-ending support.”

Born and raised in Vancouver, Jessica gradu-ated from the University of BC in 2004 with a bachelor of economics and a minor in commerce. The following year, she obtained her diploma in accounting from the DAP program at UBC’s Sauder School of Business.

Jessica currently works in BDO Vancouver’s audit and assurance group. Her various clients include private and public companies, but her main focus is on the not-for-profit sector.

In her spare time, Jessica enjoys reading, rollerblading, travelling, snowboarding, playing poker, shopping, and spending time with friends and family.

Jasjeet Lally“When I walked out of the exam, I was emotion-al, which is something I hadn’t expected,” says Jasjeet (Jessi) Lally. “But after the three days of writing, I was exhausted. I couldn’t even remem-

ber what my responses were. It was the toughest exam I’d ever written, and I felt like I’d done terribly.”

The biggest challenge throughout the entire experience, she says, was remaining positive and having faith in herself. Her results, therefore, came as a wonderful surprise.

“Knowing that I’d passed was such a relief,” Jessi says. “Finding out that I’d made the honour roll was incredible!”

She shares her success with all those who helped along the way.

“I’d like to thank my family, including my brother Gurpinder Lally, CA [with Toor & Lally], for encouraging me and believing in me,” Jessi says. “And I thank my friends for always supporting me and for enjoying life with me!”

Thanks also go to her colleagues at Deloitte & Touche in Vancouver, where she’s currently articling.

“I’m indebted to my study partner, Leah Ma, for her critical analysis of my responses and her sympathetic ear,” she says. “And I’m grateful for the support of my mentors Rodson Zulueta, CA, and Derek Mercurio, CA. Rodson messaged me on each day of the exam to remind me that it was a new opportunity for me to excel, and Derek constantly reminded me to take time away from my studies to relax.”

Born in Prince George and raised in Surrey, Jessi is a graduate of the University of BC, having earned a bachelor of commerce (with honours) and a major in accounting in 2006. Her current focus at Deloitte is on private clients, and she plans to do a bit of travelling now that the UFE is over.

To future writers, she offers the following advice: “Focus on your weaknesses, and act on all the feedback you get. Keep evaluating your progress to see where you’re at.

“And take breaks,” Jessi adds. “There were times when I was really frustrated, but taking breaks made all the difference. Go to the beach, hang out with friends, then come back to your studies when you have a bit of a clarity.”

In her spare time, Jessi is learning how to play the piano, enjoys bhangra (Indian) dancing, going for walks, and sitting on the beach.

Jeremy Pierce“The most challenging aspect of the UFE was staying focused for the full three days,” says Jeremy Pierce. “It is a very tiring exam, and it’s really easy to get down on yourself and want to

give up half way through.” Though he persevered and finished the exam,

Jeremy remembers feeling very discouraged at the end of the third day.

“Because the exam is so different then any other I’d ever faced, I wasn’t sure whether I had talked about the correct things,” he explains.

With the results now in and those concerns behind him, Jeremy urges future writers to stay positive through the UFE process.

“Believe that you can get through it, and never get down on yourself,” he says.

For helping to buoy his spirits during his own UFE experience, Jeremy gives credit to his family and colleagues.

“First and foremost, I would like to thank my fiancée, Angeline, for all the love and support she has given me,” he says. “And I thank my parents for all of the support they have provided for my entire life. I would also like to thank the senior partner of Vohora and Company, Praveen Vohora, CA, for giving me an opportunity at the firm, and for being my mentor—not only at work but in life in general.

“Finally,” he adds, “I would like to thank my study partner at the firm, Raj Uppal, for his optimism and his ability to help me stay focused during the study period.”

Currently articling at Vohora and Company’s South Surrey office, Jeremy works in the firm’s general practice, with a broad focus ranging from assurance to tax.

Born and raised in Prince Rupert, Jeremy developed an interest in accounting while still in high school, and went on to earn a bachelor of commerce (with distinction) from the University of Northern BC in 2007.

The future, he says, is wide open. “I know I’m extremely happy with where I

currently am, and I plan to take the US reciprocity exam next year,” Jeremy says. “After that, I simply plan to wait and see where my CA designation will take me.”

In his spare time, Jeremy is an avid golfer with an enviable 2 handicap, and he also enjoys fishing.

Quinton PullenFor Quinton Pullen, the most challenging aspect of the UFE was keeping stress at bay.

“I had to learn when and how to turn off my brain,” he says.

That’s why he advises next year’s writers to separate themselves from the stress of the UFE.

“Only study as long as you can handle it during the day, then stop and put it out of your mind until the next day,” Quinton says. “And be confident. Don’t worry if you’re not doing as well as you’d like—no one in this process is ever doing as well as they’d like!”

The most rewarding aspect of this whole experience, he says, was realizing that he could trust in his abilities.

Quinton attributes his UFE success, first and foremost, to his faith and his family.

“I would like to thank the Lord for giving me the ability to make it this far,” he says. “This has truly been a blessing from above. I would also like to thank my wife Roni for her love and support during the stressful times, my parents for their support, and my uncle Larry Nelson, CA, for his wisdom and guidance.”

In addition, Quinton is grateful for the encouragement provided by his UFE mentor, Carol Stevenson, CA, and the support of his study buddies: Alym Amlani (with Deloitte & Touche), Ayaz Jessa (with KPMG), and John Li.

“Without their advice and motivation,” he says, “I never would have made it.”

Quinton grew up in Kelowna and moved to the Lower Mainland in 2002 to attend Trinity Western University. He graduated from TWU

First class is never average.

Grant Thornton LLP is proud to congratulate our most recent Uniform Evaluation (UFE) graduates. We’re all excited that these enthusiastic and highly motivated professionals are primed to contribute new insights and expertise to our clients. Reaching this goal takes hard work, determination and acumen—average just doesn’t cut it. Fortunately at Grant Thornton, exceptional is...well, typical.

VancouverSuite 1600, Grant Thornton Place333 Seymour StreetVancouver, BC V6B 0A4

LangleySuite 320 8700 - 200th StreetLangley, BC V2Y 0G4

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in 2006 with a bachelor of business administration (with honours), specializing in both accounting and finance.

After two years in audit at Deloitte’s Vancouver office, he recently transferred to the firm’s tax department. He is also currently working on the CICA’s In-Depth Tax course.

Looking to the future, Quinton sees himself transitioning into corporate leadership: “My goal is have a career where I can apply my passion, values, and skills to leading a team, while still maintaining my relationships outside of work.”

In his spare time, Quinton enjoys spending time with his wife, working out at the Steve Nash Sports Club in Vancouver, relaxing, and taking weekend trips to visit family in Kelowna and Portland, Oregon.

Michael Sadovnick“I can honestly say that the one thing I was not thinking about after writing the UFE was whether or not I would make honour roll,” says Michael Sadovnick, an

articling student with STS Partners, the Vancouver firm of his father Arnie Sadovnick, CA. Instead, he remembers worrying about specific answers and wondering if he’d passed.

Looking back, he says the most challenging aspect of the UFE was not knowing what to expect.

“At this point, STS doesn’t have a formal study program or the resources of the larger firms,” he explains. “I had to figure a lot of things out on my own, which, in retrospect, was probably to my benefit.”

That said, he credits his success to the training provided by his father, his father’s business partner Peter Skov, CA, and the rest of the firm’s staff.

“I’ve been exposed to a wide range of clients and issues, and the experience has been invaluable,” he says. “It’s rewarding now to be able to tell

other students that you don’t have to work at a big firm to do well on the UFE.”

Michael also credits his success to his study buddy Sean Smith, saying he wouldn’t have made the honour roll without him.

“I would also like to thank my mom and the rest of my friends and family,” he adds. “I especially thank my girlfriend, Karen, who is continuously entertained by me and also never let me get over-confident.”

Growing up in the Lower Mainland, Michael dreamed of a career in media. To that end, he attended the Vancouver Film School straight out of high school and earned a New Media Certificate in 2000. He then enrolled at Simon Fraser University, completing a degree in mar-keting with a minor in communications in 2004.

After eight months as an intern with Hasbro in Toronto, Michael returned to Vancouver and enrolled in the Diploma in Accounting Program at the University of BC.

“I knew accounting would be an excellent complement to my marketing and financial background,” he says. Michael completed the DAP program in 2005.

His goal now is to help STS Partners become a large Vancouver practice. His future goal is to combine his accounting, media, and marketing backgrounds to provide his clients with excep-tional services, ranging from accounting to strategic planning.

In his spare time, Michael enjoys learning and experiencing new things, snowboarding, sharing a beer with friends, and seeing “weird independent movies.” This summer, he and his girlfriend plan to backpack around South America to celebrate his CA designation and her graduation from UBC medical school.

Congrats once again to our nine honour roll students for a job well done!

Photography: All students were photographed by Kent Kallberg of Kent Kallberg Studios Ltd. in Vancouver, with the exception of Sarah Flood, who was photographed by John Yanyshyn of Visions West Photography in Victoria.

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

I ’m delighted to announce that it has happened for the seventh year in a row: CASB students have exceeded the Uniform

Evaluation (UFE) national pass rate!As always, we have some notable facts and

figures to share with you: •78.5% of the 1,158 CASB candidates who

attempted the UFE in 2008 were success-ful—a result significantly higher than the nationalaverageof71.7%;

•82.1%ofthe1,033candidateswhowroteforthefirsttimein2008weresuccessful;and

•25 CASB candidates made the NationalHonour Roll, consisting this year of the top 50 candidates in Canada. CASB candidates accounted for about one-third of the overall UFE writers, so capturing 50% of the topgrades is an impressive accomplishment.

Crunching the numbersCASBhad1,158candidateswritetheUFEthisyear—179morethanin2007.Ofthese1,158candidates,455werefromBC—30morethanin 2007.

Among the 25 honour roll students from Western Canada, nine are from BC. This result is a significant achievement, and we congratulate each of them on their success!

BC school performanceOur BC schools continue to produce top performers, as summarized in the following table:

School Candidates Pass rate BritishColumbiaInstituteofTechnology 12 75.0% BritishColumbiaInstituteofTechnologyCo-opProgram 3 100.0% CapilanoUniversity 4 75.0% KwantlenPolytechnicUniversity 8 75.0% OkanaganUniversityCollege 12 66.7% RoyalRoadsUniversity 8 62.5% SimonFraserUniversity 67 77.6% SimonFraserUniversityCo-opProgram 13 84.6% ThompsonRiversUniversity 5 80.0% ThompsonRiversUniversityOpenLearning 10 90.0% TrinityWesternUniversity 5 60.0% UniversityofBritishColumbia 143 79.7% UniversityofBritishColumbiaCo-opProgram 27 92.6% UniversityoftheFraserValley 1 100% UniversityofNorthernBritishColumbia 14 50.0% UniversityofVictoria 33 90.9% VancouverIslandUniversity 10 90.0%

Flow-through rate 94% or higher for the last six yearsThe UFE is widely recognized as one of the most rigorous professional examinations in the world, and there’s no question that writing the UFE is a daunting task. The good news for students, however, is that most of our CASB candidates eventually pass the exam—even if they don’t make it on their first try. Candidates who were unsuccessful on the 2006 UFE, for example, had their third attempt this year,andtheiroverallflow-throughratewasanoutstanding96.5%.

BCstudentshaveachievedaflow-throughrateof92%orhigherforthelast16years,andarateof94%orhigherforthelastsixyears.

Strongest results seen with work experience of 19 to 24 monthsThe CASB program is designed to simulate what a student is doing at work, and this valuable synergy is obtained over approximately a two-year course of study. We continue to see the best results when studentswritetheUFEafterhavinggainedbetween19to24monthsofworkexperience.

Work experience Pass rate >24months 75.8% 19-24months 84.9% <19months 76.6%


GPA a strong indicator of UFE performanceAs the following table indicates, our analysis based on university grade point average once again demonstrates a strong correlation between a candidate’s GPA and their success on the UFE:

Grade point average Pass rate >80% 85.2% 75%-79% 74.2% <75% 67.5%

CASB-wide performance based on degree statusAs a competency-based educational program, the CASB program is designed to dovetail coursework with the experience students gain on the job. Co-op students, who tend to start their work experience earlierthanotherCASBstudents,toppedthelistwithapassrateof86.6%.

Degree status Candidates Pass rate Accountingmajors 780 78.3% Businessstudents(non-accountingmajors) 23 78.3% Co-opstudents 82 86.6% Maturestudents 38 79.0% MPAccstudents 83 75.9% Non-businessstudents 138 76.1% Othergraduatedegrees 7 71.4% Otherprofessionaldesignations 7 85.7%

Reason to celebrateCASB continues to be very proud of the success of its program in BC, and in all of Western Canada. We give special recognition to our Honour Roll candidates for their work, offer congratulations to all of our successful candi-dates, and say thank you to everyone who has helped us achieve these results!

Congratulations to

each of our 368

successful BC UFE

candidates on a job

well done!

Honour RollAlphabetical order:Sandy CHANJennifer CHUNGKatherine DEN BOKSarah FLOODJessica JANGJasjeet LALLYJeremy PIERCEQuinton PULLENMichael SADOVNICK

Leanne ABBOTTHeather ADAMSKIHadi ADRASean AKEROYDAlison ALEXISAndrea ALLENKhalid AMLANITahir AMLANIAlym AMLANIRobert ANDERSONKyle ARAKIWilliam ATKINSONAndra AVRAMSunney BADWALAnthony BALICMichael BANNERMANJeffrey BARKERGeon BARRETTBaljeet BASIKent BECKMANNicholas BESTERRahim BHARMALRyan BIGELOWShawn BIRKENHEADGregory BLAIREvgenia BLOCHRichard BLOCKRussell Philip BOWERSJoel BOYDSteven BRASSARDMichael BROADWAYHayley BROWNStephen BURRIDGEChenny CAIBrock CAMPBELLBenjamin CAPPSAeisha CARACCIOLOJenna CARLSONErin CARRMarianne CARROLLChristopher CARTERMichael CARTERJustin CHAEsther CHANDarren CHAN

Congratulations to BC’s 368 Successful UFE Candidates of 2008!

Ruth CHANGrace CHANAmpere CHANVivian CHANKevin CHANYanta CHANChristine CHANJacky CHANLaura CHANGJason CHANGJean CHANGSoon Chul CHANGKeith CHANGFOOTKathy CHENManci CHENAlbert CHENWai CHENGChristopher CHERRYDaniel CHEWCindy CHIANGJinny CHIUChloe CHOIYohan CHOIMelissa CHONGRick CHOUSukhvinder CHOUHANKimberly CHRISTIANSENAgathe CHUEric CHUVoilen CHUVivien CHUANGJudy CHUIMillie CHUNGSamuel COCHRANENicole COMEYJeremy CRICHTONJacob CRUISEJulia DAFOECraig DALEEugene DAUTZENBERGMalcolm DAVIDSONKelli DAWSONMichael DEEPWELLLee-Ann DEVEREUXTahira DHANJIHarinder DHILLONBenjamin DIXONRobert DONALDSONBeverley DUBEMyriah ERICKSONMatthew FARGEYAdriel FERNANDESIdeh FESHARAKIDavid FONGJustin FOOCindy FORSTimothy FRASERJonathan FRIESENPaul FRIPP

Michael FURNELLRobert GALLOPJames GAUTIERMichael GLAZIERJeffrey GLENAlexandra GODDARDDawna GOLDSACKTimothy GRANTTrevor GREENEDavinder GREWALAmy GREYRussel GRINNELLThomas GROZIERWei GUORyan HALFNIGHTSTammy HALLCraig HALLAngela HARDBATTLEChristine HARDERErin HARWOODTara HAUCKWilson HOVivian HOAndy HOANGDonna HOBBSArend HOEKSTRAScott HOUGHCywa HUANGMichael HUFFMANMei-Lam HUIBen HURDTom IPTara JACKSONEunice JANGMichael JANICKIAyaz JESSAMatthew JEWELLSteven JOEKathryn JOHNSONKevin JOHNSTONAmanda JORDENSFrederick JUNGZaure KADYROVAStephen KAIRachelle KALLECHYJanice KAMMaura KEARNEYTyler KEELINGDane KIMHyosik KIMScott KINGDavid KLIEWERAlice KOAlex KOZuzanna KOCHChristopher KULANicholas KWANBrendan L’HEUREUXKathy LAI


Tanya LAIGeraldine LAIMiranda LAMNicholle LANGERYat LAUEva LAUJudy LAUAlexandra LEAAlison LEBITSCHNIGSoh Haeng LEEPauline LEEJanice LEEDiana LEONGTamara LESLIEConnie LEUNGHilda LEUNGMarina LEWISBernice LIYang Yang LIBrian LIYuan LIMichelle LIHenry LIAOChih-Yi LIENElaine LIMVivian LINLucy LIUIlona LOIris LOChristine LONEYFarrell LOUIEMarion LOWEDeena LUKelsey LUNNJulie LUTNERJenny LYJuliane LYNCHMengjia MACarrie MAAyesha MAIan MACKERRICHERDeborah MACKINNONMurray MACKWOODPejman MAHLOOJILe MAIBernice MANJennifer MANARINSindy MANGATMandeek MANHASMelissa MARCINEKRahim MAWJIPatrick MCCLARTYKaren MCISAACMary MCKECHNIEBryan MCKENZIETamara MCLEODMarie MEANAElisa METZATara MICKELSONTom MINNESNicholas MOFFATAnita MOHANNathan MUNROMichael MURPHYCaitlin MURRAYIngrid MURRAYTrevor NAKANISHI

Vickie NAUMANNTroy NEAVEGrace NGWinnie Yeuk NGRobert NGJessica NGDonald NICHOLSONScott NICKELNicholas NORRADRod OSBORNEDamon PALLANFei PANRachel PANRobin PARHARJanet PARKRyan PARKTae PARKSandra PARKERSarah PATONSusie PETERSJeffrey POTTERAli POURDADJennifer PRESTONDarren PRINSElena PRINSDrew QUEENAdam QUESNELJoseph RADICKeyvan RAFIEIKarenn RAMIREZ MOLINAMario RAMOSAdam RENNIEKyla RICEKentle RITCHIEJamie ROBINSONDayna ROGOWSKIJonathan RONKAIDanvir ROOPRARamandeep ROYCOMBOUGHJodi RUSTADNatalia SAMARTSEVALisette SANGSARIJosephine SAVOLDELLIChristine SERRAGLIOElliott SETIAWANKunal SHARMAHaoen SHENAaron SHIMelissa SHIAUKulwant SIDHUKaran SINGHSamson SIUSean SMITHAndrew SMITHByron SMITHSydney SMITHMurielle SOMMERFELDDayna SORENSENBradley STEINBARTMathew STRADIOTTIDavid STRATTONNikola STROUMEVLeanne SULISJeremy SUNDINKayla SWITZERAbigail SYYONGPercy TAM


Winny TANGJay TERANISHIJeff TOBINKelly TODMika TOMITAJason TONGNazeem TOORABALLYChristian TOTHAaron TRIPLETTTommy TRUONGBilly TSANGMei TSEAnastasios TSONISCameron TULLISTzu-Fang TUNGAllison TWISSDmitry UDUMANSukhraj UPPALCharles UYHesha VAISHNAVRichard VAN LEEUWENBridget VAN WYKRobert VANJOREKWynn VOMark WALLACEJerry WANScott WANDLERKai WANGElaine WANGStephen WATTSIan WELLSDavid WHITNEYDallyn WILLISSam WONGCarole WONGJonathan WONGEdmund WONGDerrick WONGWilson WONGRenee WONGMichael WOODWARDJosee WORTHPeggy WUAnna WUYurong XIEZhiwei XURichard YANYutzu YANGEdwin YAUArthur YENCarlson YEUNGWayne YEUNGJeffrey YIPAbner YONGRoland YOUNGJennifer YUJia YUBenhur YUAJenny YUECheryl YUEJia ZHANGSarah ZUBKOWSKI


The Incomparable Dr. DonHe may have retired, but his legacy of innovation carries on...By Michelle McRae, Editor

How best, in the span of a few pages, do you pay tribute to the illustrious career of Dr. Don Carter, FCA—someone

described as “a persistent visionary,” “a master of planning,” “a brilliant academic and teacher,” “a truly great professional,” “a terrific boss,” and “a good person and friend”?

Well, you start by going to the source.“I have been so blessed to have a job that wasn’t

a job but a calling,” says Don of his 28-year career in BC. “I’ve enjoyed every minute of it.”

Don’s enthusiasm for accounting education is well known, and it saw him through some challenging times during the start-up of both the School of Chartered Accountancy (SCA) in 1980andtheCASchoolofBusiness(CASB)in2000.

“I was privileged to have the opportunity to start with a clean sheet of paper twice in my career—first with the SCA, and then with CASB,” he says. “Both were exciting and chal-lenging endeavours.”

His enthusiasm notwithstanding, becoming a pioneer in accounting education was not something Don ever envisioned for his career.

Born and raised in Vancouver in a devout Baptist household, Don grew up in the church and became proficient as a musician, playing piano, organ, clarinet, and bass. After high school, he joined Price Waterhouse & Co. in Vancouver and enrolled at the University of British Columbia in the combined B.Comm/CAprogram,earninghisbachelorofcommercein1966.Thatsameyear,hebecameaCAin BC and joined UBC’s Faculty of Commerce and Business Administration as a lecturer.

In1967,DonmovedtotheUnitedStatestoenterthePh.D.programattheUniversityofCalifornia,Berkeley. While completing this program, he accepted an assistant professorship with California State University in Hayward, where he taught for five years. During his final year at California State, he also served as a visiting lecturer with the University of California, Berkeley.

In1972,DonreturnedtoCanadatobecomeanassociateprofessorintheFacultyofAdministrativeStudiesattheUniversityofManitoba.Hecompletedhisdoctoratein1977whilecontinuingtobuilda fulfilling career in academia.

“I was very happy as a tenured professor at the University of Manitoba,” he remembers. “I had a nice house, and my family and I were very happy there.”

So when Don learned that he was being headhunted by the BC Institute to serve as the principal of itsnewaccountingschoolinthelate1970s,heprettymuchnippedtheideainthebud.

“I told the search committee that I wasn’t interested,” he says. “But I’d read a report prepared by a blue-ribbon committee chaired by Lorne Bolton, FCA, on a proposed new education model for the ICABC, and I told them I had some ideas to share, if they were interested.”

Shortly thereafter, Don flew to BC to share these ideas, but only after reiterating his lack of interest in the ICABC position. During this fateful visit, however, he had a change of heart. It seems the opportunity to lead in creating a new school was simply too tempting for someone who says he really likes “building things.”

Building a legacySo it was that Don and his family left Manitoba to create a new life in BC. As the principal and director of professional education for the SCA, Don led in the creation of the new school, which opened its doorsin1980.TheSCAwouldultimatelyofferaprofessionaleducationprogramatthegraduateleveltoapproximately1,000studentsperyearthroughoutBCandtheYukon,andatechnician’sprogramto125studentsinthefourwesternprovincesandNovaScotia.

For the next 20 years, Don was responsible for education strategy, policy development and imple-mentation, program design, course development, examination development and marking, faculty and staffrecruitment,andthesupervisionandadministrationofanannualbudgetof$1.5million.

During these same 20 years, Don served as the BC representative on the Inter-Provincial Education Committee, comprised of the various provincial institutes of CAs in Canada and Bermuda, which oversaw the syllabus and the UFE. He also served as the BC representative on the Education Research Subcommittee, which later became the Regional Education Directors Group, and held an oversight role with the BC Institute’s Membership & Admissions and Professional Development departments. In addition, Don liaised on education-related matters with educational institutions and other profes-sional education programs, as well as with CA firms and the Institute’s Communications department, and provided academic and administrative counselling support to students, members, and firms.

Then in 2000 came time for something new once again: the CA School of Business. AsVPLearningofCASBfrom2000to2008,Donwasresponsiblefordevelopinganinnovative,

competency-based, learner-centered curriculum delivered using a balance of facilitated, distributed online learning and face-to-face interactive sessions. He was also responsible for developing and admin-istrating a competency-referenced, continuous evaluation process, and developing and administering training programs for both Internet and face-to-face facilitators.

He and his team (Scott Sinclair, FCA;Doug Parkhurst, CA;andMark Loewen, CA) had to create their own paradigm.

“We had to build something from scratch,” Don says, “because there was no one template for

Dr. Don Carter, FCA

08-0175 Affinity ad_resized-BeyondNumbers.indd 1 12/2/2008 3:29:43 PM


competency-based learning or evaluation at that time.”

They succeeded, of course, and CASB—a part-nership of the six provincial/territorial CA institutes in Western Canada that currently offers a professional education program at the graduate level to approximately 2,500 students each year—opened its virtual doors in 2000.

“Don has always been persistent in his pursuit of what he thought was ‘the right thing to do,’” says John Gunn, FCA, the CEO of CASB. “He doesn’t give up.”

Many others, including Richard Rees, FCA, the CEO of the ICABC, agree.

“Don has an infectious enthusiasm for anything to do with accounting education,” Richard says, “and he has managed to translate that into immense achievement for CASB.”

For his exceptional contributions to accounting education in Canada, Don received the Canadian Academic Accounting Association’s Outstanding Educator Award in 2007, and the CA profession’s first-ever Bill Swirsky Innovation Leadership Awardin2008.

He’s quick to share these accolades with colleagues and staff.

“I was very fortunate to work with a great team on CASB,” he says. “It was the same with the SCA. In fact, I’ve been privileged to work with a

lot of great people. That includes the various Councils over the years. I didn’t always agree with Council members—particularly during the early stages of the new schools—but I always believed we were working toward the same goal: to help create the best CAs possible.”

Man on a missionWhile most CAs and students know Don as the principal of the SCA or the VP of CASB, many are probably unaware of his various academic posts around the world.

Don has lectured at the Banff School of Advanced Management, for example, and has served as a visiting lecturer with Shanghai Jiao TongUniversity inChina.Since1990,hehasbeen a visiting lecturer with the Asia Pacific International Graduate School of Management, speaking at the School’s campuses in Vancouver, San Francisco, New Zealand, and Macao. He also travelled to Russia as a consultant with Altai State University and the Altai State Association of Accountants and Auditors on behalf of the Russian Federation, and to Lahore and Karachi as a visiting lecturer on behalf of the Institute of Chartered Accountants of Pakistan.

“I can recall arriving at the BC Institute in 1999, and discovering that Don was off in Pakistan,” remembers Richard. “He was on one

of his pilgrimages, spreading the word about Canadian accounting education.”

More recent pilgrimages included presentations of the CASB online model to both the American Accounting Association and the Mexican Asso-ciation of Accounting and Business Faculty.

Throughout his career, Don was also committed to spreading the word within Canada. From 1990to2001,forexample,heservedasexecutivedirector of the ICABC’s CA Education Founda-tion (CAEF). The CAEF administers endowment fundsofapproximately$1.5milliontoadvanceaccounting education in BC. As executive director, Don was responsible for overseeing fundraising and distribution activities, planned giving programs, and the preparation and administration of budgets.

His past academic and professional activities also include serving as a member of the accounting advisory committees for Cariboo College, Douglas College, Kwantlen College, and Selkirk College; as a member of the UBC AcademicSenate fornineyears; as chairof the ICABC’sWashingtonCPAReciprocityCommittee;asamember of the Board of Trade Task Force on Education in Canada of Students from Other

continued on page 37

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When Dr. Don Carter, FCA, an-nounced his retirement in 2008,CA School of Business leaders

were charged with the difficult task of finding an individual both willing and able to fill Don’s shoes. They were lucky to find just that in Dr. Sheila Elworthy, CA.

Sheila joined CASB on September 1, 2008,and her latest role is one of many benchmarks in an already distinguished career in education.

Her own educational make-up consists of a BA with honours from Simon Fraser University (1980);anMBAfromtheUniversityofWesternOntario (1982); memberships with the Char-tered Accountants of Ontario (1984) and the

CharteredAccountantsofBC(1987);and,mostrecently, a doctorate in education leadership (EdD)fromSFU(2008).

“I enjoyed the research aspect of my doctorate degree,” says Sheila, whose work studying the impact of electronic communication devices on faculty productivity garnered her a doctoral grant from the CA Education Foundation. “I believe it made me a better instructor, because I have renewed empathy for students who are dealing with learning truly new material.”

Sheila has worked as an instructor at the Victo-ria-based Camosun College School of Business for the past 20 years, preparing and teaching a variety of financial accounting and strategic leadership courses for undergraduate degree programs. She also helped design a degree capstone course called “Advanced Business Strategy,” and assisted in the program develop-ment and accreditation process for the College’s first four-year degree program: the bachelor of business administration – accounting major.

“I like dealing with people who are learning,” she says of her work, “and I’ve enjoyed keeping up with the constant changes in accounting, and developing new materials and ways to engage students.”

Sheila’s background also includes a six-month stint with a teaching exchange program at a New Zealand university, and public practice experience working with predecessor firms of KPMG and Deloitte & Touche, as well as with Culver & Co., the firm founded by her father Dennis Culver, FCA (one of the Institute’s Lifetime Achievement Award winners and a

veritable legend in the CA profession). Today, Sheila also co-owns two small busi-

nesses in Victoria. Her husband Paul runs the day-to-day operations for both businesses, while Sheila looks after the accounting. In addition, she and a partner are currently adapting a bestselling American accounting textbook for the Canadian market, with a slated release date in2010.

Somehow she also manages to find time to volunteer in the community. This includes serving as treasurer, a board member, Finance Committee chair, and Fund Development Committee member for Big Brothers Big Sisters of Victoria.

Outside of work, Sheila enjoys skiing with her husband and their three children, as well as kayaking, cycling, and reading. She also enjoys the occasional game of bridge.

Asked about her newest role, she says she’s excited about what the future holds.

“Don Carter and his team have developed a fabulous competency-based program,” Sheila says. “I look forward to working with the amazing staff at CASB to ensure that this product continues to meet the learning needs of students who are so savvy about emergent multi-media.”

In her work as VP, Learning for CASB, Sheila will be based out of her home office in Victoria. She can be reached at [email protected].

The original version of this article appeared in the fall 2008 issue of CASB Quarterly, which can be downloaded at http://www.casb.com/pdf/CQ_Fall-2008.pdf.

Dr. Shelia Elworthy, CA

Committed to keeping CASB on the cutting edgeBy Megan Helmer, CASB Communications Manager, and Michelle McRae, Editor

Meet CASB’s New VP, Learning

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Tax Traps & Tips

Qualified Investments for RRSPsBy Jimmy Kwan, CA, CFA

A s you know, taxpayers can make deduct-ions under their registered retirement savings plans (RRSP) deduction limit

for2008withrespecttocontributionstheyhavemade or are going to make in the first 60 days of2009.The Income Tax Act (the Act) is quite flexible with respect to the types of investments that can be included in an RRSP. Collectively, these investments are called “qualified invest-ments.”

For RRSP purposes, “qualified investments” aredefinedundersubsection146(1)oftheAct andsection4900oftheIncome Tax Regulations (the Regulations).

There are restrictions for investments under an RRSP. One of the significant restrictions

pertains to private company shares. There are two common types of private company shares that may constitute qualified investment for RRSP purposes: the shares of a small business corporation (SBC) and the shares of an eligible corporation (EC).

Shares of small business corporationsPursuant to paragraph 4900(12)(a) of the Regulations, a qualified investment for RRSP purposes includes shares of an SBC (other than a cooperative corporation). An SBC is defined as a Canadian corporation (other than a corpora-tion that is controlled at that time, directly or indirectly in any manner whatsoever, by one or

more non-resident persons) for which all, or substantially all, of the fair market value of the total assets is attributable to assets that are: •Usedprincipallyinanactivebusinesscarried

on primarily in Canada by the corporation or byitsrelatedcorporation(s);

•Shares or indebtedness of connected SBCs;or

•Acombinationoftheabove.

Please note that for the above purpose, “Canadian corporations” are not limited to Canadian- controlled private corporations.

To satisfy the requirements of a qualified investment for RRSP purposes, a corporation does not have to be an SBC at all times. It must

For RRSP purposes, “qualified investments” are defined under subsection 146(1) of the Income Tax Act and section 4900 of the Income Tax Regulations


be an SBC only at the time that its share is acquired by an RRSP trust or at the end of the last taxation year of the corporation before the share is acquired. Moreover, if the corporation ceases to be an SBC after the share is acquired by an RRSP trust, the share will not, as a result, cease to be a qualified investment.

Another important condition must be satisfied for a share to be considered a qualified invest-ment: Immediately after the share is acquired by the trust, each person who is an annuitant, beneficiary, or subscriber under the RRSP trust must not be a connected shareholder of the corporation.

A connected shareholder of a corporation is definedundersubsection4901(2)oftheRegula-tions as a person who owns, directly or indirectly atthattime,10%ormoreoftheissuedsharesofany class of the capital stock of the corporation or of any related corporations. In determining if a person owns 10% or more, there are somelook-through rules for shares owned by trusts, partnerships, and personal services business corporations.

However, if a person is dealing at arm’s length with the corporation and the total cost amount of all shares of the corporation and any other related corporations is less than $25,000, that person is not considered to be a connected shareholder of the corporation.

In determining whether an annuitant meets the 10% and $25,000 tests, the annuitant isdeemed to own the shares that are owned by a person with whom they do not deal at arm’s length. Also, any share that the annuitant has a right to acquire is included in the calculations of the10%and$25,000tests.

Eligible corporationsPursuant to paragraph 4900(6)(a) of the Regulations, a qualified investment for RRSP purposes includes shares of an eligible corpora-tion’s capital stock. According to the definition insubsection5100(1)oftheRegulations, an EC includes a corporation that is a taxable Canadian corporation for which all or substantially all of its property is: •Used in qualifying active business carried

on by the corporation or a corporation it controlledatthattime;

•AshareordebtobligationissuedbyarelatedEC;or

•Acombinationoftheabove.

Another important condition must be satisfied for a share to be considered a qualified invest-ment: Each person who is an annuitant, beneficiary, or subscriber under the RRSP trust

in our

21st

year!$125,000 – Director of Finance

A CA with experience focused

in the resource sector industries

is looking for an opportunity to

further their career. This individual

is seeking an opportunity with a

progressive organization where their

contributions will add value to the

senior management team. They

bring a strong skill set in systems,

reporting, budgeting and business

development.

$70,000 – Assistant Controller

A recently designated individual is

looking for a position as an Assistant

Controller with a progressive

company. Their experience is

focused in the resource sector and

they wish to continue their career

in the public sector. This candidate

has experience preparing financial

statements, yearend working papers,

budgets, etc.

$60,000 – Senior Corporate

Accountant

A senior student with experience

in the hi-tech and manufacturing

industries is looking for an

opportunity to move into a

management role and gain more

supervisory experience. They

have solid experience in all areas

of full cycle accounting including

monthend journal entries, general

ledger reconciliations and financial

statement preparation. They have

worked with an Accounting Manager

to assist in budget preparation

process. This candidate thrives

in a challenging and fast paced

environment.

$50,000 – Accounts Payable

Supervisor

An Accounts Payable Supervisor

who has four years experience

working with a company with a high

volume of payables transactions is

seeking a similar role. This individual

started as clerk and gained

experience coding invoices, liaising

with vendors, running cheque

runs and maintaining account

reconciliations. Due to their solid

experience they were promoted to a

Supervisor where they oversee staff

and work closely with management

and vendors. They enjoy working in

a fast paced environment.


must not be a designated shareholder of the corporation throughout the period the shares are held by the RRSP trust. A designated shareholder generally includes a connected shareholder as defined above. In determining whether an annuitant meets the 10% and $25,000 tests, the above mentioned non-arm’s length rule and right-to-acquire conditions apply here as well.

A qualifying active business is defined under subsection 5100(1) of the Regulations as any business carried on primarily in Canada by a corporation, but the definition does not include a business that has the principal purpose of deriving income from property or a business that derives gains from the disposition of property (other than property in the inventory of a business). However, a qualifying active business may include a business that leases property other than real property.

SBCs vs. ECsThere are similarities between an SBC and an EC, but one major difference is the timing requirement. As mentioned above, the condition that a corporation be an SBC must be satisfied only at the time the share is acquired by the RRSP trust or at the end of the corporation’s taxation year ending before the share is acquired. However, for the shares of an EC to be considered a qualified investment, they must be shares of an EC throughout the period that they are held by the RRSP trust.

From a tax planning perspective, it is arguably preferable to qualify as an SBC, as it is a one-time test measured when the property is acquired. If a corporation is not an SBC, various purification techniques can be employed. Once the SBC conditions are satisfied at the time the shares are acquired by the RRSP trust, the annuitant of the trust does not need to worry if the corporation is still an SBC subse-quent to the acquisition.

Tax-free savings accountsBeginning in 2009, Canadians will be eligible to contribute up to $5,000 a year to a tax-free savings account (TFSA). The $5,000 will be indexed annually. A TFSA can invest in the same types of invest-ments as an RRSP. Therefore, a qualified investment for TFSA purposes includes an SBC and an EC, mentioned earlier in this article; and if a taxpayer is considering purchasing shares of private companies under their RRSPs, they may also consider purchasing these shares under their TFSAs.

Taking appropriate stepsTax practitioners are often asked by clients to provide a confirmation or comfort letter stating that their private company is a qualified investment for RRSP purposes. This may not be a straightforward task, as it is not always obvious whether an asset is being used in active business.

Therefore, it comes down to a question of facts. Tax practitioners must sometimes review court cases and the CRA’s technical interpreta-tions to determine the filing position for their clients with regard to whether the assets are active business assets. If the corporation does not qualify as an SBC due to an excessive amount of non-active assets, tax practitioners can im- plement purification strategies for the clients.

A determination of the fair market value of the shares is required in the case of non-arm’s-length transactions, such as when an annuitant sells shares to their RRSP. Further, the relationship of the shareholders listed on the share register has to be reviewed to determine if the 10% and $25,000 tests are met. In some cases, a representation letter from clients may be re-quired that states their relationship with other shareholders listed on the share register.

And finally, because a comfort letter will be used by the trustee of the RRSP trust, it is important to take appropriate steps to minimize the tax risks.

Jimmy Kwan, CA, CFA, is a senior manager with Manning Elliott LLP in Vancouver.

From a tax planning perspective, it is arguably preferable to qualify as a small business corporation, as it is a one-time test measured when the property is acquired


PD News

Upcoming Professional Development – Winter PD ProgramFor detailed course descriptions or a complete schedule of upcoming PD seminars, consult your winter 2009 PD brochure or visit our website at www.icabc-pd.com. To register, call the PD department at 604-681-3264.

FREE PDEconomic OutlookKick off the New Year with this free PD event to get a current overview of quickly evolving financial and economic developments.

Helmut Pastrick, the chief economist for BC Central Credit Union, will share his perspective on the economic outlook for the year ahead, and will examine the many external, macro factors influencing BC’s economy.

Key BC industry conditions and forecasts, consumer and investment spending trends and forecasts, and some regional economic information will also be presented.Jan 22, 8-9:30am, Vancouver

Registration is limited. Register early!

Audit & AccountingIFRS SeminarsThe countdown is underway as Canada moves closer to adopting international financial report-ing standards (IFRS) in 2011.

Education is critical for a smooth transition to IFRS, so we will be offering the following titles this winter (please see the winter PD brochure for an overview of each of these courses and information on how you can plan your IFRS learning path):•IFRS–SurveyoftheStandards•IFRSinCanada–AComparisontoCanadian

GAAP•IFRSinCanada–AreYouReady?•IFRS–FinancialServices–Banking•IFRS–FinancialStatementPresentation•IFRS–FocusonProperty,Plant,and

Equipment•IFRS – Intangible Assets and Impairment of

Assets•IFRS–Mining•IFRS–RealEstate•IFRS–RevenueRecognition

ManagementTime Mastery for CAsThe objective of this seminar is to provide you with the knowledge and skills necessary to take control of your time, and create a more satisfactory balance between your work and your personal life.Feb 05, 9am-5pm, Vancouver

Power of Coaching: What CEOs Must Do to Attract, Retain, and Develop Top TalentAre you able to attract, retain, and develop top talenttoacceleratetheexecutionofyourstrategy?This workshop will teach you five advanced leadership skills that will help you motivate and inspire your people, speed up business results, maximize your ability to influence people, and accelerate the performance and development of your top talent.Feb 25, 9am-5pm, Vancouver

Clear Thinking = Clear SpeakingThe meeting is on, and suddenly the focus is on you. If you’d like to be one of those people who always seem to say just the right words at just the right moment, consider taking this course. The ability to say the right amount to the right people at the right time can be yours.

This seminar will help you learn to respond to questions effectively, speak up at meetings, and even feel more comfortable in social situations. Mar 05, 9am-5pm, Vancouver


TaxationCurrent Strategies in Tax Dispute ResolutionThis half-day seminar is designed to introduce practitioners to the CRA dispute resolution process, and to convey the importance of taking the appropriate steps in order to obtain cost- effective and efficient resolutions to potential tax litigation matters. Jan 16, 9am-12:30pm, Vancouver

Tax & Real Estate: What Do You Need to Know?This seminar will identify significant income taxation issues involved in real estate activities. Starting with a review of the structures available to those undertaking real estate activities, it will follow with a detailed look at the tax issues involved in the acquisition, development, hold-ing, and disposition of Canadian real estate.

While the seminar will focus primarily on the income tax rules, GST and provincial tax issues will also be identified for consideration. Jan 29, 9am-5pm, Sutton Place, Vancouver

Executive BreakfastsAn Update on Recent Tax Cases and CRA Assessing PositionsThis review of current court cases and current CRA assessing trends will shed light on some current uncertainties in the interpretation of the Income Tax Act. Areas of interest that will be discussed include GAAR, aggressive tax planning, tax shelters, and hedging losses. A number of interesting tax cases will also be high-lighted to help participants understand current assessing trends. Jan 22, 7:30-9:30am, Vancouver

Divisive Reorganization of Private Corporations: Bringing Clarity to Complex Taxation RulesDividing and distributing corporate-owned assets among one or more shareholders can be an effective reorganization tool. However, such reorganizations must be carefully structured in order to avoid taxation, especially in light of the re-characterization rules contained in subsection 55(2) of the Income Tax Act.

This seminar will review and illustrate the principal planning considerations applicable to “related party” and “butterfly” divisive reorgani-zations, and address related tax issues. Jan 28, 7:30-9:30am, Vancouver

Tax in Troubled TimesAs a result of the current economic turmoil, many enterprises are facing financial difficulty and tax loss situations. This seminar will review the corporate tax issues that arise in troubled times, and will provide an overview of debt forgiveness issues, strategies to preserve debt-funded losses, and loss utilization issues and strategies.Feb 11, 7:30-9:30am, Vancouver

The Canadian SR&ED Tax Credit Landscape: Recent Developments & Current Issues for SR&ED ClaimsThis seminar will highlight the significant changes made recently to the SR&ED program, discuss proposed changes, and touch on current issues for those involved in claiming SR&ED tax credits.Feb 17, 7:30-9:30am, Vancouver


Plugged In: News for and about members & students

Congratulations!

Haydn Colley, CA, of PSVC Chartered AccountantsinMapleRidge,hasbeenelectedtothe 2008/09 board of directors of the Ridge MeadowsHospitalFoundation.

Bryant McAfee, FCA, was inducted into the BC Horse Racing Hall of Fame as a “builder” at the Thoroughbred Industry Awards held November 15, 2008 in Coquitlam. McAfee iscurrently the secretary/treasurer of the Horsemen’s Benevolent and Protective Association of British Columbia (HBPA), and has served on the executive of the HBPA since 1970. His efforts were previously recognized in 2006 by the HBPA’s national body, which granted him its first-ever“SpecialServiceAward.”McAfeewasrecognized for his role in establishing substance abuse programs for backstretch personnel.

The Thoroughbred Industry Awards event is held annually to celebrate the accomplishments of owners, trainers, jockeys, and the dedicated backstretch workers at Hastings.

George Morfitt, FCA, has been named one the University of British Columbia’s Lifetime Achievement Award winning Alumni for 2008. Morfitt also holds a Lifetime AchievementAward from the ICABC.

Bob Skene, FCA, was awarded an Honorary Degree, Doctor of Laws, honoris causa, by Royal Roads University at its November 2008 Convocation.

ErratumLisa Eng, CA, CPA (Illinois), joined the BC Institute as our director of Practice Review & Licensing in September 2008. In our November 2008 issue, we mistakenly said that Lisa had joined the Institute in June 2008.

Congrats to BC members in the public arenaThe following members, listed in alphabetical order, were elected or re-elected during the November 2008 municipal elections:

Len Folkman, CA–re-electedcouncillor,CrestonColin Haime, CA–re-electedmayor,LantzvilleDenise Haime, CA(néeBarber)–electedcouncillor,LantzvilleJohn Herbert, CA–re-electedcouncillor,OakBayRobin Hicks, CA–re-electedcouncillor,DistrictofNorthVancouverAlison Morse, FCA–re-electedcouncillor,BowenIslandAlastair Murdoch, CA–electedcouncillor,MerrittDoug Parkhurst, CA–re-electedcouncillor,LantzvilleMurray Presley, FCA–re-electedcouncillor,CourtenayBob Shaw, CA–re-electedcouncillor,NorthSaanich

CONGRATULATIONS TO OUR SUCCESSFUL UFE WRITERS!

Marine Building, 7th Floor 355 Burrard St. I Vancouver BC I V6C 2G8 I Tel: 604 687 1231 I Fax: 604 688 4675 I smytheratcliffe.com

Eric Chu, Joey Radic, Steve Brassard, Steven Joe, Esther Chan, Peggy Wu and Robin Parhar

Seven ties cut in 2008 – that’s a 90% pass rate for Smythe Ratcliffe writers.


Did You Know...? (A note from Member Services)

Did you know that we offer career management informationontheICABCwebsite?

Whether you’re thinking about the different career options open to you as a CA, or you’re wondering how to take your career to the next level, we invite and encourage you to visit our Career Connections website at www.ica.bc.ca/careers.

The Career Connections site is a one-stop career planning resource designed to help CAs discover their destinies by performing self-analysis, exploring options, using resources, and finding support from fellow members.

The site contains a wealth of information. To get the most out of the site, you’ll probably need to spend some time working through the different sections. You don’t have to do the following all at once, but you will get more from the experience if you take each of these steps:

1. Start with the “Planning Your Career” section. This section includes tools that will help you achieve a better understanding of your interests, likes/dislikes, values, personality type, and competency strengths and weaknesses.

2. As you work your way through this section, you will be able to start writing entries in a downloadablejournal(“MyCareerPlanningJournal”). This will help you conduct a thorough self-assessment and begin planning a career path.

3. You can then proceed to the “Career Options for CAs” section to determine which career paths might be right for you, and to read in-depth profiles of fellow CAs who have made different career transitions.

Once you embark on your chosen path, you’ll want to consider any competency areas you need to develop further. To find courses that will help you develop your skills or expand your knowledge, check out the PD department’s website at www.icabc-pd.com. Then, when you’re ready to make a career move, visit the “Find a Job” section of the ICABC’s main website at www.ica.bc.ca under Careers/Jobs>Job Postings to see what’s available.

Take control of your career by visiting our Career Connections website at www.ica.bc.ca/careers today!

Advisory Alert: Use of Foreign Accounting Designations —What Is and Isn’t Permitted

With the upcoming convergence of international reporting

standards, we are seeing an increase in the number of foreign-

designated accountants coming to BC for work engagements.

This being the case, we would like to remind everyone that if you are a

foreign-designated accountant, you cannot use your designation in BC.

This includes the use of the CPA, FCA, and ACCA designations.

This means that if a foreign CA designee is not a member of the ICABC,

they are prohibited from using their foreign CA designation(s) for the

following purposes in British Columbia:

• Business cards

• Letterhead

• Signage

• Proposals (unless included in a resume)

• Signature in letters, emails and reports

• On company or firm website

• In print ads

• In telephone books

Individuals with recognized foreign CA designations may be exempt from

some or most of the requirements needed to become a CA in BC.

Reciprocity is based on the International Qualifications Appraisal Board’s

recommendations regarding the equivalency of a foreign accounting body’s

qualification process, and is based on educational, practical experience, and

examination requirements.

The use of an accounting designation signifies that employers or the public

have recourse to a regulatory body if issues or concerns arise. This clearly is

not applicable to extra-jurisdictional bodies; therefore, it is inappropriate for

individuals to use their designations if they are resident outside the

jurisdiction in which they are registered.

Free resources for GAA institute members The Chartered Accountants of Canada (CICA) is a member of the Global

Accounting Alliance, along with institutes from eight other countries: the

United States (AICPA), Ireland (ICAI), England and Wales (ICAEW),

Scotland (ICAS), South Africa (SAICA), Hong Kong (HKICPA), Australia

(ICAA), and New Zealand (NZICA). Visiting members from any of these

GAA institutes can receive professional support at no cost while working

in BC. They can also avail themselves of the following free resources:

• Online issues of Beyond Numbers magazine

• Electronic newsletters

• Professional development courses at member rates

• Access to a wide variety of ICABC products

• Access to the “members only” section of the ICABC website

Questions?If you have questions or concerns about the use of a foreign designation in

British Columbia, please contact Taj Haer, CA, the ICABC’s director of

Advisory Services at 604-488-2621 or [email protected].


At Your Service

Sales / Marketing

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Executive / Management

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Human Resources

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Engineering

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SUCCESSFUL VANCOUVER PRACTICE.

Retiring CA offers succession

opportunity. Two partners with $1.5M

in gross billings. Diverse block of long-

term clients (compilation, review, and

audit engagements with emphasis

on tax and cross-border taxation

issues). Candidate to have two+ years

of post-qualification experience.

Preferably German speaking. Flexible

transition assistance. Part-time would

be considered. Financing will be

provided to the right candidate. Reply

by email to [email protected].

IS COMMUTING DOWNTOWN COSTING YOU MORE THAN IT’S WORTH?

Gilmour Knotts Inc in Langley is

hiring full-time CAs at a supervisory/

manager level for owner-managed

business work.

Fax: 604-882-1210 or Email:

[email protected]

Classifieds

PROFESSIONAL OFFICE SPACE FOR RENT

1150 square feet of busy industrial/

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Ideally suited for an accounting

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area on a busy artery to the new

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[email protected].

PRACTICE FOR SALE

CA located on Vancouver Island

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VANCOUVER OFFICE SPACE AVAILABLE

Premises are bright, spacious,

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location. One office and staff space

(if required) is available, including

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staff, meeting room, library, and

kitchenette. Per diem work also

available if wanted.

Call 604-482-5290.

At Your Service


Employment

Johnsen Archer Full page

EO4C


Employment

Countries; and as chair of the CICA’s Annual Conference Committee.At the time of his retirement, Don served as a member of the CICA’s Regional Education Directors Group; a trustee of the accounting development funds

at both UBC and Simon Fraser University; and a member of the advisory committee of the BC Institute of Technology. Over the years, his mission also included church activities. Don’s volunteer contributions to the Baptist General Conference (BGC) of Canada included

serving as a member and chair of the board of directors, secretary of the Conference, and chair of the Finance Committee. He also served as president of the British Columbia Baptist Conference and was a founding member of the BGC Stewardship Foundation.

On the road again...Having retired in October 2008, Don now plans to travel across North America in a newly purchased RV with Wilhelmina (Willy), his wife of 42 years.

Healsoplanstospendmoretimewithfamily,includingheandWilly’sdaughters,CynthiaandChristina,andgrandchildrenMatthew,Joshua,andAlex.As they embark on this next part of their journey, we wish Don and Willy a heartfelt “Bon voyage!” At the same time, we suspect that we haven’t seen the

last of Don around these parts...

Don is also a member of the Chartered Accountants of Manitoba (1974) and the Chartered Accountants of the Yukon (1995). He was elected to the BC Fellowship in 1991.

The Incomparable Dr. Don continued from page 24


Recycling RevisitedBy Chris Utley, CA Director of Ethics

It’s always gratifying to learn that members are reading this column, and I’m thankful to those of you who’ve contacted me over the

years to share your comments. Sometimes your feedback makes me realize that a given topic might warrant further discussion. The secure disposal of paper waste, my topic for November 2008, is a perfect example. Brian Gray, CA, of Gray & Associates in North Vancouver, was one of several members to contact me with questions on this topic, and I thank him for allowing me to reprint a portion of his letter here, as I think many of you will find his questions and com-ments interesting.

Ethical Dilemmas

Brian’s letterRe: Ethical Dilemmas: How Secure Is Your Recycling? “Arethebonded,securecompanieshiredtodestroypaperrecordsnotsufficient?Andwhataboutoff-sitestoragecompaniesforhire,whichiswhatmostfirmsareusing?Aretheysafe?Andwhataboutotherthirdpartieswhichprivateinformationhasbeenprovidedtoonrequestofaclient?Ifabank,lawfirm,or the Canada Revenue Agency was to lose documents we provided to them, are you suggesting the accountantisresponsibleforbreachingclientprivacy?Ithinknot.Sowhythenwouldanaccountantbe held responsible for breach of privacy if a secure shredding or document storage company makes a mistake?Isitbecausewedidn’tfirstasktheclientifwecouldshredthefirstdraftoftheirincometaxreturn?

“This whole privacy issue is important, I entirely agree. But at some point, it’s my opinion that the companies being hired to destroy or store private paper records should be held accountable for errors and leaks in their systems. I believe they should get the bad publicity and an investigation from the Institute.

“If an accountant or CA firm is responsible for maintaining the privacy of information while in the hands of a shredding company or storage facility, can the CICA or its provincial bodies help with, say, accrediteddocumentcompaniesorstoragefacilities?

“Perhaps it would be appropriate to include the use of named document shredding companies and storage facilities in our engagement letters to clients so that they effectively ‘agree’ with our use of such thirdparties? It is after all, the relianceon their security systems thatmost small tomedium-sizedaccounting firms rely on. Would the Institute consider this to be an appropriate level of protection for accountantsanddisclosuretoclients?”

My responseUnfortunately, in fictionalizing the case of Shirley, a sole-practitioner whose paper waste containing private client information became exposed during transport at the recycling facility, I may have over-fictionalized the facts—making it seem that I was holding our members to an impossible standard. In the actual case on which Shirley’s story was based, the member’s error in judgment was much more overt.

To be clear, members have a responsibility to ensure that their clients’ documents are kept in a safe and secure place, and that their recycling/waste-removal process provides secure pick-up, storage, and disposal. In this regard, members do need to ensure that the facilities contracted for such services are appropriate and reputable, and proper due diligence should be carried out as with any contracted outside service. Beyond that, our members and firms really cannot be held accountable for a break down or malfunction en route to, or at, a disposal plant.

We live in a time of heightened public awareness and concern about identity theft and privacy issues. When it comes to the disposal of clients’ confidential information—whether you consider the data valuable or not—this information should never be disposed of without ensuring that it is shredded or destroyed in a secure environment first. In other words, either shred the documents in-house before recycling or arrange for disposal by a reputable company.

Food for thoughtI want to know what you think:1. Do you agree that a member firm should take steps to ensure that its document disposal facilities are

secureandsafe?2. Ifso,whatshouldthosestepsentail?Whatsortofduediligenceshouldbecarriedout?3. Shouldthename/locationoftheshredding/recyclingfacilitiesbeincludedintheengagementletter?

As always, I look forward to hearing from you!

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

Concerned about Document Disposal? Ensure that you’re using a reputable disposal facility!

Meet MNP’s new Chartered Accountants.Congratulations Alex Goddard, Baljeet Basi, Vivian Ho, Paul Marjerrison, Melissa Marcinek, Steve Watts, Myriah Erickson, Rahim Mawji, Mike Furnell, Keith Edwards, Mike Bannerman, Sunney Badwal, Chrissy Serraglio and Steve Burridge on successfully completing the Canadian Institute of Chartered Accountants’ 2008 Uniform Evaluation. Meyers Norris Penny proudly celebrates your achievement in obtaining your CA designation.

Meyers Norris Penny is the 7th largest chartered accountancy and business advisory fi rm in Canada. Our team provides world-class expertise, in-depth knowledge and personalized service to find the right solutions for you and your business.

Chartered Accountants & Business Advisors13 locations across B.C. 1.888.574.7211 mnp.ca

KPMG’s many faces of success

Congratulations to our 80 successful 2008 UFE writers in British Columbia

© 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.

Our Partners and staff are proud to recognize the hard work and dedication required by each

of our team members to achieve their exceptional results on the 2008 Uniform Evaluation.

Special congratulations to Sandy Chan, Jennifer Chung, Katie denBok and Sarah Flood

who have earned a place on the National Honour Roll.

368 BC Candidates

Documents

Transcript of 368 BC Candidates