• 21 Jun 2017 11:00 AM | Editor (Administrator)

    Photo:  European Court of Audits, in Brussels, Belgium (WIKIPEDIA)

    REUTERS, via New York Times

    BRUSSELS — Tax advisers in the European Union risk fines for helping companies to cut their tax bills by shifting profits to low-tax countries, if proposed new EU legislation gets approval.

    Under the draft law, proposed by the European Commission on Wednesday, tax advisers including the Big Four accounting firms, banks and lawyers, would be required to inform authorities about "potentially aggressive tax planning arrangements" set up for their clients.


  • 21 Jun 2017 8:00 AM | Editor (Administrator)

    The Globe and Mail

    Canada could add $150-billion in GDP growth by 2026 by advancing women’s equality, 6 per cent higher than business-as-usual forecasts over the next decade, according to a new report from McKinsey Global Institute.

    The research arm of the international management-consulting firm McKinsey & Co. surveyed 69 Canadian companies, representing more than 500,000 employees, on talent-pipeline data and human-resources practices. The study also looked at the gender split in each province for the three levers of GDP growth: labour-force participation rate, number of hours worked and relative productivity. The projection for 2026 was based on the growth rate of the provinces moving the fastest toward gender parity in those areas. To reach that goal, Canada needs to create 600,000 additional jobs for women and boost female labour participation by 64 per cent in the next 20 years.




  • 19 Jun 2017 9:13 AM | Editor (Administrator)

    Special to The Globe and Mail

    “It’s the million-dollar question: What am I going to do with my business? A lot of people are asking that question today,” says Frank Fazzari, a CPA and managing partner of Fazzari + Partners LLP in Vaughan, Ont.

    When selling a business, owners have two options. They can sell all or part of the shares, or sell its assets, such as the goodwill, furniture, equipment, accounts receivable and inventory.

    Each option comes with tax implications. Here are points to keep in mind:


  • 19 Jun 2017 7:20 AM | Editor (Administrator)

    The Globe and Mail

    The film industry in Toronto is busy, especially among service companies working on U.S. productions, from film shoot services to preproduction and postproduction. Booking a sound stage isn’t impossible, but it’s difficult, and available film crews are hard to find. Hamilton is looking to attract more of that overflow work, and it’s selling itself on the city’s relatively less expensive office rent and creative spaces.


  • 19 Jun 2017 7:11 AM | Editor (Administrator)

    The Canadian Press

    A Tim Hortons franchisee is seeking a class-action lawsuit against parent company Restaurant Brands International, alleging it improperly used money from a national advertising fund.

    The claim alleges that since RBI acquired Tim Hortons in 2014, its subsidiary TDL Group Corp. started to charge administrative and operational expenses, such as the costs of franchisee training, to the fund. It also alleges TDL failed to provide statements of the fund’s operations, which is required by franchise agreements.

    READ MORE - Toronto Star

    READ MORE - Globe and Mail 

  • 15 Jun 2017 7:20 AM | Editor (Administrator)

    The Globe and Mail

    “In Canada, we do an amazing job celebrating our hockey players and our sports players and our artists, but not as much when it comes to our entrepreneurs,” said Ruma Bose, former president of Chobani Ventures LLC and founder of the Canadian Entrepreneurship Initiative, which is launching Thursday in Ottawa with the support of celebrity entrepreneurs Michele Romanow and Richard Branson.

    Ms. Bose and the initiative’s co-founder, Jonathan Glencross, want to change this by putting a younger, more diverse and more female face on Canadian entrepreneurship. At the same time, they want to help female entrepreneurs access capital and expand their businesses online.




  • 14 Jun 2017 7:39 AM | Editor (Administrator)

    Joy Thomas, MBA, FCPA, FCMA, C. Dir.
    CPA Canada

    When you think of a global network of crime fighters, you probably don’t immediately think of accountants. But you should.

    Recently, the International Federation of Accountants (IFAC) released a study titled “The Accountancy Profession — Playing a Positive Role in Tackling Corruption.” It was the third part in IFAC's look at the importance our profession plays in society.

    The key finding in this report is that where a country's governance architecture is stronger, the role played by professional accountants in tackling corruption is amplified. Professional accountants — with their focus on ethics, education and oversight — are instrumental in fighting crime worldwide.

    It's a truth that we here at CPA Canada have known for a long time, but it's great to have studies such as this confirm it.

    Chartered Professional Accountants of Canada has more than 210,000 members — and we are all part of a growing global community of some three million professional accountants. Each of us, no matter where in the world we are, play a part in fighting corruption and creating a global culture of good governance.

    Others in the business community and government play a critical role in this fight, but we at CPA Canada know that we must continue to play a leadership role.

    Corruption eats away at economies and to stop it we need cross-sector collaboration — something that CPAs have excelled at for decades. Among the examples of recent collaboration is CPA Canada's work on various government committees and panels. These include:

    • The Advisory Panel on Canada's System of International Taxation
    • The minister's Underground Economy Advisory Committee
    • The CRA-CPA Canada Framework Agreement
    • Finance Canada's Public/Private Sector Advisory Committee on Anti-Money Laundering/Anti-Terrorist Financing

    But more than serving on panels and committees, being a CPA means we are committed — in everything we do — to a higher level of integrity. Integrity plays a critical role in combating corruption and assists in cultivating long-term sustainable growth. It represents the Canadian ideal of good business: the focus on both business and social development to create a stronger economy.

    At CPA Canada, we are also committed to equipping our members with the latest skills and knowledge required to stay ahead of fraudsters. As the IFAC study notes, our profession's skills make accountants critically important in the fight against corruption. There is a strong link between the percentage of professional accountants in a country's workforce and more favourable scores (indicating a “cleaner” economy) on Transparency International's annual Corruption Perceptions Index.

    And as my colleague Fayez Choudhury, CEO of the IFAC, says in his report, “In the fight against corruption, silence must never be the safer option for any individual. The accountancy profession, acting in the public interest, has supported this fight for decades — and we will continue to do so.”

    We here at CPA Canada will stand with our global colleagues in accounting — from Vancouver to Vienna to Volgograd — to continue to fight this important fight.

    PART 3 - The Accountancy Profession: Playing a  Positive Role in Tackling Corruption

    PART 2  - The Accountancy Profession: Global Value-Add

    PART 1 - The Accountancy Profession: Behind the Numbers

    Joy Thomas, MBA, FCPA, FCMA, C. Dir.
    Joy is the president and CEO of CPA Canada, and a member of the board of directors of the International Federation of Accountants (IFAC). Joy is also a member and chair of the Audit Committee with the Financial Planning Standards Board Ltd.

  • 09 Jun 2017 2:21 PM | Editor (Administrator)

    René Lacerte, CEO

    The 2017 Millennial Business Owner-Accounting Firm Survey questioned more than 1,000 business owners and general managers who oversee the accounting firm relationship to determine what millennials require from their firms.

    Strategic insight

    Millennial business owners and leaders prefer accounting firms that can surpass short-term performance analysis to provide strategic insight into critical areas such as long-term profitability, shareholder value, acquisition plans, managing risk, and more. Nearly one-third of the millennial respondents said they currently have CFO-level consulting services from their firms. Fifty-two percent said that strategic insight and guidance are a necessary attribute for accounting firms.

    The need for this level of experience is further supported by the top accounting frustrations for millennial business owners: Reporting (24%), forecasting (20%) and managing cash flow (17%).

    Another illustrative percentage stems from how accounting firms communicate. Nearly half (42%) of millennial business owners want an accountant that can translate complex financial concepts into terminology and reporting they can understand.

    2017 Millennial Business Owner-Accounting Firm Survey

  • 01 Jun 2017 8:28 AM | Editor (Administrator)

    A new partnership between the Business Development Bank of Canada and Women's Enterprise Centre of Manitoba enhances funds available to women in Manitoba

    WINNIPEG, June 1, 2017 /CNW Telbec/ - The Business Development Bank of Canada (BDC) and Women's Enterprise Centre of Manitoba (WECM) have teamed up to streamline the process to access the capital necessary to start, grow and expand women-owned businesses in Manitoba.

    WECM provides loans up to $150,000 to women-owned and female/male partnerships that are starting, growing or purchasing businesses in Manitoba. The new co-lending agreement means that BDC will provide an additional $100,000 to businesses that require more capital to successfully start or grow.

    "The percentage of women in Canada who would like to start a business is one of the highest in the world, yet women are generally underrepresented in entrepreneurship and small business ownership," says Honourable Bardish Chagger, Minister of Small Business and Tourism and Leader of the Government in the House of Commons. "This partnership between the BDC and the Women's Enterprise Centre of Manitoba is so important to helping equip women entrepreneurs with access to the capital they need to start and grow their business."

    "Women entrepreneurs represent an enormous economic force in Canada. We are excited to do our part to empower and support them," says Laura Didyk, Vice President, Alberta South and national champion for the Bank's Women Entrepreneurs initiative. "Both organizations understand the unique challenges facing women entrepreneurs during all stages of the business cycle. This strategic collaboration aims to encourage more women to start businesses and provides established women entrepreneurs with the financing needed to scale-up."

    According to Sandra Altner, CEO of the Women's Enterprise Centre of Manitoba, "We have developed a loan review process that is geared to the needs and circumstances of women entrepreneurs. We work very closely with our clients who are innovative and creative to ensure that the business plans they develop are realistic and relevant. The partnership with BDC is an excellent way for us to assist women in accessing the financing they need." Altner goes on to say, "Our approach has had a meaningful impact in Manitoba. Since the Centre opened in 1994, we have approved $26.2 million in loans and 98% of our clients pass the one-year milestone."

    Women are more inclined to self-finance their businesses than male entrepreneurs. This means that women-owned businesses often remain smaller and may not have the capacity to capitalize on new opportunities. Appropriate financing at start up and growth stages is a key factor in business success. The partnership between these two entrepreneurial support organizations means that women now have access to up to $250,000.

    BDC has taken a comprehensive approach to supporting the needs of women entrepreneurs and now offers a full spectrum of financing and capital solutions. Today's announcement also complements a 2015 BDC commitment to increase its term lending to majority women-owned businesses to at least $700 million over three years.

    About BDC

    BDC is the only bank dedicated exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 110+ business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. To find out more, visit bdc.ca.

    About WECM

    Since 1994, the Women's Enterprise Centre of Manitoba has been helping women throughout the province successfully start and expand their businesses. Training, business advising, loans, mentorship programs, networking opportunities and a variety of specialized programs have been crafted to ensure that women entrepreneurs have the tools and skills they need to succeed. Find out more at www.wecm.ca or call the Centre at 1-800-203-2343.

  • 01 Jun 2017 7:56 AM | Editor (Administrator)

    "For decades, that number has sat at 4 per cent. That means that women entrepreneurs cannot get funding and have sat on the sidelines," SheEO founder Vicki Saunders told BNN anchor Amber Kanwar. 

    "If we can get women supporting women--women writing cheques for other women--that should change things," said Ms. Saunders.

    Ms. Saunders referenced a recent Harvard study that showed that women are hired on proof and men are hired on potential. The results of that study were published in a May 2017 article in Harvard Business Review. 

    Ms. Saunders has created a crowdfunding approach to sourcing capital where 500 women have each contributed $1,000 to create a $500,000 capital fund. From this fund, women get low interest business loans. 

    Equally important, they also get the strength of 500 women on their team, meaning introductions into networks, early customers, and feedback on marketing approaches. 


    2017 Women's Entrepreneurship Forum 

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We encourage owners and managers of small and medium businesses to better understand the use of numbers in business management, and encourage them to hire accountants as part time Chief Financial Officers, and as advisers on overall business management.

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