A Proposal to Strengthen the CPA

As a member of this profession for thirty eight years, and a Fellow and Life Member within it, I am writing to all of my fellow Professional accountants in Canada on a matter of great importance.

The issue I bring to your attention long has been an undiagnosed problem in our Profession, and I seek your acknowledgment and call to action. The issue is the separation of regulatory and member services. What this means is having one regulatory body, whose prime responsibility is the public, and one member services body, whose prime mission is to advocate on behalf of the Professional members. This would reflect the separation of church and state – the wall of separation – a fundamental concept adopted by most societies for centuries. TO READ the entire article, click here.

Professional Development – fyi seminars

You can visit my home website to see a list of courses I deliver through fyi seminars.

These courses are variously booked for delivery by different professional organizations.  Here is a list of the current scheduled list of deliveries.

If a seminar that you are particularly interested in is not being offered on the current calendar, you can consider booking it yourself for private delivery in a smaller group. The event can be hosted either here in our Board Room or in some other private location. The fee for the group will be $750 per half day and $1,500 per full day, and shared amongst the participants. This will provide an intimate PD environment where the small group can set their own appropriate pace and ask all the questions they wish. Full printed materials will be provided. Lunch will also be provided where the group can discuss matters of mutual interest.

If you cannot form a small group yourself, then you can make a blogpost here and indicate what course(s) you are interested in.

fyi seminars will contact you to coordinate and organize the event.

Webcasts can be delivered for interested parties outside of the Vancouver region.

2012 CPP changes

Effect of CPP changes on those aged 60 to 69 who presently are collecting CPP Benefits and still working, as of January 1, 2012

Age 60 to 64:

Employees:

Employers will have to begin deducting CPP contributions from employment income and remit accordingly to CRA along with their matching contributions. This is mandatory for people in this age group.

Self-Employed:

Self-employed people will fill out Schedule 8 on their tax return commencing for the 2012 personal tax year to calculate the CPP due (both employer and employee portions) on their self-employed earnings. This is also mandatory.

Age 65 to 69:

Employees:

Making CPP contributions in this age group is optional; however, the default is to opt-in. In order to opt out of having to contribute, an employee must fill out form CPT30, give a copy to the employer and send a copy to CRA at the following address:

            Winnipeg Tax Centre

            Specialty Services Section

            66 Stapon Road

            Winnipeg MB R3C 3M2

If the employee continues to make contributions, the employer will have to continue with the matching contributions.

The election to opt out becomes effective the month following receipt of Form CPT30 by the employer.

Self-Employed:

Contributions for this group are optional as well, and will be calculated on Schedule 8, as above.  Schedule 8 will be used, starting with the 2012 tax return in the tax filing season of April 2013, to elect out. 

In All Cases:

These new contributions to CPP starting in 2012, made by people still working but already collecting CPP benefits under the “old system”, will go into a new Post-Retirement Benefit (PRB) fund.  After the first year of contributions under the “new system”, an extra, separate monthly benefit will be paid, as per a formula, which will be in addition to the amount presently received under the old system. Each extra year of such new contributions into the future similarly will result in an increase to the separate benefit paid out commencing in the year following.