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Can't believe it's taken me this long to find this thread and post in it. I'm in the middle of my PREP (prerequisite courses for Canadian CPA), and my final course is Advanced Financial Reporting. Out of all of the courses I've taken, all of this corporate consolidation stuff makes my head swim. Thankfully, CPA Ontario changed their rules and now not only do I have to register for exams separately from the ~6 week online courses, but I can take then up to 12 months after the initial course material is released. Which means that even though I have 3 more weekly quizzes due for the next 3 Friday nights (starting next week), and an assignment due in two weeks, I at least can take a self-imposed breather to study for this thing.
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Jan 3, 2020 22:43
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PatMarshall posted:That sounds cool, assuming they pay enough so you can afford to live in London! Closest I came was third round interviews for a similar position in Hong Kong with KPMG, but I asked for too much money and they went away. How often does this kind of thing happen? I'm working on my CPA right now, but unfortunately I can't imagine that (even if I eventually theoretically get a job with a bigger multinational firm) there'd be much demand for Canadian tax professionals in most other countries. That is to say, I've been thinking about moving to another part of the world if I have my CPA by the time I'm 40 and have nothing tying me down here (I'm 34 now). Unfortunately, I assume that I'll still have to do enough legwork to find employment in another country and have the necessary qualifications (even with mutual agreements CPA Canada has). I was hoping we had more agreements with EU countries since I have EU citizenship, but unfortunately the only country other than Ireland is France, and only if you go through CPA Quebec (which I don't). I have no problem taking extra courses and working my way up. I just figured I'd ask because I've been entertaining this fantasy about living and working somewhere else. I figure it's an idea that'll have to come down to reality eventually, but on the other hand, Canadian real estate is absolutely insane and I can't see it being any worse establishing myself anywhere else (short of London or Hong Kong). I mentioned the possibility of being able to live and work in Ireland to my cousin that lives in London during a Christmas phone call, and he mailed me a CD of Irish Pub Songs a month later. Also, my first mandatory CPA PEP (post-prerequisites) online module starts this weekend, so wish me luck with all of that.
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Jan 26, 2021 22:24
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Thanks for the replies, everyone.PatMarshall posted:Historically Ireland was a lynchpin in global tax planning, mainly IP, and as a result there was a good amount of tax work in Dublin. BEPS, EU regulations, and US tax "reform" have changed this somewhat, but it may still be a good option. I only mentioned it because it's one of two European countries with which we have agreements, but the only one that is part of the EU, so I wouldn't have to worry about residency or anything (provided I can find out how to get a new Polish passport because my last one is from when I was a teenager and I have no idea how my mom proved citizenship for me). I have a friend who moved to London a number of years ago, married to a British citizen, but still has issues with residency and work permits (works in film & TV, so maybe that has its own problems). Australia and New Zealand also look nice, but I like the idea of cheap intracontinental flights for vacation. Hurt Whitey Maybe posted:If the Canadian tax market is anything like the US, recruiters will be up your rear end if you work for a sizable firm (Big 4, and the not quite Big 4 probably). I probably ignore a couple recruiter messages a week. Then one day out of the blue a recruiter contacted me about the opportunity in London, so I’ve been rolling with it and seeing what happens. I figure worst case the money isn’t as much as I want or they don’t want me and I still have my job anyway. Have an interview lined up for next week so hopefully that goes well. That is good to know, since I've already gotten a few offers on LinkedIn, and I'm in PEP (not sure how the US CPA works, but it's the post-prerequisite but pre-Common Final Exam stage) and only working with a small local public accounting firm. It's still my first proper full-time accounting job, and I've been here for almost 7 years now. I've had an eye for working with a bigger firm on Bay St. or thereabouts, but I figure I'll stick with my current firm for at least a year after I get my CPA, as I have no real interest in a potential partnership here, mostly because I still don't know what's out there (one of my first interviews right out of college was for a business valuation and litigation support firm, and I had no idea what that was at the time). Also a good idea nonetheless to get a US tax certification. We have a few clients we file 1040's for, but they're mostly non-residents that my boss uses his PTIN for. Good Citizen posted:Getting a transfer to another country within the same company is usually pretty hard unless you're a top performer and are really ready to push hard for it (like telling them you're moving to X country either way hard). They'll also make you sign something saying that you'll stay with the firm for X years or you'll forfeit relocation reimbursements. The number of years varies based on your level and the size of your relocation package. Also depending on which country you're moving from/to, you may get held back a year on promotions. That was kind of what I meant by legwork, insofar as I'd have to make the actual move myself instead of just applying internally with HR or something. Also, if I could just move anywhere else and do my job remotely, that'd be the dream, too. I visited an old high school friend who is now working as a doctor in Croatia back in September 2019, and I really enjoyed the feel there. He also runs some kind of small seaside hotel there, and the Facebook posts alone remind me of how nice it was. As it stands right now, there's no real effort to make my office more remote, even though we're under a stay-at-home order and my 5-person office is full most days of the week. The main partner I work for has set a retirement date of July 2022, so maybe that's why.
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Jan 27, 2021 16:16
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MrAmazing posted:The market for US tax professionals is massively larger internationally. Oh, I'm definitely getting some US tax certification once I get this. It seems like even though the border's right there, not nearly enough accountants here take advantage of it. I was just hoping to look into the possibility of finding a job in another country, even if I have to take extra courses to do what I do now, even if I have to learn a new set of rules. Don't know if I should look for a jump to another firm now (that is, post-pandemic) or wait until I have the designation, if that makes a difference. I'm also still trying to come to grips mentally about living with my parents again in a town that seems dead, and my current job is probably the one thing giving me stability (also a raise of a couple bucks on my last paycheque!). On the plus side, the workshops for PEP modules are asynchronous, so none of this "gotta show up to a two-day 8-hour workshop, not show up late, and participate in discussion" thing. Instead, I just have to watch videos and submit short assignments to prove I watched them. 7 more weekly quiz/practice case/integrated problems and I'll have the 75% required to go for the exam. Thankfully, I already have experience doing case-style problems since I was part of a college-level CGA case competition about 8 years ago. Fun fact: our competition case was about consulting with a client who wanted to invest in a medical marijuana operation, and we had to take into account the possibility of imminent legalization.
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Feb 10, 2021 16:46
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Yes, I'm currently a CPA candidate (found out that's technically what I am now, and not a student, thanks to workshop quizzes), working on a Canadian CPA, but I figure getting some kind of education or licence to do US taxes can't hurt. Not an actual US CPA, because to be honest, I have no real interest in moving or working in the US (unless I got one hell of a salary), so it'd be something to help me pad my resume and compensation here. It's related to wondering whether or not I could work somewhere else because while the US tax knowledge won't help me as much overseas as it would in North America, it still couldn't hurt is my thinking. Empress Brosephine posted:I never even thought of something like that either; I live a hour away from the Montreal US border and would love to move to Canada…is that something I could feasibly do down the road with a EA? I don't know what the actual requirements are in reverse. I've only seen CPA Canada's list of international agreements, and the ones I'm interested in mostly list "Import foreign CPA, and take local courses on tax, audit, and whatever else." Transferring a Canadian CPA into the US requires a lot more rules and exams, plus whatever requirements are at the state organization level. A quick google search led me to this: requirements for US CPA to attain Canadian designation. Also, I'd like to amend what I said earlier about not wanting to jump ship: I might have to eventually. My professional experience requires CPA to assess audit & assurance skills and verify 425 hours or so, which they've said my job doesn't appear to grant me. My boss said he might be able to lend me out to another CPA he's friends with who does review engagements, but we'll see.
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Feb 10, 2021 17:37
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Hellblazer187 posted:You wouldn't necessarily have to move to the US. The process to become a CPA is basically: That's pretty much what I was planning to do, thanks. It's just something to keep in my back pocket for the next few years. I think that's also what one of my now-former coworkers did. She got a job at a larger local CPA firm to get her US designation, even though she'd been living in Canada. Maybe it's because she's a Chinese citizen and not Canadian (at the time), and this was her plan or something. I don't quite remember.
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Feb 10, 2021 17:50
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Hurt Whitey Maybe posted:on the topic of working abroad, is there a expat/how to expat thread in BFC? I only ever really see this thread in my bookmarks and looked through the first page or so of BFC, and didn’t see anything, but maybe I just can’t read or it’s titled something like “Expat: Can you move to the UN?” I was hoping there might even be one in Tourism & Travel, but I guess general threads don't exist if it'll be mostly country-specific.
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Feb 11, 2021 18:58
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Hurt Whitey Maybe posted:Turns out I was right. Got an email from the recruiter telling me to expect an offer letter next week. Now time to see what number they offer, and if it’s remotely good I’m thinking I’m gone. The idea of living in London is just too tempting. Holy poo poo, congratulations. Good Citizen posted:Man I'd kill to live in london. Their indian food is so much better than in the US. Congrats dude We have a significant Indian diaspora in Ontario, but somehow it didn't quite break out on the same level as it did in the UK (I assume it's because suburban sprawl isolates you from restaurant culture). My Polish cousin who now lives in London loves it. No one in my family is ever willing to try new things, but somehow he's the sole exception. I've visited Dishoom once and it's now a life's goal to at least plan layovers in London just to have breakfast there. Empress Brosephine posted:I think financial valuation killed my interest in accounting for a little bit lmao. It wasn't even a hard class just boring. It got to the point where I considered changing majors, but I'm deciding to finish this poo poo out. Whenever I talk to my boss, or the most recent partner, they both malign audit work and say that's why they chose public accounting with no assurance work. Nevertheless, when I finally took the auditing course, it was interesting at first but then became very dry because it's mostly knowledge of procedures and reporting documentation and sources. Reminds me, I might have to start looking for a new job in about a year or two anyway. I totally forgot my main partner has set a hard retirement date of June 2022, and given that I don't really want to work for the newest partner (and the other partner works in another office, which I may be able to swing toward in the interim), I have less incentive to not want to go. That, and CPA Ontario assessed my job for the 30-month practical experience requirement, and said it's deficient in auditing & assurance, of which I need 425 hours. Obviously not until all of the pandemic is over, but I figure another year before I get settled with my modules and start shopping around. I almost missed the second week's practice case and integrated problem submission deadline because somehow, the first weekly deadline was a Saturday night, but the rest are Friday nights. Apparently, they gave us an extra day on week 1 because of our orientation module. Thank God I check that site once a day.
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Feb 23, 2021 16:41
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I had to give myself a crash course in business valuation last night because my next online quiz covered it. Turns out even though I took two business finance college courses for the CPA exemption, they never covered it. Coincidentally, the first interview I had upon graduating was with a business valuation/litigation support firm that I botched.Everett False posted:In my auditing class we watched a lot of videos about poo poo like Crazy Eddie's and were told a lot of funny stories about people who should have been caught a lot sooner but the auditors hosed up. And we did a fake audit project. But mostly it felt like the day the science teacher shows a Bill Nye video, for the entire class. Unfortunately whoever designed the fake audit project didn't make it so that students could discover an embezzlement scheme and just made it full of normal boring errors instead. All of my auditing education was online videos and notes. The instructor in the video kept using an example company name called Joey Flip-Bats Inc. Couldn't stop thinking, "Gee, I wonder when this video was made and what baseball team he's a fan of," because that's a very specific reference.
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Feb 24, 2021 16:47
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Blotto_Otter posted:I went and did financial reporting (and other odd tasks) in industry for a while and then went back to auditing, and I can confirm your theory - I'm a far better auditor (more efficient, more effective, and more empathetic to the client) after learning exactly what goes in to making the financial statements that I'm auditing. Most audits could be done in considerably less time than they usually take (and to a higher standard of quality) if the audit teams actually had experience in corporate accounting and financial reporting, rather than the usual bumbling audit team of fresh college graduates being guided by slightly-less-fresh college graduates. (This will never happen because it is marginally cheaper for a firm to staff an audit team out of fresh college grads willing to work 80-hour weeks on a fixed salary than it is to hire or retain experienced auditors.) I know that dealing with things like payroll, sales tax, and the general bullshit that came in dealing with a not-for-profit service organization made my ability to do compilations for various small business much easier. Not the same level, but now I see it from the other side.
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Feb 24, 2021 20:24
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Literally Lewis Hamilton posted:Is that the starting offer? Wiggle room? Also, once the pandemic is (hopefully) over, way easier to take advantage of cheap continental flights for excursions. One of my main reasons for wanting to move there, too. So many European destinations I'd like to visit but I have to plan around 6-10 hour flights. At least now I get 3 weeks' paid vacation.
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Feb 25, 2021 22:29
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sale on Banksy art posted:My CPA was built on the back of a philosophy degree. Same, but communication studies. The only additional on-paper education I had was a two-year accounting diploma from the local college. I think what put me over the top was being part of the college CGA (before three separate designations merged into one) case competition and volunteering for a program that files taxes for low-income persons. Also wouldn't surprise me if part of the reason I got the job was because I studied film and video production in university, and my boss used to own a movie theatre years and years ago.
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Mar 5, 2021 20:04
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Hellblazer187 posted:hey another quick question - does anyone feel like they got dumber this year? Like my brain just doesn't work the same anymore. I don't even know if I'm smart enough to be an accountant anymore. I almost feel like doing manual labor for a year except my body is tired too. Is this depression? Been feeling something similar. Between this, general tiredness, and the breathing problems I've been having since March/April 2020, sometimes I wonder if I got Covid early on, got very lucky with initial symptoms but am now dealing with long Covid. Then I remember it's probably mostly just stress-related, including the very real possibility that stress exacerbated my gastro-esophageal reflux that is causing the now-occasional breathing problems.
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Apr 14, 2021 20:48
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Some good news: I've passed my Core 1 CPA exam. Now it's just Core 2, Audit/assurance, Taxation, Common 1, Common 2, and then the CFE. Oh, and another 25 months of practical experience to be assessed. They don't mark it like a regular exam with a percent grade. They just judge you on two 60-minute cases that assess your competencies. Glad I got competency in Financial Reporting, Finance, and Taxation, but it kind of stings that I got "Not competent" in audit/assurance given that about 26% of the class got "competent with distinction" on that one (the other competencies only have 2.5-9.5% "with distinction). I know it's a bit E/N, but: Hellblazer187 posted:bruh are you me. I did actually get sick in Feb 2020, I assumed it was a weird cold. I just slept for like a month. It's too bad there's not a way to test if I had Covid a year ago. Yeah, I got a test the third time I was in the ER (A month after my first ER visit, April 20th), and they said negative. That was the day I said "gently caress it" and moved back in with my parents. Been on pantoprazole for about 7 months now, but starting to think I may have to up the dose as I feel like I've plateaued with the symptoms. Either way, I still need to keep my tomato, spice, and alcohol intake low (LOL at keeping caffeine intake low, even after the April 30 deadline). Now that I'm living at home it's hard to regulate the food since my mom cooks enough to feed a small army, and cheaply (eg. fatty cuts of meat, lots of potatoes and starches), but I'm trying to lose weight again as is so hopefully this'll help.
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Apr 15, 2021 17:54
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poo poo, it turns out I missed a client who needed to file a foreign property report by April 30, so the firm has to pay her late filing penalty of $25/day or so. I was asked to triage our remaining clients two weeks ago, and I guess I'll have to cross "attention to detail" off of my resume  .Still have more than a few self-employed people to work on, but here's hoping I can relax with some corporate returns before my next CPA module starts at the end of July. Also, I joined the BFC discord link, but wasn't sure if I need to say who I am in the otherwise-blank authorization channel. Already PMed Moneyball, but I thought I'd ask here anyway since I'm posting it here.
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May 12, 2021 21:16
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These clients got their returns to us on time and we said "about two weeks", and prioritize anyone who owes but isn't self-employed. If they come in a week before, then yeah, tough poo poo, but if we already said, "We'll take care of it," then we take care of it. Then again, we're also a small firm with only 2-3 CPA's and maybe that many non-CPA employees (myself included), so that kind personal touch is part of the business. Especially with something as simple as filing a Foreign Income Verification Statement. Hell, we've had corporate clients who got audited and our response was, "Well, you said you had receipts to back it up. Now's the time." Main reason we almost always specifically ask for medical and charitable donation slips for personal clients, as CRA has a habit of desk-auditing those.
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May 13, 2021 02:20
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I posted this in the BFC discord, but I wasn't sure if there's much activity, so I'll just ask this here: I got a message last week from a recruiter that found me on LinkedIn a year or two ago asking me if I was interested in a job with a bigger, local firm. I'm not quite ready to leave yet as my main boss is less than a year from retirement, and I thought I'd do him the professional courtesy of not shaking things up too much (even his original plan has gotten worse because he's now taking more time to care for his wife who's starting to get Alzheimers) as he plans his exit, but since I don't want to work for the guy they recently made a partner, I thought I'd use the "I need audit/assurance hours" as my official reason for leaving. The job offer was as an Accounting and Auditing Manager. I'm about two years from my designation, but I have over 7 years doing NTR's at a small firm, so while I wouldn't mind a certain level of management, I have no real experience with auditing. Nevertheless, I told him that I wouldn't mind if there's any openings 6-12 months from now in that field so I can get the experience. He suggested a Zoom meeting, and then a phone call after I told him a Zoom meeting would have to be after 6pm because I don't have the hardware at work. Problem is I'm not sure what the actual protocol (or whatever you call it) with a recruiter is, if I tell them, "Hey, can you give me 5-minutes heads-up so I can go to my car. Because my office isn't exactly private, and I don't want anyone knowing I'm looking to leave just yet."? Again, I'm not looking to split just yet. I just want to know my options because I figure 7 years in this position without much room for advancement isn't a bad time to start looking around, and I don't think working on becoming a partner at the only small-level firm I've worked for is a good idea. I figure if worse comes to worst, asking for a starting salary that's $5,000-10,000 more than my current nominal annual income, plus benefits and experience hours will either answer the question for me, or solve a few of my goals. I'm pretty naive when it comes to this kind of thing, especially since I never grew up with anyone that had actual advice for a career (let alone one in business or finance) so almost all of this is very new to me.
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Jul 28, 2021 16:34
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Hellblazer187 posted:If it made financial sense for your boss to terminate your employment, do you think he would extend the professional courtesy of keeping you employed for almost a year anyways? Thanks, I figured I was overthinking it. I just needed an actual opinion. I really should network more and meet other local professionals, because the only guidance I've ever had for jobs or career has been family, and they're... absolutely wrong about everything. Oh yeah, don't get me wrong. If I could jump ship now to another company that has me doing what I do now but with a significant pay boost, I totally would. I just don't want any information getting out until I'm sure I can. Besides, he's slowly shifting his clients to the newest partner, so it'd be the newest partner's job to hire someone.
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Jul 28, 2021 18:52
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Yeah, that's why I'm also curious, because the company he works for does recruiting for accounting firms, but maybe there's a miscommunication. I once interviewed for my college co-op position at the local hydro provider, and I realized afterward that the reason they were asking about my bartending and conflict resolution skills is because the job was more likely for customer account retention or something.Blotto_Otter posted:Where is this, Canada? NTRs are basically the equivalent of a compilation, right? Yeah, we mostly use "compilation" but I've heard "NTR", and I just wanted to use the acronym. That said, it might be a job that sometimes dips its toe into auditing, as it mentioned a lot of stuff that isn't exclusive to auditing. Missing Donut posted:- If a recruiter wasn't willing to work around your schedule, which is being respectful to your current employer, you should question whether you want to continue working with that recruiter. I may have misunderstood what he was trying to say, but maybe it was more, "Can I call you during the day instead?" because I mentioned not having access to a webcam or anything at work. In any case, I'll take the call and see what goes from there. I was hoping to be able to move to a firm closer to Toronto, but as long as it's not in my hometown, I'll take it. Thanks, everyone.
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Jul 28, 2021 19:11
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Well, I responded to this recruiter via LinkedIn, told him the story, but after I told him I'd prefer chatting during lunch, he asked me again for my email address for a Zoom call for Thursday (ie. tomorrow). Told him I thought this was going to be a phone call because I thought I told him that I can't do Zoom at work (no camera or microphone, and also it's not exactly private) on Friday. I know Monday was a holiday here, but I haven't heard back. Was going to tell him that I'm taking Friday off, so I could do a video call in the morning at home, but gently caress it, I'm not sure what's going on here. You're the one that messaged me, buddy, not the other way around. Also, I just started the Core 2 CPA PEP module, which is going to be way worse than Core 1 because I remember very little of my original cost and management accounting prerequisites. Oh well, another two months and hopefully the tax, auditing, and two common pre-CFE modules that come after will be smoother.
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Aug 4, 2021 22:11
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MrAmazing posted:For the Canadian exams I always tell my staff writing exams/modules that if you think you failed you probably did passably well because you knew what you didn't know and understood why the questions were tricky. In my experience it's generally a subset of the dumbasses that come out feeling great about everything. Yeah, I know my Core 2 practice cases are getting better and better, and yet I keep noticing more and more things I missed after I submitted them. On the plus side, I have two more practice cases and integrated problems (and the stupid module workshop assignments due Friday) before my exam on the 23rd. After that, I hope to never need to remember much about cost and management accounting. Instead, my next module will be tax.
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Sep 8, 2021 21:38
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Jimong5 posted:My CPA experience has been brain dumping all of that immediately after the test. Just knowing the basic tax forms and how to use Excel at an advanced level gets you most of the way there, you can always look poo poo up later. I'm in the middle of my Canadian PEP program, and all they want to know is whether or not you have the ability to identify, analyze, and properly conclude like a client or stakeholder would want. Our exams are open-book because if you do have issues IRL, you get to look up ASPE or IFRS rules about how to capitalize intangible assets or loss contingencies, etc. I just did my Core 2 (Mostly cost and management accounting, with some finance and organizational governance thrown in) exam on Thursday. Hopefully I passed it, because cost/management accounting is not something I'm interested in.
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Sep 28, 2021 15:57
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Passed my Core 2 (management, finance, and strategy & governance) exam with a surprisingly better evaluation than Core 1 (financial reporting, audit, taxation).  I say surprising because financial reporting and taxation is what I do for a living. Everything was either "competent" or "competent with distinction", as opposed to a "not competent" and a "reaching competent" that I received on the first one. Either way, my next PEP module dedicated entirely to taxation start... in a week  . At least I get a long weekend now to relax and not worry.
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Oct 8, 2021 17:24
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Unrelated, but is there any reason I shouldn't accept a link by a recruiter on LinkedIn to register for a regional salary guide? The only thing he's mentioned is that they'll send me annual ones unless I opt out. Link for the curious. Had a small pre-tax meeting that the partners of my small firm are entertaining being bought out by a larger national firm. Very, very preliminary, but if it goes through, I could probably transition into the audit work I need for my CPA experience, but I don't think I want to wait a year or however long it'll take for all of this to happen if I'm already halfway through my 30-month experience requirement. That is to say, I'm definitely starting to look for a new post-tax audit job.
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Feb 16, 2022 16:24
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Figured I'd ask this here: Just had a client call up and ask me if I could apply for an EIN for corporations his sons own (but he runs). Turns out he's been having problems registering online. Everything I'm reading says that as a foreign corporation, it has to be submitted with a form via mail. Is there anything else I need to submit other than SS-4? For reference, the two corporations are CCPC's (Canadian Controlled Private Corporations), each owned by a respective son, who are each partially invested in a US LLC. I tried to pass him off to my boss who he mostly deals with, but his US tax info is mostly to do with filing low-level exempt-income or nil-income 1040NR's so I might as well look into it.
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Mar 1, 2022 17:25
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PatMarshall posted:Yeah, SS-4 is correct. If you get a signed version with yourself or another associate listed as 3rd party designee, you may be able to get the number over the phone after you fax in a copy of the form. The number to call is 267-941-1000. Good luck getting through. If you do get through, the agent should give you a fax number, then they'll go through the form and spell everything and if everything goes to plan, they'll read out the EIN over the phone. Otherwise, wait 4 to 8 weeks for the letter in the mail with the EIN. Thanks, although I think that number might be for internal registrations. I sent the pdf to the client, and told him what I found out. I think my boss wants to be hands-off on this wrt. third-party designee, but since the guy emailed me back pretty quickly, that probably answers the "But does he want to pay us to do it for him? question. Client said he's called over 30 times and gotten no answer, so I think fax will probably be best.
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Mar 1, 2022 22:17
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drat, CPA Ontario finally got back to me about my first 12-month professional experience review (after they sent me an email apologizing for the backlog), and it turns out they actually need me to explain my self-assessed competency requirements. Apparently things were a lot easier during the old CGA days, so this is a surprise to most of the accountants (CGA's that got grandfathered in during the merger a few years ago). Oh well, turns out 30 months of experience will be a minimum requirement, because no way do I have 500 hours of complicated tax issues in that time if I'm doing mostly tax returns and compilation engagements. Good news is that my firm may be bought out by a larger firm, so here's hoping I can transfer to get audit/assurance hours instead of having to find a new job -- or maybe I should find a new job anyway because there's a shortage, so I'm told.
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May 18, 2022 18:22
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I remember our case for the (then-) CGA case competition was about someone investing in a dispensary back in 2014.  .
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Jul 15, 2022 16:19
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WHEW passed my Assurance exam. Wasn't sure how it was being graded given it was my first in-person PEP exam (Core 1, Core 2 and Taxation were online case-only), which meant it was 4 hours for 15 multiple choice plus practice cases. Now I need to plan when I'm going to take Common 1 and 2 before the CFE. From what I understand, CPA Canada needs you to take them in a specific schedule as they build on each other for the CFE.
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Jul 15, 2022 17:07
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Good Citizen posted:If they don’t have someone reviewing the work of a first week accountant then that’s on them One of my coworkers who briefly became a partner (the main partner I work for was hoping to retire and he's the only other non-partner CPA in the office) was in charge of hiring a co-op student last tax season and training him because we needed someone. Sporadically over the last year or so, my main boss kept asking, "Who worked on this last?" and the coworker had to keep responding that it was the student. It wasn't a good look given that he's the one who was taking on more responsibility as a partner. I can't remember if this was before or after the partnership was rescinded (they told me it was "mutual", and I believe that), but it's something I'll never forget if I'm ever in a role with subordinates.
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Sep 19, 2022 15:18
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MrAmazing posted:I can’t compare to the CFA program, as I haven’t done it. That said, it’s not hard - it’s just a ton of work with the modules. It’s worse if you’re in public practice at the same time. Same. I'm in the middle of it right now and honestly, the hardest part about the PEP modules is making time. They're only 8 weeks long, but you really need to dedicate those 8 weeks if you're working full-time. Like, with quizzes due Tuesdays, practice case and integrated problems due Fridays, I end up spending Saturdays and Sundays reading up on what I missed and assessing what I need to work on. Gives me time to do a regular weekly 3-4 day gym schedule and that's about it for those two months. Having said that, working at the same time as a staff accountant in public practice helped a lot because cases become less conceptual and more practical in terms of proposing solutions to whatever your role is. Kind of nervous going into the final two Common modules and then the CFE, but the whole point of the Common modules is that they're supposed to prep me for the CFE so I'm not too worried. The work experience requirements are a bigger pain in the rear end. It says 30 months, but that's a minimum depending on what kind of job you have. Their assessment isn't a formality.
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Oct 23, 2022 20:49
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italian quid posted:If there is one thing that does worry me it's this. My role is pretty loving niche and business specific so I'm not going to have that working knowledge. MrAmazing posted:You’ll do fine. It can also work to your benefit in some circumstances as can learn the CPA Way rather than something connected to reality. Yeah, sorry, wasn't trying to imply that you need to do it. I'm just saying that there is an added benefit of having actual experience helps you remember that part of what you're being judged on is "adding value", as opposed to just knowing the answer. As an example, anyone can do someone's tax return, but not anyone can answer questions or give recommendations in specific situations. A lot of that comes with experience, but the PEP modules still expect you to be able to do some level of satisfactory analysis to be able to help a client, for example. As you do the modules, you pick up on what CPA expects from you so it's not insurmountable.
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Nov 2, 2022 21:49
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italian quid posted:Circling back to this, I just finished doing a PREP course through CPA and now I'm curious on the difficulty between the PREP and PEP stuff. Sounds like PEP is more case oriented which is fine but is there any difference in difficulty beyond learning how to write a response I'm currently in Capstone 1, hoping to write the CFE in May 2023. AMA. I have to start with the caveat that the first three modules I took were all online only so my workshop and exam structure changed throughout. The basic structure is that over an 8-week module, there's a multiple-choice quiz due every Tuesday night, and a practice case and an integrated problem due every Friday night, with an online Zoom module on a Saturday and Sunday 9-4 later (with two 15-minute breaks and an hour lunch). The "requiring 75% to qualify for the exam" sounds daunting but they already give you a 50% boost on every assignment you submit so even if you get 1/2 on an assignment, it counts as a 3/4. I know you were asking about the difficulty, but I wanted to reiterate that in case there was anyone else who was curious. (Word of warning: Capstone 1's weekend workshop is almost immediately at the beginning of the module. Compared to the other four, it was like throwing us into the deep end so be prepared to have even less free time). Having said that, the case orientation does seem scary but the idea is that all of the practice cases and integrated problems are to help you get into the mindset of what they expect on the exam. It's not hard (though there is someone in our other office who supposedly just failed the Core 1 exam, so  ), but you do need to actually debrief after you get the sample answer after and your assessments because they want to see your improvements. There are times when you will get RC's and NC's because of something you missed and only get 1/2 on modules. That's OK, because the whole point is that as long as you submit the work and do enough of a good job you can continue going. Assessments and debriefs help you figure out where you're weakest. I've had to go over revenue recognition more than a few times because one case tripped me up on recognizing revenue as an agent versus direct sale.As for difficulty, there's the expectation that because it's a case you'll more likely have access to proper reference material* in real life, but the hardest part is really just analyzing what they're looking for and planning. They keep emphasizing planning because it's true, it'll save so much time instead of writing your response from scratch. 90% of the time it's expected that you're writing for a client or something who isn't an accountant so they don't want to see to much technical jargon, but always be mindful of your role so you don't end up overexplaining things if, say, you're writing an assurance memo to a firm partner. Remember, they want you to pass on these exams so they prep you a lot -- I actually found the exams easier because in some cases they'd actually give you a list of what the client is looking for in the case instead of having you hunt for it. As long as you can show clear reasoning, planning, research, and being able to apply and communicate effectively, you should do fine. It's not about getting the "right" answer so much as showing that you can do this kind of work in the real world. Before I forget: please don't be one of those people who overthinks the workshops. They will break you out into groups to do small assignments like "present some research you did" and I have had group members that thought way too much about it. You're being graded on participation, not quality. We had one guy in our Capstone 1 module who would sit there and ask the facilitators questions about things that were way in the future. One of the facilitators had a slide about "what comes after your designation" which includes professional development stuff and this guy had about five questions. I wanted to tell him, "Buddy, I'm sure they'll go over this in the future. One step at a time!" *The online-only pandemic exams had us submit two cases in Word and Excel to the dropbox by a due time but we could access anything we wanted as a reference, including the ebooks (though we still had to cite the appropriate standards or ITA). The later exams were in-person with their software that locked you out but still had access to the searchable IFRS, ASPE, and ITA materials plus multiple-choice which you could do in any order as long as it was done by the end of the exam.
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Feb 17, 2023 18:37
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I just found out I need to register for my May 2023 CFE this month. On top of that if I want a Public Accounting Licence, I need to pick Assurance for my day 2 role. poo poo. Oh well I'll just stick with tax, get audit experience after the fact that take whatever the additional post-designation exam is. Not like the experience requirement will be easy to get on its own anyway. italian quid posted:This is exactly what I was looking for so cheers. I did the tax PREP course and am doing Audit PREP now and it sounds like PEP will be roughly the same as the PREP courses but maybe a bit more analytical. I wouldn't go that far, to be honest. Overall they're not hard, but there will be individual cases that will definitely throw you for a loop (I've even had course facilitators mention this during mass emails about overall trends: "I'm not surprised this one was worse because some of that wording was just confusing even to me"). The real tricky ones will be the two elective modules because you're asked to write cases up to 120 minutes in length that go deeper into whatever you're being asked. I've heard tax is the worst but thankfully since I work in tax it was the easiest  .To be honest, the hardest part for me is the professional experience. It's not just "30 months of work? Good enough". They actually want you to justify the skills you're claiming when you submit your 6-month reports. Currently I'm focusing on the CFE and I'll worry about finding an auditing job later.
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Feb 20, 2023 22:33
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Well, just registered for Capstone 2 and the CFE. Because no one's covering my fees, I'm out $3,277. Hopefully it takes a few days to clear because my credit card statement date is tomorrow and I'd rather have an extra month to pay it. Ended up registering for the taxation role because to hell with it, I'll just look into getting my Public Accounting Licence once I get the requisite auditing experience anyway.
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Feb 21, 2023 20:50
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Gabriel Grub posted:I've found that small business owners tend to get way too detailed/philosophical about their expenses and end up using and creating tons of unnecessary expense accounts. We have more than a few clients that we just let do their own thing when it comes to categorization because their needs are different. Like, some clients will routinely expense everything and we'll capitalize everything over a threshold like $500 or $1,000, whereas other clients will capitalize a $200 piece of equipment that we'd normally expense but don't adjust because my boss trusts them. We also have some clients whose expenses we analyze like a hawk because they'll try to claim sales tax credits on insurance (Federal sales taxes paid are claimable, but insurance in Ontario only has a provincial sales tax which is not claimable and must be expensed) and we need to reverse them every year. The most important thing with us is tax compliance and year-to-year consistency, unless there are additional users of financial statements like banks or other lenders.
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Feb 24, 2023 16:20
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italian quid posted:Too be fair I work in life insurance and the level of understanding and consistency over how sales tax works on insurance may as well be zero on the actual insurance plan side lol It’s inconsistent here because some insurance has 8% PST but others have none. It gets even weirder when you try to figure out what premiums are deductible and what proceeds are taxable (basically either both are deductible/taxable or neither are). At the end of the day I just quickly look through their bookkeeping and adjust it like I do if they claim all of their HST credits for meals & entertainment instead of half.
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Feb 25, 2023 01:26
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Finished the Capstone 1 presentation on Saturday. We don't find out our results until tomorrow, but if they don't let us know the next day if we have to re-present that means it's a "no news is good news" situation. On to Capstone 2, and the CFE on May 30-June 1! Nervous, but supposedly it's a 70-80% pass rate, and the failures include a lot of no-shows and technical issues. Next-day edit: Woo, confirmed I passed Capstone 1. I get a week's breather before we get thrown right back in on the weekend of April 1-2 for a mandatory online 9-4 workshop. ...in the middle of tax season. mojo1701a fucked around with this message at 19:18 on Mar 24, 2023 |
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Mar 23, 2023 18:42
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knox posted:Private real estate is always going to underpay their accounting team if possible/never give anyone a promotion or raise because they think they don't have to or that they can replace anyone. You're saying I did a good thing rejecting the job offer I got recently to work for a real estate company? Thank God for my audit experience requirement (and that I'll need more than a base increase of $20-30k to enjoy living in Toronto)
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Apr 6, 2023 16:15
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Cross-border tax question: one of our clients is retired and receives Social Security. His 5-year-old child also received SS benefits in 2022. From what I've been able to figure out thankfully the child doesn't need to file a 1040 because their benefits are under $25k (incl. similar CPP benefits). It's a benefit given to a child because they have a parent receiving SS through retirement. Here's my question: is there any other reason they could be getting more than 50% of the parent's benefit? I don't think the child is disabled nor is the parent dead (duh). I thought it might be retroactive because the father got SS last year but the kid didn't, but the total still goes over 50% (eg. he earned $10k in 2021 and $20k in 2022, and the kid earned $17k in 2022). It's also entirely possible the father may not have given us his SS slips for 2020.
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Apr 12, 2023 16:05
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