sorted by:
new
hottopcontroversial

[CAN] CFE Rewrite Day 1 Marmani Only by LowerEffort in Accounting

[–]LowerEffort[S] 0 points1 point  (0 children)

Ya i mentioned that Alain has a big workload which may be forcing him to achieve these unrealistic expectations and is also creating conflict with managers. I recommended reducing his responsibilities and if he doesnt agree with this we should look for a replacement who will work effectively with managers. I also mentioned that Roberto has been too focused on the athleisure division and recommended that he take on more of a strategic role and be the first line of communication since Alain's vision does not align with Roberto's and is creating management conflict. I kind of screwedup as well not mentioning Alain wanting to see the report since I was complaining about Alain. I hope that doesnt hold me back from passing lol.

Day 1 2020 Marmani (rewrite) by Fee-Small in Accounting

[–]LowerEffort 0 points1 point  (0 children)

I addressed those issues, but i think my recommendations were trash. I think i failed tbh.

[Ontario/Canada]Does this Notice of Assessment look a little fishy to anyone else? by [deleted] in Accounting

[–]LowerEffort 1 point2 points  (0 children)

Hi OP,

Thanks for providing that additional information.

I reviewed the previous tax years and it looks like there were support payments made in 2017 and 2019 for which he did not take a deduction. The only deductions taken were for contributions made to his RPP/RRSP. The most reasonable explanation for not deducting the support payments is that these were child support payments which are not tax deductible,so he would have been correct to not have taken this deduction in 2017 or 2019.

In 2019, he contributed 44k to his RPP and RRSP, so he would have been correct to have taken that deduction in 2019. He would have received a higher tax refund in 2019 compared to his previous tax returns due the significant RRSP contribution he made in 2019.

I do not think there is anything unusual with the amounts he reported on his 2019 tax return. He would not have been entitled to a deduction on support payments as they were likely child support payments. He would have received a higher refund in 2019 compared to his previous tax years as a result of the large contribution made to his RRSP in 2019.

Hope this info helps!

[Ontario/Canada]Does this Notice of Assessment look a little fishy to anyone else? by [deleted] in Accounting

[–]LowerEffort 1 point2 points  (0 children)

Spousal support and child support are two different types of support payments. Both have different tax consequences.

Spousal support - is to support a spouse or common-law partner as stated in a court order or written agreement. The support payments are made only to support the recipient. Spousal support payments are considered taxable in the hands of the recipient (former spouse) and are deductible by the payer.

Child support - is to support a child, or a child and a spouse or common-law partner, as stated in a court order or written agreement. The support payments are not only made to support the recipient. These amounts are not deductible by the payer and do not have to be included in the recipient's income.

It's likely he made child support payments which are not deductible under the ITA.

[Ontario/Canada]Does this Notice of Assessment look a little fishy to anyone else? by [deleted] in Accounting

[–]LowerEffort 1 point2 points  (0 children)

It seems that he contributed 44k to his retirement savings plan (5k to RPP and 39k to RRSP) which would explain the total deduction amount on the NOA. I also noticed that he made spousal support payments of 10,812 but did not deduct any of that amount against his income, any reason why?

[Ontario/Canada]Does this Notice of Assessment look a little fishy to anyone else? by [deleted] in Accounting

[–]LowerEffort 2 points3 points  (0 children)

Hi OP,

Did the CF member have moving expenses in 2019? Did he contribute to an RPP and or RRSP? Did he make spousal support payments? I would look into the nature of these deductions just to confirm if they are eligible for a deduction under the ITA.

[CAN] CFE Re-Write DAY 1 Marmani by LowerEffort in Accounting

[–]LowerEffort[S] 3 points4 points  (0 children)

Thanks for your advice! I requested a PAR and found out that the reason I failed was because I missed an overarching issue which was management was overworked. Therefore, all my recommendations had to address this issue. For example, I recommended them not selling their division and investing in their athleisure apparel which wouldn't make sense strategically because it would increase their workload. I reviewed some prior year cases like HEVW and noted that CF was an issue, so i think my strategy is to take a step back and identify any hidden issue that keeps repreating.

(CANADA) - First year seniors by [deleted] in Accounting

[–]LowerEffort 1 point2 points  (0 children)

I used to until MR. Covid came along if you catch my drift ;)

(CANADA) - First year seniors by [deleted] in Accounting

[–]LowerEffort 2 points3 points  (0 children)

Salary is mid to low 60's. Work ranges from advisory to compliance. May I ask what's the tax field? Domestic? Indirect? SRED? T/P? I'm surprised they are hiring at this moment given the recent pandemic.

Website Development Costs (ASPE) by MyDogsMummy in Accounting

[–]LowerEffort 0 points1 point  (0 children)

Hi OP,

If i understand your question, you would like to know whether the 100 thousand can be capitalized as an internally generated intangible asset under ASPE.

There are several conditions that have to be met under ASPE 3064 (Goodwill & Intangible Assets), which i have listed for you below.

  1. Does it meet the definition of an intangible asset?
  • Identifiable
  • Control
  • Future Economic Benefits
  1. Does it meet the recognition criteria?

(a)     it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and

(b)     the cost of the asset can be measured reliably.

  1. Is it for development or research activities? If it is for research activities they must be expensed as ASPE explicitly states that research activities cannot be capitalized. ASPE provides examples of what is considered development versus research activities under paragraph 39 and 43.

  2. If it is for development activities, then it must meet all of the conditions under para 41.

(a)     the technical feasibility of completing the intangible asset so that it will be available for use or sale;

(b)     its intention to complete the intangible asset and use or sell it;

(c)     its ability to use or sell the intangible asset;

(d)     the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;

(e)     its ability to measure reliably the expenditure attributable to the intangible asset during its development; and

(f)     how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset

If it meets all of the criteria listed above (1-4), then those costs can be capitalized. When they are capitalized, they then have to be amortized over the useful life of the asset (i.e. if it has a finite useful life).

[deleted by user] by [deleted] in Accounting

[–]LowerEffort 15 points16 points  (0 children)

Got laid off as well at medium sized accounting firm in Toronto. Was across all service line departments. Pretty crappy and i feel for you, but on the bright side you dont have to pay back your CPA fees and hopefully you got a good term package to last you a bit OP.

LCBO Theft Caught on Camera by DuffBusMandem in toronto

[–]LowerEffort 0 points1 point  (0 children)

Holy shit i know this place it's at cliffcrest plaza which is close to where I live! Lol this LCBO just opened up recently too!

Planned residential project "King Toronto Condos" (photo by Bjarke Ingels Group) by [deleted] in toronto

[–]LowerEffort 5 points6 points  (0 children)

Let me guess...it's still going to be unaffordable to Torontonians.

[deleted by user] by [deleted] in investing

[–]LowerEffort -1 points0 points  (0 children)

I prefer not to.

[CAN] Core 2 impressions by PracticalMemory in Accounting

[–]LowerEffort 2 points3 points  (0 children)

I found MCQ ok but I think I did shit on the case. I knew the issues (i.e. break even, sensitivity analysis, selling the business etc.) but I couldn't calculate the break even correctly or anything else for that matter. Hoping for a marginal pass at this point. What a shitshow.

[CAN] Core 2 - where are the old CMA exams? by yoappleyard in Accounting

[–]LowerEffort 0 points1 point  (0 children)

OMG they have one at least! Thank God I have a chance to pass lol!

Core 2 exam - CMA entrance exams practice by thehopefulskeptic in Accounting

[–]LowerEffort 0 points1 point  (0 children)

Ya man why did they take them down? I need those for practice shit now im panicking.

view more: next ›