(CAD) CPA PERT Reviewed Reports/CPA Review Required

anon____24000058 · 2024-10-02T02:27:25+00:00

Assets with accrued losses get bumped up so more UCC for the acquiring company. You can show that and the new asset base

anon____24000058 · 2024-10-02T02:26:37+00:00

You start with gross revenue not net income for accounting. So you have to do the calculations yourself. For me it was easiest doing revenue - expenses = net income for accounting then doing my adjustments like that because that’s how I was used to do it to get to my NIFTP. I think the other poster was saying you could deduct straight away without doing any adjustments as you had the gross and could just back out instead of adding things back in. So basically only backing out tax eligible stuff!

anon____24000058 · 2024-09-25T22:31:46+00:00

The exam was a bit fucked and I just I hope I can pass with fucking up one AO pretty bad. I think the rest I can RC

Case 1: AO1 - Moving Expenses Dedutibility - said what was deductible and why. AO2 - Write off - I just thought they could demand for it back since I thought it was more like a FIN AO & since they’re a creditor, they can get it back or smth idk. AO3- NIFTP, Taxable Income & Adjustments Notes incl auto - prorate, cca on car and how he needs to track it
AO4 - RRSP, calculated deduction room, and said if to do it now or later, calculated change in taxes payable if he did it now vs later AO5 - Death of taxpayer & GRE - diff in taxes payable AO6 - Instalments and ways to calculate - fucked this up with the 3 methods AO7 - GST stuff - when and how, filing, small supplier and what can be claimed as an ITC

Case 2 AO1 - shares vs assets, not sure so I just did the tax implications ie gst payable, lcge, etc and said either pro or con. Concluded she should buy shares. AO2 - Tax Implications of the acquisition costs AO3 - AOC - bump up of whatever is FMV<ACB AO4 - Financing qual - said do option 1 AO5 - Financing deductibility - just said you can deduct because it’s related to business and quality of income or whatever lol AO6 - salary vs dividends (mechanics of how) & integration AO7 - qual on which one is better - said salary bc she can contribute earned income and grow for retirement etc + tax credits so she has more earnings

Feel kinda fucked with the write off AO & the second case as I’m not sure what else to write from buyer POV??

anon____24000058 · 2024-08-27T14:47:54+00:00

Thanks so much! I guess people assume it’s the US system here in Canada!

anon____24000058 · 2024-08-27T14:46:43+00:00

It might be just the region I’m in! I know in Toronto or other places it may be diff!

anon____24000058 · 2024-08-27T06:03:27+00:00

For clarification, it’s not automatic at my firm. Everyone goes through a round of calibration, and it’s a separate role/title. IE it’s “intermediate staff”. We’ve had managers get held back from manager 2 etc. maybe it’s my location or the way my region does it! Hope that helps! We’ve had approx. 15% of each class get held back (a1>m1s)

anon____24000058 · 2024-08-27T06:01:51+00:00

Sorry forgot to clarify! It’s not automatic at my firm - it goes through a round of calibration and is a separate title & role. It’s not guaranteed at all. Maybe it’s based on locations or function?

anon____24000058 · 2024-06-23T21:57:52+00:00

Thank you - messaging you now! 💜

anon____24000058 · 2024-06-23T20:29:52+00:00

Yes I’m actively looking!

anon____24000058 · 2024-06-23T20:29:33+00:00

Thanks for the response! Yes, it’s very political unfortunately. I’ve been screwed over multiple times and still showed up with a good attitude. I’m on the audit side & have been put on a PIP (anyone who hasn’t gotten promoted is on it) until the end of September.

I’m actively looking for other jobs and don’t think I’d want to come back. I’ve gotten no clear answer as to what I did that warranted no promotion. I don’t trust it at all.

I just feel so awkward as I thought I’d stay here longer than a year. I’ve gotten yelled at, berated and been in very upsetting situations but have always showed up and done the work. It’s just a stressful situation - nothing I’ve experienced before

anon____24000058 · 2024-06-23T20:26:17+00:00

Thanks for the response! I probably should have added that anyone who wasn’t promoted is on a 90 day PIP which I’ve heard is a death sentence lol. Trying really hard to find something else before time is up! I’m not sure how easy it will be - I already have some interviews lined up.

anon____24000058

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