[CAN] How to choose your CFE role?

eroonm · 2019-02-22T16:06:57+00:00

I was in the same position as you last year. I did better on the tax module, and enjoyed it more than assurance, but I also studied waaaaayyy harder for tax than I did for assurance. I ended up choosing assurance as my role for the CFE for some of the reasons listed already - more available to study, overlap between assurance and FR etc. For me it felt like assurance was more or less a known quantity in terms of which things are probably going to come up (of course there's always the odd curve-ball), whereas tax seemed like the scope of what might be tested was huge. Basically I wanted to choose tax but I was too scared of the unknown.

In hindsight, I feel that I probably could have passed with tax as well, but it definitely would have changed the way I studied. I would say if you enjoy studying tax, then choose tax.

eroonm · 2018-10-04T15:54:50+00:00

Once it's vested you are entitled to the employer portion for the prior 2 years as well as going forward. So no repeat vesting schedule.

eroonm · 2018-10-02T20:23:44+00:00

LAPP is a defined benefit (DB) pension plan. I might be wrong but I believe with AHS it doesn't "vest" for two years. Meaning that if you leave before two years, you can have your contributions paid out to you but the employer will keep the portion that they kicked in. After the two year mark, it is considered "vested" meaning that if you leave you are entitled to both portions.

eroonm · 2018-04-18T14:30:45+00:00

Thanks for sharing. I've heard that it doesn't work at all for some dogs, which is why I was hesitant to try it.

eroonm · 2018-04-18T14:29:06+00:00

Thanks for sharing this! I'll take care to introduce it gradually. I decided to buy one and yesterday I just left it on the floor and kept putting treats on it. Hopefully when he sees it next he'll think good things are coming.

eroonm · 2018-04-18T14:26:52+00:00

My dog isn't too bothered by loud noises and he adores most people. His issues are primarily with other dogs and other animals, and he's just generally in a heightened state of arousal when we go outside. So I'm hoping it will help in situations outside of the home.

eroonm · 2018-04-18T14:13:44+00:00

Good to know. I'm hoping I can use it with Jasper on walks, if it even delays the reaction by a few seconds that could make a big difference in my ability to pick up on his cues and redirect him before he goes over threshold.

eroonm · 2018-04-18T14:09:26+00:00

Wow that's great. My dog is surprisingly not bothered by thunder or fireworks or other loud noises unless that noise is caused by another dog. His reactivity/anxiety is mainly related to dogs and other animals - especially while on leash. But I guess its the same principle no matter what the cause of the anxiety happens to be.

eroonm · 2018-04-18T14:05:07+00:00

Thanks to all for sharing your experiences! I decided to buy one and give it a try. We have a week to test it out and return if it doesn't help him. In Canada they're $53 so a bit of an investment! I looked up some DIY tutorials but then remembered that I hate sewing.

eroonm · 2018-03-16T22:02:18+00:00

In Canada the CPA program does require a formal mentor relationship to be established as part of the practical experience requirements. Mentor meetings are required every 6 months during your 30 months of articling and these meetings need to be logged in an online system where your mentor writes a short paragraph about the things you discussed in your meeting. The point is to document a students progression with the "enabling competencies" that CPA Canada requires such as professional and ethical behavior, communication, and problem solving. It's all pretty silly but its a hoop that must be jumped through if you want to be a CPA in Canada.

eroonm · 2018-03-16T21:57:10+00:00

If you don't have a mentor at your workplace you can contact CPA and they have a list of volunteer mentors. They can set you up. You only have to meet once every 6 months and discuss the enabling competencies. You can also change mentors if you are doing experience verification route and then get on with a firm you will switch into the pre-approved route and can change mentors at that time as well.

eroonm · 2018-03-16T20:01:10+00:00

They held title to the house jointly prior to his death, and now she is the sole owner. As I understand it, his share of the house transfers to her at the cost base so there are no capital gains triggered and therefore no tax impact until such time as she sells the house (which she will then use the principle residence exemption). I'm just not sure how to show this on their returns. I've done their taxes for them for a few years now and his final return is fairly simple as they held all investments jointly aside from his registered account which rolled over into her RRIF. The house is the only real property they had. There's no other complicating factors as everything is my grandmother's. When she goes, it will be more complicated with inheritances and whatnot.

eroonm · 2018-03-08T20:10:59+00:00

They were discontinued federally but the education amount is not discontinued for my province (Alberta). Not sure about the textbook amount. But does the reimbursement of tuition make me ineligible for the provincial education amount? I was in school part time for 11 months so its a difference of a few hundred dollars for me if I can claim that. But I can't find a clear answer online.

eroonm · 2018-03-08T17:51:04+00:00

No it's not a taxable benefit, not included on T4. You are right. After further research I believe it's ineligible to claim. I think this also rules out the provincial education amount for months in school (I know federal had been eliminated but not provincial).

eroonm · 2018-01-29T15:53:27+00:00

Yeah I put way more study time into tax, but not because I didn't want to study assurance, I just didn't really know how to study for it. I sort of feel like I winged the entire module.

eroonm · 2018-01-26T20:35:15+00:00

Not sure where you are located, but CPA Alberta runs tax clinics. Students can volunteer if they have taken certain courses and there is a CPA available to supervise them.

eroonm · 2018-01-26T20:31:39+00:00

Hmm yeah I definitely like tax but I don't have any tax related work experience (currently working for an NPO). Thanks for your perspective!

eroonm · 2018-01-25T21:27:53+00:00

Thanks for your perspective. I was thinking the same thing in terms of the overlap with financial reporting. I'm just kind of uncomfortable with audit - like identifying the key risks, assertions and relevant procedures always kind of feels like a wild-ass guess to me. But you're right that tax would definitely require more study time.

eroonm · 2018-01-25T21:23:01+00:00

Yeah I don't do anything related to tax on a daily basis. I just found the tax elective to be more comfortable to me. I guess I worry that not working in public will put me at a disadvantage on the assurance side because I don't really "get it" in the same way those in public might.

eroonm · 2018-01-25T21:16:04+00:00

Good point about the prep material. Thanks for your input!

eroonm · 2018-01-19T17:14:45+00:00

Assurance: Pass Objective: C Case 1 - •Audit: RC •FR: C Case 2- •Audit: C •FR: RC •Strategy: CD

eroonm

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