1. We just posted three job openings for junior accountants in the Greater Toronto Area; see the post just below this one.
2. If your business, or a client, needs financing, feel free to ask for my help. It could help your client and earn you a fee that your client will be happy to pay! See http://grossmancga.com/site/eric-grossman-funds/ or contact me directly.
3. Those of you who are members of CGA Ontario and are attending next month’s Practitioners’ Convention, please find me and say, “Hello!”
I’ll be the tall, bald, bespectacled, smiling guy who looks a lot like the crazy photo on my LinkedIn profile. Be sure to tell me how I can help you!
And if you haven’t yet invited me to connect on LinkedIn, please do so now – we are all much stronger when we are connected together.
Best regards,
Eric
eric.grossman@grossmancga.com
647.333.7229
Written on
August 29, 2011 in
Jobs
1. Alcoa is looking for a junior Accountant/Analyst in the accounting department at their Vaughan facility.
Responsibilities:
- Accounts payable invoice processing.
- Sales invoice booking
- Daily revenue and PL reporting in Excel
- Reconciliation and ad hoc analysis
- Supporting controller in month end reporting
Requirements:
- 2-5 years accounting experience with manufacturing set up in General accounting area
- Knowledge of ERP system, JD Edwards preferred
- Excellent Excel proficiency
- Very good communication
Anyone interested can forward their resume to Rahim Siamoui.
2. A Mississauga company is looking for an Accounts Receivable/Junior Accountant. For more details, contact Vizona Au.
3. An Intermediate accountant (= pre-designation) is needed for a 2-day-per-week contract by a company near Union Station in downtown Toronto. For more details, contact Sonia Pedersen.
Need capital or debt? Want to go public?
See: Available: Funds
Join the LinkedIn Canadian Commercial Lenders Group
or the Canadian Accountants Group!
by Nick Miller of Clarity Advantage
In which we are encouraged to ask others to help us identify and correct old habits that hold us back.
From the “I can’t believe I’m going to tell you this story and you probably won’t either and there won’t be many secrets left after I tell you this one” department: for several decades, I have had a problem eating. Actually, I haven’t had a problem “eating,” as in chewing, swallowing, and enjoying the multiple benefits of a balanced diet. I had a problem getting food into my mouth reliably. (I can see my spouse and children rolling their eyes now.)
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by Nick Miller of Clarity Advantage
In which we are reminded to step back and look for the broader picture before we pitch solution for the problem we’ve just heard.
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Watching classroom sales training role-plays is a little like watching football teams practice without pads… Low intensity. Move through the motions. Nobody trying too hard to take anyone else out. Still, an observer can get a general sense of the team. Essential tendencies shine through.
So, as I was watching and coaching this particular set of “pad-free practice role-plays,” I saw an essential tendency. As the “sellers” in the role plays heard a bit of information that suggested a potential need for a product, they would say, almost reflexively, “if I could show you a way to…” or “we have a product that would help you….”
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By Marc Weisman of Torkin Manes LLP
The Federal Court of Appeal in Bozzer v. The Queen, 2011 FCA 186 (“Bozzer”), reversing the decision of the Federal Court of Canada (Trial Division), 2010 FC 139, issued a landmark decision on June 2, 2011, changing the landscape for applications for the waiver of interest and penalties under the Tax Act (Canada) (the “ITA”).
The Canada Revenue Agency (the “CRA”) has a policy of “Taxpayer Relief,” under which it may waive interest and penalties in such circumstances as:
- financial hardship or inability to pay,
- actions of the CRA such as processing delays or providing incorrect information, and
- extraordinary circumstances such as illness (see Canada Revenue Agency Income Tax Information Circular IC07-1).
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By Marc Weisman of Torkin Manes LLP
Partnerships in and of themselves are not required to file tax returns because they are not taxpayers or taxable entities. A partnership’s income is taxable in the hands of the partners, who are required to file tax returns. However, Income Tax Regulation 229 requires all partnerships to file an annual “information return” (Canada Revenue Agency (“CRA”) Form T5013). Until January 1, 2011, by CRA administrative policy, partnerships with fewer than six partners did not have to file partnership information returns unless one of the partners was another partnership.
Accountants and other advisors to partnerships should note the changes to filing requirements for partnership information returns that came into effect on January 1, 2011 for partnerships with fiscal periods ending on or after January 1, 2011.
The new administrative policies require partnerships that carry on business in Canada, or Canadian partnerships with Canadian or foreign operations/investments, to file partnership information returns annually if:
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By Harvey Mackay
Over the years I’ve asked a lot of people what makes a great salesperson, and the answers are fairly predictable: passion; persistence; personality/likeability; planning; trustworthiness; strong work ethic; drive/initiative; quick learner; goal-oriented; good communications skills; sense of humor; humility; good timing; strong at building relationships; and follow-up (or as I say, the sale begins when the customer says yes).
My own answer is always the same:
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By Ted Maduri of Davis LLP
While managing cash flow is always important, the recent economic turbulence has renewed interest in this topic. Businesses have begun to focus (to an even greater extent) on ensuring that clients and customers pay what they owe when it is owed. Reason being, bad debts directly affect the bottom line of the business: for instance, a bad debt of $50,000 for a 10% margin business requires replacement revenue of $500,000.
This article will outline some techniques that a business can utilize in developing a proactive system to decrease bad debts. (Please note: specialized tools such as in the case of contractors and the Construction Lien Act are beyond the scope of this article.)
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by Nick Miller of Clarity Advantage
In which we are reminded that the value we create in our sales conversations is proportional to the quality of the questions we ask and whose interests we are attempting to serve by asking them.
This is a story about a sales call. A very experienced, productive (among the top 25% of his sales force) commercial banker took me on a call to one of his customers. Since rates are low and many banks are urgently seeking to lend money, the lender wanted to refinance the company’s building which, today, is financed by another bank. The objective of the call was to gain the company’s agreement to consider a proposal for refinancing the building.
The lender opened the call by indicating he wanted to discuss refinancing the building, then worked through a series of “fact” questions (how much is outstanding on the existing loan, when is the maturity date of the current loan, how big is the balloon payment at the end, what’s your current interest rate, who’s your attorney, when do you want to close), then led the conversation as follows:
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by Fred R. Pletcher, Samir Patel, and D. Ross McGowan of Borden Ladner Gervais LLP
Canadian companies face many dilemmas working abroad. Canadian domestic ethical standards can be challenged by foreign regulatory impediments, “local customs” and expectations of foreign officials. The temptation to improperly facilitate a transaction can lead to a path of bribery, multi-jurisdictional criminal and civil proceedings, fines, forfeiture of assets, reputational damage and, potentially even, imprisonment.
INDICTED AND GUILTY PLEA
Indicted for bribery on June 23, 2011 under Canada’s Corruption of Foreign Public Officials Act (the Foreign Corruption Act ), Niko Resources Ltd. (Niko), a Calgary-based oil and natural gas company, pleaded guilty to the bribery charge in an agreed statement of facts filed with the Alberta Court of Queen’s Bench on June 24, 2011.
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By Clemens Mayr of McCarthy Tétrault LLP
Going public is among the most critical decisions a corporation can make. It is an intensive and complex process that affects virtually every facet of the corporation’s operations. Before proceeding with an initial public offering, a corporation must reflect upon whether it is in a position to make a successful public issue of securities, and it must consider very seriously the implications and realities of being a public corporation.
The success or failure of a public offering depends on the state of the financial markets, domestic and abroad. Market conditions can change in a matter of days, sometimes even hours. Adequate preparation allowing for quick decision-making can prove critical in this process.
The purpose of this article is to provide an overview of the factors that should be taken into account when deciding whether to go public. While it discusses most of the material aspects of the topic at hand, it is only a brief outline of some of the issues involved.
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By Eric Koh of Gowling Lafleur Henderson LLP
On July 22, 2011, the Supreme Court of Canada (“SCC”) concurrently released two decisions relating to the taxation of interest income of an Indian from a financial institution located on an Indian reserve. The majority decisions in Bastien Estate v. Canada (“Bastien”)1 and Dube v. Canada (“Dube”) 2 establish and develop an analytical framework for determining whether personal property, both tangible and intangible, is situated on a reserve and exempt from taxation by virtue of section 87 of the Indian Act (the “Exemption”). More importantly, the respective decisions set new precedents in a couple of important areas.
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by Nick Miller of Clarity Advantage
In which we are reminded that we need to market (attract attention) before we can sell.
Last Saturday morning, after early morning dark clouds and rain, I left my office in West Concord village to tackle Saturday morning errands. Turning left from my office drive way, I reached the first intersection, stopped to look both ways for traffic, and noticed…
People on the sidewalks, both sides of the main street, huddled around tables, kibbitzing in clumps, as far as the eye could see. “Huh,” I thought, feeling curious. “I wonder what THAT’S about….”
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