Friday News Roundup 20.09.11: Hotel New CFE, CRA shocks woman, and sustainable stuff

TORONTO, Sept. 11, 2020 – This week’s Friday news roundup of the odds and ends from the world of Canadian accounting includes: 

CBC covers Hotel New CFE

We were pleased to see Canadian Accountant writer and CPA program coach Gevorg Grigoryan quoted in “Thousands of accounting students are checking in at hotels across Canada. And no, it's not for a vacation.” What a great title! Tashia Batstone, senior vice president with Chartered Professional Accountants Canada, was quoted as well. Inside gossip: CBC called Canadian Accountant for background information, just another sign of the status of our independent news platform. 

CRA instalments request shocks PEI woman

Maritimer Mary Mullen was apparently shocked to learn that the CRA wanted her to pay tax in instalments on money she has yet to earn. Mullen is an instructor at a post-secondary institution and has retired from another job but buried at the end of the story is this line: “Mary Mullen said she will pay the instalments ahead of the deadlines this year, but she has asked her employer to start deducting income taxes.” 

Tax Historian Shirley Tillotson points out that advance instalments are a routine occurrence for some Canadians, and “the advance instalment system was created to prevent people from falling behind in their income tax payments. It also helps CRA avoid having to chase down small amounts of owed taxes with ‘aggressive’ collection tactics.” 

Two new sustainability initiatives

Corporate Knights reported this week on the introduction of a new form of corporate vehicle in Canada, the “benefit company,” now available under British Columbia’s corporate statute. While Canadian law differs from American law in the the primacy of corporate duty to shareholders, the vehicle follows sustainability initiatives developed in the US. 

Meanwhile, five global financial reporting standard-setting organizations announced that they have joined forces, and will work together to “push corporate sustainability reporting to the next level.” But the International Federation of Accountants and the AICPA wants the group to work together under the umbrella of IFRS Foundation, alongside the International Accounting Standards Board. 

Wagepoint private equity stake a big deal

And finally, Canadian payroll software company Wagepoint, has inked a deal with US-based private equity firm, Providence Equity Partners. The transaction includes a strategic growth investment of $10 million in primary capital to fuel Wagepoint’s growth, as it seeks to become the number one small business payroll software company in Canada. 

By Canadian Accountant staff.