The idea has no doubt crossed your mind. Perhaps it was during a particularly brisk February morning while you were digging your car out of two feet of wet snow before heading to the office. Whatever the trigger, we've all thought at one time or another, "working in the Caribbean is an attractive prospect!"
The concept of MRSB Consulting Services extending its professional profile into the Caribbean was initially put forth by Partner Lloyd Compton after his stint as Manager of Financial Services and International Business Sectors at Ernst & Young, Barbados from 1998 to 2001.
Recognizing that consulting services – including business plan development, financial assessment and sector strategy development – would be increasingly important to Caribbean development and global competitiveness, we began exploring the potential for partnering with companies and entrepreneurs in the region. Not surprisingly our consulting team was ready and willing to don their summer best and jump aboard this promising initiative.
Now two years into launching our Caribbean strategy, several components have proven especially important on the road to building positive business relationships in the region:
There are many similarities between Prince Edward Island and island nations in the Caribbean, from priority focus on tourism, agriculture and renewable energy to the challenges and opportunities of being a rural island economy. These cultural touch points have uniquely positioned MRSB to understand the needs of the region and to develop strategies to help effect change. As a respected Canadian firm, MRSB is able to provide experienced and objective services to meet our Caribbean clients’ needs.
Building regional knowledge
Our consultants have had the chance to visit the Caribbean region several times and we regularly monitor government and media websites to stay current with local social and economic events. MRSB has also taken advantage of the opportunity to participate in trade missions organized by Trade Team PEI, Innovation PEI, ACOA, PEI Tourism and the Greater Charlottetown Area Chamber of Commerce. We have now participated in four trade missions to Barbados and Saint Lucia and they have proven to be invaluable opportunities to build networks and relationships in the region.
Expanding our network of Caribbean experience
MRSB has been working to build a network of professional partners in the Caribbean and of local professionals who have experience in the region and are interested in collaborations. We have learned and gained a great deal through our international partners. MRSB continuously seeks to partner with experienced professionals and to build our network of resources in the Caribbean.
Finally, after dedicated monitoring of opportunities, writing proposals and expressions of interest, participating in trade missions, following up (and following up some more), we are happy to say that the firm has recently secured several exciting Caribbean projects. Our team is currently working with entrepreneurs in Barbados on business development projects funded through the Inter-American Development Bank. These engagements are especially rewarding as they have given MRSB Consulting Services the opportunity to help entrepreneurs and countries in their social and economic development efforts. Our team has shared some fantastic experiences and feels privileged to be doing what we do best – at home and abroad.
Mary Ann Donahoe, Tax Manager with MRSB Tax Services, provides some insight into the 'why' and 'how' of planning your Will.
Your Last Will and Testament is one of the most important steps toward ensuring your family and assets are protected for the long-term.
For many individuals, business owners and even parents, planning a Last Will and Testament is the last thing on your mind. You are busy and, in all likelihood, will have plenty of time to put your financial affairs in order for the benefit of your family. Especially for those in their 20s and 30s, a Will can seem like a slightly morbid document that only bears thinking about once middle age is in full swing. But planning the transfer of your assets and making your final wishes known should be a key component of tax and retirement planning for any individual, regardless of age or financial standing.
One of the biggest selling points (if it can be called that) when pitching the idea of a Will to the younger generation is that if you sit on the decision and the worst does happen, the courts will be the ones to decide how all of your assets are distributed. For example on Prince Edward Island, your spouse automatically receives a third of your estate while your children receive the remaining two thirds. Other Canadian provinces have similar laws. This scenario can cause significant tax issues and can also leave your spouse without planned living or retirement funds and possibly without a home.
Conversely, having a say in how your assets will be distributed, how your spouse will be supported, who will care for your children and who will inherit your business is important for your present peace of mind as well as the future of your loved ones. A properly structured Will allows for maximum tax planning opportunities available to the executor and can result in significant tax savings. Speaking with a tax advisor is a smart move, as they can take you through all the necessary steps and you can reap the tax benefits of being an early planner.
Assuming you want to get started with your Will planning, or that you would like to give what you've already drafted up a second look, here are some key considerations to keep in mind:
- Name an executor and a secondary executor. This is critical as you want to designate the right person to follow through on your wishes. Whether family, friend or trusted advisor, your executor should have the knowledge and compassion to be able to deal with any sensitive matters that arise
- Take advantage of the opportunity to transfer property to a spouse, allowing for a deferral of tax on your property until the passing of both spouses
- Consider the use of a spousal trust to effectively transfer individually owned property
- Ensure that your executor has the ability to liquidate your assets if this is determined beneficial
- Name a guardian for any children under the age of 18 so that they will be cared for until they reach the age of majority
- Consider a Trustee to manage any property transfered to children until they reach an age where they can responsibly manage their own affairs (preferably 25 - 35 years of age)
- Consider any specific bequests or donations you may wish to make to individuals, entities or charities
- If you are a business owner it is critical that your Will work in conjunction with othe guiding legal documents such as shareholder(s) agreements, family trusts, etc.
- Consideration should also be given to Power of Attorney and health care directives
- Finally, your Last Will and Testament should be reviewed periodically to ensure it is up to date, reflecting any recent changes that may have happened
The cost of a Will is usually reasonable and the benefits far outweigh the potential legal costs of not having one. It will take some time and a little effort on your part, but planning your Last Will and Testament is just another step toward ensuring you are ready for whatever the future may bring. Whomever you choose to help draw up your Will, they should be knowledgeable enough to provide advice on estate matters and patient enough to answer all of your questions.
Remember, it can be too late, but it can never be too early.
Have a question about tax planning or preparing your Will? Contact our Tax Services team here.
By Jordan Rowledge, CA, MRSB Accounting Services
You might be finishing up a Bachelor of Business Administration (BBA) degree and pondering what your next move will be. Or maybe you’ve been working in a different field entirely for the past several years and feel like it’s time for a change. You like tasks that requires attention to detail, you work well with others and you are good with numbers...maybe a career as a Chartered Accountant is the way to go.
However, as with all other professions, you need to determine whether the career is a good fit for YOU. Like any career choice, becoming a CA isn’t necessarily as straight a path as you might think. There are hours of studying involved, exams to pass and, once you land a position, weeks of intense, coffee-fueled mayhem during tax season. Then again, you get to work with smart people who know their stuff (probably in a nice office), the pay is competitive and you will be subject to a number of different learning opportunities, situations, and valuable experiences that will facilitate your growth as a professional.
So how do you make an intelligent, unbiased decision when questioning your future potential as a CA? While we can’t tell you what to do - we don’t know you that well yet - we are happy to offer some advice from people who have passed the exams, charged through the above-mentioned mayhem and who enjoy the perks of the profession. Here are a few well intentioned bits of advice for would-be CA students from accountants who know the ropes.
1. Take Action Now
If you are lucky enough to be considering the CA route early on in your post-secondary education, generally it is an excellent idea to apply as a summer or co-op student. Having the opportunity to work within a firm will allow you to get a direct taste of the day-to-day activities performed by a CA, and paint a clear “real-life” picture of what actually takes place in the workplace. The profession is definitely not a fit for everyone, so such an experience would be invaluable in the course of making your final decision of whether or not to pursue the CA program.
2. Finding Employment
The Atlantic School of Chartered Accountancy (ASCA) currently requires CA students to obtain full-time employment before entering into the professional program with a public firm, or other accredited organizations. Therefore, this will require some planning ahead on your part.
Generally, interested students will apply for jobs in the fall of their fourth year as this is the most popular hiring time for accounting employers. Every year it is quite competitive as there are typically fewer positions compared to the number of students applying. Therefore, by pursuing recommendation #1 discussed above, this can allow you to get your foot in the door as employers will generally hire their summer/co-op students it they feel they are a good fit to the company.
3. Course Planning
It is also very important to take into consideration your course load in preparation for the professional program. The provincial Institute/ordre you apply to for registration will provide you with a list of the specific or additional education requirements you must meet. Most universities will offer a major or certificate in accounting through their Business or Commerce programs, so in most cases you are able to get all required prerequisite courses within your degree.
4. Developing good habits
For anyone who has been through the program, it is quite safe to say it was one of, if not the, busiest time of their lives. Balancing hours of study time and assignments on top of a full-time work schedule can be very hectic and also put a strain on your social life. Although it can seem like a very daunting task, with the right plan and work habits anything is possible! We would recommend implementing and developing your study/time management habits during your remaining time at university. As they say, practise makes perfect.
As well, it is very important to note that most employers will either supplement or pay for your education, which presents an amazing bonus and incentive. Your only job then is to make sure you pass the courses/modules on your first attempt. The program is not cheap by any means, so staying on top of your work and getting the job done right will not only benefit your wallet, but also your knowledge and understanding in the workplace.
5. Get Excited
Chartered Accountants are viewed as the staple of business professionals in today’s society. With so many opportunities in an endless number of industries, it is said to be the most transferrable and useable designation the business world has to offer. As well, if you have a strong interest in business and entrepreneurship, the education provided by this professional program is second to none in developing exceptional business skills and knowledge. It really is an excellent career choice, and well worth the time and hard work.
Important note: If you have been keeping up on the latest news surrounding the CA profession, you may have heard rumors surrounding a new “CPA” designation. Historically there have been three accounting designations in Canada, of which the Chartered Accountant (CA) is one. Currently all three of these bodies are working towards the unification of each of these three designations under the CPA designation.
With the unification on the horizon, a new CPA professional program has been developed and is set to be rolled in during 2013, replacing the current professional programs that each of the three current designations require. Right now Ontario and Quebec are the only two jurisdictions in Canada that are able to certify members as CPAs. Until legislative change is complete, each provincial and territorial CA institute will continue to grant the CA designation. Once unification efforts are complete, the jurisdiction will then issue all CAs the CPA designation as well.
Hopefully this post has been insightful and answered a few of your questions with regards to becoming a Chartered Accountant. Good luck in your decision!