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petitor, is losing hundreds of millions. As CPAs it is our responsibility to point
out failed business models to clients and stakeholders and not to give them cre- dence in our professional publication. To further make my point, let me remind you of the initial edition of CPA Magazine (January 2014) that featured an equally vacuous article about Twitter and Kirst- ine Stewart. Since that time Stewart has leſt Twitter with no public explanation and Twitter has never turned a profi t. As CPAs, numbers such as ROE, profi t/
loss should matter more than fl uff and sex appeal. Having a cool idea doesn’t make it a good business. It would be bet- ter to not perpetuate misleading beliefs. William (Bill) Parnetta SHERWOOD PARK, ALTA.
Go the faux way
I WAS DISAPPOINTED to see “Cold Com- forts” (December 2016, p. 51) with a Can- ada Goose jacket photo. There was also reference to fashion trends and fur on jackets this year. CPA Magazine ran anoth- er article about a business that special- ized in fur (“To Fur, with Love,” Septem- ber 2015, p. 56). Please do not promote businesses that kill animals for the use of their fur. This practice is barbaric and unnecessary with all the faux options out there today. I’m sure you are aware of the protests in New York City when Canada Goose opened a store. Activists are also protesting in Toronto. People can no lon- ger close their eyes to animals suff ering. Michelyn Sciannella BRANTFORD, ONT.
A satisfi ed reader
CONGRATULATIONS CPA Canada for your excellent magazine. It is the fi rst account- ing publication that I have found to be informative, interesting and a pleasure to read. I actually look forward to receiving it and reading it. The choice of articles are
Follow us on Twitter: @CPAcanada
L6S Biz Consulting @L6SBC You might be saving yourself $$$$ when buying something in the underground economy ...but you are hurting others.
http://ow.ly/2Mko3074eTe
Arsène Mukendi @tshidmukendi Role of underground economy in economic crisis: Greece as an example for many others Via CPAMagazine @CPAcanada
Maya Kuc Corbic, CPA @Educ8Money2Kids @DavidTrahair @CPAcanada Educational article Refresher for Credit Card Revolvers in December’s CPA magazine issue! All CC owners should read
Krupo @PromisedMePie Amused to see @CPAcanada magazine letters to the editor section composed entirely of tweets. Not that I’m helping matters with this either
Alban Leung, CPA,CGA @AlbanLeung Time to update your LinkedIn Profi le pics, I sure did! #CpaCanada #CPABC #Goodreads #linkedin
https://www.cpacanada.ca/en/connecting-and-news/cpa-magazine/articles/2016/ october/cpa-links …
always excellent and well written. Lawrence Doucette GLOUCESTER, ONT.
Going above ground
I WANT TO CONGRATULATE CPA Magazine on a well-thought-out and well-written package on the underground economy (December). As a followup, I would sug- gest articles on FINTRAC and other global organizations that can shed light on the fi nancial aspect of such under- ground economy transactions. Robin Stewart MARKHAM, ONT.
A FEW SUGGESTIONS RE “Receipt, Please” (December, by Peter Carter). Carter could have suggested to the business owner that he could notify the CRA that he pur- chased a scooter for $150 cash without a receipt and that he could give the CRA the scooter’s serial number and manu- facturer’s name. I am sure the CRA could contact the manufacturer or distributor to fi nd what serial numbers were issued to this business. (CRA would probably not charge Carter for buying the scooter for
cash with no receipt.) Of course, Carter should not have ac- cepted the cash off er in the fi rst place. Alan Ferr
KITCHENER, ONT. Online Comments
Consumption, not income (December)
I have always felt that decreasing income tax and increasing consumption tax would be something to explore. The incentive to not recognize the revenue to avoid paying income taxes is reduced, but then a higher amount of tax is paid when the money is spent. For example, zero income tax is earned (by govern- ments) on drug transactions, but the drug dealer will pay tax when purchasing vehicles, clothes, jewelry, etc. Also, when governments implement tax deduction programs for households that do home renovations, there is an incentive for the homeowners to request an invoice so they can take advantage of the tax break. This forces the contractor to issue an invoice and charge tax. Chris Munro (via LinkedIn)
MARCH 2017 | CPA MAGAZINE | 5
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