Editor’s Note SEPTEMBER 2017 VOLUME 4, No. 7 The Courage to Venture I


MAGINE YOU’VE JOINED a major accounting firm, one of the Big Four, worked your tail off, and


your efforts are rewarded when you are on the verge of making partner. But then, in what seems like a whim- sical decision, you abandon that career track and buy land to build a waterpark, your choice of a new career and source of income. Your fellow accountants are liable to think you’ve gone off your rocker, right? That’s exactly what happened to


Geoff Chutter: his colleagues at KPMG smiled and told him he could get his old job back when he was cured of this sudden affliction of madness. But Vancouver-born-and- based Chutter knew he was on to something in 1980 — today, he is founder, president and CEO of WhiteWater West Industries, “an amusement industry powerhouse that employs a workforce of 550, generates about $200 million in annual sales and has built some of the world’s most spectacular waterparks, including Caribbean Bay in Yongin, South Korea, and Chimelong Waterpark in Guangzhou, China.” Well, you knew, and we know, that accountants are just as capable as anybody of creating fun, fabulous and fantastic things. It’s our job to make this known to the world, and that’s what our story “Just Add Water” (p. 30) aims to do. Written by Kerry Banks, it tells the amazing story of Chutter’s WhiteWater voyage to the pinnacle of water amusement parks. I’m sure y’all knew that former US president Barack Obama was an atheistic


capitalism-hating Marxist who tried to destroy America with ungodly communist policies like Obamacare; surely you knew that he was also a closet Muslim, an Islamic mole in the White House in league with Iran and secretly working with terrorists. And let’s not forget that he was also born in Kenya, that 9/11 was a false- flag operation by the Bush government, that the Illuminati rule the world, and that the Rothschild family controls the US Federal Reserve, the major banks and the world economy. How can you not know this in our age of proliferating conspiracy theories? It’s a given that the technology exists to manufacture cars that can run on water


— simple water — but the oil companies stymie and even kill anyone who tries to make this wonderful technology available to the public. If you are not aware of this, it is because you spend too much time watching, listening to and reading the fake news media even though President Trump told you not to. Those who are in tune with the new paradigm know where The Truth is to be found. Our intrepid reporter — I know I do not have the courage to venture into that murky, dangerous world — Yan Barcelo traverses the alternative-facts universe of conspiracy theories, especially as they relate to business, in “The Truth You Don’t Know” (p. 38).


Okey Chigbo editor-in-chief


2 | CPA MAGAZINE | SEPTEMBER 2017


EDITOR-IN-CHIEF Okey Chigbo DEPUTY EDITOR Bernadette Kuncevicius ASSOCIATE EDITOR Yvette Trancoso ASSOCIATE FRENCH EDITOR Mathieu de Lajartre EDITOR, DIGITAL EDITIONS Margaret Craig-Bourdin MAGAZINE WEB PRODUCER Alan Vintar


ART DIRECTOR Bernadette Gillen ASSOCIATE ART DIRECTOR Kevin Pudsey


EDITORIAL ASSISTANT Harriet Bruser DIRECTOR, LANGUAGE SERVICES Jane Finlayson EDITOR, PROFESSIONAL MATTERS Mara Gulens CONTRIBUTORS Taryn Abate, Yan Barcelo, Mary Teresa Bitti, Dwayne Bragonier, Steve Brearton, Peter Carter, David Descôteaux, John Lorinc, Cathy Hutchinson, David Malamed, David Trahair, Lisa van de Geyn, Karen Wensley, Trevor Wilson


PUBLISHER Heather Whyte, MBA, APR SALES MANAGER


Shawn Murphy (416) 204-3472, smurphy@cpacanada.ca ADVERTISING REPRESENTATIVE


Alexandra Garant (416) 204-3397, agarant@cpacanada.ca


QUEBEC ADVERTISING REPRESENTATIVE Serge Gamache (450) 651-4257 sergegamache@videotron.ca ADVERTISING COORDINATOR Michael Marks (416) 204-3255 CIRCULATION MANAGER Jennifer Griffiths (416) 204-3366


CPA MAGAZINE EDITORIAL ADVISORY BOARD: Chair: Vinetta Peek, FCPA, FCMA; Fred Clifford, CPA, CA, CPA (Ill.); Debra J. Feltham, FCPA, FCGA; John Redding, CPA, CMA; Andrée Lavigne, CPA, CA; Ashley Kennedy, CPA, CA


CPA MAGAZINE is published 10 times a year (with combined issues in January/February and July/August) by the Chartered Professional Accountants of Canada. Opinions expressed are not necessarily endorsed by CPA Canada. Copyright 2017. TORONTO: 277 Wellington St. West, Ontario M5V 3H2, Tel. (416) 977-3222, Fax (416) 204-3409 MONTREAL: 680 Sherbrooke St. West, 17th floor, Quebec H3A 2S3, Tel. (514) 285-5002, Fax (514) 285-5695 SUBSCRIPTION INQUIRIES: Tel. (416) 977-0748 or 1-800-268-3793, Fax (416) 204-3416 ON THE INTERNET: cpacanada.ca/cpamagazine EMAIL: cpamagazine@cpacanada.ca letters.editor@cpacanada.ca advertising.cpamagazine@cpacanada.ca


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Photo: Paul Orenstein


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