toronto - cim · december2008edition thetorontomanager page6 dear cim toronto branch members,...

December 2008 Issue

TORONTO

The Toronto Manageris published by the

Toronto Branch of theCanadian Institute of

ManagementSuite 310

2175 Sheppard Avenue E.Toronto, Ontario M2J 1W8Telephone: 416-491-1577

Fax: 416-491-1670Email:

[email protected]

CIM Vision StatementThe primary purpose ofthe Canadian Institute of

Management is to promote andsupport CIM designations that willbe recognized as a high standard ofachievement in management.

CIMMission StatementThe Canadian Institute ofManagement is committed to

leadership inpromoting management

professionalism and supportingmanagement excellence inindividuals and organizations.

PRESIDENT’S MESSAGEBy Phil Russo, CGA, P.Mgr., F.CIM, FCAM,FICIA, FIPFM, O.M.C.President, CIM Toronto Branch

Dear Fellow Members,

I would like to take this opportunity to sincerely wish all Toronto Branch members and theirfamilies a very joyous holiday season and a prosperous new year.

Winners are people that strive to be all they can be, and who will go to great lengths to reachtheir full potential. They are driven by an internal burning desire to be successful. They pos-sess a positive attitude and have an ability to focus their energy, become stimulated by thechallenge of creating the future they want, and then act to complete the task.

Creating a winning attitude comes from first setting clear, concise, and attainable goals. Theobjective of goal setting is to provide a clear sense of direction, and to properly plan andorganize events and performance. Other steps include monitoring your performance againstyour targets, as this would motivate you to give an extra effort if you are falling short ofmeasured goals.

Finally, reminding yourself of your victories will reinforce a positive attitude and maintaina winning state of mind.When results don’t materialize as planned, a winning attitude helpsto look towards the next time and next opportunity. There is a difference between a non-winand a failure, and that is attitude. A person only fails when he or she quits. Trying againmeans that he or she has learned one way in which the goals cannot be achieved.

On November 4th, Seneca College held a student showcase and allowed the CIM Torontobranch to make a presentation to Business students regarding the benefits of being associ-ated with CIM and earning the CIM designation. I would like to thank our Director ofMembership, Paul Linchuang, for his efforts in initiating this event, and also our NationalPresident-Elect, Paul Markle, and our Toronto Branch Administrator, Beth McKenzie, forrepresenting CIM at this terrific event!

Continued…

THE TORONTOMANAGERDecember 2008 Edition

CIM TorontoBoard of Directors

PRESIDENTPhil Russo, CGA, P.Mgr., F.CIM,FCAM, FICIA, FIPFM, O.M.C.

PAST PRESIDENTRob Passmore, P.Eng., C.I.M

ONTARIO EAST REGIONALPRESIDENT

Peter Boos, C.I.M., P.Mgr., F.CIM, FCIP,B.A., FRM, MCE

VICE-PRESIDENT,PROGRAM&MARKETING

TBA

VICE PRESIDENTEDUCATION &MEMBERSHIP

TBA

TREASURERThong Minh Tran, CIM, P.Mgr., F.CIM,

FIPFM, QAA, ICIA, LIFA

DIRECTOR OF PROGRAMMikeAoki, P.Mgr.

DIRECTOR OF P.Mgr.Paul Gallardo, M.BA, P.Mgr., FCAM,

FICIA, FIPFM

DIRECTOR OF EDUCATIONRafail Veli, F.C.I.S, A.C.I.S, P.Adm,

P.Mgr., F.CIM, CMC, M.B.A.

DIRECTOR OFMEMBERSHIPPaul Linchuang, MBA, F.CIM

DIRECTOR OF NEWSLETTERWesley Spence, C.I.M.

DIRECTOR OFMARKETINGLegesse Gebeyehou, ICIA, P.Mgr., CIM,

Dip. IM, F.CIM

DIRECTOR AT LARGEShanaz Karimullah, CGA, P.Mgr.

ADVISORSPeter Horlock, C.I.M., P.Mgr., PE

Mel Lerman, C.I.M.Joan Milne,P.Mgr., F.CIM

Larry Richman, C.I.M., P.Mgr., P.Eng.

ADMINISTRATORBeth Mckenzie

Condinued from page 1

Our Director of Program, MikeAoki, and the program committee have certainly been busy.The social event at Woodbine Race Track on November 5th was a huge hit. Mike, BethMcKenzie, Carmelita Plaza, and the rest of the committee did a great job! I had the pleas-ure of presenting two P.Mgr. certificates that evening (right on the Race Track) – one toShanaz Karimullah, P.Mgr. and one to Glenn De Caire, P.Mgr. A special ThankYou to JimPerrin from the National office for attending this event.

Our next event will take place on Monday, December 8, 2008 at the CIM Toronto Office.This is a Joint Holiday Dinner Meeting with the Toronto Branches of the Certified GeneralAccountantsAssociation (www.cga-ontario.org) and the Guild of Industrial, Commercialand Institutional Accountants (www.guildoficia.ca). The Keynote Speaker will be Mr.Matthew Wall, CA, CBV, and his Topic will be “Transfer Pricing”. Mike Aoki has alsoorganized a one day Joint Symposium with the above two associations on Saturday,January 24th, 2009 which will feature three leading keynote speakers titled “How toDevelop Your Financial, Leadership and Communication Skills”. Hope to see you atthese stimulating and first-rate events.

I would like to welcome Mr. J. Paul Walsh, the new National Academic Dean with theCanadian Institute of Management, and congratulate Mr. Nick Unitt on being appointedthe new National Vice-President of Marketing/Communications.

Have a safe and HAPPYHOLIDAY SEASON andAll the Best in the NewYear.

Cheers!

C A N A D I A N I N S T I T U T EO F M A N A G E M E N T

I N S T I T U T C A N A D I E N D E G E S T I O N

Season Greetingsand all the best in the New Year!


Improve Performance at thePeak of ExperienceBy Randy Park, Thinking for Results

In our society we place a high value onexperience. We use sayings such as“experience is the best teacher.” There

is a good reason for this: in general, themore experience we have at a task or in ajob, the better our performance. It doesn'tnecessarily mean that with no experiencewe can't perform at all; we may have train-ing or transferable experience from otherareas. But our word "expert" is related toexperience for a reason.

For example, think back to when youlearned to drive. At first, there were allsorts of things to watch - controlling thecar, other cars on the road, traffic signals -all this even without distractions such aspassengers or the radio. As you gainedexperience, your performance improved.Your driving became more natural, moreautomatic. You learned certain ways ofdoing things such that you didn't have tothink about the details. To a large extent,you were training the automatic processingor “information filter” part of your brain.

Does this performance improvement go onforever? I would argue that it does not; infact as shown in the diagram, not only doesour performance level off, but in manycases it can actually decrease with increas-ing experience.

Let me again use driving as an example. Idon't think I'm as good a driver as I used tobe. So many of my driving functions arenow carried out automatically by my habitsthat to a large extent I drive unconsciously.(It's kind of scary to think about!)

This was brought home to me one daywhen I was driving along, doing severalthings at the same time, one of which waslooking down at the map on the seat next to

me. I looked up, and the car in front of mewas stopped dead. I slammed on mybrakes, and fortunately there was no colli-sion, but it caused me to realize how littleattention I paid to the way I was driving. Ihad become complacent, careless, and was-n't paying attention because the actionswere so familiar and so automatic.

Are there areas in your life (maybe driving,maybe at work or at home) where you havebeen doing the same thing for so long thatyour actions have become automatic? Isyour performance lower than when you hadless experience? How could you identify ifthis is the case?

One way - not recommended - is to have anaccident. Another less destructive way is toconstantly monitor the results you areachieving. Are these the results you want?Are they at least as good as in the past?Ask you clients and your co-workers fortheir opinions, and really listen to theiranswers.

If you are past the optimum point on theexperience curve, it shouldn't be too hard toat least get back to the level you were at inthe past. One way to reverse the decline isto shake things up a bit. Try new ways ofdoing things, hang out with some differentpeople, consciously look for alternativetechniques. Another way is through men-toring or training another person.Mentoring is about helping someone on theleft side of the Optimum Experience Curve,someone with less experience that you. Ifyou've ever been a mentor you will knowthat this person will ask lots of questions,some of which are pretty simple. But evenso, really listen to their questions - they areseeing things with fresh eyes and may helpyou gain a new perspective. Be especially

aware if you answer “because I/we alwaysdo it this way” because that can be an indi-cator that your performance is past the peakof the curve.

The curve doesn’t always turn down. Ithink of TigerWoods who when he wins yetanother championship doesn’t sit back andtake it easy, but keeps practising to improvehis game.

One final point, which is not obvious fromthe curve. Sometimes even when ouractions continue to be the best for the situ-ations we have experienced, the worldchanges around us. We can end up past thepeak even when we are performing ourbest. Once again, the key is to monitor ourresults and compare the actual results tothe target results.

Make sure your rich experiences are notholding you back from the results you want,but moving you forward to greater success.

Randy Park is a professional speaker and authorwho lives and works in Toronto. Randy boostsorganizational performance by facilitating, edu-cating, and motivating people to think more andthink better.Contact Randy to help reduce the gap betweenthinking potential and thinking practise: www.thinkingforresults.com or 416-703-9202. �


Business Writing Tips forBusy ProfessionalsBy Sharif Khan

Effective business writing skills canhelp you win that million dollarcontract, earn a promotion, resolve

a dispute, or generate a significant increasein new business leads. Poor business writ-ing, on the other hand, can never beundone; it can cause you to lose businessto your competition and even cost youyour job. Here are 7 easy ways you canimprove your business writing skills:

1. Before you write a word of copy,make sure you know who your targetaudience is and what specific resultyou’d like to achieve. If it’s an impor-tant business communication, takefive minutes to visualize yourself inthe shoes of the recipient and imaginewhat this person’s world is like.

2. Avoid using acronyms and buzz-words. Avoid using academic lan-guage like ‘ergo,’ ‘henceforth,’ or ‘soto speak.’ Simplify big words: writeuse instead of utilize, send out insteadof disseminate, fair instead of equi-table, etc.

3. Use an active instead of passive voice.“The meeting agenda could be dis-cussed further” is passive. “Let’s dis-cuss the meeting agenda” is active.

4. Write in a conversational tone insteadof alienating your readers by beingtoo formal and bureaucratic – unlessyou’re writing to a bureaucrat orsomeone who prefers formality.Know your audience!

5. Replace hyperbole with solid factsand reputable testimonials. Phraseslike, “We’re #1,” “We’re the leader in

our field,” or “We provide the bestservice,” aren’t going to get you any-where. Instead, use a fact such as stat-ing that the President of a leadingassociation ranked your companywith the highest quality score out of500 certified companies.

6. Be clear, concise, and to the point.Don’t assume readers will know whatto do. Guide them by including a spe-cific call to action: “click on the linkto get your special report” or “call meto set up a no-cost 15 minute consul-tation.”

7. Use word pictures to get your pointacross. Can you imagine the thrill andexcitement of driving a rocket-fast,cobalt blue Porsche 911 Turbo as itwhisks you to your desired destina-tion? A well-written article or reportcan be like that Porsche and generatea ton of new business in half the timewith more fun!After all, what’s moreexciting, cold-calling prospects or

having them call you? (If writ-ing is a challenge, consider hiringa professional).

Sharif Khan is a business writer,book consultant, and author of theleadership bestseller, Psychology ofthe Hero Soul (www.HeroSoul.com).If you need help with an importantwriting project or ongoing assign-ment and would like a no-cost, no-obligation quote, call 416-417-1259or send an email to:[email protected].“Sharif knows how to write clear andconcise copy for business. He isquick, to the point, and a pleasure towork with,” writes Carl Nanni, for-mer VP, Kraft Canada �

“Replace hyperbole with solid factsand reputable testimonials.”


Your resume is the first and far mostimportant document towards get-ting the job that you want! Some

recruiters receive hundreds of resume perday and getting your resume to stand outamong them can be challenging.

Your resume should be a well-organizedprofile of your qualifications for a career;it should also communicate enough infor-mation to an employer to keep them inter-ested!

The experts at TorontoJobs.ca have comeup with some suggestions to write aneffective resume:

1. Writing with Style: Font size of thetext throughout the resume should be12 point and either Times NewRoman orArial style. Use 1 inch mar-gins at the top and bottom and sides ofyour resume. Try to avoid using hori-zontal or vertical lines, graphics, orshading. If you’re mailing yourresume, try to put it in an envelopethat doesn’t require you to fold it. Tryto avoid overusing italics, scripts andunderlined words.

2. Use Effective Vocabulary: Defineall experiences with as many actionswords as possible, such as accom-plished, delegated, achieved, conduct-ed, coordinated, organized, etc.

3. Don’t Get Too Personal: Yourname, address, postal code, telephonenumber and email address is appropri-ate. Specific personal informationsuch as age or birthdates, marital sta-tus or citizenship is not important.Also avoid using nicknames.

4. Objective: Write what you want todo and be specific. Explain in one ortwo sentences how your abilities willbenefit the company or organizationfor which you are applying at the topof your resume.

5. Achievements: Show your uniqueskills and list the most important firsti.e. clubs, languages, awards etc.

6. Work Experience: List experiencein reverse chronological order; that is,your most recent experience shouldbe listed first. Include the followinginformation:• Title of position• Name of organization• Location of work (town, province)• Dates of employment• Describe your work responsibilitiesand list specific accomplishments.

7. Volunteer Experience: List anyrelated volunteer or community expe-rience.

8. Education: Show your most recenteducation first and then go back intime, similar to how you show yourwork experience. Include the yearsyou attended each school (e.g. 2001-

2003) and any degree or diplomareceived.

9. Interests: List specific interests thatwill show that you have the skills andattitude needed by the employer.

10. References: Add a note that you willprovide references if needed (e.g.“References Available uponRequest”).

The finished product should look outstand-ing. Make sure your resume is neat, proofread for spelling errors and be honest!

Marc Belaiche is President of TorontoJobs.ca,an internet recruitment and staffing companyspecializing in helping companies find candi-dates in the Greater Toronto Area.TorontoJobs.ca provides the following servic-es:• Internet recruitment, including a job boardand resume access service• A monthly newspaper called Toronto Jobsavailable at hundreds of locations across theGreater Toronto Area• Full recruitment services including tempo-rary and permanent staffingMarc has been in the recruitment industry since1995. Prior to TorontoJobs.ca, Marc was aRecruiting Manager in the staffing industry.Prior to that, Marc worked at PrudentialInsurance and KPMG in accounting and audit-ing roles.Marc is a Chartered Accountant and is a mem-ber of the Human Resources ProfessionalsAssociation of Ontario (HRPAO) and volun-teers on the HRPAO Dinner Speaker SeriesCommittee. Marc has extensive experience inon-line advertising, e-commerce and recruit-ment. A graduate of the University of Torontowith a Bachelor of Commerce, Marc is marriedwith two children and lives in Mississauga. �

Writing an Effective Resume

By Marc Belaiche, CA


Dear CIM Toronto Branch Members,

Welcome to one of Toronto's most popular speaking series, Toronto Talks. Our dynamic series, now in its 7th year of operations, allows you the opportunity to hear from Toronto's leading experts in the fields of Internet and E-Commerce, Management, Leadership skills, Personal Development and Business Development skills.

As business people, we are captivated by the day to day operations of our own enterprises. So it is important that that you rub shoulders with others who are succeeding in their fields. It gives you insight into other worlds and markets that otherwise remain a secret. That's why we've initiated Toronto Talks. We want to give you the opportunity to expand your universe and hear first hand what business leaders in and around the Toronto area are doing. And we welcome you to come out and hear from our top quality speakers and learn with the experts. But don't just take our word for it, read our testimonial section and find out what people really think!

Toronto Talks is FREE if you are a member of the Canadian Institute of Management.Otherwise, we charge $20 at the door.

We also pride ourselves on being a charitable organization. All proceeds from Toronto Talks go towards Camp Oochigeas, a camp for children with cancer located in Ontario.

If you would like to participate in our series, you can RSVP to our events through the RSVP tab at our website (www.torontotalks.org) or sign up for our newsletter. Our seminars usually take place at Metro Hall, 55 John Street, Toronto, ON (Room TBA), as well as other Toronto locations.

Have a terrific Toronto Talks day!

Regards,

John Klotz Event Chair, Toronto Talks [email protected]

www.torontotalks.org


Red Flag Issues when Buyinga CompanyOr Some Thoughts from a Professional Wet Blanket

By Sondra Stewart, CA, CBV

More than 70% of Canadian smallbusinesses will change handsover the next ten years, accord-

ing to a joint study by the BusinessDevelopment Bank of Canada and theCanadian Federation of IndependentBusinesses. This means there will be anunprecedented number of businesses forsale, hoping to capture your employer’s,your client’s, or your own funds. As abusiness valuator who is regularlyinvolved in merger and acquisitions, I’dlike to share a few practical observationsabout some factors that can cause a deal to“go south” (the industry term for a dealcollapse).

What did that document really say?

• Understand what is being committed toat each stage of the process. The verybest way to do this is to engage a corpo-rate lawyer, from the start, and havethem involved in every piece of paperthat is signed relating to the deal, how-ever innocuous the documents mayappear. Lawyers typically are able toidentify issues that the purchaser, theaccountants and the business valuatorsmight miss. Make sure the ‘tone’ of thelawyer matches the purchaser’s ownstyle – if they want to get a deal done,the lawyer must be advised of this andbe able to execute the deal in an efficientfashion.

What do I know about the seller?

• Learn all you can about the companyand related parties who contribute to the

company’s operations, in terms of sales,supplies and talent. Try to understand ifthey are replaceable, workable, or acompetitive risk.

• A good professional advisor can oftenget better answers from the seller as aresult of their expertise in interviewing.Also, because the advisor is not general-ly seen as partisan but rather as anunemotional information gatherer, theyare often seen more as facilitators thanpotential competitors.

• Be alert for sellers that are pushing theenvelope on acceptable accounting ortaxation practices. Besides the obviousethical concerns, their financial claimsmay be difficult to validate and the pur-chaser could be inheriting a materialunrecorded liability.

What is actually being sold?

• This may sound obvious, but sometimesit isn’t. It is imperative to have a clearunderstanding of what is included in thepurchase price and how the deal is struc-tured. Are all of the assets included, oronly some of the assets? As sellersbecome more savvy, many companieshave taken to segmenting their companyinto operating assets and intellectualassets. This is a perfectly valid tech-nique for maximizing sale price, but thisis a more complex cost structure than astraight purchase, and some work willneed to be done to quantify the full pur-chase cost. For example, if a trainingschool or coaching facility is being sold,

the manuals could be included in thecost or the seller might intend to retainthe intellectual property and license itseparately for an additional cost. If thelatter is the case, the impact will need tobe quantified in terms of future cashflow and the royalty rate should beexamined to see if it is reasonable in thecontext of the purchase.

• Is it a purchase of assets or of shares?For tax reasons, purchasers generallylike to buy assets. sellers generally liketo sell shares. It is worth the effort toengage a professional who can helpquantify the after-tax cash differentialand who can suggest appropriate mech-anisms to help bridge the gap.

What information is available?

• Sellers will have varying levels of sensi-tivity to disclosing information at vari-ous levels of the buying process. Accessis typically provided to the company’sfinancial statements at an early stage,after signing a confidentiality agree-ment. On the other hand, highly confi-dential information such as margins byclient is often not provided until the endof the process, as this is the kind ofinformation that can be most damagingif the deal goes south.

• Be concerned if the seller professionals(accountants, lawyers, advisors, etc.)appear to be non-responsive or evasive.Perhaps there is simply a communica-tion problem, but it could be an indicator

Continued…


NEGOTIATION

By Peter Hiddema, Founder,Common Outlook Consulting Inc.

“What you see depends on where youstand.” This is the corner-stone of ourphilosophy at Common OutlookConsulting, Inc. We believe when thisbasic concept is forgotten, conflicts arise.We forget we only see part of the picture.We think we have the right answer, thetruth, everything we need to know. Weassume that if we’re right, the other partyis wrong. When we try to persuade themthat they’re wrong and they don’t changetheir view or actions, we then concludethey are foolish, misguided, or perhaps ill-intentioned. The result is deadlock.

Here are a few examples of commonlynegotiated items:• overcoming objections from a potentialor current client

• deciding whom to include in a projectteam

• agreeing on the terms and conditions ofa contract

• managing differences of opinion amongyour staff

• deciding where to go for a family dinner

Here are some useful assumptions whichmay change the view you see:• I may not have all the relevant informa-tion

• if they see it differently, there must be alogical explanation

• they’re probably not stupid, crazy or evil• it’s in my interest to be curious: if I want

to change their mind, I need to knowwhat they’re thinking

• understanding without agreeing is stillvaluable

Whenever you are trying to influence orpersuade someone about something, youare, in essence, negotiating. Each negotia-tion can be successful, or not, and canserve to improve the quality of the relation-ship, or not. A lot will “depend on whereyou’re standing”.

Negotiation can be viewed as a set ofskills, skills which need to be learned,practised and refined. At CommonOutlook, we offer an introductory work-shop, Effective Negotiation Skills. In thisworkshop we explore common dilemmasin negotiation: issues of trust, perception,miscommunication and flawed assump-tions. Negotiations are positioned as a puz-zle to be solved rather than a battle to bewon and practical tools that can easily beimplemented into peoples’ lives are cov-ered in this workshop.

For those looking to hone their negotiationskills, a workshop called Advanced NegotiationSkills is available. Here, the core componentsof the negotiation framework are more closelyexamined and additional tools for developingnegotiation strategy are provided. There is alsoa greater focus on dealing with difficult nego-tiators. To learn more about these workshopsplease contact [email protected] andvisit the Common Outlook website.(www.CommonOutlook.com) �

“In a conflict, being willing to change allows you to move from a point of view to aviewing point – a higher, more expansive place, from which you can see both sides.”

– Thomas Crum

of deeper issues. Has there been arecent change in the seller auditor orexternal accounting firm? If so,why?

• Be alert to changes. Has the compa-ny recently been stripped of workingcapital? Have necessary capitalexpenditures been avoided? Don’tbe afraid to ask an expert (businessvaluators, engineers, asset apprais-ers, etc.) what it will cost to putthings back into good working order.

Hire your own wet blanket

• It’s hard for a purchaser not to ‘fall inlove’with a company that they real-ly want to buy. This is part of thepassion of being an entrepreneur.However, sellers can usually sensethis euphoria if it is runningunchecked and the purchaser willface a highly inflated deal price. Apurchaser should go into the processwith a strong team of objective advi-sors. The advisors are not there to“kill” the deal but they should bewilling to encourage the principals toacknowledge when the deal pricegets irrationally high.

Sondra Stewart is a Chartered Accountantand a Chartered Business Valuator. She isthe President of Stewart BusinessValuations Inc. (www.stewartbvi.ca) whichspecializes in business valuations for cor-porate purposes, such as succession plan-ning, mergers and acquisitions and finan-cial reporting. �

Red Flag Issues Cont’d.

www.cim.ca


Curbing Corruption:The Proactive Role of Accountants

By Lal Balkaran, MBA, FCMA, FCIS, CGA, CIA

Accountants are uniquely qualifiedto help their organizations fightcorruption.As the eyes and ears of

management, we are present year-round,we have a broad understanding of busi-ness operations, and we are bound by rig-orous standards of performance and ethicalconduct.

A proactive approach to anti-corruptionefforts can help reduce the potential formisdeeds.Accountants can institute struc-tural and accounting initiatives to assistorganizations in curbing corruption.

STRUCTURAL INITIATIVES

Ethical Environments

Awritten code of ethics and business con-duct that integrates such values as hon-esty, trust and integrity helps set the tone.Accountants can verify that the codeincludes provisions against corrupt prac-tices, such as bribery or extortion, andensure the code is maintained, enforcedand accompanied by effective manage-ment systems designed for monitoring andcompliance.

Breaching the written code must triggerconsequences commensurate with theseverity of the breach. This may involvereprimand, loss of pay, transfer or outrightdismissal. An audit of code violationscould include itemizing and examining allbreaches to ensure that escalating actionshave been taken to the highest levels ofmanagement.

Effective Hiring

Virtually any system is only as effective asthe people who are employed to manage it.A corruption-proof system can operateeffectively only if those working within itare performing and behaving as required.Accountants can ensure that their compa-nies are performing thorough backgroundchecks on candidates for employment.Accountants can also verify that employersare validating the qualifications, workexperience and references of applicants.

Incentives & Correctives

Companies should maintain incentiveswhereby rewards are given for reachingdefined goals and penalties are incurredfor subverting or circumventing estab-lished controls. For example, providingbonuses for completing a project on timeand imposing a fine or other disciplinaryaction for accepting bribes are effectivemeans of encouraging ethical behaviour.

Although detection measures can go a longway towards eliminating corruption, theymust be accompanied by appropriatemethods of remedy. Management may beinclined to overcompensate with costlycontrol recommendations and fail to con-sider whether the organization has themeans to implement these measures.Recommendations for corrective actionshould weigh the risks involved, take thebusiness environment into account, andconsider the cost of fixing the problem.

Questionnaires

Questionnaires can prompt employees forany knowledge of illicit activity. Relatively

simple questions often encourage employ-ees to reveal sensitive information thatthey would not divulge in face-to-facemeetings.

Whistle-blowing

Sometimes corruption is uncovered bywhistle-blowers—those who are involvedwith the organization but not necessarilypart of its formal anti-corruption efforts. Toavoid negative publicity, organizationsshould take steps to ensure that those whoare aware of misconduct report their obser-vations through proper internal channels.

A clear, accessible whistle-blowing policywill help alleviate the fears of potentialwhistle-blowers, and ensure that whistle-blowers are seen as agents of anti-corrup-tion efforts and good governance.

External Assistance

A successful anti-corruption strategyrequires the concerted action of manydiverse players. Other organizations willhave a unique perspective on anticorrup-tion and can introduce new dimensions toanti-corruption efforts.

ACCOUNTING INITIATIVES

Red Flags

Red flags are indicators of potential prob-lems and irregularities and may come inmany forms. Unreconciled bank state-ments, excessive spending and dramaticincreases in miscellaneous expenses mayindicate that a company is expensing

Continued…


bribes or using resources for dubiousobjectives.

Exception Reporting

Unusual transactions and items that appearon reports should be investigated. If amonthly report shows that the companyspent $10,000 on gasoline for its fleet ofcars, when the amount in previous monthshad been $4,000, an Accountant shouldensure that the increase of 60 percent canbe justified. A thorough examinationincludes all benign explanations, whilerecognizing the potential for misdeeds.Some drivers may be filling up personalvehicles and charging it to the company, orcolluding with station owners to inflateinvoices while agreeing to split the differ-ence. Suspicious items should not be dis-

Curbing Corruption Cont’d. missed until sound conclusions have beenreached.

Modern Tools

Technology has led to powerful tools forAccountants to use in combating corrup-tion. With the advent of computer-assistedaudit techniques (CAATs), auditors cannow review entire populations of dataquickly and accurately. CAATs automatedata analysis and enable auditors to drawmore conclusive opinions. They also playan integral role in identifying suspiciousactivities and unusual transactions.

Beating the Odds

According toWilliam Thornhill’s ForensicAccounting: How to Investigate FinancialFraud, there is only a 50 per cent chancethat a tip, lead, or accidental discoverymight uncover fraud. Regular procedureshave only a 25 per cent chance. Curbing

corruption demands prevention, detectionand correction measures to combat, andAccountants should be mindful of theodds.

Lal Balkaran is widely perceived as an internalaudit leader. He is a Senior Manager inBusinesss Risk Services at Ernst and Young inToronto. Mr. Balkaran is a prolific writer andhas been published around the world. A PastPresident of the Institute of Internal Auditors(IIA) in Toronto, Mr Balkaran is now anHonourary Member of the Institute, and sitson two committees of IIA Global. He is also theFounder of IIA-Guyana and has authored sevenbusiness publications on a wide range of topicsand six non-business books on his nativeGuyana. He can be contacted at [email protected].

This article was reprinted with permission from theFall 2006 issue of the Journal, published by the Guildof Industrial, Commercial and InstitutionalAccountants (www.guildoficia.ca). �

An Evening at the Races!Over 40 CIM and REIC (Real Estate Institute of Canada) members gathered atWoodbineRacetrack on November 5th for a fun night of business networking. The event began witha guided tour highlightingWoodbine Racetrack's proud history. Afterwards, we had a deli-cious dinner in the exclusive fourth floor corporate dining room.

The second race was the CIM highlight of the night. The winning horse was draped witha custom printed CIM horse blanket and photographed for the winner's circle. As part ofthis occasion, several CIM members were allowed track side for these festivities.

We also honoured two individuals who recently earned their P. Mgr. designation: ShanazKarimullah and Glenn De Caire. Congratulations to both of them for their fine accom-

plishment!

I’d like to thank our CIMToronto Administrator,Beth McKenzie; volunteerVisitor Host Lita Plaza;and our event partners atREIC Toronto for organiz-ing a great event! �

Attendees display the CIM horse blanket!

Shanaz Karimullah and Glenn De Cairereceiving their P.Mgr. designation certificates

from CIM President, Phil Russo.

From left to right: Lita Plaza (Visitor Host), MikeAoki (Program Director), Paul Linchuang

(Member Director) and Phil Russo (President) getready for Woodbine Racetrack event.

Door prizes were awarded.


How to Give a HolidayBusiness SpeechBy Mike Aoki, P.Mgr.

Congratulations. You have beenasked to speak at your company'sChristmas banquet or holiday

employee event. Making a great impres-sion will boost your career. But, the wrongmove could embarrass you right out of apromotion. To help, here are five tips tomake your banquet speech a success.

Here are five tips to make your holidayevent speech a success:

1) Keep to the theme of theevent

If the banquet theme is, "Above andbeyond the call", tell a story of exception-al service. If the theme is, "The best is yetto come" share a story about wonderfulopportunities in the future.

2) Keep it light hearted

It's a party. People are there to have fun,not listen to a serious speech. Leave poli-cy announcements and new productlaunches for another time. Humorous,entertaining or inspirational stories aremore appropriate.

Prior to the banquet, you can ask your callcenter or sales team for anecdotes you canshare with the rest of the company. Focuson stories that are uplifting. You want toshow how your team's hard work has paidoff in improved customer service andsales.

3) Keep it brief

Corporate holiday events are celebrations.But dinner and speeches can take severalhours. Keep your speech as short as possi-

ble so people can hit the dance floor (or gohome) at a reasonable hour. As the CEO,President or department VP/Director, yourholiday speech to your team should be tenminutes or less. You want to acknowledgetheir hard work, congratulate them on theiraccomplishments, and wish them well forthe holidays.

4) Keep it simple

Employees normally bring a date. So don'tuse company jargon in your speech.Instead of saying, “Our 3G implementa-tion increased EBITDA by 10%”, say,“Adding new technology boosted ourresults by 10% and now it's time to cele-brate!”

Want to meet new people, have funand polish your business skills at thesame time?Volunteer to help with any ofCIM Toronto's committees suchas membership, programmingor marketing. Whatever yourinterest, there’s probably a wayfor you to build new businessconnections.

For more information, contact Beth McKenzie [email protected]

5) Keep a “cheat sheet” if yougive thanks

Thank people that contributed to a suc-cessful year. Here's a tip: write the namesdown so you don't miss anyone. There isnothing worse than publicly leaving some-one out.

Use these five tips to avoid disaster andmake a great impression at your company'snext holiday event.

© 2008 Reflective Keynotes Inc., Toronto, Canada

Mike Aoki is the President of ReflectiveKeynotes Inc., a Toronto, Canada based train-ing company. For more free tips on call center,sales and presentation skills, visit:www.reflectivekeynotes.com �


The Price of IgnoringWhat’s WrongBy Chala Dincoy-Flajnik

When I used to pull my sister’shair as a kid and our babysitterused to ignore it while my sister

howled and complained to her, I wouldchuckle and continue to create havoc. Mysister hated that babysitter.

Strangely, I find that the same thing goeson in corporations everyday. Mistreatmentof employees is a subtle thing in this dayand age of litigation. It now takes the formof sarcasm and ill-disguised digs that passas humour between peers and directreports alike.

In my favourite Team Leadership book,Patrick Lencioni’s ‘5 Dysfunctions of aTeam’, he tells the fictional story of anexecutive who is terminated despite herstellar performance, simply because of hernegative attitude. As the CEO puts it tothe shocked management team in makingthe announcement, “seeing me ignore her(the fired manager’s) attitude and how itaffected all of you could have risked yoursuccess, so I let her go”.

The price of ignoring what’s wrong is iron-ically also often ignored.Some examples of things that go wrong incompanies are the following:• the mistake that never finds a source orsolution,

• the on-going feuds between employees,• the boss who is a tyrant to her directreports

These can all be atrocities ignored by topmanagement. But what is the cost?

Well, first of all, it’s a loss of morale in theworkplace. The symptoms of this beast arehigh absenteeism, lack of sustainable highperformance or productivity, absolute lack

of friendships or outside of work socializ-ing, as well as a high amount of coolergossip and malicious back stabbing.

One company that I worked for had suchlow morale in the department that therewas one specific individual work team thatwas continually discluded from beinginvited out to Friday lunches with the restof the department. You can imagine therelationships in that department!

Another consequence of ignoring thingsthat go wrong is a loss of confidence in theleadership. For example, when there’s noaccountability for taking every Fridayafternoon off, employees who work faith-fully from 9 to 5 begin to feel taken advan-tage of. Worse yet, when a mistake is cov-ered up and blatantly ignored, there is noresolve to what caused it in the first placeand teams often face the same issues overand over again.

The gravest consequence of leaders ignor-ing what’s going wrong in their teams is theloss of employees, especially good ones

who find it easy to be offered other jobs.When workers see their leaders choose toavoid confrontation with bad-attitudeemployees or employees who make mis-takes, they feel disillusioned and mistreat-ed. Then they leave. The estimated cost ofreplacing such an employee costs two andone-half times the person’s salary.

Do leaders who avoid things that are goingwrong not know all this? you ask. In myexperience, I often find that these man-agers belong to the same corporate culturewhere avoidance is a staple of the business.Alternately, they can be inexperienced newmanagers who are unsure about how tooperate when faced with the difficult taskof confrontation.

If a message could be a call to action forleaders and managers all over the corpo-rate world to take a closer look at howthey are affecting their work environmentwhen they continue to ignore what’s wrongin their workplace and actually do some-thing about correcting it, then please con-sider this to be that message. �

Call for Article SubmissionsWe’d love to hear from you!

If you have something that would be of interest to themembership, we would be happy to consider it for afuture issue of the Toronto Manager, please contactWesley Spence at: [email protected]


I’ve Got AttitudeBy Peter Boos, C.I.M., P.Mgr., F.CIM, FCIP, B.A., FRM, MCE

Iam often asked about the benefits ofmembership in the Canadian Instituteof Management (CIM). After going

through the benefits such as networking,educational and product/service discounts,I am often struck by the profound impactthat CIM membership has on my life.

I have come to realize that my attitude hasbeen greatly impacted by the experiencesgained through CIM. The camaraderie hasbrought joy into my professional and per-sonal life. The people I have met willing-ly reach out and share their knowledge,insight and wisdom. There is a bond whichbinds us together in our desire to serveothers. There is a need to share laughterand help one another.

This sharing and helping cultivates an airof acceptance which strengthens myresolve to achieve leadership excellence. Ihave become sensitized to my overwhelm-ing passion to help others succeed. I amacutely aware of the impact of my dictionand actions on others. I have learned thatmy attitude is reflective in the way I inter-act with the world.

Now some of you may be saying, “Peter,what is so profound about learning thatyour actions affect others?” This is a fairquestion. I am learning that my affect onothers is indicative and reflective of myattitude. People tend to characterize me asa result of my treatment towards them. Ina nutshell, I believe this characterization isdemonstrative of my attitude.

I get labeled by the way people “see” meaffecting them. I have become consciousof the importance placed on the labeling.

More critically, I have recognized the needfor the development of strategies to con-structively impact others. I want to bringjoy to other people’s lives. I want to offersolutions. I want to offer praise and con-structive insight. I am creating a historyand legacy of good will.

CIM has given me countless opportunitiesto generate good will. I have been able toheighten my intellectual and emotional

prowess. I have always loved facts andstatistics. But I have learned the impor-tance of caring and being illustrative ofsuch caring. A kind word can heal a thou-sand wounds. A smile can lift spirits. Asmall gesture of love can make someone’sday. The key is implementation. The proofis in the action. Actions define my atti-tude. Attitude is 100% of everything wedo.Attitudes are developed. CIM has beenan important source for my attitude devel-opment and refinement.

Some of you may be saying, “Peter, yourattitude is a result of your general positivepredisposition to see the best in others.” Ibelieve that attitudes are developed. Thegreat psychologist-philosopher WilliamJames said, “The greatest discovery of mygeneration is that people can alter their

lives by altering their attitudes of mind.”We have the power to change our attitude.CIM has helped me broaden my perspec-tive and assisted me in fostering tech-niques which improves the quality of livesfor others. I am “other focused”.

This focus has had a real domino ripple inmy life. While trying to help others, I havereceived in turn fabulous support and guid-ance. It may be true that you get what yougive in life. My attitude is at once bothreflective and malleable. People may“see” me through my attitude but they alsoshape my attitude. I have changed. I amchanging. It is a very interactive and cre-ative relationship.

It is also a powerful relationship becausesuch a relationship is all encompassing.Attitude is all encompassing. Attitude isthe impetus behind what I think, say ordo. I am of the firm opinion that my atti-tude frames my reality and structures apath which I choose to walk whenresponding to others. Free choice. Freewill. I am convinced that life is 10% whathappens to me and 90% how I respond toit. It’s all in my attitude. I am defined bymy attitude but I am not limited by it. Icontribute to my attitude. CIM is an impor-tant contributor.

CIM membership truly adds anotherdimension to my self concept. CIM mem-bership helps define me and make me abetter person. �

CIM has helped me broaden myperspective and assisted me infostering techniques whichimproves the quality of lives forothers. I am “other focused”.

www.cim.ca


Think Outside theInvestment BoxBy Mary Ann J. Lara, CIM, FCSI, CGA, CFP

If you are like many Canadians, youare already investing outside yourRegistered Retirement Savings Plan

(RRSP). This is often a wise investmentand tax strategy considering that RRSPcontribution limits cap the amount you cancontribute to an RRSP. As a result, yourRRSP may not be sufficient to supply thetotal amount of money you may need forthe retirement lifestyle you want. Amix ofnon-registered investments can make upfor the shortfall—but only when fully inte-grated with your overall asset allocationand tax management plan.

Corporate Class Mutual Funds

All investment income and realized capitalgains earned outside an RRSP must bereported annually on your tax return. But,you can minimize or defer tax on thatincome through your choice of non-regis-tered investments. Interest income receivesno preferential tax treatment and thus isfully taxable. Dividend income receivestax preferred treatment in all provincesand territories, but the degree of tax reliefvaries greatly across the country.

Alternatively, just 50 cents of every dollarof realized net capital gains is taxable and,because capital gains are taxed usuallyonly when you sell your investments, youcan influence when you pay tax on thosegains. You can potentially defer capitalgains taxes for years by choosing to sellthese investments at a time when it’s mostadvantageous for you (i.e. in a year whenyou expect your income will be lower thanit is today). Investment income that istaxed as capital gains can provide a signif-

icant advantage to your returns on an aftertax basis as compared to interest income.

This is where the benefits of a tax-advan-taged fund structure for your non-regis-tered portfolio can provide big rewards.Unlike mutual fund trusts, which trigger

Series T Mutual Funds

After a lifetime of hard work, you havearrived. Now it’s time to think about livingthe retirement lifestyle you planned, bygetting the most out of your investments.Longer retirements—as we retire earlierand healthier—mean that increases in thecost of living may eat away at hard-earnedsavings. Balancing monthly incomerequirements while ensuring that yourinvestments last a lifetime can be one ofyour greatest challenges.

When investing outside the registeredretirement accounts, many investorsapproaching retirement are tempted to con-centrate their investments in so called “safehaven” investments like bonds, mortgagesand guaranteed investment certificates asthe product solutions to meet their cashflow needs. These investments lock theirmoney in for a specific period of time inreturn for a fixed, guaranteed rate of return.The unfortunate reality is that lockingyourself into this type of investment couldalso lock you out of potentially higherfuture returns and create an immediate taxbill upon redemption. Similarly a system-atic withdrawal plan (SWP) from regularmutual fund investments creates cash flowby selling units in the fund, triggeringimmediate tax on the realized capital gains.

For investors requiring a monthly income,this combined impact of lost growthopportunities and annual taxes on invest-ment income can severely shorten theoverall longevity of their investments.

‘Balancing monthly incomerequirements while ensuringthat your investments last alifetime can be one of yourgreatest challenges.’

Continued…

tax consequences any time you switchfrom one non-registered fund to another,the Corporate Class Mutual Funds aretreated as a single entity for tax purposes.This feature allows you to switch betweenshare classes within the structure whiledeferring capital gains. As a result, youcan rebalance your portfolio without theneed to worry about immediate tax conse-quences. Over time, it is this potential taxdeferral feature that allows you to accumu-late more wealth than if you had to pay taxon your gains each time you made a switchfrom one fund to another (assuming thesame performance between the share classand an alternative investment).

Investing within a tax-advantaged struc-ture such as the Corporate Class MutualFunds make it easier than ever to accessthe right tools to help you build yourwealth in the most efficient tax mannerpossible.


There is a better way, a different invest-ment approach, focused on long termgrowth while generating reliable monthlycash flow and efficient tax options. The“Series TMutual Funds” combines steadymonthly cash flow and tax-planningopportunities into one investment. Thisinvestment provides a tax-efficient, fixedmonthly payout that has the potential ofincreasing your annual cash on hand.

While the amount of monthly cash flowyou receive is determined by the portfolioyou choose and the value of your account,if you select the Series T Mutual Fundsoption, a portion of the monthly payout isnot immediately taxed since it is treated asa return of capital (ROC). Unlike regularwithdrawals from mutual fund invest-ments, this option creates unique tax plan-ning opportunities, as there is no monthlyneed to sell units to generate income. Thetax-deferral strategy provides you with theincreased after-tax monthly income.

This well-planned, flexible (allows transferbetween T Series Funds with no cost orimmediate tax implication), diversifiedportfolio was designed to take care of yourmonthly cash flow needs for today andthroughout retirement.

Investing in Corporate Class andT Series

A mix of non-registered investments inCorporate Class and T series as discussedwhen fully integrated with your overallasset allocation and tax management planwill help you build your wealth in the mostefficient tax manner possible as well astake care of your monthly cash flow needsfor today and throughout your retirement.

Mary Ann J. Lara, CIM, FCSI, CGA, CFP isa financial consultant with Investors Group.She can be contacted via e-mail at:[email protected] �

A Compilation of some of theBest Articles on Marketing

Now available for you

Canadian Institute of Marketing Publishes Bookto Celebrate 25th Anniversary

The Canadian Institute of Marketing celebrated its 25th Anniversary, and tomark the occasion published a book titled “Marketing Perspectives, ACollection of Essays by Professional Marketers.” The book comprises acollection of articles by members of the CInstM that appeared over theyears in the CinstM journals and newsletters. A great read not only for allmarketing professionals but anyone who runs their own business, studentsand other business professionals. A team of marketers from Canada andother countries were selected to compile and edit the publication.

The Canadian Institute of Marketing is an association of professionalmarketers. Membership is based on academic and professional achieve-ment and marketing experience. The Institute provides professional mem-bers with an opportunity to acquire Professional Designations in Marketing.

To order – Email: [email protected]

Yours for Only (Postage Extra) $15.00

RREESSEERRVVAATTIIOONN FFOORRMM - Transfer Pricing - Matthew Wall • December 8, 2008

Name:

Address:

City Prov.

Postal Code

Email:

Guest Name(s):

COST: CGA Toronto & Guild of ICIA Members: $30.00CIM Toronto Members – Free with your membershipGuests: $35.00 (Guest price is for people who are not

members of CIM Tor, CGA Tor or the Guild)

Charge my: �� Visa � MasterCard � American Express

Account No. Exp. Date /

Cardholder Name

Signature

FFaaxx ttoo:: CCaannaaddiiaann IInnssttiittuuttee ooff MMaannaaggeemmeenntt TToorroonnttoo BBrraanncchh((441166)) 449911--11667700

Presents…

Transfer Pricing: What is it, why it matters and how to deal with it

Come and enjoy an inspiring evening with Matthew Wall.Network with your fellow CIM/CGA/ICIA Members!

Monday, December 8, 2008Seating at 6:00 p.m.

New Location: CIM Toronto Office2175 Sheppard Ave. E., Suite 310, Toronto, ONPlease call 416-491-1577 to reserve your seat

or fax the reservation form below.What is it? Transfer pricing involves setting a price for inter-company transactions betweendifferent business units, divisions or entities (“related parties”) within a company. Why does it matter? Profits are shifted if one party charges too much, or too little, for thesale of goods or other inter-company transactions between related parties. This happens alltoo often, mostly due to old policies that were not revised as the business changed over time.Who cares? Management cares about making the wrong decision due to misstated financials.The Canada Revenue Agency cares, since they regularly assess companies (of all sizes) for notpaying enough in taxes due to an error in pricing inter-company transactions. Why come? Matthew will discuss some of the transfer pricing issues, challenges anddisputes faced by accountants in industry who provide financial information, management whorelies on it, and the Canada Revenue Agency who frequently audit it for these types oftransactions.

The Toronto Branches of theCANADIAN INSTITUTE of MANAGEMENT (CIM)CERTIFIED GENERAL ACCOUNTANTS (CGA)

and theGUILD OF INDUSTRIAL, COMMERCIAL AND INSTITUTIONAL ACCOUNTANTS

Matthew Wall, CA, CBVMDW Consulting Inc.Matthew Wall is the lead practitioner atMDW Consulting Inc., an independentconsulting firm that specializes inproviding transfer pricing services. Matthew has specialized in transferpricing since 1996, is a CharteredAccountant and Chartered BusinessValuator, and regularly advises compa-nies on all stages of the transfer pricingcycle involving planning, implementa-tion, documentation, and disputeresolution including CompetentAuthority requests and Advanced PricingAgreements.

The Toronto Branches of theCANADIAN INSTITUTE OFMANAGEMENT (CIM),

CERTIFIED GENERALACCOUNTANTS (CGA), and theGUILD OF INDUSTRIAL, COMMERCIALAND INSTITUTIONALACCOUNTANTS

Will be Co-Hosting a 1-Day Workshop:

How to Develop Your Financial, Leadershipand Communication Skills

Saturday, January 24, 20099:00 am - 4:00 pm

Location: Fontana Gardens, 7400 Keele Street, Concord, ON L4K 1Z9

Please fax your registration to reserve your seat - (416) 491-1670 • Reservation form on reverse.

PROGRAM AT A GLANCE

9:45 amMichel Neray“Everything Starts With a Conversation(including your next sale!)"

In this presentation, you'll discover how easy it is to engage people in con-versations around the work you do - whether you're sitting on the beach inMexico or sitting across the boardroom table.

You'll learn the customer-centric foundation that the entire EssentialMessage approach is built on and you'll get the tools you need to take allyour communications -- with clients and customers, colleagues, friends andeven your family -- more powerful than ever!Michel Neray has over 25 years of experience as an award-winning copywriter, anInternet pioneer, a tradeshow pitchman and a senior sales and marketing executive. Heis widely published and has given dozens of speeches at conferences and sales events.

He has worked with major corporations including Honda, Volvo, Upjohn, Alias-Wavefront, Nikon, The Royal Bank, The Quaker Oats Company, Marathon Brokerage,Guardian Mutual Funds, Mackenzie Financial and many others.

Through his keynotes, workshops and coaching programs, Michel helps individualsand businesses discover their true differentiation and communicate it in the most com-pelling way. His web site is at www.EssentialMessage.com

11:15 amRenee Charles“Developing Your Leadership Point of View”Ken Blanchard believes that great leadership starts with looking at your-self, who you are and what you stand for. He refers to this as yourLeadership Point of View.

This session encourages members to look at the defining moments intheir life that have shaped who they are as a leader. Members will explorethe leadership roles they currently have in life, construct a statement thatrepresents their leadership point of view, discuss the value of drafting sucha statement and the importance of communicating it to the people theyinteract with.

Renee Charles is an innovative learning professional with over 10 years of leadershipand management experience; and more than 8 years of experience in corporatetraining. During this time she has held leadership roles in the non-profit, pharmaceu-tical, telecommunications and courier industries.Excellence in facilitation, train-the-trainer initiatives, coaching and development andteambuilding are a few of the key elements that have contributed to Renee’s success;and her passion for learning has made it possible for her to become a MasterCertified Trainer with Achieve Global.Renee currently works as a Manager of Learning and Development at Canwest.

1:00 pm - Lunch

2:30 pmMary Ann Lara, CIM, FCSI, CGA, CFP“The New Tax Free Savings Account (TFSA)Would you like to reduce your overall tax bill? Are you cur-

rently saving for a home, cottage, car or vacation? Have you maxed outyour RRSP contributions and looking for another way to shelter investmentincome from tax?

The new Tax-Free Savings Account (TFSA) will help with all of theabove, and more. Learn how to save for your goals faster, and free ofFederal Tax.Mary Ann Lara, is a finance professional with 25 plus years working experience inthe financial industry. She obtained her Certified Financial Planner (CFP) designa-tion in 2006, CGA designation in 1995, Canadian Investment Manager (CIM) in 1999,and her Fellow of the Canadian Securities Institute (FCSI) in 2002.Her twenty five plus years of working experiences included eight years at ManulifeFinancial, first in Manulife Capital (asset origination), then in InvestmentsControllership, and eight years in PricewaterhouseCoopers, LLP, starting in themedium to small business practice, then as a Senior Tax Associate in the High NetWorth Tax Practice (North York Practice), and briefly with Marks and Spencer,Canada. Prior to coming to Canada, she was a CPA in commercial banking with var-ied responsibilities from controllership to strategic planning.

She was the Chair of CGA-Ontario, Toronto Chapter for 2006-2007, a recipient of theCGA-Ontario Distinguished Award for 2007, the CGA-Ontario Toronto ChapterAward in 2003, and was featured in CGA’s campaign for foreign trained accountants.She contributes articles to financial publications on financial planning topics. She isdedicated to working with you to achieve your financial goals and dreams.

Space is Limited! • Deadline to register Monday, January 19, 2009 • See Registration Form on reverse…

BREAKFAST& LUNCHPROVIDED

LIMITEDSPACE!

Fontana Gardens7400 Keele Street, Concord, ON L4K 1Z9

27

RREESSEERRVVAATTIIOONN FFOORRMM

Name:

� CIM Toronto Member � CGA Toronto Chapter Member � Guild of ICIA Member � Non Member

Address:

City Prov.

Postal Code

Email:

Guest Name(s):

COST: CIM Toronto Members . . .$79.00 [CIM rate is subsidized by Membership]CGA Toronto Members . .$99.00Guild of ICIA Members . .$99.00Non Members . . . . . . . . .$109.00

Charge my: �� Visa � MasterCard � American Express

Account No.

Exp. Date /

Cardholder Name

Signature

FFaaxx ttoo:: CCaannaaddiiaann IInnssttiittuuttee ooff MMaannaaggeemmeenntt --TToorroonnttoo BBrraanncchh((441166)) 449911--11667700

How to Develop Your Financial, Leadership and Communication SkillsJanuary 24, 2009 • Fontana Gardens, Concord, Ontario

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toronto - cim · december2008edition thetorontomanager page6 dear cim toronto branch members,...

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