25 Jun 2019

On June 18, Facebook unveiled details about the Libra, its new virtual currency slated for release next year.

Louis Roy, assurance partner and president of Catallaxy, was approached for comment by several media outlets. On the eve of the announcement, he told Radio-Canada that “the undertaking is particularly interesting due to its scope, given that Facebook has 2.4 billion users.”

Speaking to Kyk radio in Saguenay–Lac-Saint-Jean, Mr. Roy explained that “this digital currency has tremendous potential since there are more unbanked people in the world than banked people. The currency is available at very low cost thanks to blockchain technology and it enables users to carry out a wide range of transactions on their cell phone, without a bank account.”

Quoted in the Journal de Montréal, Mr. Roy added that “this is going to shake up the financial system. Facebook’s new currency has far-reaching implications and we can expect that, once it’s introduced next year, it will be here to stay—though it will almost certainly evolve over time.”

When interviewed for RDI économie and Le Téléjournal de Radio-Canada, Mr. Roy stated that the Libra project is unique in that “it’s the first cryptocurrency to be backed by major players from the financial sector, including Uber, Spotify, Visa, Mastercard and PayPal.”

He also explained to iHeartRadio’s Énergie Québec that the value of this “stablecoin” is closely linked to that of traditional currencies, such as the US dollar, which makes it less risky for users. “The Libra aims to be a global currency. It will be interesting to see how it will contend with different regulations in different countries.” During the interview, he also went into detail about blockchain technology and cryptocurrencies, including the difference between the upcoming Libra and Bitcoin.

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17 Jun 2019

With the emergence of blockchain technology, CPA Canada has created a working group to explore different auditing approaches and the risks relating to cryptocurrencies and blockchain.

Jean-François Trépanier, Senior Manager, Assurance Research at Raymond Chabot Grant Thornton and Technical Advisor, Regulations at Catallaxy, is leading one of the working group’s projects. In an interview with CPA Canada, Jean-François provides an overview of the situation of public companies handling cryptocurrencies in Canada. He identifies the risks associated with blockchain technology and the accounting firms auditing cryptocurrencies.

Also, in a video discussing the prospects for CPAs in terms of blockchains, Louis Roy, Assurance Partner and President of Catallaxy clarifies that since this is a new technology, everything needs to be created. There are therefore excellent opportunities for CPAs to position themselves as experts in the field.

Roy offers some advice to CPAs who want to get involved in auditing cryptocurrency: he emphasizes the importance of properly understanding this technology, but also of knowing how to master cryptocurrency auditing tools.

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17 Jun 2019

Conseiller.ca posted an article on deducting expenses for self-employed financial services advisors.

Although they can deduct any work-related expenses, “if they are unable to prove that an expense was incurred to earn income, the expense cannot be deducted. This is key,” states Jean-Pierre Poulin, Tax Partner at Raymond Chabot Grant Thornton.

In the article, Poulin discusses eligible expenses vs. personal expenses: kilometres travelled, interest on loans, meal and entertainment expenses, home office, etc.

For more information about these measures, read the article on Conseiller.ca.

Get advice from your tax advisor or financial consultant.

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11 Jun 2019

With the publication of a special report on headhunters, Les Affaires is focussing on human resource issues.

One of these issues is the retention of new employees. The vast majority of headhunting firms offer a guarantee ranging from six months to one year to both client and candidates. “If it doesn’t work out during this period, we take the file back,” explains Louise Martel, Partner, Consulting Services. It is therefore essential to find the right candidate for the right challenges.

With this in mind, human resources professionals are finding that technical skills are becoming less important today. “Less and less time is spent evaluating them, to the benefit of behavioural and relational skills,” says Martel.

This report also includes an article on the integration of artificial intelligence into hiring processes. Our recruiting experts, partners Louise Martel and Jean-François Boudreault, also contributed to this article.

Even if artificial intelligence can be used, e.g. to perform an automated CV pre-analysis, Jean-François Boudreault says that “our profession is a craft; the emotional aspect remains very important. There are things that are experienced in interviews that cannot be described on paper. This is what our role is all about.”