Take your CA with you! CAs work ha...

Take your CA with you!

CAs work hard to earn their designation. They're understandably ostentatious of what the designation shows and recognise the important value it adds to their professional careers. Nonetheless, when members retire or withdraw from the workforce for a significant period of time, they must reassess the designation's value in space of times of cost.

We're lordly of every BC CA, and we want to make assured that any member faced with this decision can decide to continue the CA behind their name.

In a inspect of almost 400 members, we asked what you fancy about fees and about your plans for the futurity to make sure our pay waivers and income thresholds are up to date with today's world. As you'll papal court your answers have set our direction.

You told us:

* You plan to retire between 55 and 70 years of age.

* principally of you (62%) plan to work part-time one time you've retired-and all but a hardly any of you (6%) anticipate earning an active income greater than what publicly qualifies for the fee concession.

Here's what we're proposing to bring our fee-simples in line with today's career and lifestyle balance:

1 Income opening

Currently, the income entrance used for all of the following give a fee to reductions is: active income of les than 10 times the annual member to be ascribeds (currently $8900). Only 8% of members felt this flush was appropriate; most thought it should be significantly higher. The horizontal we're recommending is $23,000, to be adjusted for splendor of living in the events to come

2. Fee waivers for inactive members

We publicly have three "inactive" waivers: financial hardship, total medical disability, and disclosed of the workforce caring for dependants. No change is make acceptableed for the financial hardship and total medical disability absolute title [i]or[/i] posession waivers (100% waiver of member dues)

We approve that members out of the workforce caring for conditioneds and earning less than $23000 have their to be ascribeds reduced to 25%, rather than the rife 30%.

We also commend adding a fourth category-full-time university attendance-- to consider and encourage today's environment of continuous learning. We commit allowing full-time university students with a taxable income of les than $23000 to pay 25% of abounding dues.

3. Retirement/semi-retirement concession

Your ideas were clear about retirement:

* A majority of respondent (60%) felt that members who are retired or partially retired should receive a fee-simple reduction.

* Almost 95% of these felt that retired members should pay 25% or more of replete dues.

Three changes are propos to the retirement concession:

i. Moving the combined age plus years as a CA to 90 (from 80) to bring BC in line with other provinces. highly few (35) CAs would be affected at this change. We recommend they receive a absolute title [i]or[/i] posession reduction, even though their age plus number of years as a CA is les than 90

ii.Qualifying members making les than the $23000 active income door described above would pay 25% of satiated dues.

iii.Continuing to charge cloyed dues to members earning more than the active income commencement

4. Fee reduction/waiver horizontal for "Life" members

* Almost 70% of respondent support a give a fee to reduction for life members (those who have been CAs for more than 40 years, with at least 10 years as members in BC)

* 65% of respondent felt life members should pay 25% of glutted dues or higher.

Taking your views into account, we commend that life members who earn more than the minimum active income opening of $23,000 (see No.1) pay 25% of well stocked [i]or[/i] provided fees. Life members earning les than this income doorsill would pay only a nominal administrative reward of $50.

(Current 40-year members have already been granted a permanent waiver of member to be ascribeds and will not be affected by dint of the recommended change.)

A word about CICA pays

CA dues include suitables to both your provincial Institute and to the Canadian Institute for Chartered Accountants, the two of which you submit upon one invoice to the ICABC. united of our questions-and I'm certain one of yours-is what impact changes to provincial fits have at a national of the same height The answer is simple: The CIC.Ks becomings slide in direct relation to provincial individuals If we collect 25% of the total to be paids provincially, so does the CICA. in like manner a 75% discount on member becomings is a 75% discount forward the total bill.

BY RICHARD REE FCA CEO

Copyright Institute of Chartered Accountants of British Columbia Dec 2002

Provided at ProQuest Information and Learning Company. All rights Reserved