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Results: 31 - 45 of 226
View Pat Kelly Profile
CPC (AB)
What was the rationale for that decision? Was there a change in the law?
View Pat Kelly Profile
CPC (AB)
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:46
It would be difficult for me to give you the reasons for that decision, because I was not part of the committee that made the decision to no longer recommend the structure.
View Pat Kelly Profile
CPC (AB)
Were you involved or did you have any interaction with the Canada Revenue Agency over the allegations around the Cinar fraud? I know that you've denied that you were involved, but did either the CRA or any other investigative bodies question you or your company over these allegations?
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:47
As I mentioned, I am not familiar with the Cinar affair, except that I was informed about it by the firm. I imagine that requests were made to the firm. Some of my former colleagues at the national level asked me if I had heard of this company and I told them that I did not know this organization or the people involved. So it was easy for me to answer that question. I guess the—
View Pat Kelly Profile
CPC (AB)
In these conversations, your colleagues all denied to you or told you that they'd never heard of this either. Nobody within KPMG or your colleagues—
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:48
My colleagues did not comment on what was going on in the office. My former colleague mentioned to you what was happening with the famous situation between Cinar and KPMG.
I would imagine that, when the request was made to KPMG Canada, they took it seriously and investigated to see if anyone was involved in any way. Since I am in Quebec, people from KPMG Canada called me to see if I was aware of this situation. I told them very quickly that I had no knowledge of this case. They did not tell me if they had done any research elsewhere.
In any case, it was not my responsibility because I was working in client services, not in risk management or in the business of the firm as a whole.
View Julie Dzerowicz Profile
Lib. (ON)
Thank you so much, Mr. Chair.
I want to thank Mr. Bilodeau for joining us. Thanks for enduring all your technical difficulties.
Mr. Bilodeau, as you know, we're here to talk about how we can improve our efforts to combat tax avoidance and evasion. What practices are in place at KPMG to ensure that it is not in any way helping clients to avoid or evade paying taxes in Canada?
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:50
In connection with the development of tax planning, at the time, the firm had set up a risk management committee. I imagine that this committee still exists. You will understand that I am no longer an associate in the firm, as I have reached retirement age.
The professionals working on a particular file conduct an analysis. Then they must send it to a committee that analyzes the planning in more detail and draws conclusions about the level of risk. I'm talking about tax planning here.
View Julie Dzerowicz Profile
Lib. (ON)
For every single client, you send every single client to a risk committee for an assessment in order to ensure—
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:51
Serge Bilodeau
View Serge Bilodeau Profile
Serge Bilodeau
2021-06-17 16:51
The associates still have a certain amount of autonomy. The risk management committee will not be asked to evaluate a contribution to a registered retirement savings plan, for example.
However, in terms of tax planning, a detailed analysis is conducted to determine compliance with the letter of the law. A final test determines whether the tax transaction is considered to be within the spirit of the law. That is a judgment call. As soon as we reach that stage, there is an obligation to go before the risk management committee, which must determine whether or not there is a problem with respect to the spirit of the law. That judgment is subject to interpretation. In fact, the courts have heard several cases on this test, called the general anti‑avoidance rule. Once the general anti‑avoidance rule comes into play, the risk management committee becomes involved to approve or reject the proposed planning.
Results: 31 - 45 of 226 | Page: 3 of 16

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