Young Tax Professionals

A plethora of opportunities within the tax world

Namrah Hasan — Fri, 29 Jul 2022 13:34:40 +0000

A plethora of opportunities within the tax world Namrah Hasan Fri, 07/29/2022 - 09:34

The Young Tax Professionals (YTP) program offers students with an interest in a career in taxation the opportunity to closely interact with faculty, alumni, and other full-time tax professionals. Students like us can gain a deeper understanding of career options, develop key skills needed for tax practice, and network with tax professionals.

What exactly is the YTP Case Competition?

The YTP Case Competition was held for the first time in 2020, with formats that change every year, ranging from creating tax cases based on practical work experience to analyzing tax cases for clients. This year, nine student participants had to examine complex proposed tax legislation released in February of 2022 introducing a new earnings stripping regime to the Canadian Income Tax Act.

The competition was an amazing opportunity for our team of three, because it helped us hone our tax skills, and develop stronger analytical and communication skills. This year’s case competition was based on the new Excessive Interest and Financing Expenses Limit (EIFEL) regime which was put out by the Canada Revenue Agency (CRA) earlier this year. The EIFEL regime sets out to limit the deductibility of interest and financing expenses. The new rules weren’t easy to understand, and there is very little guidance from the CRA or other practitioners, so our team had to work hard and do a lot of research to fully understand the new rules and their impact. To do this, we looked at various articles that large accounting firms had published that broke down the rules. We also looked at the rules other countries have already implemented like the EIFEL to understand some of the gaps that the Canadian version had. We also did a bit of analysis and thinking into why these rules matter, and who they were going to affect.

Digging into the legislation was tough, but very interesting and rewarding and we ended up winning second place in the competition. Going from not knowing what EIFEL was to delivering a 30-minute presentation on the application and implications of the rules was an amazing process. Because of this, we would recommend participating in the YTP Case Competition to anyone interested in tax!

First-place team reflects on their experience working together to secure their win

Emily Gomolka — Thu, 28 Jul 2022 18:07:21 +0000

First-place team reflects on their experience working together to secure their win Emily Gomolka Thu, 07/28/2022 - 14:07

This year was the third time the Young Tax Professionals (YTP) Case Competition took place, with students having the opportunity to utilize skills they acquired from their past co-op experiences to tackle a given topic. Involvement in this year’s YTP Case Competition allowed our team of three to dive into detail about a complex interest deductibility limitation rule that was proposed into law just this past February. Given the limited external resources available on this legislation, we had to leverage skills we’ve developed throughout our co-op and academic experiences, such as research, tax planning, technical tax writing and concise communication. We also expanded our research beyond just the Canadian application of the rules and compared the proposal to different tax systems around the world.

Working on the deliverables not only helped us understand the technical application of the proposed tax rules implementation but also provided us with the opportunity to interact with other YTP members that we would not have collaborated with otherwise. Our student team is all in different stages of our university experience, ranging from third-year studies in the Accounting and Financial Management (AFM) program, to nearly finishing a Master of Accounting (MAcc) degree, so our group needed to communicate effectively to identify everyone’s strengths and capitalize on them. Working on the memorandum and presentation for our case was insightful and exciting.

We strongly suggest that University of ��ݮ��Ƶ students get involved with the YTP program and participate in a case competition at least once in their university career! Though it may seem daunting at first, working with a team will allow you to identify your strengths and grow.

The unique experience of competing in the YTP Case Competition

Aishwarya Shukla — Tue, 26 Jul 2022 17:36:40 +0000

The unique experience of competing in the YTP Case Competition Aishwarya Shukla Tue, 07/26/2022 - 13:36

As someone who just finished their second co-op work term in the tax field with the intent to return to tax for another co-op term, I realized that this is the career path I want to take going forward. With that pursuit in mind, I immediately took the opportunity to sign up for the third annual Young Tax Professionals (YTP) Case Competition. For the competition this year we had to examine complex proposed tax legislation that was released in February of 2022 which introduced a new earnings stripping regime to the Canadian Income Tax Act. As a part of the competition, we were required to critique the legislation, compare the proposals to existing earnings stripping legislation in other jurisdictions and present our findings including examples of application.

The YTP Case Competition challenged my team and me not only to apply concepts we learned in class but to also understand the impact of the concepts, why we apply them, and what it means for the decisions we make. An important aspect of the case competition was conducting an in-person presentation, which was quite significant after spending approximately two years conducting presentations remotely. Generating a voice recording and sitting in front of a camera does not provide an accurate representation of what presentations are like in front of a live audience. As a team, we had to focus on important elements like eye contact with the audience, and effective body language to contribute to the audience’s understanding of our presentation. The three of us were cooperative when preparing our presentation and looked to each other for suggestions and feedback — always having a continuous improvement mindset.

I had my ups and downs while preparing for the case and juggling course work at the same time, however, I learned that once you are in the moment, presenting in front of your peers and professors, you will quickly realize it’s not the scariest thing you will face. Overall, we are grateful to have had the experience of participating in the YTP Case Competition this year and are highly motivated to participate in more case competitions in the future. My team agrees with me when I say that you should take advantage of the opportunities that you are given in university —you won’t regret them!

Making the Best Out of the Pandemic

Alyana Versolatto — Thu, 09 Sep 2021 14:46:21 +0000

Making the Best Out of the Pandemic Alyana Versolatto Thu, 09/09/2021 - 10:46

The upside was that I could compete in competitions that are now virtual and make meaningful connections with other students

At the start of the global pandemic, I pictured months filled with monotony and boredom, since the most enjoyable part of being in the Accounting and Financial Management (AFM) program was missing – connections in person with other people. Fortunately, the reality was very far from my pessimistic expectation.

There were a lot more group projects to participate in, and opportunities like case competitions became much easier to sign up for as I could easily participate from the comfort of my home. Previously, I had to pass on opportunities for competitions as it was on a school day or was in another city—but the virtual environment helped remove those barriers and focus more on what was important—the competition.

When I was registering for case competitions such as Young Tax Professionals (YTP), I was skeptical that the energy and enthusiasm surrounding a competition would be missing. I was pleasantly surprised. With everything being virtual, everyone was even more passionate to compete and was excited about the learning opportunity involved. Even my fellow team member on a co-op work term was able to join due to the competition being virtual. It was so much fun just bouncing ideas off each other about solutions to the case and coming up with recommendations.

The best part was knowing there was no right answer which gave us the flexibility to get creative with our presentation and our recommended pitch. This was also good practice before setting foot in the full-time world where I will be making recommendations catered to clients. At the end of the day, the highlight of the competition was competing as a team and making meaningful connections with each other.

I want to end with a valuable piece of advice that I learned from multiple guest speakers at YTP sessions:

“It’s not about what you know, it’s about who you know. Because at the end of the day, the strong connections you form with people are what makes life meaningful.”

Looking at tax through a new perspective

Alyana Versolatto — Fri, 27 Aug 2021 19:59:28 +0000

Looking at tax through a new perspective Alyana Versolatto Fri, 08/27/2021 - 15:59

Lessons gained from competing in the YTP Case Competition

Hello SAF community!

My name is Abirna, and I am an undergraduate student who has recently completed her third year in Accounting and Financial Management (AFM), and even more recently joined the Young Tax Professionals program (YTP for short).

When people hear I am learning tax in school they often get confused. People assume that tax is just inputting numbers into a form and that it is easy as that. However, the taxation field is so much more and is integral to our daily lives.

The YTP Case Competition challenged my team and me to use the theoretical concepts we learned in class and apply them in a case setting. This was an adventure, as it was something I never tried before and it was one of the best decisions I have made since entering the University of ��ݮ��Ƶ. It was a great opportunity to work alongside MAcc students and professionals with industry experience who guide you and really push you to understand tax in a practical way. When in class, certain concepts are just memorized to receive a mark, or just calculated to get a final answer without understanding the impact, why you are doing what you do, and what that means.

However, working on the case was an amazing opportunity for me to take what I learned in the classroom and see how it actually affects clients and users. Being able to better understand how what I learned in the classroom affects the greater good and allowed me to hone my skills and showed me the impact I can make on people’s lives.

This case was during school, so it was stressful to balance taking courses and the case on top of this. However, in real-life the same rule applies. Being able to balance school, work, and different projects is important and allows for overall growth in personal and professional settings. This case pushed me to use different resources, ask insightful questions, and improve my time-management skills, all while working alongside very smart and talented people. Being part of the YTP Case Competition pushed me to be a better worker and look at tax from a new perspective.

From Challenge to Championship…What a Wild Ride!

Alyana Versolatto — Fri, 27 Aug 2021 18:22:16 +0000

From Challenge to Championship…What a Wild Ride! Alyana Versolatto Fri, 08/27/2021 - 14:22

Getting a look at a career in taxation by competing in the Young Tax Professionals Case Competition

Hi, we’re Amanda, Fatima, and Kelvin, the runner-up team for the 2021 Young Tax Professionals (YTP) Mini-Case Competition! This competition is the first tax case competition the three of us have ever participated in and we must say, we wish we had done something like this sooner. To provide a quick overview of the competition itself, we were tasked with preparing a report which addresses tax issues and tax planning ideas for a client based on a simulated real-world case. Next, we prepared a video presentation and responded to questions from a panel of judges.

Here are our individual experiences and key takeaways from the competition.

Amanda

When I heard about the opportunity to participate in this competition, I jumped at the chance to do so because I want to pursue a career in tax after graduation. It was a little difficult balancing our full-time studies and other extracurriculars with this competition, but this was a great experience, and anyone interested in tax should participate! I recommend anyone interested to plan ahead of time with your group, so you are not overwhelmed with studies, co-op, or extracurriculars!

Fatima

The past year had us adapting to the new virtual work environments, so I figured now would be the best time to try yet another new thing and step into the world of tax competitions. This seemed like the perfect place to apply my course knowledge to a case that I may encounter in my professional career. As luck would have it, the opportunity presented itself in a term in which I was taking full-time studies, had a part-time job, and was engaged in other extracurriculars. However, I reasoned there will always be various stressors at each point in life, so I must follow through and try this new experience. As you can see, we’ve successfully crossed the bridge! Just step outside your comfort zone, and as Amanda suggested, schedule your time wisely. Let curiosity drive you as you make the most of your university experience.

Kelvin

I decided to compete in the YTP case competition to further my competency in taxation and as a professional. Working on a real-world tax case provides a great environment to review tax concepts taught in the classroom and apply those concepts which quite frankly is what counts in both the Common Final Examination (CFE) and the real world. The YTP case also provides a terrific opportunity for you to have a panel of professors and industry professionals judge your work (submission and presentation) and for them to provide candid and constructive feedback. I felt that the YTP Case Competition was like any other team extracurricular activity, in that if you plan, have a robust tax knowledge base, and work cohesively I am confident you will achieve success.

As the world moves into a new norm, the only certainty is tax

Farah Mohd Fadzil — Wed, 11 Aug 2021 19:33:12 +0000

As the world moves into a new norm, the only certainty is tax Farah Mohd Fadzil Wed, 08/11/2021 - 15:33

Gaining insight into tax beyond the classroom

Hi fellow School of Accounting and Finance (SAF) students!

I’m Helena, a Master of Accounting (MAcc) student who joined the Young Tax Professionals (YTP) program not long ago. You may be wondering, “What is a MAcc student doing in the YTP program and not preparing for the CPA Common Final Examination (CFE)?” I am here to share my experience to help you gain some insight into the YTP program and the taxation field.

As someone who loves problem-solving and who spent most of my co-op work terms in tax, I came to the realization that I enjoy sitting down and figuring out taxation issues because I like helping people with their tax planning. It is a role that suits me well and leads me to consider tax as my Day 2 role for my CFE exam and potentially working in tax in the future.

When I was presented with the opportunity to join the YTP case competition, I immediately signed up without hesitation. Since I am considering pursuing a career in tax, I would like to gain as much insight as possible in the industry and sharpen my technical knowledge in various taxation topics.

The YTP case competition helped me to prepare for the CFE as I had the chance to sit back and review certain tax rules. I thought I knew these rules by heart, but I spotted subtle sentences in the Income Tax Act (ITA) that I had not known previously. In addition, the feedback provided by professors and tax experts was always valuable and insightful. Although it was a worthwhile experience, it was definitely somewhat stressful to have the YTP case competition on top of the MAcc course load! Trying my best and pushing through allowed me to improve my time-management skills which I find extremely useful in all kinds of scenarios.

I recommend SAF students from all years to join the YTP program. If you are an undergraduate student who is thinking of joining the YTP, I would say, take advantage of this opportunity! You will get insight from friendly alums and tax professionals working in tax, as well as a head-start on CFE case writing and a taste of real-life advisory experience.

Young Tax Professionals - Student Experience

Alysha Hirji — Tue, 11 Aug 2020 15:49:39 +0000

Young Tax Professionals - Student Experience Alysha Hirji Tue, 08/11/2020 - 11:49

For as long as I can remember, just hearing the word “tax” makes many people anxious, frustrated and immediately want to change topics. It wasn’t until my experience with taking my first tax course and being part of the YTP that made me look at the monstrous Income Tax Act as an exciting opportunity.

I took my first comprehensive tax course in my 3A term which allowed me to understand the fundamentals in the Income Tax Act and apply it to both personal and corporate taxes. After the first spark of realizing that tax may not be as scary as it seems I decided to apply to the YTP in my 3B term.

The YTP allowed me to get a taste of a variety of careers in tax (whether that’s in a public accounting firm or even as a tax lawyer) through guest lectures. Some of the guest speakers were also SAF alumni who were able to relate to our experiences in the program and provided advice on what they’ve learned during their time in SAF. After the guest lectures, I was able to network with the speakers as well as our tax professors to learn more about how they knew tax was right for them. Not to mention the bonus of having cookies and refreshment available at each session.

Aside from these monthly lectures, the YTP also provides opportunities for students to pursue their passion for tax through other events. An event that I was able to take part in was #TaxTipsThursday which allowed me to present relevant tax tips for students on the SAF website. This was especially handy as the tips came out just in time for tax season.

Ultimately, being part of the YTP has allowed me to look at tax in a new perspective and explore what was once an avoided topic to an endless possibility.

Understanding the bigger picture: Debunking myths about the world of taxation

Keidon Giles — Thu, 06 Aug 2020 19:20:17 +0000

Understanding the bigger picture: Debunking myths about the world of taxation Keidon Giles Thu, 08/06/2020 - 15:20

Hi, I’m Isabel, it’s nice to meet you! I’m a fourth-year student studying Biotechnology and Chartered Professional Accountancy. I value understanding the world around me and learning from people of different work/educational backgrounds, hence my choice in pursuing this program!

It’s super easy to get caught up in the details of lectures and textbook assignments, without stepping back to truly understand the bigger picture. Connecting with others in the YTP (young tax professionals) community to learn about their work experiences along with exploring my own, has helped me connect what I’ve learned in school with real problems that clients experience on the job.

Contrary to popular belief, taxation doesn’t actually entail filling out government forms all day. What I love about being a young tax professional is that it provides many opportunities to become a well-rounded individual. The world of taxation involves taking on a business advisor role: combining the knowledge of accounting, legislation, data analytics, and effective communication to ultimately help clients reach their business goals. It’s really no different than the process consultants take to understand a client to give them advice involving going public, restructuring, or even expanding into other countries.

It’s completely valid to have gaps within your knowledge. Filling those gaps is what developing as a professional is all about. I want to emphasize the importance of venturing out into different industries throughout co-op. It’s just as equally important to understand what you DON’T enjoy, as well as what you DO enjoy. Taking advantage of communities such as YTP to learn about other people’s experiences will assist with your personal and professional development.

I’m excited to be a part of YTP for the next few years and would love to hear your story too.

We’re Young, We’re in Tax, and We’re Professionals

Alyana Versolatto — Tue, 21 Jul 2020 18:49:48 +0000

We’re Young, We’re in Tax, and We’re Professionals Alyana Versolatto Tue, 07/21/2020 - 14:49

Isolated cubicles and endless hours of routine number crunching – that’s the impression many people have of what working in tax entails. At the start of my 3B term, I had just finished my second co-op term at a large accounting firm as a tax analyst. Around the same time, I was going through an existential crisis, debating whether I truly belonged in tax and if I was limiting myself by accepting a return offer. I was curious to see what life in tax was like outside of public accounting but wanted the comfort of being able to return to my firm. That’s when applications for the Young Tax Professionals (YTP) program rolled around, and I decided to give it a shot.

What drew me to YTP was the chance to meet like-minded individuals and to build my network with faculty and professionals. Each session, we were exposed to a different path in tax such as industry, public sector, and tax law. We got to learn from speakers who were passionate about what they did and hear their stories firsthand. My favourite part, however, was after the sessions when we were able to casually network over cookies and refreshments.

Especially in their first year, SAF students are typically ingrained with the idea that public accounting is the only way to go. But through each YTP speaker, they each represented a unique perspective in the field, and we learned how the profession continues to evolve with emerging technology and changing laws. With such breadth, what became crystal clear to me was that the opportunities in tax are truly endless and are not one-size-fits-all.

Now, having graduated from YTP, I can confidently say that I have a newfound appreciation for tax and a better understanding of what opportunities are out there.

So, isolated cubicles and routine number crunching? Not even close.