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Inside Internal Controls

News and discussion on implementing risk management

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Author Archive - Occasional Contributors

In addition to our regular guest bloggers, Inside Internal Controls blog published by First Reference, provides occasional guest post opportunities from various subject matter experts on the topics of risk management and best practices in finance and accounting, information technology, environmental issues, corporate governance, sales/marketing and operations, not-for-profits and business related issues in Canada. If you are a subject matter expert and would like to become an occasional blogger, please contact Yosie Saint-Cyr at editor@firstreference.com. If you liked this post and would like to subscribe to Inside Internal Controls blog click here.

B.C. benefit corporation update

We previously reported on how British Columbia may become the first jurisdiction in Canada to permit benefit corporations. A private member’s bill (Bill M 216) on benefit corporations was introduced in the 2018 Legislative Session and passed second reading, which is rare for a private member’s bill.

 

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New ownership transparency requirements for federal corporations

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As a result of recently passed amendments to the federal Canada Business Corporations Act (CBCA), corporations incorporated under that statute will soon be required to maintain a register of individuals with “significant control” over the corporation (an ISC Register).

 

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Franchise article series: What is a franchise?

In order to determine whether the Franchises Act applies to a particular business model, one must first review the definition of a “franchise” in the Act as well as in relevant court decisions.

 

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Bad investing advice and promissory notes: When can you sue and why

Any combination of stressful circumstances, a high degree of trust, inexperience or internet expertise replacing real expert advice might result in a person ignoring a clear warning sign that they are about to enter less than prudent contractual relations or make a poor investing decision.

 

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CSA and IIROC propose regulatory framework for cryptoasset trading platforms

On March 14, 2019, the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada published Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms proposing a regulatory framework for platforms that trade cryptoassets.

 

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Federal Court of Appeal holds Canada Revenue Agency does not have the power to compel oral interviews during audit

The Canada Revenue Agency (CRA) has increasingly requested oral interviews during audits, particularly in transfer pricing audits. In Minister of National Revenue v. Cameco Corporation, the CRA sought an order compelling employees of the Cameco group to attend oral interviews. The decision of the Federal Court of Appeal (FCA) will be welcomed by taxpayers as it holds that an auditor does not have the power to compel such interviews.

 

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Behind the corporate veil: New ownership record rules in Canada

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On December 13, 2018, Bill C-86 received royal assent. This Bill contains a series of amendments to the CBCA pertaining to the tracking and recording of “individuals with significant control” (“ISCs”) over a corporation.

 

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Ad Standards announces new dispute procedure

Advertising Standards Canada, the national self-regulatory body that administers the Canadian Code of Advertising Standards, recently launched its new process for handling competitive complaints. The new Advertising Dispute Procedure came into effect on February 11, 2019.

 

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Inter-jurisdictional enforcement against cryptocurrency-related financial products

In its first enforcement decision concerning cryptocurrency, the Ontario Securities Commission permanently prohibited USI-Tech Limited from trading in securities or derivatives based on its promotion of cryptocurrency-related financial products in Ontario.

 

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Breach of contract and repudiation: Affirm or accept the repudiation, not both

One of the more difficult issues in contractual disputes is sorting out what rights and obligations continue to exist when a party to a contract breaches the terms of the contract. Broadly speaking, the party that is in breach of a contract is refusing to perform duties or obligations under that contract and, as a result, is repudiating the contract.

 

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Good faith in insurance dealings: A two way street

It is commonly known that contracts of insurance are contracts of utmost good faith, requiring the parties to deal with each other fairly and in good faith.

 

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Does my food ad market to kids? Draft guidance on Bill S-228

Bill S-228, “An Act to amend the Food and Drugs Act (prohibiting food and beverage marketing directed at children)”, has been undergoing legislative review since late 2016. It has been the subject of much debate and is still awaiting Royal Assent.

 

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Osler submission to OECD on public consultation document addressing the tax challenges of the digitalisation of the economy

Osler made a submission [PDF] to the OECD in response to its February 13, 2019 public consultation document on the possible solutions to the tax challenges of digitalization (the 2019 Public Consultation Document).

 

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Franchise article series: Franchise disclosure document

One of the main features under the Franchises Act has been the implementation of a Franchise Disclosure Document. The Franchise Disclosure Document is intended to summarize all material facts regarding the franchise.

 

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Canadian Federal Budget 2019 and its impact on non-profits and charities

Finance Minister Morneau delivered the 2019 Federal Budget on March 19, 2019. Here is our article.

 

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