Records Management and Retention
While the new record-keeping requirements are relatively straightforward for corporations with just a few “ownership interests” in real property, corporations with significant interests, such as those involved in property development, face a much more onerous task. It is therefore recommended that Ontario corporations begin preparing the register as soon as possible to gather the required information and to establish a common practice.
The first week of Trump’s administration has revealed a highly activist White House, hewing with surprising fidelity to campaign promises. The pace of change is materially faster than anticipated and the implications may be felt sooner rather than later.
In January 2017, the CRA released its Report on the Charities Program 2015–2016, which provides interesting insights into Canada’s charitable sector. A common thread weaving through issues related to obtaining and maintaining charitable status is the need to create, maintain, and report/file information required by the Charities Directorate and the Income Tax Act.
James Lam has an impressive resume: Chief Risk Officer for major financial institutions, author of a respected book on ERM, consultant, and board member. Recently, he wrote a white paper that is available through RIMS or Workiva, Next Frontier: Performance-Based Continuous ERM. I think it is fair to say that James and I agree on many points but disagree on others.
On December 20, 2016, the Financial Transactions and Reports Analysis Centre of Canada released new guidelines in respect of politically exposed persons and heads of international organizations. A separate guideline was released for each of financial entities, securities dealers, life insurance companies, agents and brokers and money services businesses. The Guidelines will be effective June 17, 2017.
As anticipated, the Canada Revenue Agency has been put on notice to restrict its Voluntary Disclosures Program.
Ernst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca. The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally […]
If someone asked you “where” your cloud storage is, would you know the answer? The “cloud” is the common term used when data is stored remotely but yet accessible (to your multiple devices) through the internet. Given that the data is now ‘remote’ we often receive questions from clients as to whether keeping books and records in this way meets their obligation under the Income Tax Act.
Many people feel that New Year’s resolutions are passé, particularly since so many resolutions go unachieved each year. But, a resolution is essentially a plan to tackle something of importance, and planning is often half the battle. The following are 4 resolutions that can help strengthen charities and other not–for–profits in 2017.
A company’s HR functions, such as recruitment and compensation, are not typically regarded as antitrust “hot spots” (as opposed to sales and marketing). Recent cases in the United States, however, highlight how hiring practices can create the risk of competition law violations for companies and their HR personnel. Since Canadian competition law is similar to U.S. antitrust law in these respects, it is important that Canadian HR professionals be aware of these risks and protect themselves and their companies from exposure.
On July 26th, 2016, the Supreme Court of British Columbia released an interesting decision that addresses questions regarding: (1) the scope of privilege that applies to work done by lawyers in relation to judicial proceedings; and (2) the interpretation of BC’s Privacy Act with respect to the requirements of “wilfulness”.
The United States Federal Trade Commission has issued warning letters to 28 companies claiming to be certified participants in the Asia–Pacific Economic Cooperative Cross-Border Privacy Rules system. This is an important reminder for companies, including Canadian companies, that the use of international certifications is something in which regulators take a keen interest.