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News and discussion on implementing risk management

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Canadian charity law checklist features compliance issues

Charity and non-profit lawyer Mark Blumberg offers a compliance checklist for Canadian charities via the GlobalPhilanthropy.ca charity assistance project.

 

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Do you report your EFTs to FINTRAC?

Chances are you’re no stranger to electronic funds transfers. Broadly speaking, an EFT can mean any type of standard non-paper payment, including debit and credit card payments, email or wire money transfers (both domestic and international) and direct payroll deposits. Most organizations handle at least some of these transactions every day. The key question for businesses is: How do you keep track of these electronic transfers and, if necessary, register them with the Financial Transactions and Reports Analysis Centre of Canada?

 

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Accountants call for national entrepreneurship strategy

Canadians are pretty good at creating businesses that last, according to a new study by the Chartered General Accountants’ Association of Canada. Around 85 percent of new Canadian businesses survive for a year, 62 percent make it at least three years and 51 percent are still going after five years. The Business Development Bank of Canada puts this last number above 66 percent.

 

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Change to policy on cryptographic item export permits

Do you deal in the export or transfer of information security goods, software and technology to countries other than the United States? If you do, you should know that the Export Controls Division of Foreign Affairs and International Trade Canada has released new guidelines on its policy for issuing permits for these activities.

 

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A few words about tax risk

I have the privilege of offering our readers information on a diverse range of important topics that few people really want to talk about, like tax risk.

 

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Another look at governance disclosure

Despite the rosy picture the CSA paints, I’m not surprised that many organizations are falling short of their governance disclosure obligations. With respect to National Instrument 58-101 – Disclosure of Corporate Governance Practices, the CSA found “unacceptable” shortcomings in 55 percent of reviewed organizations’ disclosures, compared to 36 percent in 2007. In this instance, reporting is getting much worse, not better.

 

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