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Inside Internal Controls

News and discussion on implementing risk management

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Withholding on foreign workers

Charities spend a great deal of time and energy focusing on audits from the Charities Directorate. While this attention on the Directorate is justifiable it is important to recognize that charity regulation is only one function of the Canada Revenue Agency (the “CRA”) and that charities are answerable to the CRA for many of its activities.

 

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Charitable gifting: Preparing for the big IF

It is one of the more interesting aspects of practising law that allows lawyers to consider the situation when two laws designed for different purposes intersect. Sometimes these differences can cause difficulties, but when used creatively they can be the key to solving difficult problems. One such intersection involves a gift given with a condition subsequent and the revocation tax.

 

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Taking matters into your own hands: dissolving before the government does it for you

Readers will know that the new Canada Not-for-Profit Corporations Act came into effect in 2011, bringing the regulation of not-for-profits into line with modern corporate legislation. This carries with it the onus to apply for continuance under the new Act by October 2014, or be dissolved.

 

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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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beansTalk – a social network for bean counters

If you think Facebook is too personal and LinkedIn too general, maybe beansTalk is the social network for you—if you’re an accounting professional, that is.

 

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Manitoba update!

We’ve paid embarrassingly little attention to Manitoba at First Reference Talks. But that’s all changing as the province that sits on Ontario’s western shoulder (presumably Ontario’s “angel” conscience) has set out to distinguish itself recently. The province has stood up with Alberta and Quebec against the prospect of a national securities regulator, arguing that securities regulation is solely a provincial matter and that the current system works better than a centralized one would.

 

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RST vendor compensation tax tip

This morning, the First Reference accountant brought me an item that she thinks will be of interest to Ontario businesses: an Ontario Ministry of Revenue tax tip dealing with the transitional rules for retail sales tax vendor compensation.

 

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Hope for the HST

Regardless of your opinion about the new Harmonized Sales Taxes in Ontario and British Columbia, they’re here now and they’re probably here to stay—at least for the foreseeable future. So what do you do with that if you’re unhappy about the new taxes? Do you continue to scream and shout? Or do you try and figure out how you can make the most of the situation?

 

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