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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

When it rains, it pours – Supreme Court of Canada allows umbrella purchaser claims

Umbrella purchasers are persons who purchased a product that was neither manufactured nor supplied by the cartel members.

 

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Not-for-profits should leverage information technology, safely

Not-for-profits have numerous opportunities to leverage information technology (IT), from social media to cloud computing and beyond.

 

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Discharging a builders’ lien on posting of security: How much is enough?

When a builders’ lien is filed, it can cause all manner of disruptions to financial, contractual and business relations and there can often be urgency in getting a lien discharged while, at the same time, ensuring the right to dispute the underlying claim giving rise to the lien is preserved.

 

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Cryptocurrency taxation update

On May 17, 2019, the Department of Finance released proposals to amend the Excise Tax Act (Canada) to treat certain virtual currency as a financial instrument for GST/HST purposes.

 

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Question to CRA on alter ego trusts and whether transfers are a donation

STEP Canada had a CRA Roundtable on June 6-7, 2019 and they discussed a number of topics. One issue of interest to charities and philanthropists is Question 2 dealing with alter ego trusts and donations.

 

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Multilateral Instrument (MLI) will enter into force for Canada on December 1, 2019

Canada has announced that the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting [PDF] ― also known as the Multilateral Instrument or MLI ―will enter into force for Canada on December 1, 2019.

 

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Tax on Split Income (TOSI): Why does the federal government single out small and medium-sized family-owned businesses that provide services?

In 2017, the Federal Liberal Government introduced a very complicated tax on split income (TOSI) that changed this basic principle. Under the new TOSI rules, some people will pay the regular rates of tax and some people will pay the highest possible rate even if they earn exactly the same amount.

 

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Common sense talk about risk heat maps and more

Only when the business impact is understood does it make sense to get into the details of which risks to which information assets should be mitigated and how.

 

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Transfer pricing: What’s new in Canada (Part I)

Since 2012, there have been unprecedented developments in Canada and globally in the area of international tax. The sheer volume and complexity of these developments make it difficult for Canadian corporations to keep up on what changes actually impact transfer pricing.

 

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Competition Bureau reinforces its focus on non-notifiable transactions

In a recent news release, the Competition Bureau made official its intention to increase the resources it devotes to the identification and review of non-notifiable merger transactions.

 

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Ten common Builders Lien Act misconceptions

An important object of the Builders Lien Act, S.B.C. 1997, c. 45 is to assist those who contribute their work and materials to a construction project in being paid. However, the use of builders liens and other remedies afforded by the BLA is commonly misunderstood.

 

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The rising tide of global whistleblower regulations

The whistleblowing landscape has changed substantially over the past few years. High profile cases have spurred new whistleblower protection regulations across the globe.

 

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Allegations and investigations

What we should all note from the news is that a failure to perform an appropriate investigation is a serious source of risk to any organization.

 

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Compliance with the Quebec language requirements for display of trademarks to be ‎mandatory on November 24, 2019‎

This information bulletin addresses the language requirements pertaining to display, in a language other than French, of trademarks on real estate in Quebec.

 

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Ways to maintain proper books and records

A recent Tax Court of Canada (“TCC”) decision, Promised Land Ministries v. The Queen[1], serves as a reminder to charities of the importance of maintaining proper books and records.

 

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