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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

Everybody should be familiar with this

Scenario analysis is a method for creating responses to various future events with the aim of reducing uncertainty and maximizing the chances of achieving a desired outcome.

 

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COVID-19 : Available solutions to the challenges resulting from the current crisis and the different restructuring alternatives at your disposal

Never before in history have businesses of all sizes and of all or almost all industries faced a crisis resulting from a simultaneous decline of supply and demand. The resulting liquidity crisis is creating pervasive insecurity among the managers of businesses and the stakeholders of those businesses, including their employees, shareholders, customers, suppliers, creditors and the communities in which the businesses operate.

 

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COVID-19: Updated consolidated briefing of federal/provincial measures

On March 20th, we provided you with a summary of the federal and provincial measures imposed in response to the COVID-19 pandemic. In this Bulletin, we provide an updated overview of the national action plan and select provincial measures, including the economic support measures imposed to date.

 

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Fiscal year ends, business continuity, and COVID-19

At the best of times, fiscal year ends are challenging. Organizations with upcoming or recent fiscal year ends will undoubtedly find them particularly challenging. Organizations with robust policies and procedures will likely fare better than those without. Consequently, it will be helpful to start your year end planning as early as you can.

 

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COVID-19: key issues every organization should consider

Competition law

The COVID-19 pandemic raises critical and unprecedented issues for all organizations. How an enterprise responds to these challenges will influence how it fares through the crisis and its positioning for recovery afterwards. We believe that the issues below warrant special attention by senior management and directors.

 

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COVID-19 Considerations from our bankruptcy & restructuring experts

Because of the speed with which the recent adverse circumstances have developed, businesses that may have otherwise been able to adapt may not have had an opportunity to do any meaningful contingency planning.

 

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Defamation, the Protection of Public Participation Act and strategic lawsuits against public participation

On March 25, 2019, the Protection of Public Participation Act (the “PPPA”) was assented to bringing into force legislation aimed at combating strategy lawsuits against public participation (SLAPPs).

 

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COVID-19: Insurance considerations for business disruptions in Canada

One key consideration for businesses when facing potential losses as a result of COVID-19 is the availability of insurance coverage for business interruption and related losses.

 

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When a debtor puts assets out of reach: Use of fraudulent conveyance proceedings to recover debts

Getting a judgment isn’t the only challenging aspect of a legal dispute; collecting on a judgment can present a whole new set of challenges. Some parties actively make efforts to judgment proof themselves by alienating their assets. While such conduct can be appropriate, in certain circumstances it can trigger the Fraudulent Conveyance Act (the “Act”). The Act serves as a tool to help creditors get to assets that debtors have inappropriately alienated from themselves.

 

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It’s a whole new ball game for charities at the FCA

Many in the sector have, for many years, advocated that appeals from decisions to revoke and refusals to register be heard by the Tax Court for this exact reason. They are simply better suited for testing the facts. Unfortunately, for whatever reason, these pleas have not been heard by Parliament, now though, for strictly practical reasons, they may have no choice but to make changes. All around, Vavilov will have positive implications for the charity sector.

 

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FINTRAC updates guidance on verifying the identity of individuals and other entities

anti-money laundering

Following consultations with businesses and reporting entities, FINTRAC has updated its guidance on Methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation (the “Guidance”) effective October 2019. The updated guidance reflects amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations that came into force on June 25, 2019.

 

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‘Green’ governance: CSA outlines expectations regarding governance disclosure and practices in the cannabis sector

Regulatory and legal risks abound in developing business areas, such as the recently legalized cannabis industry in Canada. One of the key challenges for industry participants that are reporting issuers relates to meeting disclosure obligations.

 

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Did risk management fail?

Every so often, something bad happens to an organization and people say that risk management, perhaps governance, failed.

 

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Charities in the waiting room

Most organizations that are pursuing charitable status are incorporated. Part of the requirement for achieving such status is that the corporation is organized to pursue charitable purposes. But that by itself is not enough for charitable registration and so prospective charities must apply to the CRA for registration. The question then arises about the tax status of those corporations that are not yet (and may never be) registered charities, and what are their responsibilities?

 

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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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