Grant Thornton Feed: Insights

Succeeding at succession: structuring your transition plan

2012-05-10T10:21:16-05:00

Matching your objectives with your exit strategy. In the early years of a privately held business, it’s not uncommon for owners to follow Bob Dylan’s risk mitigation strategy: when you got nothing, you got nothing to lose. Over time, those who successfully employ that strategy, as well as more conventional ones, frequently find themselves with something—a profitable business, and much to lose—wealth, family harmony and more.

GDI : Compte rendu de la réunion publique de janvier 2012

2012-04-23T09:59:01-05:00

Au cours de sa réunion du 12 janvier 2012, le Groupe de discussion sur les IFRS (GDI) a abordé différentes questions d’intérêt pour les préparateurs canadiens d’états financiers établis conformément aux Normes internationales d’information financière (IFRS). click to open PDF

IDG: Report on the January 2012 public meeting

2012-04-23T09:56:15-05:00

At its January 12, 2012 meeting, the IFRS Discussion Group (IDG) discussed different issues of interest for Canadian preparers of financial statements prepared in accordance with International Financial Reporting Standards (IFRS). click to open PDF

The not-so-thin “thin-capitalization” rules

2012-04-19T14:31:09-05:00

The Income Tax Act (Canada) (ITA) contains rules which limit the deductibility of interest expense that is incurred by a Canadian-resident corporation where the amount of interest-bearing debt owed to certain non-residents exceeds a 2-to-1 debt-to-equity ratio. click to open PDF

2012 Prince Edward Island budget—a summary

2012-04-19T10:58:04-05:00

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2012 Manitoba budget—a summary

2012-04-18T16:49:25-05:00

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Supreme Court of Canada addresses residency of trusts

2012-04-17T16:26:36-05:00

On April 12, 2012 the Supreme Court of Canada (SCC) released its unanimous decision on the issue of the residency of a trust for the purpose of determining the trust’s Canadian income tax liability and reporting obligations. Of key importance was the SCC’s finding that the residency of a trust should be determined not necessarily by the residence of the majority of its trustees, but rather by the location where the central management and control of the trust resides or was exercised. click to open PDF

New rules for EPSPs

2012-04-16T13:58:22-05:00

For many years Employee Profit Sharing Plans (EPSPs) have been used to defer tax and provide income splitting benefits. These plans have also been promoted on the basis that allocations from an EPSP are not subject to CPP and EI premiums. click to open PDF

The impact of the Federal budget on Scientific Research and Experimental Development

2012-04-05T14:48:14-05:00

According to several economic studies, Canada continues to lag behind peer countries in terms of overall innovation performance. This is particularly true for private sector investment in research and development (R&D) and the commercialization of research into products and processes—two sectors that create high-value jobs and economic growth. click to open PDF

2012 New Brunswick budget—a summary

2012-04-04T15:28:02-05:00

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Deferred adoption of IFRS by entities with rate-regulated activities

2012-04-04T11:50:04-05:00

At the March 2012 meeting, the Canadian Accounting Standards Board (AcSB) decided to extend the mandatory International Financial Reporting Standards (IFRS) changeover date for entities with qualifying rate-regulated activities by an additional year. This is the second deferral for entities with rate-regulated activities. click to open PDF

2012 Nova Scotia budget—a summary

2012-04-03T17:09:45-05:00

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Federal budget 2012—A majority budget: on the road to a surplus for 2015-2016

2012-03-30T11:28:45-05:00

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2012 Ontario budget—a summary

2012-03-27T18:43:50-05:00

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Adviser alert—OSC Staff Notice 52-720—Office of the Chief Accountant Financial Reporting Bulletin

2012-03-23T16:32:29-05:00

In February 2012, the Ontario Securities Commission (OSC) issued Staff Notice 52-720 Office of the Chief Accountant Financial Reporting Bulletin which highlights the OSC’s various areas of interest based on the review of some of the 2011 IFRS financial reports and for further examination during 2012. click to open PDF

Alerte de votre conseiller–Avis 52-720 du personnel de la CVMO—Office of the Chief Accountant Financial Reporting Bulletin

2012-03-23T16:26:12-05:00

En février 2012, la Commission des valeurs mobilières de l’Ontario (CVMO) a publié l’Avis 52-720 du personnel, Office of the Chief Accountant Financial Reporting Bulletin (en anglais seulement) qui met l’accent sur divers sujets d’intérêt pour la CVMO compte tenu de l’examen de certains des rapports financiers en IFRS publiés en 2011, et ceux pour lesquels un examen approfondi est prévu au cours de 2012. L’avis traite principalement des questions liées aux informations à fournir, ainsi que d’un certain nombre d’observations sur la comptabilisation et l’évaluation et se veut un rappel utile pour ceux qui doivent encore émettre leurs états financiers de 2011! click to open PDF

Alerte de votre conseiller—Avis 52-306 du personnel de l’ACVM—Mesures financières non conformes aux PCGR et autres mesures conformes aux PCGR

2012-03-23T15:09:52-05:00

Le 17 février 2012, les Autorités canadiennes en valeurs mobilières (ACVM) ont mis à jour leur Avis 52-306 du personnel des autorités canadiennes en valeurs mobilières (révisé), intitulé Mesures financières non conformes aux PCGR et autres mesures conformes aux PCGR, dans le but de fournir des indications supplémentaires sur la présentation d’ « autres mesures conformes aux PCGR » présentées selon les IFRS. Le présent avis s’applique aux émetteurs qui utilisent les IFRS et à ceux qui utilisent d’autres principes comptables (p. ex., les PCGR américains). click to open PDF

Adviser alert—CSA Staff Notice 52-306—Non-GAAP financial measures and additional GAAP measures

2012-03-23T15:07:22-05:00

On February 17, 2012, the Canadian Securities Administrators (CSA) updated their Staff Notice 52-306 Non-GAAP financial measures and additional GAAP measures, to provide further guidance on disclosure of “additional GAAP measures” presented under IFRS. This notice applies both to issuers using IFRS and to those using other accounting principles (e.g., US GAAP). click to open PDF

Adviser alert—Amendments to Accounting Standards for Not-For-Profit Organizations

2012-03-21T16:04:38-05:00

In March 2012, the Canadian Accounting Standards Board (AcSB) issued improvements to accounting standards for not-for-profit organizations (ASNFPO), in Part III of the Accounting Handbook. click to open PDF

Adviser alert–2012 Annual Improvements to ASPE

2012-03-21T11:36:19-05:00

In March 2012, the Canadian Accounting Standards Board (AcSB) issued an Exposure Draft (ED): 2012 Improvements to Accounting Standards for Private Enterprises. This has been issued as part of the annual improvements process that will amend accounting standards for private enterprises (ASPE) to clarify guidance or wording and to correct for unintended consequences, conflicts or oversights. click to open PDF