compliance (5)

Big Sticks Against Corporate Owners

"Along with the new filing requirements, the CBCA updates increased the maximum fine for corporations for non-compliance to $100,000 from $5,000. In addition, individual officers, directors or shareholders could be liable for fines of up to $1 million and a maximum prison sentence of five years if they are convicted of an offence related to compliance failures."

 

We must read on , more disclosures for private companies, that is pretty every incorporated business that is not listed on the stock exchange. 

Looks on the surface the intent is to bludgen small business owners and create some more work for lawyers and burecarts. 

https://www.investmentexecutive.com/news/industry-news/corporate-transparency-legislation-now-in-force/

 

 

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Updates to CERS, CEWS & CEBA

PEAK Disclosure - Click to Learn

"While the Government of Canada has focused its resources on creating and implementing relief programs to support Canadian businesses impacted by the COVID-19 pandemic, it is inevitable that the government will soon shift its focus to ensuring that applicants were eligible for the relief that they claimed and received. Presently, the CRA is working on creating a post-payment tax audit program that will focus on CEWS applications made between March 15th, 2020 and July 4th, 2020. The purpose of the post-payment tax audit program is for the CRA to identify the various measures of non-compliance with the CEWS legislation.

Given the ongoing concerns associated with the CEWS program, Canadian businesses and organizations should bear in mind that any CRA tax audit, including an audit into a CEWS application, can result in the CRA requesting access to details, including corporate and financial records, that may not be relevant to the CEWS claim as part of a broader tax audit. As such, businesses applying for any of the above-mentioned relief programs should review the relevant eligibility criteria, posted on CRA's website, prior to submitting their claim. Further, businesses and organizations that notice an error in their relief application or in any payment received (as a result of a claim made to any of the above-mentioned benefits) should contact the CRA immediately to address the error and to confirm their benefit eligibility."

http://www.canadian-accountant.com/content/practice/updates-to-cers-cews-ceba

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Elected Compliance

We received our reminder this morning regarding compliance reporting if you have a client who is an elected official.

If your a newly elected candiate you should let your advisor know of your change in status. This is a little thing that may get overlooked in the excitement of securing your position, however compliance is a serious matter and proper due dilegence is requried to ensure the integrity of our systems.

If this directly affected you, Congratulations !  If your a close friend to a candiate please let them know.

"With municipal elections completed, please review your client list for any clients that may have been elected to a seat of office. If you have a client who has been elected, you must report this information to our office as per FINTRAC regulation. "

An elected municipal official is considered a "Domestic Politically Exposed Person"  http://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/Guide12/12-eng.asp

PEP for short.

The regulations also extend to members of the family of as well.

Glad to be of service

Timothy Ross

 

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FSCO update Insurance Regulations

http://trk.mmail.lst.fin.gov.on.ca/list/euidlxqe/180928E/dxqy8f.vib?a0=875

 

 

Reviewed the guidebook today. Fairly good common sense, communication. Take care of clients needs. Due diligence and go the second mile to ensure clients understand what they have and what their options are. 

 

Click on the link above for the full guidance report. 

 

A couple things I would like our firm to get better at is letting clients know the broad range of products we have available. Travel insurance, health benefits and hospitalization insurance come to mind. 

Tim Ross, Founder Brock Shores Financial

#ImprovingFutures

 http://ouradvisor.ca/TimothyRoss

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