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Tag Archive: Ontario

Recent Canadian Accounting Salary Surveys

Written on May 7, 2012 in Advisors' guides
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Here is where you will find the salary survey results for all three accounting designations, as well as a link to the pages where you can find either the earlier versions or various provinces:

 

Do your or a client need capital or debt?

See: Available: Funds

Join the LinkedIn Canadian Commercial Lenders Group,

Canadian Securities Group,

or the Canadian Accountants Group!

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GrossmanCGA.com praised in print

Written on January 6, 2012 in Advisors' guides, Canadian Securities
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I am grateful to Greg Barber of Rotman Information Solutions for his kind words in the January/February 2012 issue of CGA Ontario’s Statements magazine, found here:

http://grossmancga.com/site/download/Statements,%20Jan-Feb%202012%20-%20Net%20Assets.pdf

And please do take advantage of the Rotman Information Solutions research services for CGAs which are described in the ad in the middle of the column. This is a free service for CGAs in Ontario.

Do your or a client need capital or debt?

See: Available: Funds

Join the LinkedIn Canadian Commercial Lenders Group

or the Canadian Accountants Group!

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Asset Acquisitions In Ontario: Buying Liability In Bulk

Written on December 16, 2011 in Advisors' guides, Bankruptcy and insolvency rules, Canadian Commercial Lenders, Canadian Securities
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by Peter Moffatt of Gardiner Roberts LLP

Ontario’s Bulk Sales Act poses a challenge to investors who want to acquire an Ontario business. An investor who is considering the acquisition of a business based in Ontario, Canada, and the attorneys who are advising such an investor, need to be aware of the application of Ontario’s Bulk Sales Act,R.S.O. 1990, c. B.14 (BSA).

Bulk sales legislation, including the BSA, has its roots in English law and historically was common in many jurisdictions in North America. Today, Ontario is one of the few remaining jurisdictions in North America, and the only jurisdiction in Canada, which still has bulk sales legislation in force. Several jurisdictions in the US, including California, Georgia, Maryland, Virginia and the District of Columbia, continue to have bulk sales legislation in force, and additional jurisdictions in the US, while no longer having in force bulk sales legislation of general application, have bulk sale notification provisions embedded in their taxing statutes.

The primary reason cited for the repeal of bulk sales legislation in jurisdictions of Canada other than Ontario is, in the words of the Supreme Court of Canada, that bulk sales legislation achieves its goals “only at the cost of significant commercial inconvenience, disruption and expense”: National Trust Co. v. H&R Block Canada Inc., [2003] 3 S.C.R. 160, at para 8 (H&R Block). The purpose of this article is to describe the types of transactions to which the BSA may apply and to provide insight into how to overcome BSA compliance issues.

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Amendments To The Ontario “Construction Lien Act”

Written on June 24, 2011 in Canadian Commercial Lenders, Real estate
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by Matthew Alter of Borden Ladner Gervais LLP

Ontario’s Open for Business Act, 2010 (OFBA) amended numerous statutes, including the Construction Lien Act (CLA).

The OFBA amendments are probably the most significant changes to the Province’s construction lien legislation in 20 years. These amendments have come into force in stages, with the balance becoming effective on July 1, 2011. Coming-into-force dates for the various provisions are noted below.

The principal amendments consist of:

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Independent Contractors: Count Them In

Written on May 10, 2011 in Advisors' guides, HR and Benefits
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By Kathleen Chevalier

If your company utilizes independent contractors in Ontario, it may now be required to establish a joint health and safety committee.  In Ontario (Ministry of Labour) v. United Independent Operators Limited, the Ontario Court of Appeal ruled that independent contractors count as workers “regularly employed” by an employer, and therefore must be included when determining whether an employer is required to establish a joint health and safety committee under the Occupational Health and Safety Act.

In July 2004 an independent contractor, operating as a truck driver for United Independent Operators Limited, suffered a broken pelvis and two broken legs when he was trapped between his truck and that of another United truck driver.  As the accident occurred at the worksite of a United customer, the Ministry of Labour conducted an investigation.  The Ministry charged United with failure to establish and maintain a joint health and safety committee (JHSC), and issued an order

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Indalex Priority Case Decided — Ontario Court of Appeal Gives Priority to Pension Plan Deficiency Over Secured Lenders

Written on April 11, 2011 in Bankruptcy law changes, Canadian Commercial Lenders
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by Kevin P. McElcheran of McCarthy Tétrault LLP

[Ed.: Concerning Indalex Limited (Re), 2011 ONCA 265]

This week, the Ontario Court of Appeal surprised many by deciding that in the context of the CCAA proceedings of Indalex, pension plan deficiency claims can have priority over security held by secured DIP lenders. The Court granted priority for the entire wind-up deficiency of two pension plans over the DIP lender’s security. If not reversed on appeal, the ruling creates a potential worst case scenario for secured lenders in Ontario and could affect availability of credit for all employers who provide defined benefit pension plans for their employees.

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Ontario Releases Temporary Solvency Funding Relief Details for Pension Plans in Broader Public Sector

Written on February 23, 2011 in HR and Benefits
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The Ontario Minister of Finance announced in the 2010 Budget that the government was considering providing additional temporary solvency funding relief for public sector and broader public sector pension plans. Further details were provided through separate announcements on August 5, 2010 and August 24, 2010. On February 10, 2011, the government released a description of the proposed regulation and said that comments on the proposals were due by March 28, 2011. It is not clear that draft regulations with respect to the proposals will be published for comment. Accordingly, comments should be made on the proposal by the March 28, 2011 deadline. The new regulations are expected to come into effect mid-May 2011.

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Free PD update

Written on November 18, 2010 in Advisors' guides
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Here are links to some upcoming free professional development seminars. My thanks go out to colleagues who took the time to send me some of these. If you know of any others, please let me know.

Special Valuation Series: Valuations in the cleantech industry - MaRS Best Practices Seminars, November 19, 2010, 12:00 – 1:30 pm

Beyond the Hockey Stick—The Art of Realistic Forecasting – MaRS Best Practices Seminars, December 8, 2010, 12:00 – 1:30 pm

Lived it Lecture with Geoff Cape (of Evergreen) – Part of MaRS Entrepreneurship 101, November 24, 2010, 5:30 – 6:30 pm

Strategic Planning for 2011 – Newmarket, December 14, 2010, 9:30 – 10:00 am; Richmond Hill, December 16, 2010, 6:00 – 8:00 pm

Miller Thomson seminars on recent legal developments related to charities and non-profit organizations: Cambridge, November 25, 2010, 8:30-11 a.m; Toronto, December 7, 2010, 7:30 – 9:45 am

Deloitte offers regular seminars and webinars.

Transfer Pricing, PWC Waterloo, November 25, 2010, 8:30 – 10:00 am.

How to Hire the Right Employees, St. Catharines, November 23, 2010, 3:30 – 5:00 pm

Not for Profit 2011: Addressing the Business Challenges and Risks, Toronto, November 30, 2010, 8:30 10:00 am

KPMG Year-End Tax & Accounting Update – various locations and times; Accounting Standards for Private Enterprises – January 26, 2011, national webinar, various locations. Registration page found here.

WeirFoulds Seminar for Accountants – Toronto, November 23, 2010, 9:00 – 11:30 am

Gowlings is offering complimentary one-hour tax breakfast seminars this fall

Heenan Blaikie is offering complimentary two-hour breakfast seminars in Toronto this fall on labour and employment issues.

Canada Revenue Agency offers frequent public seminars, some of which are of interest to practitioners, eg. introduction to SR&ED claims. Here is the full list of Ontario sessions.

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Free PD – WeirFoulds Seminar for Accountants

Written on November 2, 2010 in Advisors' guides
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The WeirFoulds Trusts & Estates Practice invites you to a seminar designed specifically for accountants whose practice includes trust & estate issues.

Date

Tuesday, November 23, 2010

Details

Ivey ING Direct Leadership Centre, Legacy Room
130 King Street West, The Exchange Tower (King Street and York Street), Toronto
9:00 a.m. to 11:30 a.m. (Breakfast will be provided)

Chair: John O’Sullivan

Topics of Discussion:

  • Terminal Returns – Some Special Issues for Estates. Maralyne A. Monteith
  • Estates and Trusts – Some Essentials for Accountants. Lori M. Duffy
  • Should Accountants Prepare Estate Accounts? Clare E. Burns
  • Rectifications Applications: Undoing Unintended Tax Consequences. John O’Sullivan
  • Trusts and Trustees: Some Tips on Risk Management. John B. A. Wilkinson

RSVP by November 19, 2010 to Shaila Pirani at 416.365.6536 or events@weirfoulds.com

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Canadian Accounting Salary Surveys

Written on October 23, 2010 in Advisors' guides
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It’s the season of the CGA Ontario salary survey, so it’s appropriate to provide you with the previous results for all three Ontario accounting designations. 

Here are the Ontario results, with a link to the pages where you can find either the earlier versions or the remaining provinces:

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PPSA Haircuts – Part 1: A Spelling Error

Written on September 21, 2010 in Canadian Commercial Lenders
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In Fairbanx Corp. v. Royal Bank of Canada, the Ontario Court of Appeal considered a contest between two registrations under the Personal Property Security Act (Ontario) (“PPSA“): a registration made by Fairbanx to perfect its purchase of accounts receivable from the bankrupt debtor and a registration made by Royal Bank of Canada (RBC) in respect of security for a loan to the debtor. While Fairbanx filed first and would therefore normally have ranked ahead of RBC, it made a mistake in recording the debtor’s name in its PPSA financing statement. The debtor’s correct legal name was “Friction Tecnology Consultants Inc.”, spelling “Tec[h]nology” without the “h”.

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StatsCan’s Latest Bulletin on the Accounting Industry

Written on May 13, 2010 in Advisors' guides, Economics, Statistics
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Statistics Canada has released the 2008 edition of Service Bulletin: Accounting Services, which contains industry highlights along with financial data including revenues, expenses, and operating profit margins. The publication also includes product information, data by type of client and by geographic region.

Download a free copy:  http://bit.ly/amv7XV

If you like pretty, coloured graphs, see our own, based on the same data.

The highlights of the StatsCan report are as follows:

• In 2008, the operating revenue of the Canadian accounting services industry totalled $12.5 billion, up 10.3% from 2007. This growth rate was in line with the double digit growths of 2005 (13.6%) and 2006 (11.6%), but higher than 2.5% growth in 2007.

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Guest Article – Changes to Ontario’s Court Procedures

Written on February 12, 2010 in Advisors' guides
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It is now easier and less costly to file suits in Ontario. If you or your clients want to recover a debt, sue for wrongful dismissal or for any other cause, Ontario’s courts have changed their claim limits and eased some procedural requirements. I am pleased to reprint here an excellent summary of recent changes to Ontario’s Court procedures, focussed on employee claims against former employers, but applicable to a wide range of cases you or your clients may encounter.

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Ontario Accounting Prices, Again

Written on February 4, 2010 in Statistics
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Statistics Canada recently released the 2007 Accounting Services Prices Indexes, only 2½ months after the 2006 Indexes. Inflation in tax preparation fees slowed significantly in 2007, with corporate tax preparation

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Why tax season 2010 will be COD only

Written on November 30, 2009 in Statistics
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Another 18,000 Ontarians made an insolvency filing in the third quarter of 2009, bringing the total to 51,000 for the year so far.

This means that about 1 in every 200 Ontario adults filed a proposal or made an assignment in bankruptcy in just three-quarters of 2009.

If you want to see the results in graphical form, they can be found here. The raw data was published here.

This flood of insolvencies, running at about 40% above 2008 rates, has come in a period of historically low interest rates and is likely the result of higher unemployment.  Unemployment does not look to be declining and interest rates have nowhere to go but up. We have also produced charts showing the close correlation between consumer insolvencies and unemployment.

During Q3 2009, the rate of insolvencies remained steady in Toronto, Ottawa, London, and Kitchener-Waterloo-Barrie.  The rates fell in Muskoka-Kawarthas, Hamilton-Niagara, and the Northwest.  Rates have continued to rise during Q3 2009 in Windsor-Sarnia, Kingston-Pembroke, Stratford-Bruce, and the Northeast.

If you have an opinion or story about how your practice is coping with the current recession, please leave a comment!

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