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financial statements

By McCarthy Tétrault LLP | 5 Minutes Read December 20, 2019

Firepower: Guidance on whether commissions owed to salespersons are held in trust by a business and outside of insolvency

In Firepower Debt GP Inc. v. TheRedPin, Inc., 2019 ONCA 903 (“Firepower”), the Ontario Court of Appeal recently affirmed a decision of Justice Penny that commissions held by an insolvent real estate brokerage but owed to real estate salespersons were not held in trust and were thus subject to the security of the brokerage’s lenders.

Article by McCarthy Tétrault LLP / Business, Finance and Accounting, Payroll / bankruptcy, commission trust, commissions, employment contracts, financial statements, Insolvency, salesperson

By Occasional Contributors | 3 Minutes Read November 12, 2019

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.

Article by Occasional Contributors / Business, Finance and Accounting, Not for Profit / books and records, failing to maintain complete and accurate receipts, financial statements, good governance, internal audits, qualified donee status, record keeping requirements, tax receipting privileges

By Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) | 4 Minutes Read November 6, 2019

Ten tips to a better month-end close

A better month-end close is possible. Like clockwork, a calendar month ends and in honour of this unchangeable fact, you must update the general ledger and prepare financial statements and management reports. The practical tips below can reduce stress, shorten the month-end cycle, increase accuracy and otherwise improve month-ends:

Article by Apolone Gentles, JD, CPA,CGA, FCCA, Bsc (Hons) / Business, Finance and Accounting / Apolone Gentles, financial reports, financial statements, general accounting, management reports, month-end, month-end close

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