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First Reference
Volume 1, Issue 6           

  1. Latest anti-terrorism regulations create compliance headaches
  2. CRA calls for proposals from small and rural charities
  3. CSA offers guidance on early adoption of IFRS
  4. Google joins fight against Bell
  5. New consumer protection legislation on the way
  6. Changes coming to Ontario´s not-for-profit legislation


Latest anti-terrorism regulations create compliance headaches

The latest amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, came into effect (with some exceptions) on June 23rd.

These regulations create new record-keeping, reporting and registration obligations for real estate brokers and developers, financial institutions, financial intermediaries, insurance companies and securities dealers. The regulations expand the range of information that FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), an enforcement body created under the Act, may include in its disclosures to law enforcement and national security agencies to detect money laundering and deter the financing of terrorist activity.

Accordingly, many firms are scrambling to update policies, procedures and forms to ensure that they collect all the information required by the regulations. Note, however, that further amendments to the Act and regulations are coming later this year and in 2009.

For a link to the FINTRAC page that leads to the reporting requirements for specific sectors and industries, click here.

For an article from McCarthy Tétrault, written by Barbara A McIsaac and Patrick Veilleux about the impact of the regulations on real estate developers, click here.

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CRA calls for proposals from small and rural charities

On July 7th, the Canada Revenue Agency (CRA) issued a call for proposals under the Charities Partnership and Outreach Program, which supports compliance-related education and training projects for the charitable sector. The program´s funding priorities for 2008-09 are based on the results of the Small and Rural Charities Initiative.

For more information on the call for proposals, click here. For more information about the Small and Rural Charities Initiative, click here.

Not-for-Profit PolicyPro (NPPP), the latest addition to the Internal Control Library, features more than 25 ready-to-use policies and procedures and 50 helpful forms. For more information on NPPP, click here.

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CSA offers guidance on early adoption of IFRS

The Canadian Securities Administrators recently issued Staff Notice 52-321 which clarifies their view on early adoption of International Financial Reporting Standards by publicly accountable enterprises in advance of the January 2011 deadline. Click here to read the notice.

Release 2008-03 (June 2008) of Finance and Accounting PolicyPro features a new policy on IFRS that will help your organization make a smooth and efficient transition to the new standards. Click here for more information on FAPP.

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Google joins fight against Bell

In the last issue of Inside Internal Control, we continued the ongoing saga of the opposition to Bell´s practice of "shaping" Internet traffic.

This month, more news. Google sent a 15-page submission to the Canadian Radio-television and Telecommunications Commission in which it stated that Bell was contravening telecommunications law and urged the CRTC to take action.

For the CBC.ca news story, click here. For the full text of Google´s letter, click here.

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New consumer protection legislation on the way

Bill C-52, the Canada Consumer Product Safety Act, was introduced in the House of Commons in April and has received second reading. The Bill is the federal government´s response to several highly-publicized cases of imported consumer products that posed a risk to health and safety. The proposed Act will replace Part 1 of the existing Hazardous Products Act.

In general, the Act provides:

  • Greater oversight of manufacturers, importers and retailers
  • A prohibition against the manufacture, importation, advertisement or sale of consumer products that are a danger to human health or safety
  • A prohibition against false, misleading or deceptive packaging or labeling
  • A requirement for mandatory reporting by suppliers of serious product-related incidents
  • Dramatically increased fines for violations
  • The power to order recalls of unsafe consumer products and increased powers for inspectors

If you are a manufacturer, importer, retailer or advertiser, you should acquaint yourself with the proposed legislation, and undertake a risk assessment and risk management process in light of the new requirements. As the legislation moves through committee and draft regulations are published it will be time for you to overhaul your policies and procedures to bring yourself into compliance.

Need more information? Click here for a recent article by Cyndee Todgham Cherniak of the Toronto office of Lang Michener LLP.

With more than 45 policies and procedures dealing with design and development, manufacturing, sales and marketing, service, and document and data control, Operations and Marketing PolicyPro (OMPP) is a fast, easy, cost-effective way to extend your organization´s internal controls. For more information on OMPP, click here.

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Changes coming to Ontario´s not-for-profit legislation

Last issue we discussed the federal Not-for-Profit Corporations Act, which will make significant changes to the incorporation and legal framework for federally-incorporated not-for-profits.

The federal government isn´t the only jurisdiction in the process of modernizing not-for-profit rules. In the spring of 2007, the Ontario Ministry of Government and Consumer Services announced a project to review and revise the Ontario Corporations Act, the statute that provides the statutory framework governing the creation, governance, and dissolution of provincially incorporated not-for-profit corporations, including charities.

Since that time, the Ministry has released an initial consultation paper, a supplementary paper, and a second consultation paper.

For a very complete discussion of the process, click here for a in-depth paper by Terrance S. Carter, B.A., LL.B., assisted by Derek B. Mix-Ross, LL.B., of Carters Professional Corporation, a full-service law firm with a focus on charities and not-for-profit organizations.

As legislation evolves, you can count on the quarterly update releases of Not-for-Profit PolicyPro (NPPP), to keep you on top of the latest changes. For more information on NPPP, click here.

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About Inside Internal Control

Editor: Colin Braithwaite, Managing Editor, PolicyPro.

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Inside Internal Control is a complimentary service published by First Reference Inc. and is sent to you monthly. Each issue provides headlines and summaries of news that affects internal controls and policies in Canada.

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This publication is written for informational purposes only and should NOT be relied upon as legal advice or opinions. The reader should always obtain legal advice from a qualified lawyer or other qualified professional, which will be responsive to the case or circumstance of the individual. Please note that the content provided in this Bulletin or any content contained in or made available through any third party website linked to from this newsletter, is provided "as is" without representations or warranties of any kind. All representations and warranties in respect of Content or Third Party Content, express or implied, including, without limitation any representations to warranties or conditions regarding accuracy, timeliness, completeness, non-infringement, merchantability or fitness for any particular purpose are hereby disclaimed.

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