Over the past year, there have been several accounting and legislative changes that impact your clients. Join us as we discuss these changes and the implications they have on your clients and their businesses.
Our speakers will discuss:
The new compilation standard (CSRS 4200)
For the first time in over 30 years, the Auditing and Assurance Standards Board has issued a new standard on compilation engagements, Canadian Standard on Related Services (CSRS) 4200 Compilation Engagements. The new standard is effective for periods ending on or after December 14, 2021, and will impact all users of compiled financial information, including third-party users such as lenders, suppliers and purchasers of a business.
Retractable or mandatorily redeemable shares
Amendments have been made to Section 3856 Financial Instruments in Part II of the CPA Canada Handbook – Accounting – Accounting Standards for Private Enterprises (“ASPE”) pertaining to the classification and measurement of retractable or mandatorily redeemable shares issued in a tax planning arrangement. The amendments have the potential to significantly impact the financial statements of many privately held enterprises in Canada.
Bill C-208
Bill C-208 includes changes to Section 84.1 of the Income Tax Act (ITA) that will allow a business owner to sell or transfer his or her shares in a small business, family farm or fishing corporation to a corporation owned by the taxpayer’s child or grandchild without the adverse tax consequences that previously applied. Bill C-208 is in effect—but it’s crucial to stay informed and understand the options as revised legislation is expected.
Join our webinar to gain considerable insights into these changes and how they will impact your client's business decisions.
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