RLB Blog

A compilation engagement (previously referred to as a notice to reader) will be going through some changes this year. This is the first time in over 30 years that the Auditing and Assurance Standards Board has issued a new standard. For those who manage a business and engage a practitioner to compile your financial information, these changes should be taken note of.

November 14th marks the beginning of Fraud Awareness Week. Are you or your business vulnerable to fraud? What is it and what should you look out for? Let’s take a look at the “Fraud Triangle”. 

The results of the 2021 Federal election have left many Canadians wondering, ‘What Changes?’ While there may have been a few surprises and changes from the election results, the overall picture looks very much the same – the Liberal party forming a minority government, a Conservative party opposition, and the BQ or NDP holding enough seats to possibly boost the Liberal agenda provided they can work together to do so.

On Monday, April 19, 2021, Minister of Finance Chrystia Freeland released the 2021 Canadian federal budget. This is very likely the last budget before the next federal election. The minority Liberal government proposed measures encouraging support from other parties and included something for almost every potential voter.

Ever had a threatening phone message supposedly left by the CRA? Read news stories about an unsuspecting senior bulk-purchasing iTunes gift cards to avoid more severe penalties? The truth is new ways to scam Canadians pop up daily. Robot voicemails and requests for gift cards are still happening in our communities – but there are many more scams running that you might not know. Beware of fraud! Do you know how to protect yourself and your loved ones from some of the less obvious scam attempts?

On Wednesday, March 24th, Ontario Finance Minister Peter Bethlenfalvy unveiled the province’s 2021 budget. This spending plan focused on healthcare, small businesses, and families with several key financial proposals. Read more about the 2021 budget announcement.

When COVID-19 caused worldwide closures earlier this year, businesses faced new and unprecedented challenges. Suddenly there were cash flow management questions, employee, and supply chain questions as well as new government policies to consider. One key process that also needs to be considered is how operational interruptions and market decline may impact your financial statement reporting. This is especially true if your lenders require an assurance engagement such as a review or an audit.

Like all of you, we’ve been monitoring the evolving global impact of the novel coronavirus (COVID-19). As employers, our number one priority has always been and remains the health and safety of our people.  We would like to share best practices on how you, as an employer, can uphold that commitment.  We hope that this plan adds to the health and well being of you and your employees during this time.

Further details regarding the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses were announced today.  This program will be a joint effort between the Federal and Provincial governments.  Some of the key aspects of the CECRA applicable for Ontario commercial properties are outlined below:

Canada’s COVID-19 Economic Response Plan is being updated frequently. For the most up to date information follow this link:  https://www.canada.ca/en/department-finance/economic-response-plan.html