Canada’s CAs have announced guidance for a key metric of income trusts, that of distrib­utable cash. The term ‘distrib­utable cash’ generally refers to the cash that an income trust could poten­tially distribute to unit holders. Investors use this infor­mation when assessing the entity’s ability to fund future distri­b­u­tions and to help value their invest­ments. But […]

More →

A recent CICA members survey has revealed what matters most to the Canadian Chartered Accoun­tants who answer member surveys, and the August issue of CA Magazine highlights those findings: Chartered accoun­tants want work that is inter­esting and challenging, but only if it leaves them enough time to have a life. Those are the results of a […]

More →

In Canada, the Accounting Standards Board (AcSB) has already taken the first steps of conver­gence with inter­na­tional standards by outlining the plan under which publicly accountable enter­prises will transition completely to IFRS. The change will occur over the next 5 years, and the Board expects the changeover process to be complete by fiscal years beginning […]

More →

In Canada, there are no hard and fast rules in the Tax Act that help an individual determine whether they are an employee or an independent contractor. There are three tests, which have evolved through court decisions, that are used to assess the relationship between an individual and his/her employer. They are: Economic reality or entrepreneur […]

More →

Continuing the series of “quick facts” posts (see prior ones about the capital gains exemption and the new financial instru­ments standards), today is all about the principal residence exemption in Canada. Any residence may be desig­nated a principal residence as long as you “ordinarily inhabit” the home. Ordinary inhab­i­tation includes seasonal living such as your […]

More →