Canadians accepted the adoption of IFRS primarily because we were told it would improve financial comparability. Those who believe otherwise should simply read a cross-section of recent audited IFRS financial statements and realize that a major step backwards occurred when IFRS became adopted. Nowhere is this more evident than in the fast-growing marijuana industry.
A court ruling that threw out a New Brunswick man’s $292.50 fine for buying cheaper beer in another province and taking it home has upended decades of legal thinking and strikes at the heart of Canadian federalism, the provincial government argues in a request to have the country’s highest court weigh in on the case.
A Federal Court of Appeal decision February 2016 is raising concerns — and potential conflicts — for Canadian military veterans and reservists who develop new technology and intellectual property after they've left the forces.
In upholding an $85.6-million award against Deloitte and Touche — $118 million with interest — the Court of Appeal sided with a judge who found the auditor had been negligent in failing to detect, and act on, the fraudulent behaviour of Drabinsky and his partner, Myron Gottlieb, in the 1990s.
The Court’s judgment in Bhasin, cheerfully reported some months ago, had nothing to do with the Charter. It was an apparently mundane common law contract case. But the Court saw it as an opportunity to “make law”. The Supreme Court held that parties to a contract have a “duty to perform their contractual obligations honestly.” This “new duty,” as the Court called it, it based on an “organising principle” of “good faith.” Who could object to honesty and good faith? But what does it mean?
"There are millions of people insured in this country — and I would suspect that maybe a couple of hundred thousand understand this part of their policy," said Monica Woldring, an independent insurance broker in B.C.
The rise of city states means that the law may no longer apply equally to everyone. One is the Province of Ontario. And the other is the Province of Toronto
A condo unit will remain a viable real-estate ownership alternative for as long as its monthly maintenance fees and realty taxes remain below the monthly rental of a comparable unit in another condo complex or apartment building. Once the condo's maintenance fees and realty taxes exceed the cost of comparative rentals, there will be no demand to buy it. Such condos will be reduced to rental inventory as buying into heavy maintenance units would make no sense.
A Yorkton, Sask., woman with dementia agreed to give her house to a grandson who promised to pay back-taxes and let her stay as long as she wanted, only to usher her out and install tenants instead, and when an elderly Ontario woman unexpectedly sold the antique truck for a fraction of what it was worth, her daughter’s suspicions were immediately raised. The court ruled that both transactions were invalid and ordered the property returned.
Alberta Court of Appeal erred says Supreme Court of Canada: An Alberta trial judge ruled Heritage Education Funds improperly breached its contract by acting dishonestly. The decision was overturned by an Alberta appeal court, which ruled no specific language in Mr. Bhasin’s contract required Heritage Education to act in good faith.
In a case released Thursday called Bhasin v. Hrynew, the court said Canadian contract law comes with a duty of good faith that requires parties to perform their contractual obligations honestly.
While it’s true that corporate governance has always been a major concern in Canada because of clubby boardroom atmospheres, the problem has been brought into much sharper focus by unfolding events. The result is that board directors are now investors’ last best hope for fair treatment in Canada.
Canada has embarked on a complex and premature path to overhaul its accounting guidelines and the way in which every public company reports earnings and cash flows to investors.