Pooled Registered Pension Plans (PRPP)
In December 2010, Finance Minister Jim Flaherty released the “Framework for Pooled Registered Pension Plans” which proposed to permit defined contribution Pooled Registered Pension Plans (PRPPs). The main purpose of the PRPPs was to increase pension coverage among the 60 per cent of Canadian employees and self-employed individuals who do not participate in an employer- registered pension plan. Recently, the Pooled Registered Pension Plans Act was introduced into legislation.
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increasing complexity at home and internationally. Our job is to provide enough accounting, audit and business knowledge to make things simple.
News & Events
Not-for-pro fit Alert
As you may or may not be aware changes have been in the works regarding the development of a new
Not-for-pro t Corporations Act (the “Act”). It has recently been announced that the new Act will come into
effect on Monday, October 17, 2011.
JIM GLOVER Appointed as Director of the Board OF PDAC
We are proud to announce that Jim Glover, MSCM’s first ever Partner Emeritus has been appointed as
Director of the Board of PDAC.
AMERICAN APPAREL, INC. ANNOUNCES DAVID DANZIGER ELECTED TO BOARD OF DIRECTORS
LOS ANGELES, June 30, 2011 – American Apparel, Inc. (NYSE Amex: APP), a vertically integrated manufacturer,
ELIMINATION OF PARTNERSHIP TAX DEFERRAL
The recent Federal budget, introduced on March 22nd, and re-introduced on June 6th, proposes to eliminate the deferral of tax on partnership income allocated to a corporate partner. The proposed rules, which are extremely complex, and have a broad application, apply to taxation years of corporate partners ending after March 22, 2011.
Jon Mac Neil steps up to the MSCM partner table
Everyone at MSCM is delighted with the January 1st, 2011 addition of Jon Mac Neil to our Partner team. Jon has been with MSCM since the start of his professional career in 2003, and his advance to partnership has been an inspiration to us all.
DETECTING AND PREVENTING INTERNAL FRAUD, THEFT & ABUSE
Deliberate misuse of an organization’s information, resources or other assets for personal gain continues to pose a threat to Canadian companies – large and small, and across a variety of industries. So how can you tell if internal or occupational fraud is taking place? And what can you do to prevent it?
BUDGET COMMENTARY
Federal Finance Minister Jim Flaherty tabled his sixth Budget in the House of Commons on Tuesday, March 22 in a political atmosphere that was perhaps more tense and confrontational than at any time in recent Canadian history.
FEDERAL BUDGET COMMENTARY UPDATE
The March 22, 2011 Federal budget did not pass before parliament was dissolved. All of the income tax changes (including implementation dates) introduced in that budget have been carried forward, unchanged, to this Budget. Furthermore, this Budget did not introduce any new income tax proposals whatsoever. Reference should be made to the attached “March 22, 2011 FEDERAL BUDGET COMMENTARY” for details.
ONTARIO BUDGET COMMENTARY
Finance Minister Dwight Duncan delivered Ontario’s 2011 Budget on March 29, 2011. The Budget is projecting a deficit of $16.7 billion in 2010-11, $3 billion lower than projected a year ago, and decreasing to $16.3 billion in 2011-12.
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