The Superior Court has ruled that section 17.0.1 of the Act respecting the regulation of the financial sector does not apply to CPAs.
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CPA Québec

CPA NEWSLETTER

THE OFFICIAL VOICE OF THE ORDER

Challenge to an ARFS provision:

The Superior Court decides in our favour
After several years of effort on our part, the Superior Court allowed our application for judicial review and declared section 17.0.1 of the Act respecting the regulation of the financial sector (ARFS) inapplicable to CPAs.

In its analysis, the Court ruled on several aspects of the case and concluded, in particular, that while section 17.0.1 of the ARFS is an express provision that overrides section 9 of Quebec’s Charter of human rights and freedoms, it violates the obligation to respect private life under section 5 of the Charter. The Court is of the opinion that a client’s expectations for professional secrecy are not consistent with the disclosure of confidential information by their accountant to the public authority.
 
In addition, the Court believes that the disclosure of confidential information by a CPA should be better supervised to constitute minimal impairment within the meaning of section 9.1 of the Charter. As in other jurisdictions, the law should, at a minimum, provide for intermediate steps whereby company officers should be informed of the problem before it is reported to the public authority.
  
It should be noted, however, that the execution of this judgment could be suspended if it is appealed by the AMF or the Attorney General of Québec.
READ THE JUDGMENT (IN FRENCH ONLY)

SUSTAINABLE DEVELOPMENT

Montreal to house an office of the International Sustainability Standards Board
The Order is delighted by this recognition of Quebec’s and Canada’s commitment to sustainable development and their leadership at the international level.

Developing internationally recognized sustainability standards will make information more transparent and easier to compare. We are at a crossroads in the fight against climate change, and CPAs will have a practical role to play.
SEE THE PRESS RELEASE FROM CPA CANADA
 

Sustainable development for better performance: Benefits for Quebec businesses
In this guide, the Quebec government explains the benefits businesses can gain from a sustainable development process and presents real-world case studies in implementing one. 
READ THE GUIDE (IN FRENCH ONLY)
 

Sustainability reporting and assurance: Why it should be on your radar
The importance of sustainability reporting continues to gain momentum under pressure from investors and in the context of substantial developments toward a global set of sustainability standards.
FIND OUT WHY
 
SEE THE RESOURCES FROM CPA CANADA

EXPERT ADVICE AND RESOURCES

ASPE – Support tool for classifying and evaluating retractable or mandatorily redeemable shares
This support tool (in French) will help you determine the classification and the evaluation of redeemable shares on the balance sheet and document your conclusion.
DOWNLOAD THE HELP TOOL [WORD]
 

CRA My Business Account: Capital Dividend Account issues
The CRA is currently working to resolve the issues with Capital Dividend Account (CDA) information in My Business Account (MyBA). To avoid any confusion, corporate CDA information will not be available in MyBA until after the issues are resolved.
READ THE UPDATE FROM OCTOBER 25
 

New rules make “knowing your client” even more important for CPAs
Recent changes to strengthen Canada’s anti-money laundering regime increase requirements for accountants and accounting firms to know who they are dealing with, and why.
LEARN MORE
 

Reminder | AASB roundtables – Possible standards setting solutions for audits of less complex entities
Share your opinions on possible solutions that could be considered in Canada to tackle the challenges when applying the Canadian auditing standards to audits of less complex entities.
REGISTER FOR AN ENGLISH ROUNDTABLE
 
REGISTER FOR THE FRENCH ROUNDTABLE

PROTECTION OF THE PUBLIC

Legal notices
Legal notices have been issued recently.
SEE THE NOTICES
NEWS
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EXPERT ADVICE AND RESOURCES
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YOUR FILE
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