In the Progress Report, the OSC identifies significant
stakeholder support for the crowdfunding exemption and acknowledges
the emergence of crowdfunding as a new way for start-ups and small
businesses to raise capital. Building on the crowdfunding concept
idea introduced in its December 2012 consultation paper, the OSC
intends to develop a regulatory framework for funding portals and
to refine issuer restrictions and investor protection measures. The
OSC identifies, in the Progress Report, certain measures it
considers appropriate for the exemption: limits of $2,500 on a
single investment and $10,000 in total in a calendar year,
mandatory risk acknowledgement and a cooling off period. Other
measures, such as limits on offerings and the disclosure at the
point of sale, will be revisited by the OSC.
The Progress Report confirms the OSC's interest in moving
forward with the crowdfunding exemption and emphasizes the
important balance that must be struck, when developing the
regulatory framework, between appropriate investor protection and
regulations that are not excessively burdensome as to detract from
the viability of crowdfunding.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
While most are well aware that the sale of a business is generally a complex process, even sophisticated business owners are surprised by just how much cost and effort is required to complete the sale.
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