While it may be easier to do the same thing over and over, this
change is worth considering.
For financial years that begin on or after July 1, 2015, venture
issuers will have the option to provide "quarterly
highlights" instead of full interim MD&A. While issuers
with significant revenue may want to continue using the full
interim MD&A, other issuers should pay close attention to this
Venture issuers opting to provide quarterly highlights will
provide a short discussion of all material information about their
company's operations, liquidity and capital resources. The
discussion should include:
an analysis of the company's financial condition, financial
performance and cash flows and any significant factors that have
caused period to period variations in those measures; how long will
your money last?
known trends, risks or demands; what is happening in your
major operating milestones; what did your company achieve in
the quarter, what do you forsee next quarter?
commitments, events or uncertainties that have materially
affected your company's operations, liquidity and capital
resources in the interim period or are likely to have a material
effect going forward; what will it take for your company to
any significant changes from disclosure previously made about
how the company is going to use proceeds from any financing and an
explanation of variances; did we use our money as we disclosed?
any significant transactions between related parties that
occurred in the interim period.
The goal of MD&A is to provide a narrative explanation of
how your company performed in the period covered by the financial
statements, plus upcoming prospects. The discussion should short,
focused, balanced and key on material points and milestones
achieved or which need to be achieved.
The new rules are discussed in National Instrument 51-102 and its
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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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.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan 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.
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