Canada: Credit Control and Cashflow

To manage the economic challenges induced by COVID-19, governments around the world are announcing measures and stimulus packages to boost economies and minimize cashflow problems to its people.

As an owner of a business, your company's books and financial statements represent a score sheet which tells how you are progressing, as well as an early warning system which lets you know when and why the business may be going amiss.

Generally, it is required for sole proprietorships and partnerships to use a calendar year-end. In contrast, corporations, other than professional corporations are able to select the month-end which best suits their business.

Business valuations are required for a variety of purposes, ranging from notional valuations to open market acquisitions and divestitures.

CSA Staff Notice 52-306 (Revised) – Non-GAAP Financial Measures was issued in August of 2006. Its purpose is to provide greater guidance regarding the CSA’s views on disclosure of non-GAAP financial measures, including forward-looking non-GAAP financial measures.

Approximately one year ago the Business Practices and Consumer Protection Act (the "Act") was proclaimed into force. The Act imposed new restrictions on creditors and debt collectors’ ability to obtain consumer credit reports and prohibited certain debt collection practices.