Canada: Accounting and Audit

The Federal Court’s June 12, 2026 decision in Minister of National Revenue v KPMG Canada LLP, T-139-26, is a significant ruling on the limits of privilege assertions by third-party tax advisors in the context of CRA audits.

Canada’s Taxpayers’ Ombudsperson has initiated a systemic examination into delays at the Canada Revenue Agency (CRA), focusing on prolonged processing timelines and deficiencies in complaint-resolution processes.

A Federal Court case demonstrates the severe consequences of ignoring Canada Revenue Agency Requests for Information during tax audits. When a landscaping corporation and its principal failed to comply with a court-ordered production of financial documents, they faced substantial fines and a 30-day jail threat, highlighting the critical importance of proper RFI compliance with guidance from experienced tax counsel.

The Federal Court’s June 12, 2026 decision in Minister of National Revenue v KPMG Canada LLP, T-139-26, is a significant ruling on the limits of privilege assertions by third-party tax advisors in the context of CRA audits.

The British Columbia Supreme Court decision in Lewis v. WestJet Airlines Ltd. (2025 BCSC 1565) clarifies the circumstances under which accountants' work may be protected by legal privilege.

The Canadian Securities Administrators have released a comprehensive consultation paper seeking stakeholder feedback on modernizing securities regulation for reporting issuers across five critical areas, including proportionate regulation frameworks, alternative financial reporting for venture issuers, and potential elimination of hold periods for private placements. This extensive review could fundamentally reshape how Canadian public companies access capital markets and fulfill their continuous disclosure

Fraud risk poses a critical threat to First Nations governance, with increasing scrutiny from community members, funders, and courts demanding greater financial accountability. Strong internal controls, active oversight mechanisms, and proactive fraud prevention strategies are essential to protect collectively owned resources and maintain stakeholder trust.

On October 17, 2022, the Québec Court of Appeal in Centre universitaire de santé McGill c. Lemay held that the voluntary disclosure of a solicitor-client privileged forensic accounting report to a police force in the context...

The lifeblood of any business is its ability to collect cash and pay bills as well as pay its employees, particularly its owners.

Sports Injury And Economic Loss

The IASB recently issued Clarification of Acceptable Methods of Depreciation and Amortization.

In a recent case, the Supreme Court of Canada, was asked to examine whether plan members had an equitable interest in the defined benefit surpluses in three federal government pension plans.