Industry News

The Government of Canada has introduced legislation, the Fairness for the Self-Employed Act, that would extend Employment Insurance (EI) special benefits, including maternity, parental, sickness and compassionate care benefits, to the self-employed in a manner that mirrors those currently available to salaried employees under the EI program.

Self-employed Canadians would be required to opt into the program at least one year prior to claiming benefits, and would be required to pay the same EI premium rate as salaried employees. They would not be required to pay the employer portion of premiums, in recognition of the fact that they would not have access to EI regular benefits. Per the legislation, the program start date is January 2010, which means that claims could be made as early as January 1, 2011.
Effective July 1, 2010 Ontario will eliminate GST and PST for a new combined HST of 13%.
Canadian GAAP for Publicly Accountable Enterprises (PAEs) will be replaced with International Financial Reporting Standards (IFRS) for fiscal years beginning on or after January 1, 2011. Don't be a procrastinator there are a number of things you should have in place by January 1, 2010, if your organization's fiscal year is a calendar year.
New Accounting Standards for Private Enterprises FinalizedThe new standards will be issued by the end of the year and will be effective for fiscal years beginning on or after January 1, 2011, with early adoption available for 2009 reporting for entities that choose to adopt them early.

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