Banking Bulletin: IFRS 16 Many banks lease significant property and equipment for their own use, lease investment property to others, or both. Are you ready for the new lease accounting rules? Read more.

This month’s newsletter features a wide variety of topics from strategies for growth, opportunities for a sideways glance at other aspects of the financial services sector and trends in sustainability reporting and some perennial areas for vigilance in respect of cyber security and accounting change.

Featured thought leadership. Read more.

One month after the May 19, 2016 Alberta Court of Queen’s Bench’s decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”), the Alberta Energy Regulator (“AER”) has released Bulletin 2016-16 (the “Bulletin”). The AER (and Orphan Well Association) have appealed the Redwater decision to the Alberta Court of Appeal, where it is pending. Effective June 20, 2016, substantive changes were made to the transfer requirements for licensees, and licensee eligibility.

Many banks lease significant property and equipment for their own use, lease investment property to others, or both. Are you ready for the new lease accounting rules?Read more.

Introduction On May 17, 2016, the Alberta Court of Queen’s Bench released its eagerly awaited decision in Redwater Energy Corporation (Re), 2016 ABQB 278 regarding the intersection between the provincial oil and gas regulations and the federal bankruptcy and insolvency regime.

Canadian financial institutions will be required to provide the CRA with information on accounts held by non-residents of Canada beginning in 2018. The CRA will provide this information to other countries’ tax authorities in exchange for information about Canadian financial account holders in their jurisdictions. Financial institutions must have procedures in place to identify this information by July 1, 2017.

Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2016 budget on April 14, 2016. The budget increases both personal and corporate income tax rates along with the province’s HST rate, eliminates the manufacturing and processing profits tax credit and increases the financial corporations capital tax and the insurance companies tax rate.

Our Guide to annual financial statements – Illustrative disclosures for banks has been updated to reflect early application of IFRS 9 Financial Instruments. As with other complex standards, the interpretation of IFRS 9’s requirements is subject to ongoing discussions. This guide does not intend to pre-empt this process, but aims to help banks implement IFRS 9, by guiding them through the decision-making process needed to prepare the required disclosures.

The financial services industry may want to start preparing for the effect of certain tax changes proposed in the 2016 federal budget. Specifically, the budget proposes corporate and indirect tax measures for: Read more. (Subscription required.)