Top Legal Risks to Watch in 2018

Updated:
July 12, 2018

As the economy becomes increasingly complex and unpredictable, businesses continue to face serious legal risks. According to a report from Borden Ladner Gervais, this year is no exception.

The following are a few risks highlighted in the report that organizations should be aware of.

Cyber Compliance

In 2017, the government published proposed regulations regarding the reporting of privacy breaches under the Digital Privacy Act, which amended the Personal Information Protection and Electronic Documents Act in 2015.

Among other strict rules, the regulations require companies to create and maintain a record of every personal information security breach, and provide those records to the Privacy Commissioner on request. Non-compliance with these rules could result in fines. These regulations are expected to be finalized in 2018.

Cannabis Act enforcement

The Cannabis Act is expected to come into force by July 2018, creating a number of highly disruptive and uncertain changes.

Employers must meet with their legal counsel and communicate their current workplace policies on drug and alcohol use to employees. Doing so will help employers better understand the implications of the Cannabis Act and how it will impact business as a whole.

Tax rates

Increases to marginal income tax rates place businesses at a competitive disadvantage when it comes to attracting skilled labour and investing.

In addition, recent proposals from the Department of Finance could adversely affect after-tax financial results for private companies.

Sexual harassment

There were a number of high-profile sexual harassment cases in 2017. Because of this, in 2018, experts expect a continued focus on how employers address sexual harassment in the workplace.

Above all, employers should review their harassment-related policies and procedures to ensure they meet applicable legal obligations.

For assistance with gathering the appropriate resources to help mitigate these legal risks, contact us at Scrivens. We have specialized Cyber Liability Insurance packages for businesses of all sizes. We can also offer you assistance in developing drug-use policies or sexual harassment policies.

Get in touch today: 613-236-9101.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.