In this week's edition:

Greg Pollock, who was ousted as president and CEO of Advocis in September, is suing his former employer for wrongful termination. Pollock alleges he was terminated “without cause” and without notice, learning of the termination through a text message from the chairman of the national financial advisors association. And Advocis faces another claim, this time from SeeWhy Financial Learning Inc., which alleges Advocis breached a service agreement when it “failed or refused to pay” a $92,963.97 invoice for learning materials. In both cases, Advocis denies any wrongdoing and intends to vigorously defend itself. Michelle Schriver reports.

Your client may have a trust and not know it. New rules require reporting on bare trusts, which are arrangements in which the trustee has no obligation other than to deal with the trust property as directly instructed by the beneficiaries. Fortunately, the CRA is offering penalty relief to bare trusts that file after the April 2 deadline for the 2023 tax year. Columnist Matt Trotta tells you what clients need to know.

TD Bank will pay $22 million to resolve a shareholder class action brought by a fund manager over revelations of alleged misconduct in the retail banking business that temporarily damaged the bank’s share price. James Langton reports.

Chartered Professional Accountants of Canada is cutting 20% of its workforce ahead of a move by provincial oversight bodies in Ontario and Quebec to split from the national organization. The organization had about 400 employees across the country before the cuts.

Finally, departing Scotiabank executive Jake Lawrence will join Power Corp. of Canada as its chief financial officer, while Craig Meeds, a former leader with TD Wealth Private Wealth Management, has left the bank.