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ARTICLE · 29 JUNE 2022

FDD Alert! Is Your Canadian Disclosure Document Going Stale This Week?

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Oh how time flies! Update season is once again upon us. It is integral that franchisors review their Canadian franchise disclosure document (FDD) to ensure it is updated...

CanadaCorporate/Commercial Law
Lawrence Weinberg
Lawrence Weinberg
Peter V. Snell
Peter V. Snell
Frank Robinson
Frank Robinson
Rebecca Valo
Rebecca Valo
Noah Leszcz
Noah Leszcz
Sam Sokoloff
Sam Sokoloff
Zachary Zittell
Zachary Zittell
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FRANCHISE

Oh how time flies! Update season is once again upon us. It is integral that franchisors review their Canadian franchise disclosure document (FDD) to ensure it is updated in relation to a variety of necessary items, which includes making sure it contains the correct, up-to-date compliant financial statements.

While FDDs should be looked at to update all necessary items, the financial statement requirement is the final deadline. Under provincial franchise laws in Canada, franchisors have no more than 180 days from their fiscal year-end to replace the financial statements within their FDDs with financial statements from their most recently completed fiscal year-end. So, if your franchisor entity has a fiscal year end, like many do, on or around December 31st (i.e., December 31, 2021), then, in addition to the other updates, you must replace the financial statements for the most recently completed fiscal year before the end of June 2022 (i.e., more

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