Glossary

Compliance Terms, Explained Plainly

Regulatory terms that come up across our law firm, dental, and financial advisory client work — defined in plain language.

PHIPA — Personal Health Information Protection Act

Ontario's law governing how personal health information is collected, used, and disclosed. It applies directly to dental practices, which hold patient records, imaging, and treatment histories that must be secured and handled under PHIPA's rules.

PIPEDA — Personal Information Protection and Electronic Documents Act

Canada's federal private-sector privacy law. It sets baseline rules for how any business — law firm, dental clinic, financial advisory, or otherwise — collects, uses, and discloses personal information in the course of commercial activity.

OSC — Ontario Securities Commission

The provincial regulator overseeing securities dealers, advisors, and investment fund managers in Ontario. Registered financial advisory firms are expected to maintain secure, auditable records and controls around client data as part of OSC compliance.

FINTRAC — Financial Transactions and Reports Analysis Centre of Canada

The federal agency that enforces anti-money-laundering and terrorist-financing reporting rules. Financial advisory firms have reporting and recordkeeping obligations under FINTRAC's regime, distinct from OSC's securities-focused requirements.

Trust accounting

The practice of separately tracking and safeguarding client funds held in trust — common in both legal practice (client retainers, settlement funds) and financial advisory — distinct from a firm's own operating funds, with a clear, auditable trail.