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Government Budget, Throne Speech and Plans

Ontario budget 2018: Financial services updates

The 2018 Ontario Budget includes a number of financial services related developments, with a strong focus on innovation.

 

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Alberta moves to strengthen its lobbying law: Proposed legislation would be among the strictest in country

If amendments to the Lobbyists Act, introduced on April 11 by the Government of Alberta, are passed by the Legislature, the Lobbyists Amendment Act, 2018, would make Alberta one of the strictest regulators of lobbying in the country.

 

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Budget Bill 2018: Amendments to Financial Services Statutes

The Budget has provided that, in connection with the current 2019 Bank Act review, certain legislative amendments to implement targeted proposals resulting from the recent review of the federal financial sector framework would be introduced as a priority.

 

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Bill-68: Significant Amendments to the Fisheries Act

The proposed amendments to the Fisheries Act and other Acts in consequence would provide enhanced enforcement powers under the Fisheries Act, and proposes an alternative to traditional prosecutions in the event of non-compliance. The federal government may offer some persons charged with offences under the Fisheries Act to enter into “Alternative Measures Agreements” in lieu of prosecution.

 

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Federal budget allocates significant funds towards cybersecurity

The Budget’s proposed investment in the area of cyber security is the largest single investment made in this area by the Canadian federal government. It also sends a strong signal that the government is focused on cyber threats that pose a real risk to the Canadian economy and national security.

 

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2018 Federal Budget proposals target private corporations earning investment income

As a consequence of the public’s concern with the overall thrust of the government’s tax law amendments, the 2018 Budget issued on February 27, 2018 has largely eliminated the implementation of the July 2017 proposals. Instead the 2018 Budget contains two specific measures to address the government’s concern with the tax deferral related to investment income in a private corporation.

 

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Supercash for superclusters: Government of Canada commits $950M in funding to five “superclusters” representing 450 Canadian entities

The ISI was launched on May 24, 2017, as part of the Government of Canada’s multi-year Innovation and Skills Plan in order to spark growth and help Canada realize its potential as a global leader in innovation. This was accomplished by encouraging the development of “superclusters”, which are industry-led, not-for-profit entities that have been formed to represent clusters of businesses, research institutions, and other innovators in regional and industry specific areas.

 

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Government sin of omission may lead to your sin of commission

In enacting changes to the regime which deals with donations to foreign universities Budget 2018 has created an immediate issue for anybody that donates to these schools. What is unknown is whether this was intentional.

 

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Canadian government publishes consultation paper proposing wide-ranging amendments to anti-money laundering legislation

Amendments might be coming to anti-money laundering legislation. The Canadian government recently published a consultation paper with proposals for wide-ranging amendments. On February 7, 2018, the Canadian federal government released a consultation paper for comments that has far-reaching implications for compliance with Canadian anti-money laundering requirements. The comment period on this paper ends on April […]

 

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Vote deadline set for the Cannabis Act

A deal to set a timeline for the Senate to hold its final vote on the legalization of recreational use of cannabis comes as a response to indications that passage of the highly anticipated legislation could be delayed.

 

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Proposed foreign merger rollovers rules: Welcome news to foreign companies that cannot rely on existing tax treaty rollover provisions

On October 27, 2017, under Bill C-63, the Department of Finance released proposed amendments to the Income Tax Act (Canada) (“ITA”) introducing a new elective rule allowing non-residents tax-deferred rollover treatment on dispositions of certain taxable Canadian property (“TCP”) in a foreign merger.

 

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TPP-11 reach agreement on “core elements” of a deal

Since the withdrawal of the United States from the Trans-Pacific Partnership within three days of President Trump’s inauguration, which many thought would result in a fatal blow to the deal, negotiators from the remaining TPP-11 have been quietly meeting to revive the agreement.

 

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Small business corporate tax rate reduction 2018

The government news release announcing the reduction in the small business corporate income tax rate did not address whether there would be corresponding changes to the dividend gross-up or non-eligible dividend tax credit rate.

 

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Government of Ontario issues consultation paper on alternative financial services

The Consultation Paper is one of a series of consultation papers issued by the Government of Ontario following the enactment of Bill C-59, which amended the Consumer Protection Act, 2002 and which addressed various items including payday loans and debt collection.

 

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New proposals on the taxation of private corporations can result in double taxation

This article discusses the new proposals on the taxation of private corporations that will prevent some normal post death tax planning aimed at preventing double taxation of the same economic gain.

 

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