Government Budget, Throne Speech and Plans
FSRA targets efficient and streamlined regulation for Ontario credit unions, insurers, pension plans, and mortgage brokers
As previously reported, the Ontario government is moving ahead to support financial regulatory reform including by establishing the Financial Services Regulatory Authority (FSRA), the new Ontario provincial regulator for provincially regulated insurers, credit unions, loan and trust corporations, pension plans, mortgage brokers and certain auto insurance service providers.
Impact of recent international tax developments on Canada
Recent international tax changes proposed by the OECD could significantly impact the cross-border activities of Canadians – particularly with respect to tax planning strategies that shift profits to low or no-tax jurisdictions.
The Financial Services Regulatory Authority of Ontario
Effective June 8, 2019, the Ontario government launched the Financial Services Regulatory Authority of Ontario (FSRA), which is a new independent and self-funded regulator of financial services and pensions that is intended to help reduce regulatory burden, among other things.
New Environmental Emergency Regulations
The new Environmental Emergency Regulations apply to a responsible person that owns or has the charge, management or control of any of the 249 listed hazardous substances located at any fixed land-based facility in Canada.
Ontario government announces plans for centralized procurement
On March 18, 2019, the Ontario Treasury Board announced a plan to centralize the province’s public sector procurement and create a more efficient delivery process for goods and services.
Proposed changes to anti-corruption rules for federal government procurement and real estate leasing
The federal government’s rules around the integrity of the procurement process also apply to real estate, in particular, the possibility that leases with the federal crown as tenant can be terminated for breach of anti-corruption provisions.
Duties on transfers of immovables in Quebec and partnerships
On February 26, 2019, the Quebec Department of Finance introduced Bill 13, An Act to amend the Taxation Act, the Québec Sales Tax Act and other legislative provisions. This Bill finally provided the draft legislation for the changes announced in Information Bulletin 2017-14, dated December 20, 2017, in respect of the Act respecting duties on transfers of immovables.
“Social impact bonds” on the rise in Canada
Social Impact Bonds (SIBs) are an interesting part of the larger trend of ‘impact investing’ that has been rising in Canada and around the world in recent years.
Canadian Federal Budget 2019 and its impact on non-profits and charities
Finance Minister Morneau delivered the 2019 Federal Budget on March 19, 2019. Here is our article.
Budget 2019: Positioning for a fall election
Many were hoping for tax reductions in Budget 2019 that would help make Canada more competitive. With Canada’s top marginal tax rates described by some analysts as “punitively high,” and with the Canadian economy sliding to an annualized rate of growth of only 0.4 per cent in the fourth quarter, there are no proposed changes to the tax rates for individuals or corporations.
Remediation agreements and other recent developments in white collar crime
Remediation agreements, a new tool for corporate accused, will continue to be in the spotlight as we all learn when prosecutors will be prepared to allow the use of remediation agreements and how their use will be received by the voting public.
New 2019 Competition Act and Investment Canada Act merger review thresholds
Certain types of transactions that exceed prescribed thresholds require pre-merger notification under Canada’s Competition Act. Such transactions cannot be completed until notice has been given to the Commissioner of Competition and the statutory waiting period has expired or, alternatively, has been terminated early or waived by the Commissioner. One of these thresholds, the transaction-size threshold, is subject to an annual index adjustment.
Ontario reveals the details about its performance standards for large industrial emitters
On February 12th 2019, Ontario announced its proposed plan to reduce greenhouse gas (“GHG”) emissions, the Industrial Emissions Performance Standards Program.
OSC seeks to reduce regulatory burden in step with Ontario Red Tape Initiative
The Ontario Securities Commission announced on January 14, 2019, that its Burden Reduction Task Force, in coordination with the Ministry of Finance, has undertaken to lessen regulatory burdens and enhance competitiveness for Ontario businesses.
Fintech regulatory developments: 2018 year in review
2018 proved to be another busy year for Fintech in Canada, with a number of notable and anticipated regulatory developments. We look back to summarize some of 2018’s most notable Fintech-related developments in Canada, and developments to watch for in 2019.
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