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2015 Ontario Budget Provisions Affecting Pensions and Other Retirement Savings Plans

April 27, 2015

On April 23, 2015, the Ontario government tabled its 2015 budget (Budget), which included a number of pensions and other retirement savings plans-related provisions, as discussed in more detail below. On that same day, the government introduced Bill 91, Building Ontario Up Act (Budget Measures), 2015, which implements certain provisions of the Budget.   ONTARIO RETIREMENT PENSION PLAN   The…

2015 Federal Budget – Financial Services Highlights

April 24, 2015

Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for banks, expanding the voluntary mortgage prepayment commitment to non-banks, a national financial literacy strategy, a bank recapitalization framework, regulation of retail payment networks and access to…

2015 Federal Budget Provisions Affecting Pensions and Other Retirement Savings Plans

April 23, 2015

  In its 2015 budget (Budget), the federal government announced a number of pensions and other retirement savings plans-related matters, which are discussed below.     30% RULE ON PENSION FUND INVESTMENTS   In its discussion of proposals to enhance investment in infrastructure, the federal government stated that it will undertake a public consultation on the usefulness of the rule…

2015 Federal Budget: Infrastructure and P3s on the Move

April 23, 2015

  INTRODUCTION   On April 21, 2015, Finance Minister Joe Oliver tabled the 2015 federal budget (Budget). The Budget reaffirmed several of the government’s past commitments to infrastructure renewal and introduced some new measures of interest to those involved in infrastructure projects across Canada, particularly under the alternative financing and procurement and public-private partnership (P3) models.     NEW PUBLIC…

Protection of Confidential Commercial Information Affirmed in Freedom of Information Decision

April 22, 2015

  On February 19, 2015, the Supreme Court of Canada (SCC) denied leave to appeal from the judgment of the Alberta Court of Appeal (Court) in Imperial Oil Limited v. Alberta (Information and Privacy Commissioner). This case addressed important principles of law with respect to the interpretation and application of Alberta’sFreedom of Information and Protection of Privacy Act (FOIP Act)…

2015 Federal Budget Highlights Recent Changes to Competition and Foreign Investment Policy

April 22, 2015

Finance Minister Joe Oliver tabled the 2015 federal budget before the House of Commons on April 21, 2015. The budget highlighted recent policy changes in competition law and foreign investment review, including new powers for the Competition Bureau to investigate cross-border price gaps and new thresholds for World Trade Organization (WTO) investors under the Investment Canada Act. INVESTIGATING CROSS-BORDER PRICE…

Recent Amendments to Provisions on Hypothecs under Civil Code of Québec

April 22, 2015

  INTRODUCTION   Bill n°28 titled An Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (Act) passed on April 20, 2015 and received assent the next day. The Act made changes to hypothecs in the Civil Code of Québec (CCQ), including the amendment of Article 2692…

2015 Federal Budget – Selected Tax Measures

April 22, 2015

  On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source withholding requirements for some non-resident employers, extension of accelerated tax depreciation rates for machinery and equipment and a phased-in decrease in the small business tax rate. However,…

Whistleblowers to be Rewarded, Protected under OSC Proposal

April 21, 2015

  Staff of the Ontario Securities Commission (OSC) has released for public comment a consultation paper on a proposed whistleblower program (Program), under which whistleblowers would be eligible for a financial reward of up to C$1.5 million.   The Program, outlined in OSC Staff Consultation Paper 15-401 – Proposed Framework for an OSC Whistleblower Program (Consultation Paper), has five major…

First Secondary Market Class Action to Reach SCC Denied Leave

April 20, 2015

  In a decision released on April 17, 2015, the Supreme Court of Canada (SCC) overturned the Québec Court of Appeal’s judgment in Theratechnologies Inc. v. 121851 Canada Inc. (See our July 2013 Blakes Bulletin: Statutory Secondary Market Misrepresentation Claims: Quebec Court of Appeal’s First Decision for more information.)   For the first time, the SCC considered the standard for…