Category: Financial Services

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Proposed Changes to Stock Option Tax Rules

June 19, 2019

On June 17, 2019, Canada’s finance minister tabled a Notice of Ways and Means Motion regarding the taxation of employee stock options. This follows from the government’s announcement in the 2019 Budget that it intended to limit the availability of the 50 per cent deduction on employee stock option benefits (i.e., the deduction that effectively provides capital gains treatment on…

Ontario PPSA Amended to Recognize Electronic Chattel Paper

June 4, 2019

Amendments to the Ontario Personal Property Security Act (PPSA) were enacted on May 29, 2019, which will make it easier for lessors and financiers to originate, finance and securitize electronic chattel paper (e.g., leases, conditional sale contracts and chattel mortgages) once they have implemented secure electronic-vaulting systems. These amendments are based on, but are not identical to, the electronic chattel…

Lending Market Sets Sights on Sustainability Linked Loans

April 2, 2019

Building on the internationally recognized Green Loan Principles (GLPs) adopted in 2018, the Loan Syndications and Trading Association (LSTA), the Loan Market Association (LMA) and the Asia Pacific Loan Market Association (APLMA) have recently published a set of voluntary global guidelines entitled the Sustainability Linked Loan Principles (SLLPs). The demand for loan products that incentivize improvements in borrowers’ sustainability profiles…

Your Guide to the 2019 Federal Budget

March 22, 2019

On March 19, 2019, the Government of Canada released its 2019 budget (2019 Budget) before the federal election later this year. We’ve summarized the key aspects from the 2019 Budget that may impact your business.  For tax changes, including proposed changes to the excise taxation of cannabis extracts (including oils), cannabis edibles and cannabis topicals, please see 2019 Federal Budget – Selected Tax…

2019 Federal Budget – Selected Tax Measures

March 20, 2019

On March 19, 2019, the Minister of Finance introduced Canada’s 2019 federal budget (2019 Budget). The government had already signalled that the primary focus of the 2019 Budget would not be business concerns as those had been largely addressed in the 2018 Fall Economic Statement. Given that 2019 is an election year, that should not be surprising. Nonetheless, the 2019…

Supreme Court of Canada Overturns Alberta Court of Appeal in Redwater Decision

January 31, 2019

On January 31, 2019, the Supreme Court of Canada (SCC) released its decision in Orphan Well Association, et. al. v. Grant Thornton Limited, et. al. – a case commonly known as Redwater. The majority overturned the Alberta Court of Appeal’s decision and found that certain sections of the Oil and Gas Conservation Act (OCGA) and Pipeline Act (PA) do not conflict with the scheme of…

LMA and LSTA Announce Extended Green Loan Principles

January 11, 2019

Major international syndicated lending organizations — the Loan Syndications and Trading Association (LSTA), Loan Market Association (LMA) and Asia Pacific Loan Market Association (APLMA) — recently published an extended set of green loan principles (GLPs). The GLPs are a set of voluntary guidelines intended to promote consistency in the emerging green loan market. The LMA and APLMA originally published the…

2018 Developments in Canadian Insolvency Case Law: What Lenders Need to Know

January 7, 2019

In 2018, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status. 

Canada Imposes Sanctions Against Saudi Arabian Nationals

December 4, 2018

On November 29, 2018, Canada’s Minister of Foreign Affairs announced sanctions against 17 Saudi Arabian nationals. The individuals have been designated in the regulations made under the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML). SML authorizes the government to designate foreign nationals or foreign public officials (or their associates) who, in the government’s view, are…

Ain’t That Sweet! Court Excludes Equity Sweeteners from Criminal Interest Rate Calculation

November 1, 2018

The Supreme Court of British Columbia (Court) has clarified the potential application of Canada’s prohibition against charging criminal interest to arm’s-length commercial lending transactions that include mechanisms to capitalize on the borrower’s future growth through equity “sweeteners” or “kickers.” In its October 26, 2018 decision in Cirius Messaging Inc. v. Epstein Enterprises Inc., the Court held that the criminal interest…

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