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In AML & Financial Services Regulatory

Canada aims to bolster sanctions enforcement through existing AML and customs regimes

by and 1 Min Read

The Government of Canada has established additional avenues to administer and enforce Canadian sanctions laws. Specifically, the government is relying on the existing legislative framework under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act (PCMLTFA) and its administrative agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) alongside the Canada Border Services Agency (CBSA) to establish a sanctions civil enforcement regime in the form of mandatory reporting on suspected sanctions evasion for prescribed entities, importers, exporters and those financing import/export transactions.

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In Antitrust / Competition

Canada: A New Dawn for Competition Law and Enforcement as Bill C-59 Passes

by and 7 Mins Read

On 20 June 2024, Bill C-59, The Fall Economic Statement Implementation Act, 2023 (“Bill C-59”), which contains the final, and most significant in a series of, amendments to Canada’s Competition Act (the “Act”) came into effect. These amendments will make it easier for the Commissioner of Competition to take enforcement action, including by introducing structural presumptions in merger review, incentivize private parties to bring actions for all manner of civilly reviewable conduct, and broaden the scope of the Act by introducing a certificate regime for environmental competitor collaborations and a right to repair, among other things.

In Tax

Canada: Changes to taxation of stock options and capital gains – Effective immediately

by , , , , , , , , , , , and 7 Mins Read

Changes to the capital gains inclusion rate and the employee stock option deduction rate (as proposed in Budget 2024) will apply to stock options exercised and shares sold on or after 25 June 2024. The new measure reduces the stock option deduction and capital gains tax exemption from 1/2 of the taxable amount to 1/3 of the taxable amount, if an individual’s annual combined limit of CAD 250,000 has been exceeded. The individual taxpayer can choose how to allocate the preferential tax treatment between the stock option income and capital gains to the extent the combined limit has been exceeded.

In Environment

Canada: Government’s fight against junk fees, savings claims and greenwashing heats up with new proposed amendments

by and 4 Mins Read

Newly proposed amendments to Bill C-59, Fall Economic Statement Implementation Act, 2023, introduced by the Standing Senate Committee on National Finance on 2 May 2024 (“Standing Committee Amendments”), seek to further toughen rules on drip pricing (including so-called ‘junk fees’), savings claims and greenwashing under the Competition Act.  The Standing Committee Amendments propose to expand on the Bill C-59 amendments to the deceptive marketing provisions of the Act

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In Cybersecurity, Data and Tech

Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

by , and 7 Mins Read

The Canadian Competition Bureau (“Bureau”) has announced a significant initiative to explore the impacts of artificial intelligence (“AI”) on competition in Canada. On 20 March 2024, the Bureau published a discussion paper, entitled “Artificial intelligence and competition”, and has requested feedback from the public. The outcome of the consultation may have significant implications for both businesses that develop and those that use AI technologies.

In ESG

Canada: Revised guidance on supply chain reporting due May 2024

by , and 3 Mins Read

On March 7, 2024, Public Safety Canada updated its Guidance on the application of Fighting Against Forced Labour and Child Labour in Supply Chains Act (Supply Chains Act). Businesses operating in Canada are encouraged to review the key changes summarized below to confirm that their assessment of reporting obligations continue to align with Public Safety Canada’s Guidance. The deadline for submitting reports under the Supply Chains Act is 31 May 2024.

In Antitrust / Competition

Canada: Competition Bureau seeks comments on the effects of artificial intelligence on competition

by , and 7 Mins Read

The Canadian Competition Bureau (“Bureau”) has announced a significant initiative to explore the effects of artificial intelligence (“AI”) on competition in Canada. On 20 March 2024, the Bureau published a discussion paper, entitled “Artificial intelligence and competition” (“Discussion Paper”), and has requested feedback from the public. The Bureau is seeking to better understand how AI can affect competition in Canada. Submissions are due by 4 May 2024.

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In AML & Financial Services Regulatory

Canada: CSA implements new “Access Model” to facilitate delivery of prospectuses by non-investment fund issuers

by , and 2 Mins Read

In January 2024, the Canadian Securities Administrators published amendments and changes to several national instruments and companion policies to implement a new non-mandatory access model for preliminary and final prospectuses of non-investment fund reporting issuers. The access model is not available for rights offerings, medium term note programs and other continuous distributions under a shelf prospectus. The amendments are effective 16 April 2024.

In Employment

Canada: Quebec’s Bill 96 Part 2 – Employment and commercial contracting requirements (Video Chat)

by and 2 Mins Read

Quebec’s Bill 96 significantly expanded existing French language requirements under Quebec’s Charter of the French language, including new translation requirements for a wide range of employment documents. Similarly, the treatment of commercial standard form contracts (or contracts of adhesion) must now be translated into French first, even if the parties agree to proceed in a language other than French, such as English. 

In Antitrust / Competition

Canada: Competition Act and Investment Canada Act financial thresholds for review confirmed for 2024

by 5 Mins Read

The Government of Canada has announced the 2024 financial thresholds for pre-merger notification and clearance under the Competition Act, and for pre-closing, “net benefit” review and approval under the Investment Canada Act (“ICA”). While the Competition Act “size of transaction” financial threshold remains the same, the ICA financial thresholds have increased. Significantly, this is the third year in a row that the Competition Act financial threshold has remained unchanged at CAD 93 million in a bid to maintain the number of transactions subject to review by the Commissioner of Competition.

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