Banking, Bankruptcy & Insolvency
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March 05, 2025
CRA urged to review bare trust reporting and improve stakeholder collaboration
The taxpayer's ombudsperson has recommended that the Canada Revenue Agency (CRA) determine whether a dedicated bare trust form for new reporting requirements would be beneficial and review its collaboration with stakeholders after legislative changes.
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March 04, 2025
Canada hits U.S. with counter-tariffs, vows support for workers, businesses hurt by Trump trade war
Canadians must unite to fight back against the “very dumb” tariffs U.S. president Donald Trump has imposed under the “bogus” pretext of stopping fentanyl from entering the U.S. through Canada’s southern border, Prime Minister Justin Trudeau said in announcing retaliatory tariffs and pledging to provide federal support for hard-hit workers and businesses, as well as to legally pursue trade remedies, if “unwarranted and unreasonable” U.S. tariffs last longer than “a few hours or a few days.”
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March 03, 2025
NWT law society rolls out professional conduct ‘guidelines’ for lawyers' use of generative AI
The Law Society of the Northwest Territories has issued, for the first time, “Guidelines for the Use of Generative AI in the Practice of Law,” following a similar move by several Canadian legal regulators that have provided AI-specific guidance for lawyers’ professional conduct and practice over the past year.
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March 03, 2025
Feds launch Joint Operational Intelligence Cell to further strengthen border protection
The federal government has announced its launch of the Joint Operational Intelligence Cell (JOIC), which brings together Canadian security departments, agencies and law enforcement to enhance border protection.
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March 03, 2025
Consumer and business bankruptcies continue rising, reports bankruptcy superintendent
The first bankruptcy figures for 2025 show that Canadian consumers and businesses are continuing to struggle financially amid the “persistently high cost of living and mounting household debt,” says the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
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March 03, 2025
Ontario court approves $8.5M class action settlement regarding TD trailing commissions
The Ontario Superior Court of Justice has approved an $8.5 million class action settlement with TD Asset Management Inc. to resolve claims alleging that trailing commissions it paid were excessive or unearned.
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February 28, 2025
FINTRAC publishes new guidance and report form for terrorist-affiliated and sanctioned property
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published new guidance and a new report form for businesses that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to report terrorist and sanctioned property-related information.
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February 27, 2025
Ontario Court of Appeal: Vendor liable for pre-sale taxes despite post-sale quantification
The Ontario Court of Appeal has held that outstanding municipal tax liabilities that arose before the sale of a property under an approval and vesting order — but were only quantified after the sale — were the responsibility of the vendor.
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February 27, 2025
IRCC unveils Express Entry category draws for economic immigration, plans more in-Canada draws
Immigration Minister Marc Miller has announced the 2025 Express Entry categories, which include a new education category, with the aim of better aligning the selection of federal economic immigrants with Canada’s long-term labour shortages.
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February 26, 2025
Nova Scotia tables legislation opening ‘free trade’ with other provinces, territories
With the Trump tariffs looming, Nova Scotia has introduced pioneering legislation that would create “free trade” with participating provinces and territories. On Feb. 25, Nova Scotia’s government introduced the Free Trade and Mobility within Canada Act — a “first of its kind in the country” that “will help foster an environment of mutual recognition of goods, services and labour mobility across all sectors,” states a news release.