Author Info for Davies Ward Phillips & Vineberg LLP

Marc Pietro Allard

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

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Christopher Anderson

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Benoit Archambault

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

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Neal Armstrong

New GST Rebate for Purpose-Built Rental Property

As an incentive to builders to create more rental housing units, the federal government has announced the effective elimination of the goods and services tax (GST) payable on newly constructed rental housing, such as apartment… more

Affordable Housing, Apartments, Commercial Property Owners, Department of Finance, Fair Market Value

See all updates »

Aaron Atkinson

Governance Insights: 10 Legal Updates GCs, Boards and Investors Need to Know

The latest edition of Davies’ Governance Insights is now available. In this issue, we review 10 developments that general counsel and directors of Canadian public companies, and their investors, should know for 2025 and beyond… more

Activist Investors, Artificial Intelligence, Board of Directors, Canada, Canadian Securities Administration

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Anita Banicevic

Canadian Competition Bureau Releases Final Guidance on Environmental Claims

The Canadian Competition Bureau (Bureau) recently released the final version of its guidance titled Environmental claims and the Competition Act (Guidelines). The Guidelines follow draft guidance, released in December 2024, and… more

Antitrust Provisions, Canada, Competition Act, Enforcement Guidance, Environmental Claims

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Robyn Barabash

Disclosure Interrupted: CSA Pauses Climate and Diversity Disclosure Rules

The Canadian Securities Administrators (CSA) is pausing its work on climate-related and diversity-related disclosure rules in order “to support Canadian markets and issuers as they adapt to the recent developments in the U.S… more

Canada, Canadian Securities Administration, Climate Change, Corporate Governance, Disclosure Requirements

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Elise Beauregard

Is Canada Pulling the Plug on Chinese Electric Vehicles?

The Canadian government has prioritized the promotion of the domestic electric vehicle (EV) industry, with the objective of establishing Canada as a leader in the global end-to-end EV supply chain. This effort includes providing… more

Canada, China, Electric Vehicles, Incentives, Supply Chain

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Marie-Claude Bellemare

Supreme Court of Canada Finds Impact Assessment Act Unconstitutional

On October 13, 2023, in a 5-2 split decision, the Supreme Court of Canada (SCC) found the federal Impact Assessment Act (IAA) to be, in part, unconstitutional in Reference re Impact Assessment Act. The SCC determined that the… more

Advisory Opinions, Canada, Climate Change, Energy Projects, Energy Sector

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Stephanie Ben-Ishai

Navigating Uncertainty: The Impact of Tariffs and Economic Shifts on Canadian Insolvencies - Davies Insolvency Now, Issue 12

In this issue of Insolvency Now, we continue to report on data trends from Q3 and Q4 of 2024, during which we noticed that the number of insolvency filings had steadily decreased compared with the previous year, returning to Q2… more

Canada, CCAA, CUSMA, Insolvency, International Trade

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Marc Berger

Citibank Gets Its Money Back

A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million… more

Appellate Courts, Banking Sector, Citibank, Clawbacks, Creditors

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Jonathan Bilyk

Disclosure Interrupted: CSA Pauses Climate and Diversity Disclosure Rules

The Canadian Securities Administrators (CSA) is pausing its work on climate-related and diversity-related disclosure rules in order “to support Canadian markets and issuers as they adapt to the recent developments in the U.S… more

Canada, Canadian Securities Administration, Climate Change, Corporate Governance, Disclosure Requirements

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Brian Bloom

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

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John Bodrug

Canadian Competition Bureau’s Final Guidance Discourages Property Controls

The Canadian Competition Bureau (Bureau) raised concerns in its 2023 market study of the grocery sector about the use of competitor property controls (i.e., terms in commercial leases or covenants that run with the land) to… more

Abuse of Dominance, Anti-Competitive, Antitrust Provisions, Canada, Canadian Competition Act

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Nathan Boidman

Canada Finally Enacts the Digital Services Tax (Maybe)

The new Digital Services Tax Act came into force with an order-in-council on June 28, 2024, imposing a 3% digital services tax (DST) on certain Canadian-source digital services revenue of large entities. The DST would first be… more

Canada, Canada Revenue Agency (CRA), Corporate Counsel, Digital Services Tax, Foreign Corporations

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Jesse Boretsky

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

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Marc-André Boutin

Protection de l’environnement : le gouvernement du Québec veut légaliser l’expropriation déguisée

L’Assemblée nationale a adopté, le 8 décembre dernier, des dispositions qui impacteront de manière draconienne les propriétaires dépossédés de leur terrain par un règlement municipal. Atteinte justifiée au droit de propriété-… more

Canada, Compensation, Environmental Protection Agency (EPA), Expropriation, Municipalities

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Léa Boutrouille

No “Wait and See,” Says Supreme Court of Canada: Statutes May Be Constitutionally Inapplicable on the Basis of Potential Effects Only

In Opsis Airport Services Inc. v. Quebec (Attorney General), 2025 SCC 17 (Opsis), the Supreme Court of Canada (SCC) held that a statute can be declared constitutionally inapplicable to an enterprise carrying on activities that… more

Aviation Industry, Business Entities, Canada, Constitutional Challenges, Immunity

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Ian Caines

Canada Finally Enacts the Digital Services Tax (Maybe)

The new Digital Services Tax Act came into force with an order-in-council on June 28, 2024, imposing a 3% digital services tax (DST) on certain Canadian-source digital services revenue of large entities. The DST would first be… more

Canada, Canada Revenue Agency (CRA), Corporate Counsel, Digital Services Tax, Foreign Corporations

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Andrew Carlson

Ontario Court of Appeal Issues Decision in The Catalyst Capital Group Inc. v West Face Capital Inc.

The Ontario Court of Appeal, following the guidance issued by the Supreme Court of Canada in 1704604 Ontario Ltd. v Pointes Protection Association1 (Pointes Protection) and Hansman v Neufeld2 (Neufeld), has issued its… more

Anti-SLAPP, Appellate Courts, Counterclaims, Defamation, Ontario

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Samir Chadha

Securities Regulators Reduce Friction for Capital Raising with Incremental Changes to Prospectus Rules

Canadian securities regulators recently implemented three blanket orders introducing exemptions intended to reduce friction for capital raising. Key among these improvements is an exemption that eliminates the requirement for a… more

Canada, Capital Markets, Disclosure Requirements, Filing Requirements, Financial Statements

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Guillaume Charlebois

No “Wait and See,” Says Supreme Court of Canada: Statutes May Be Constitutionally Inapplicable on the Basis of Potential Effects Only

In Opsis Airport Services Inc. v. Quebec (Attorney General), 2025 SCC 17 (Opsis), the Supreme Court of Canada (SCC) held that a statute can be declared constitutionally inapplicable to an enterprise carrying on activities that… more

Aviation Industry, Business Entities, Canada, Constitutional Challenges, Immunity

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Sammy Cheaib

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Julie Colden

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Sarah Cormack

Québec Court Tackles Novel Issues During Approval of the Second Remediation Agreement (a.k.a. Deferred Prosecution Agreement) Under the Canadian Criminal Code

The Superior Court of Québec recently published its reasons1 approving Canada’s second remediation agreement under the Criminal Code, Canada’s version of a deferred prosecution agreement (DPA). In his reasons, Justice Marc David… more

Criminal Code, Deferred Prosecution Agreements, Penalties, Remediation, Supreme Court of Canada

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R. Ian Crosbie

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

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Chantelle Cseh

Class Action Grounded: Court Finds Insufficient Factual Basis for Airline Capacity Constraint Suit

The Ontario Superior Court recently refused to certify a class action against four international airlines. The plaintiff alleged that the airlines conspired to constrain capacity for transborder travel between the United States… more

Airlines, Anti-Competitive, Antitrust Litigation, Appellate Courts, Aviation Industry

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Steven Cutler

Concept Release: Foreign Private Issuers Under the SEC’s Microscope

Do the U.S. securities law accommodations through the “foreign private issuer” (FPI) construct benefit the intended entities? That’s the fundamental question that the U.S. Securities and Exchange Commission (SEC) is analyzing in… more

Canada, Capital Markets, China, Corporate Governance, Disclosure

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Sumeet Dang

First OPC Ruling for 2023 Will Impact Third-Party Processor Contracts

The Office of the Privacy Commissioner of Canada (OPC) recently released findings stemming from a customer complaint that Home Depot of Canada (Home Depot) had violated the Personal Information Protection and Electronic… more

Advertising, Data Controller, Disclosure, Facebook, Home Depot

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Jim Dinning

Canada Updates National Security Review Guidelines Amid Trade Tensions

Canada’s Minister of Innovation, Science and Industry (Minister), François-Philippe Champagne, has announced an update to the Investment Canada Act (ICA) National Security Review Guidelines (Guidelines) to expressly include “the… more

Canada, Foreign Investment, International Trade, Investment Canada Act, National Security

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Eytan Dishy

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

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Michael Disney

Citibank Gets Its Money Back

A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million… more

Appellate Courts, Banking Sector, Citibank, Clawbacks, Creditors

See all updates »

Tania Djerrahian

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

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Marie-France Dompierre

Canada's Top Court Decides Against Equitable Rescission in Collins Family Trust

“Equity has no place here,” held the Supreme Court of Canada in its 8-1 decision in Canada (Attorney General) v Collins Family Trust (Collins), 2022 SCC 26, on June 17. Reversing the decisions of the British Columbia courts… more

Business Assets, Canada Revenue Agency (CRA), Creditors, Dividends, Equity

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Guy Du Pont

Supreme Court of Canada Reprimands Québec Court of Appeal’s Use of “Secret Trial”

In a unanimous decision recently released in Canadian Broadcasting Corp. v Named Person, the Supreme Court of Canada (SCC) allowed, in part, the appeal from the Court of Appeal of Québec (QCA), which had sealed virtually all the… more

Broadcasting, Canada, Identity Protection Services, Informants, Judicial Discretion

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Antoine Dutrisac

Coherence over Deference: Regulations Are Subject to Same Standards of Judicial Review as Other Administrative Decisions

In the companion cases of Auer v Auer (Auer) and TransAlta Generation Partnership v Alberta (TransAlta), the Supreme Court of Canada (SCC) unanimously confirmed that regulations and other forms of subordinate legislation… more

Constitutional Challenges, European Parliament, Judicial Deference, Judicial Review, Reasonableness Factors

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Sarah Elharrar

It Ain’t Easy Being Green: Raising Funds in the Age of Decarbonization and Electrification

Any fund manager that has raised capital in the last 10 years will tell you that environmental, social and governance (ESG) principles have gained increased prominence with investors globally. But has ESG given rise to a new… more

Carbon Capture and Sequestration, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Divestment, Environmental Social & Governance (ESG)

See all updates »

Andrew Ellis

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Brittany Finn

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

See all updates »

Sharon Ford

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Steven Frankel

No Need to Disclose “Unsolicited, Inexpert, Premature and Unreliable” Opinions

Overview- The Court of Appeal for Ontario has confirmed that a public company acted properly and lawfully when it decided not to disclose to the investing public an opinion received from an external consultant that questioned… more

Appellate Courts, Disclosure, Genuine Issue of Material Fact, Misrepresentation, Ontario

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Jack Franklin

Filling the Gap: Scope of Canadian Anti-Money Laundering Laws Expanded

The Canadian federal government has fulfilled its promise to expand Canada’s anti-money laundering (AML) regime to cover crowdfunding platforms and certain payment service providers (PSPs) that previously operated outside the… more

Amending Regulation, Anti-Money Laundering, Canada, Crowdfunding, Financial Institutions

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Richard Fridman

Bill C-5: Canada’s Approach to Accelerating Major Projects

On June 6, 2025 the federal government tabled Bill C-5, the One Canadian Economy Act, carrying out Prime Minister Carney’s election commitment to provide “one-window” regulatory decisions through a newly established Federal… more

Canada, Climate Change, Energy Policy, Energy Projects, Energy Sector

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Rui Gao

Making a Profit Is Not Illegal: Capital Markets Tribunal Dismisses Enforcement Proceedings Finding Borrowed Free Trading Shares Remain Unaffected By Pledge of Restricted Shares

The Ontario Capital Markets Tribunal (Tribunal) recently dismissed enforcement proceedings brought against several respondents by the Ontario Securities Commission (Commission) in Cormark Securities Inc (Re). The Commission… more

Canada, Canadian Free Trade Agreement (CFTA), Capital Markets, Financial Services Industry, Illegal Activity

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Marc André Gaudreau Duval

Canada Finally Enacts the Digital Services Tax (Maybe)

The new Digital Services Tax Act came into force with an order-in-council on June 28, 2024, imposing a 3% digital services tax (DST) on certain Canadian-source digital services revenue of large entities. The DST would first be… more

Canada, Canada Revenue Agency (CRA), Corporate Counsel, Digital Services Tax, Foreign Corporations

See all updates »

Michel Gélinas

Ownership of Privileged Communications in M&A Transactions: Practical Takeaways and Recent Case Law

Traduction en cours. Can the buyer in a M&A transaction who takes possession of the seller’s or target company’s privileged communications on closing use those communications in a post-closing dispute against the seller? Can… more

Attorney-Client Privilege, Buyers, Computer Servers, Confidential Information, Data Collection

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Julie Girard

Changes to Québec’s Consumer Protection Regime: Monetary Administrative Penalties and Increased Penal Fines

Significant changes to the Québec consumer protection regime came into effect earlier this year. The president of the Office de la protection du consommateur (OPC), Québec’s consumer protection regulator, can now impose monetary… more

Canada, Civil Monetary Penalty, Compliance, Consumer Complaint Management, Consumer Contracts

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Peter Glicklich

Major U.S. Tax Legislation Enacted Without Retaliatory Tax Provision

This bulletin follows our previous update on evolving U.S. tax reform, which highlighted the competing House and Senate proposals, particularly the introduction and scope of proposed Section 899 targeting "unfair foreign… more

Base Erosion and Anti-Abuse Tax (BEAT), Corporate Taxes, EBITDA, Estate Tax, Foreign Derived Intangible Income (FDII)

See all updates »

Kevin Greenspoon

Ownership of Privileged Communications in M&A Transactions: Practical Takeaways and Recent Case Law

Traduction en cours. Can the buyer in a M&A transaction who takes possession of the seller’s or target company’s privileged communications on closing use those communications in a post-closing dispute against the seller? Can… more

Attorney-Client Privilege, Buyers, Computer Servers, Confidential Information, Data Collection

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Jean-Philippe Groleau

No “Wait and See,” Says Supreme Court of Canada: Statutes May Be Constitutionally Inapplicable on the Basis of Potential Effects Only

In Opsis Airport Services Inc. v. Quebec (Attorney General), 2025 SCC 17 (Opsis), the Supreme Court of Canada (SCC) held that a statute can be declared constitutionally inapplicable to an enterprise carrying on activities that… more

Aviation Industry, Business Entities, Canada, Constitutional Challenges, Immunity

See all updates »

Louis Guilbault

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

See all updates »

Sabina Han

New GST Rebate for Purpose-Built Rental Property

As an incentive to builders to create more rental housing units, the federal government has announced the effective elimination of the goods and services tax (GST) payable on newly constructed rental housing, such as apartment… more

Affordable Housing, Apartments, Commercial Property Owners, Department of Finance, Fair Market Value

See all updates »

Connor Hasegawa

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

See all updates »

Matthias Heilke

Taxpayers Must Pay Interest on Non-Existent Tax Debts

In The Bank of Nova Scotia v The Queen, the Tax Court of Canada (TCC) considered how to calculate arrears interest on an audit adjustment that is offset by a loss carryback… more

Arrearages, Back Taxes, Canada, Carryback Rules, Delinquency Status

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Juan Higuera

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

See all updates »

Joshua Hollenberg

Federal Government Enacts Significant Amendments to Canada’s Competition Act

Significant amendments to Canada’s Competition Act (Act) were enacted on June 23, 2022, with the passing of the federal government’s 2022 budget implementation legislation. The amendments foreshadow more aggressive… more

Abuse of Dominance, Amended Legislation, Anti-Avoidance, Canadian Competition Act, Cartels

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Ariane Hunter-Meunier

New GST Rebate for Purpose-Built Rental Property

As an incentive to builders to create more rental housing units, the federal government has announced the effective elimination of the goods and services tax (GST) payable on newly constructed rental housing, such as apartment… more

Affordable Housing, Apartments, Commercial Property Owners, Department of Finance, Fair Market Value

See all updates »

Brooke Jamison

It Ain’t Easy Being Green: Raising Funds in the Age of Decarbonization and Electrification

Any fund manager that has raised capital in the last 10 years will tell you that environmental, social and governance (ESG) principles have gained increased prominence with investors globally. But has ESG given rise to a new… more

Carbon Capture and Sequestration, Disclosure Requirements, Diversity and Inclusion Standards (D&I), Divestment, Environmental Social & Governance (ESG)

See all updates »

Alexander Max Jarvie

Giving Meaning to Meaningful Consent: The Federal Court of Appeal’s Landmark Decision on Data Privacy

In a recent ruling, Canada’s Federal Court of Appeal held that Facebook, Inc. (now Meta Platforms Inc.) breached its obligations under Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) by sharing… more

Appellate Courts, Canada, Consent, Data Privacy, Facebook

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Samuel St-Jean

Giving Meaning to Meaningful Consent: The Federal Court of Appeal’s Landmark Decision on Data Privacy

In a recent ruling, Canada’s Federal Court of Appeal held that Facebook, Inc. (now Meta Platforms Inc.) breached its obligations under Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) by sharing… more

Appellate Courts, Canada, Consent, Data Privacy, Facebook

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Darren Joblonkay

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

See all updates »

Laurence Jolicoeur

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

See all updates »

Alexandra Kaluzny

The Power and Peril of IP Addresses: The Supreme Court of Canada Weighs in on the Changing Landscape of Online Privacy

The Supreme Court of Canada recently delivered a landmark decision on the privacy rights of Internet users. In R v Bykovets, police investigating an alleged online fraud requested and obtained a suspect’s Internet Protocol (IP)… more

Appellate Courts, Canada, Data Privacy, Fraud, Internet

See all updates »

Michael Kandev

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Mark Katz

Is Canada Pulling the Plug on Chinese Electric Vehicles?

The Canadian government has prioritized the promotion of the domestic electric vehicle (EV) industry, with the objective of establishing Canada as a leader in the global end-to-end EV supply chain. This effort includes providing… more

Canada, China, Electric Vehicles, Incentives, Supply Chain

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Elisa Kearney

Canadian Government to Enhance Scrutiny of Foreign Investments in the Interactive Digital Media Sector

The Canadian government recently issued two policy statements (IDM Statements) affirming that it will enhance its scrutiny under the Investment Canada Act (ICA) of foreign investments in the Canadian Interactive Digital Media… more

Canada, Corporate Governance, Digital Media, Entertainment Industry, Foreign Governments

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Umang Khandelwal

Expanded Scope for Private Actions Under Canada's Competition Act Now in Effect

Amendments to the Canadian Competition Act (Act) that came into effect on June 20, 2025 significantly expand the rights and incentives for private parties to seek orders from the Competition Tribunal (Tribunal). Among other… more

Amended Legislation, Anti-Competitive, Antitrust Litigation, Antitrust Provisions, Canada

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Olivia Khazam

New Rules and Reporting Requirements Coming for the Real Estate Sector

As 2022 comes to a close, we draw your attention to certain new and proposed legislation that the Canadian federal government has introduced and that will have important implications for Canadian residential real estate and the… more

EBITDA, Lawful Permanent Residents, Real Estate Market, Residential Property Owners, Residential Real Estate Market

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Zachary Kling

Federal Courts Weigh in on the FBAR: Providing Relief from Outrageous Penalties

In this bulletin, we highlight two recent federal court cases in which U.S. taxpayers won major victories against the United States with respect to their obligations to report non-U.S. accounts on FinCEN Form 114 – Report of… more

Failure to Report, FBAR, FinCEN, Foreign Bank Accounts, Foreign Banks

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Natalia Koper

A Strong Signal: AMF Adopts a Policy Supporting Self-Reporting and Cooperation

The Autorité des marchés financiers (AMF), the body responsible for enforcing Québec’s legislation concerning the financial sector, recently adopted a Self-Reporting and Cooperation Policy. The policy, adopted on May 20, 2025,… more

AMF, Canada, Corporate Governance, Disclosure Requirements, Enforcement Actions

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Taj Kudhail

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

See all updates »

Faiz Lalani

A Strong Signal: AMF Adopts a Policy Supporting Self-Reporting and Cooperation

The Autorité des marchés financiers (AMF), the body responsible for enforcing Québec’s legislation concerning the financial sector, recently adopted a Self-Reporting and Cooperation Policy. The policy, adopted on May 20, 2025,… more

AMF, Canada, Corporate Governance, Disclosure Requirements, Enforcement Actions

See all updates »

Marie-Andrée Latreille

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

See all updates »

Jordan Lavi

If It Ain’t Broke… Comments on Draft Capital Markets Act

Davies has submitted a comprehensive comment letter on a new Capital Markets Act (CMA) proposed by the Ontario Ministry of Finance, on the recommendation of the Capital Markets Modernization Taskforce, to replace the Ontario… more

Capital Markets, Capital Markets Act (CMA), Investors, Ontario, Ontario Securities Commission (OSC)

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Jennifer Lee

Major U.S. Tax Legislation Enacted Without Retaliatory Tax Provision

This bulletin follows our previous update on evolving U.S. tax reform, which highlighted the competing House and Senate proposals, particularly the introduction and scope of proposed Section 899 targeting "unfair foreign… more

Base Erosion and Anti-Abuse Tax (BEAT), Corporate Taxes, EBITDA, Estate Tax, Foreign Derived Intangible Income (FDII)

See all updates »

Amélie Lehouillier

The Power and Peril of IP Addresses: The Supreme Court of Canada Weighs in on the Changing Landscape of Online Privacy

The Supreme Court of Canada recently delivered a landmark decision on the privacy rights of Internet users. In R v Bykovets, police investigating an alleged online fraud requested and obtained a suspect’s Internet Protocol (IP)… more

Appellate Courts, Canada, Data Privacy, Fraud, Internet

See all updates »

Joseph-Anaël Lemieux

Striking the Balance of Power: Supreme Court Confirms Government Has No Absolute Immunity from Charter Damages When Adopting Unconstitutional Legislation

In its recent decision, Canada (Attorney General) v Power (Power), a divided Supreme Court of Canada (SCC) confirmed that a government can incur liability for damages under section 24(1) of the Canadian Charter of Rights and… more

Canada, Criminal Records, Damages, Governmental Immunity, Liability

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John Lennard

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

See all updates »

Chenyang Li

Capital Markets Tribunal Establishes New Framework for Evaluating Poison Pills

The Ontario Capital Markets Tribunal recently released its highly anticipated reasons for cease trading a shareholder rights plan adopted by Bitfarms Ltd. (Bitfarms) with a 15% trigger (15% Rights Plan). In Riot Platforms, Inc… more

Bitcoin, Bitcoin Mining, Canada, Capital Markets, Exceptional Case

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Jennifer Longhurst

If It Ain’t Broke… Comments on Draft Capital Markets Act

Davies has submitted a comprehensive comment letter on a new Capital Markets Act (CMA) proposed by the Ontario Ministry of Finance, on the recommendation of the Capital Markets Modernization Taskforce, to replace the Ontario… more

Capital Markets, Capital Markets Act (CMA), Investors, Ontario, Ontario Securities Commission (OSC)

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Michael Lubetsky

Highlights of Canada’s Latest Legislative Tax Proposals

The Department of Finance recently released a package of materials containing potential changes to the Canadian tax system (Tax Proposals). The materials, released on August 9, 2022, include draft amendments to the Income Tax… more

Canada, Department of Finance, Disclosure Requirements, Financial Institutions, Foreign Subsidiaries

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Henry Machum

Capital Markets Tribunal Establishes New Framework for Evaluating Poison Pills

The Ontario Capital Markets Tribunal recently released its highly anticipated reasons for cease trading a shareholder rights plan adopted by Bitfarms Ltd. (Bitfarms) with a 15% trigger (15% Rights Plan). In Riot Platforms, Inc… more

Bitcoin, Bitcoin Mining, Canada, Capital Markets, Exceptional Case

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Natasha MacParland

Navigating Uncertainty: The Impact of Tariffs and Economic Shifts on Canadian Insolvencies - Davies Insolvency Now, Issue 12

In this issue of Insolvency Now, we continue to report on data trends from Q3 and Q4 of 2024, during which we noticed that the number of insolvency filings had steadily decreased compared with the previous year, returning to Q2… more

Canada, CCAA, CUSMA, Insolvency, International Trade

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Giulia Caselli Maldonado

The SEC Amends Beneficial Ownership Reporting Rules

On October 10, 2023, the Securities and Exchange Commission (SEC) adopted final amendments to the rules that govern beneficial ownership reporting and provided guidance on the application of those rules. The SEC also articulates… more

Alberta Securities Commission, Amended Rules, Beneficial Owner, Canadian Securities Administration, Derivatives

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Alysha Manji-Knight

Employers Beware: Amendments to the Canadian Competition Act’s Criminal Conspiracy Provisions Take Effect

Amendments to the Canadian Competition Act (Act), taking effect on June 23, 2023, will make it a criminal offence for unaffiliated employers to agree, conspire or arrange to: •“fix, maintain, decrease or control salaries,… more

Adverse Employment Action, Canada, Canadian Competition Act, Competition Authorities, Corporate Counsel

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Heath Martin

U.S. Tax Laws: A Review of 2021 and a Look Ahead to 2022

Review of U.S. Tax Developments in 2021- Last year, we predicted that the biggest U.S. tax news in 2021 would be revenue-raising legislation that the Democrats would put forward after the election of Joe Biden as the 46th… more

Anti-Injunction Act, Base Erosion and Anti-Abuse Tax (BEAT), BEPS, Capital Gains, Corporate Taxes

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Trevor May

COVID-19 and the Courts: What You Need to Know - Updated December 2021

Across the globe, courts have rapidly adapted their practices and procedures in response to the COVID-19 pandemic. As waves of infections have spread throughout Canada, its courts have fluctuated between resuming activities and… more

Affidavits, Appellate Courts, Best Practices, Canada, Coronavirus/COVID-19

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Seann McAleese

Ontario Legislation Prohibits Non-Competition Provisions and Introduces Employees’ Right to Disconnect

The Ontario government’s Bill 27, Working for Workers Act, 2021, received royal assent on December 2, 2021. The bill contains a broad range of amendments to the Employment Standards Act, 2000 (ESA), including non-competition… more

Acquisitions, Canada, Employment Standards Act, Non-Compete Agreements, Ontario

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John McCamus

Citibank Gets Its Money Back

A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million… more

Appellate Courts, Banking Sector, Citibank, Clawbacks, Creditors

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Alexandra Belley-McKinnon

Coherence over Deference: Regulations Are Subject to Same Standards of Judicial Review as Other Administrative Decisions

In the companion cases of Auer v Auer (Auer) and TransAlta Generation Partnership v Alberta (TransAlta), the Supreme Court of Canada (SCC) unanimously confirmed that regulations and other forms of subordinate legislation… more

Constitutional Challenges, European Parliament, Judicial Deference, Judicial Review, Reasonableness Factors

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Jesany Michel

Governance Insights: Get Smart on Artificial Intelligence (AI) and Corporate Governance: Key Considerations for Boards of Directors

It has been one year since OpenAI released ChatGPT, arguably catalyzing today’s new wave of interest in AI. This surge of interest is driving substantial investments in AI technologies and a heightened urgency to address the use… more

Artificial Intelligence, Canada, Code of Conduct, Cybersecurity, Governance Standards

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Andrew Mihalik

Capital Markets Tribunal Establishes New Framework for Evaluating Poison Pills

The Ontario Capital Markets Tribunal recently released its highly anticipated reasons for cease trading a shareholder rights plan adopted by Bitfarms Ltd. (Bitfarms) with a 15% trigger (15% Rights Plan). In Riot Platforms, Inc… more

Bitcoin, Bitcoin Mining, Canada, Capital Markets, Exceptional Case

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Matthew Milne-Smith

No “Wait and See,” Says Supreme Court of Canada: Statutes May Be Constitutionally Inapplicable on the Basis of Potential Effects Only

In Opsis Airport Services Inc. v. Quebec (Attorney General), 2025 SCC 17 (Opsis), the Supreme Court of Canada (SCC) held that a statute can be declared constitutionally inapplicable to an enterprise carrying on activities that… more

Aviation Industry, Business Entities, Canada, Constitutional Challenges, Immunity

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Julien Morin

Changes to Québec’s Consumer Protection Regime: Monetary Administrative Penalties and Increased Penal Fines

Significant changes to the Québec consumer protection regime came into effect earlier this year. The president of the Office de la protection du consommateur (OPC), Québec’s consumer protection regulator, can now impose monetary… more

Canada, Civil Monetary Penalty, Compliance, Consumer Complaint Management, Consumer Contracts

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Nicolas Morin

Canadian Securities Regulators Boost Capital-Raising Capacity Under LIFE Exemption

The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity securities… more

Canada, Capital Markets, Capital Raising, Disclosure Requirements, Exemptions

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Léon Moubayed

Striking the Balance of Power: Supreme Court Confirms Government Has No Absolute Immunity from Charter Damages When Adopting Unconstitutional Legislation

In its recent decision, Canada (Attorney General) v Power (Power), a divided Supreme Court of Canada (SCC) confirmed that a government can incur liability for damages under section 24(1) of the Canadian Charter of Rights and… more

Canada, Criminal Records, Damages, Governmental Immunity, Liability

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Robert Murphy

Securities Regulators Reduce Friction for Capital Raising with Incremental Changes to Prospectus Rules

Canadian securities regulators recently implemented three blanket orders introducing exemptions intended to reduce friction for capital raising. Key among these improvements is an exemption that eliminates the requirement for a… more

Canada, Capital Markets, Disclosure Requirements, Filing Requirements, Financial Statements

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Maïté Murray

Bill S-285: A Canadian Contribution to the Stakeholder Governance Debate

Senator Julie Miville-Dechêne recently introduced the 21st-Century Business Act (Bill S-285), a Senate public bill that proposes substantive amendments to the Canada Business Corporations Act (CBCA). The legislative proposal… more

Board of Directors, Business Corporation Act, Canada, CBCA, Child Labor

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Jeffrey Nadler

Concept Release: Foreign Private Issuers Under the SEC’s Microscope

Do the U.S. securities law accommodations through the “foreign private issuer” (FPI) construct benefit the intended entities? That’s the fundamental question that the U.S. Securities and Exchange Commission (SEC) is analyzing in… more

Canada, Capital Markets, China, Corporate Governance, Disclosure

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Éloïse Noiseux

Court of Québec Orders the Exclusion of Evidence Citing “Serious” and “Systemic” Breaches of the Canadian Charter of Rights and Freedoms

In the Bouchard case rendered in July 2023, many years after the Supreme Court of Canada rendered the Jarvis decision, the Court of Québec concluded that the fundamental rights of medical specialists (i) against… more

Audits, Charter of Fundamental Rights, Health Clinics, Health Insurance, Inspections

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Louis-Martin O'Neill

A Strong Signal: AMF Adopts a Policy Supporting Self-Reporting and Cooperation

The Autorité des marchés financiers (AMF), the body responsible for enforcing Québec’s legislation concerning the financial sector, recently adopted a Self-Reporting and Cooperation Policy. The policy, adopted on May 20, 2025,… more

AMF, Canada, Corporate Governance, Disclosure Requirements, Enforcement Actions

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James O'Shea

Continuation Funds – Key Considerations

Continuation funds, commonly referred to as GP-led secondaries or restructurings, have long divided sponsor and investor opinion. While a leading European pension fund investor recently described them as part of a broader… more

Fund Management Companies, Investment, Investors, Private Equity, Transparency

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Maura O'Sullivan

Ontario Court of Appeal Issues Decision in The Catalyst Capital Group Inc. v West Face Capital Inc.

The Ontario Court of Appeal, following the guidance issued by the Supreme Court of Canada in 1704604 Ontario Ltd. v Pointes Protection Association1 (Pointes Protection) and Hansman v Neufeld2 (Neufeld), has issued its… more

Anti-SLAPP, Appellate Courts, Counterclaims, Defamation, Ontario

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Patricia Olasker

Governance Insights: 10 Legal Updates GCs, Boards and Investors Need to Know

The latest edition of Davies’ Governance Insights is now available. In this issue, we review 10 developments that general counsel and directors of Canadian public companies, and their investors, should know for 2025 and beyond… more

Activist Investors, Artificial Intelligence, Board of Directors, Canada, Canadian Securities Administration

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Corey Omer

Giving Meaning to Meaningful Consent: The Federal Court of Appeal’s Landmark Decision on Data Privacy

In a recent ruling, Canada’s Federal Court of Appeal held that Facebook, Inc. (now Meta Platforms Inc.) breached its obligations under Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) by sharing… more

Appellate Courts, Canada, Consent, Data Privacy, Facebook

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Brandon Orr

Governance Insights: A Review of Shareholder Activism in Canada for 2024: Key Decisions and Trends to Watch for in 2025

Despite a strong start to the year, activist activity in Canada in 2024 tapered to pre-pandemic levels. This reversion to more historic annual totals follows a notable resurgence of shareholder demands directed at Canadian… more

British Columbia Securities Commission (BCSC), Canada, Capital Markets, Commercial Real Estate Market, Coronavirus/COVID-19

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José Tomás Otero

NYSE and Nasdaq Propose Listing Standards Requiring Issuers to Adopt Clawback Policies to Recover Erroneously Awarded Incentive-Based Executive Compensation

The New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq) recently proposed new listing standards to implement the U.S. Securities and Exchange Commission (SEC) rules regarding the recovery of erroneously awarded… more

C&DIs, Clawbacks, Compliance, Executive Compensation, Incentive Compensation

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Rachel Park

Guide to Shareholder Activism and Proxy Contests in Canada

Davies’ Shareholder Activism and Proxy Contests in Canada guide draws on our market-leading expertise to offer our insights on the principal legal and practical considerations for both activists and target companies, as well as… more

Advance Notice, Antitrust Litigation, Beneficial Owner, Classified Information, Compensation Agreements

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Laila Paszti

Québec Ushers in a Brave New World of Privacy

The Québec National Assembly has passed and the Lieutenant-Governor has assented to Bill 64, An Act to modernize legislative provisions as regards the protection of personal information (Act). The Act, which became law on… more

Canada, Consumer Privacy Rights, Cybersecurity, Data Privacy, Data Protection

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Louise Patry

Doing Business in Québec

Our Doing Business in Québec guide provides an overview of the legal framework governing Canadian business operations in the province of Québec. This guide provides up-to-date information about the following topics: • corporate… more

Business Taxes, Canada, Corporate Governance, Corporate Taxes, Cross-Border Transactions

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Dajena Pechersky

Canadian Government to Enhance Scrutiny of Foreign Investments in the Interactive Digital Media Sector

The Canadian government recently issued two policy statements (IDM Statements) affirming that it will enhance its scrutiny under the Investment Canada Act (ICA) of foreign investments in the Canadian Interactive Digital Media… more

Canada, Corporate Governance, Digital Media, Entertainment Industry, Foreign Governments

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Vanessa Pendenza

Overhaul of Québec Legislation Concerning Publicity Contests

Québec recently repealed the province’s strict regulations concerning contests open to Québec participants by amending the Act respecting lotteries, publicity contests, and amusement machines (Act) and by abolishing the Rules… more

Advertising, Contests & Promotions, Criminal Code, Market Participants, Sponsors

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Carol Pennycook

If It Ain’t Broke… Comments on Draft Capital Markets Act

Davies has submitted a comprehensive comment letter on a new Capital Markets Act (CMA) proposed by the Ontario Ministry of Finance, on the recommendation of the Capital Markets Modernization Taskforce, to replace the Ontario… more

Capital Markets, Capital Markets Act (CMA), Investors, Ontario, Ontario Securities Commission (OSC)

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Anthony Piché

First Remediation Agreement under the Canadian Criminal Code: Key Takeaways

The Superior Court of Québec recently published its reasons1 approving Canada’s first remediation agreement under the Criminal Code, which is Canada’s version of a deferred prosecution agreement (DPA). In his reasons, the… more

Amnesty, Bribery, Criminal Code, Deferred Prosecution Agreements, Penalties

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Agnès Pignoly

Updated “Ineligibility and Suspension Policy”: Are You at Risk of Losing Your Right to Contract with the Canadian Government?

The new policy provides for increased flexibility in the assessment of a supplier’s conduct, but targets a much broader range of situations triggering ineligibility, Introduction - The Government of Canada recently updated… more

Canada, Corporate Governance, Criminal Code, Insider Trading, Lobbying

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Alexandria Pike

Bill C-5: Canada’s Approach to Accelerating Major Projects

On June 6, 2025 the federal government tabled Bill C-5, the One Canadian Economy Act, carrying out Prime Minister Carney’s election commitment to provide “one-window” regulatory decisions through a newly established Federal… more

Canada, Climate Change, Energy Policy, Energy Projects, Energy Sector

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Xavier Plomteux

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

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George Pollack

Better Late Than Never? Not So for Directors’ and Officers’ Liability Coverage

Directors and officers facing liability claims, including investigations and enforcement proceedings, must pay careful attention to the notice provisions of their directors’ and officers’ (D&O) liability coverage policies and… more

Canada, Claims Made Policy, D&O Insurance, Insurance Claims, Insurance Industry

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Marc Pontone

Governance Insights: Dual Fiduciaries – A Cautionary Tale for Nominee Directors

The latest edition of Davies’ Governance Insights is now available. In this issue, we review the Manti Holdings decision from Delaware. For boards, nominees and nominating shareholders, the decision is a reminder of the… more

Board of Directors, Breach of Duty, Business Litigation, Conflicts of Interest, Corporate Governance

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Sarah Powell

Bill C-5: Canada’s Approach to Accelerating Major Projects

On June 6, 2025 the federal government tabled Bill C-5, the One Canadian Economy Act, carrying out Prime Minister Carney’s election commitment to provide “one-window” regulatory decisions through a newly established Federal… more

Canada, Climate Change, Energy Policy, Energy Projects, Energy Sector

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Cédric Primeau

Federal Court of Appeal Confirms CRA Can Collect Arrears Interest Despite Absence of a Tax Debt

The Federal Court of Appeal (FCA) recently dismissed the Bank of Nova Scotia’s (BNS) appeal and upheld the Canada Revenue Agency’s (CRA) practice of charging arrears interest on a non-existent tax debt where audit adjustments… more

Appellate Courts, Canada, Canada Revenue Agency (CRA), Carryback Rules, Income Tax Act

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Jonathan Rhein

Major U.S. Tax Legislation Enacted Without Retaliatory Tax Provision

This bulletin follows our previous update on evolving U.S. tax reform, which highlighted the competing House and Senate proposals, particularly the introduction and scope of proposed Section 899 targeting "unfair foreign… more

Base Erosion and Anti-Abuse Tax (BEAT), Corporate Taxes, EBITDA, Estate Tax, Foreign Derived Intangible Income (FDII)

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Derek Ricci

Making a Profit Is Not Illegal: Capital Markets Tribunal Dismisses Enforcement Proceedings Finding Borrowed Free Trading Shares Remain Unaffected By Pledge of Restricted Shares

The Ontario Capital Markets Tribunal (Tribunal) recently dismissed enforcement proceedings brought against several respondents by the Ontario Securities Commission (Commission) in Cormark Securities Inc (Re). The Commission… more

Canada, Canadian Free Trade Agreement (CFTA), Capital Markets, Financial Services Industry, Illegal Activity

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Guy-Étienne Richard

Ontario Legislation Prohibits Non-Competition Provisions and Introduces Employees’ Right to Disconnect

The Ontario government’s Bill 27, Working for Workers Act, 2021, received royal assent on December 2, 2021. The bill contains a broad range of amendments to the Employment Standards Act, 2000 (ESA), including non-competition… more

Acquisitions, Canada, Employment Standards Act, Non-Compete Agreements, Ontario

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Zaira Cortes Rivero

Retaliatory Taxes: Pending Legislation in U.S. Congress May Adversely Impact Returns on Inbound Investment

As the U.S. tax reform process continues, the comprehensive tax bill that passed the House of Representatives in May is now under active consideration in the Senate. Earlier this week, the Senate Finance Committee released its… more

Base Erosion and Anti-Abuse Tax (BEAT), Digital Services, Diverted Profits Tax, FIRPTA, Foreign Investment

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Zain Rizvi

Filling the Gap: Scope of Canadian Anti-Money Laundering Laws Expanded

The Canadian federal government has fulfilled its promise to expand Canada’s anti-money laundering (AML) regime to cover crowdfunding platforms and certain payment service providers (PSPs) that previously operated outside the… more

Amending Regulation, Anti-Money Laundering, Canada, Crowdfunding, Financial Institutions

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Caroline Robertson

Overhaul of Québec Legislation Concerning Publicity Contests

Québec recently repealed the province’s strict regulations concerning contests open to Québec participants by amending the Act respecting lotteries, publicity contests, and amusement machines (Act) and by abolishing the Rules… more

Advertising, Contests & Promotions, Criminal Code, Market Participants, Sponsors

See all updates »

Élisabeth Robichaud

Federal Court of Appeal Confirms CRA Can Collect Arrears Interest Despite Absence of a Tax Debt

The Federal Court of Appeal (FCA) recently dismissed the Bank of Nova Scotia’s (BNS) appeal and upheld the Canada Revenue Agency’s (CRA) practice of charging arrears interest on a non-existent tax debt where audit adjustments… more

Appellate Courts, Canada, Canada Revenue Agency (CRA), Carryback Rules, Income Tax Act

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Nick Rodrigo

Class Action Grounded: Court Finds Insufficient Factual Basis for Airline Capacity Constraint Suit

The Ontario Superior Court recently refused to certify a class action against four international airlines. The plaintiff alleged that the airlines conspired to constrain capacity for transborder travel between the United States… more

Airlines, Anti-Competitive, Antitrust Litigation, Appellate Courts, Aviation Industry

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Elie Roth

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

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Sébastien Roy

Bill S-285: A Canadian Contribution to the Stakeholder Governance Debate

Senator Julie Miville-Dechêne recently introduced the 21st-Century Business Act (Bill S-285), a Senate public bill that proposes substantive amendments to the Canada Business Corporations Act (CBCA). The legislative proposal… more

Board of Directors, Business Corporation Act, Canada, CBCA, Child Labor

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Stephen Ruby

Canada's Top Court Decides Against Equitable Rescission in Collins Family Trust

“Equity has no place here,” held the Supreme Court of Canada in its 8-1 decision in Canada (Attorney General) v Collins Family Trust (Collins), 2022 SCC 26, on June 17. Reversing the decisions of the British Columbia courts… more

Business Assets, Canada Revenue Agency (CRA), Creditors, Dividends, Equity

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Rhonda Rudick

Selected US Tax Developments

Canadians who emigrate to the United States or elsewhere face many decisions and considerations associated with departure, but careful tax planning should not be an afterthought. When an individual ceases to be resident in… more

Canada, Estate Planning, Foreign Investment, Income Taxes, International Tax Issues

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Franziska Ruf

Governance Insights: 10 Legal Updates GCs, Boards and Investors Need to Know

The latest edition of Davies’ Governance Insights is now available. In this issue, we review 10 developments that general counsel and directors of Canadian public companies, and their investors, should know for 2025 and beyond… more

Activist Investors, Artificial Intelligence, Board of Directors, Canada, Canadian Securities Administration

See all updates »

Robin Schwill

Navigating Uncertainty: The Impact of Tariffs and Economic Shifts on Canadian Insolvencies - Davies Insolvency Now, Issue 12

In this issue of Insolvency Now, we continue to report on data trends from Q3 and Q4 of 2024, during which we noticed that the number of insolvency filings had steadily decreased compared with the previous year, returning to Q2… more

Canada, CCAA, CUSMA, Insolvency, International Trade

See all updates »

Brett Seifred

Governance Insights: 10 Legal Updates GCs, Boards and Investors Need to Know

The latest edition of Davies’ Governance Insights is now available. In this issue, we review 10 developments that general counsel and directors of Canadian public companies, and their investors, should know for 2025 and beyond… more

Activist Investors, Artificial Intelligence, Board of Directors, Canada, Canadian Securities Administration

See all updates »

Nir Servatka

Preparing for the Corporate Transparency Act

The beneficial ownership reporting requirements under the U.S. Corporate Transparency Act (the CTA) will go into effect on January 1, 2024. All entities formed or registered to do business in a U.S. state,1 other than certain… more

Anti-Money Laundering, Beneficial Owner, Corporate Transparency Act, Financial Crimes, FinCEN

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Matthew Sherman

Governance Insights: Trends and Developments in Diversity

Davies Governance Insights analyzes the top trends and issues most important to Canadian public companies and provides practical guidance for boards to meet these challenges head on. In the 2020 edition of Davies Governance… more

CBCA, Corporate Governance, Directors, Diversity, Diversity and Inclusion Standards (D&I)

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Ghaith Sibai

Governance Insights: A Review of Shareholder Activism in Canada for 2024: Key Decisions and Trends to Watch for in 2025

Despite a strong start to the year, activist activity in Canada in 2024 tapered to pre-pandemic levels. This reversion to more historic annual totals follows a notable resurgence of shareholder demands directed at Canadian… more

British Columbia Securities Commission (BCSC), Canada, Capital Markets, Commercial Real Estate Market, Coronavirus/COVID-19

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Zachary Silver

Disclosure Interrupted: CSA Pauses Climate and Diversity Disclosure Rules

The Canadian Securities Administrators (CSA) is pausing its work on climate-related and diversity-related disclosure rules in order “to support Canadian markets and issuers as they adapt to the recent developments in the U.S… more

Canada, Canadian Securities Administration, Climate Change, Corporate Governance, Disclosure Requirements

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Gillian Stacey

First OPC Ruling for 2023 Will Impact Third-Party Processor Contracts

The Office of the Privacy Commissioner of Canada (OPC) recently released findings stemming from a customer complaint that Home Depot of Canada (Home Depot) had violated the Personal Information Protection and Electronic… more

Advertising, Data Controller, Disclosure, Facebook, Home Depot

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Teraleigh Stevenson

Canadian Competition Bureau’s Final Guidance Discourages Property Controls

The Canadian Competition Bureau (Bureau) raised concerns in its 2023 market study of the grocery sector about the use of competitor property controls (i.e., terms in commercial leases or covenants that run with the land) to… more

Abuse of Dominance, Anti-Competitive, Antitrust Provisions, Canada, Canadian Competition Act

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Mathieu Taschereau

Governance Insights: A Review of Shareholder Activism in Canada for 2024: Key Decisions and Trends to Watch for in 2025

Despite a strong start to the year, activist activity in Canada in 2024 tapered to pre-pandemic levels. This reversion to more historic annual totals follows a notable resurgence of shareholder demands directed at Canadian… more

British Columbia Securities Commission (BCSC), Canada, Capital Markets, Commercial Real Estate Market, Coronavirus/COVID-19

See all updates »

Luca Teolis

Court of Québec Orders the Exclusion of Evidence Citing “Serious” and “Systemic” Breaches of the Canadian Charter of Rights and Freedoms

In the Bouchard case rendered in July 2023, many years after the Supreme Court of Canada rendered the Jarvis decision, the Court of Québec concluded that the fundamental rights of medical specialists (i) against… more

Audits, Charter of Fundamental Rights, Health Clinics, Health Insurance, Inspections

See all updates »

Kent Thomson

Capital Markets Tribunal Establishes New Framework for Evaluating Poison Pills

The Ontario Capital Markets Tribunal recently released its highly anticipated reasons for cease trading a shareholder rights plan adopted by Bitfarms Ltd. (Bitfarms) with a 15% trigger (15% Rights Plan). In Riot Platforms, Inc… more

Bitcoin, Bitcoin Mining, Canada, Capital Markets, Exceptional Case

See all updates »

Charles Tingley

Challenge to Amusement Park Price Promotions Adds to Roller Coaster of Canadian Drip Pricing Enforcement

Just months after obtaining a record C$38.9-million penalty in the first fully contested drip pricing case in Canada, the Competition Bureau has initiated a new drip pricing case against Canada’s Wonderland Company, the operator… more

Advertising, Antitrust Provisions, Antitrust Violations, Canada, Canadian Competition Act

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Caroline Tolton

Is Canada Pulling the Plug on Chinese Electric Vehicles?

The Canadian government has prioritized the promotion of the domestic electric vehicle (EV) industry, with the objective of establishing Canada as a leader in the global end-to-end EV supply chain. This effort includes providing… more

Canada, China, Electric Vehicles, Incentives, Supply Chain

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James Trougakos

New Rules and Reporting Requirements Coming for the Real Estate Sector

As 2022 comes to a close, we draw your attention to certain new and proposed legislation that the Canadian federal government has introduced and that will have important implications for Canadian residential real estate and the… more

EBITDA, Lawful Permanent Residents, Real Estate Market, Residential Property Owners, Residential Real Estate Market

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Valérie Trudeau

Canadian Securities Regulators Boost Capital-Raising Capacity Under LIFE Exemption

The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity securities… more

Canada, Capital Markets, Capital Raising, Disclosure Requirements, Exemptions

See all updates »

Marie-Emmanuelle Vaillancourt

Federal Budget 2024: How It Impacts You and Your Business

On April 16, 2024 (Budget Day) the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024). Budget 2024 included a number of proposed… more

Canada, Capital Gains, Clean Energy, Debt Forgiveness, Employee-Ownership

See all updates »

Anne-Sophie Villeneuve

Federal Court of Appeal Confirms CRA Can Collect Arrears Interest Despite Absence of a Tax Debt

The Federal Court of Appeal (FCA) recently dismissed the Bank of Nova Scotia’s (BNS) appeal and upheld the Canada Revenue Agency’s (CRA) practice of charging arrears interest on a non-existent tax debt where audit adjustments… more

Appellate Courts, Canada, Canada Revenue Agency (CRA), Carryback Rules, Income Tax Act

See all updates »

Justin Vineberg

Overhaul of Québec Legislation Concerning Publicity Contests

Québec recently repealed the province’s strict regulations concerning contests open to Québec participants by amending the Act respecting lotteries, publicity contests, and amusement machines (Act) and by abolishing the Rules… more

Advertising, Contests & Promotions, Criminal Code, Market Participants, Sponsors

See all updates »

Paul Watkins

Federal Trade Commission Proposes Rule to Ban Non-Compete Clauses

The United States Federal Trade Commission (FTC) recently issued a proposed rule that, if adopted, would broadly prohibit employers from entering into post-employment non-compete agreements with workers, and would also require… more

Comment Period, Employment Contract, Federal Register, Federal Trade Commission (FTC), Non-Compete Agreements

See all updates »

Eric White

Government of Canada Releases Package of Proposed Domestic and International Tax Legislation

The Department of Finance (Finance) released draft tax legislation for public consultation on August 4, 2023, with a stated focus on promoting tax fairness and a clean economy. The most significant item released is the draft… more

Business Transfer Agreements, Canada, Capital Gains, Clean Energy, Clean Tech

See all updates »

David Wilson

Canadian Securities Regulators Boost Capital-Raising Capacity Under LIFE Exemption

The Canadian securities regulators have implemented blanket orders increasing the capital-raising limit under the listed issuer financing exemption (the LIFE Exemption), which permits qualified issuers to offer equity securities… more

Canada, Capital Markets, Capital Raising, Disclosure Requirements, Exemptions

See all updates »

Alyssa Wiseman

CSA Introduces a Streamlined Shelf Prospectus Regime for “Well-Known Seasoned Issuers”

The Canadian Securities Administrators (CSA) recently announced that each of its members has adopted a blanket order (collectively, Blanket Orders) to make available to “well-known seasoned issuers” (WKSIs) a streamlined shelf… more

Canada, Canadian Securities Administration, Capital Markets, Securities Regulation, Shelf Registration

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Ryan Wolfe

Federal Budget 2023 – Major Changes for Business and High Net Worth Individuals

On March 28, 2023 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2023). Budget 2023 does not change the corporate… more

Alternative Minimum Tax, Employee-Ownership, Family Businesses, Federal Budget, GAAR

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Cadie Yiu

Federal Budget 2022: Tax Highlights

On April 7, 2022 (Budget Day), the Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2022), the second budget since the start of the… more

Business Transfer Agreements, Canada, Capital Gains Tax, Carbon Capture and Sequestration, Coronavirus/COVID-19

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