On December 12, 2013, Bill C-4, the Economic Action Plan 2013 Act, No. 2, received Royal Assent. As previously reported, Bill C-4 is omnibus legislation implementing measures from the Economic Action Plan 2013 (the 2013 Budget), as well as certain previously announced tax measures. The Bill should be consulted for coming into force information. For a more detailed…
Industry: Financial Services
Regulation Exempts Remuneration From CPP Contributions
On December 18, 2013, the federal government published a regulation amending the Canada Pension Plan Regulations to add a new type of exempted employment in respect of which contributions are not required under Canada Pension Plan (“CPP”) legislation, in addition to the exemption for employment as a judge appointed by the Government of Canada. The…
Supreme Court of Canada Provides Clarity to the Deductibility of Income Replacement Benefits from Wrongful Dismissal Damages
The Supreme Court of Canada has provided some much needed clarity to the issue of the deductibility of income replacement benefits from wrongful dismissal damages in its long-awaited decision, IBM Canada Ltd. v. Waterman (“Waterman”). Justice Cromwell, writing for the majority of the Court, dealt with the deductibility of pension benefit payments in particular. Ultimately,…
SCC establishes framework for “preferability” analysis under CPA s. 5(1)(d)
The Supreme Court of Canada released a significant decision with respect to the s. 5(1)(d) “preferable procedure” criterion for certification of a proposed class action under the Class Proceedings Act, 1992 (“CPA”). The OSC investigated allegations that the appellant implemented measures that reduced, but failed to negate, harm associated with certain market timing activities engaged in by…
Ontario Introduces Omnibus Legislation (Bill 151, Strengthening and Improving Government Act)
On December 11, 2013, the Ontario government introduced Bill 151, the Strengthening and Improving Government Act, 2013, omnibus legislation that would, if passed, amend a number of Acts and affect a range of sectors. Highlights of the Bill include: amendments to the Pension Benefits Act that would clarify spousal entitlements to pre- and post-retirement death…
Ontario Passes Employer Health Tax Act Amendments, Royal Assent Granted
On December 12, 2013, the Ontario government passed Bill 105, the Supporting Small Businesses Act, 2013. As previously reported, the Bill amends the Employer Health Tax Act to increase the exemption amount for eligible employers to $450,000 for the calendar years 2014 to 2018, after which an exemption amount would be adjusted every five years…
Parliament Adjourns
On December 13, 2013, the House of Commons adjourned for the winter break. It is scheduled to resume sitting on January 27, 2014.
Ontario Legislative Assembly Adjourns Until February 18, 2014
On December 12, 2013, the House adjourned for the winter break. It is scheduled to resume sitting on February 18, 2014.
Federal Government Proposes Mandatory e-filing ITA Regulation Amendment
Further to a Budget 2009 initiative, on December 7, 2013, the federal government published proposed amendments to subsection 205.1(1) of the Income Tax Regulations. Regulations Amending the Income Tax Regulations (Mandatory Electronic Filing – Prescribed Information Returns) would expand mandatory electronic filing (“e-filing”) for prescribed information returns for the purpose of subsection 162(7.02) of the…
Raising the Bar – Seventh Edition
We are very pleased to bring you the final issue of Raising the Bar for 2013. We wish you all the best for the new year and we look forward to keeping you up to date on the latest legal developments in 2014. In this issue, we shine a light on the law of relevance,…