On February 20, 2014, the government of Québec tabled its 2014-2015 budget in which it stated that it may enact amendments to Québec’s Business Corporations Act intended to protect Québec incorporated businesses from unsolicited take-over bids, as well as tax incentives intended to encourage businesses to establish and maintain head offices in the province of Québec.
Mar 5, 2014
On February 24, 2014, the Ontario Superior Court of Justice released its decision regarding remedies in Canada (Commissioner of Competition) v. Chatr Wireless Inc. The Court’s decision provides important judicial guidance on the determination of appropriate remedies under the reviewable conduct provisions of the Competition Act. In particular, the Court held that an administrative monetary penalty must be imposed for the purpose of promoting compliance with the Act and must be proportional to the nature of the person whose conduct one seeks to change.
Feb 28, 2014
In an important decision for stakeholders in the Ontario renewable energy industry, the Divisional Court of Ontario overturned a significant July 2013 decision by the Environmental Review Tribunal which had, for the first time, revoked a Renewable Energy Approval issued by the Ontario Ministry of the Environment authorizing the construction and operation of a wind farm. The Divisional Court reversed the ERT’s decision, allowing the REA to stand and the wind farm project to proceed, and providing some guidance for determining when “serious and irreversible harm” would occur.
Feb 25, 2014
One of the most significant provisions in the federal Fisheries Act is the prohibition in section 36(3) against releasing deleterious substances into waters frequented by fish. On February 15, 2014, Fisheries and Oceans Canada released draft regulations to provide a framework for future Ministerial Regulations to permit deposits of deleterious substances in three circumstances.
Feb 20, 2014
This Update concerns a measure proposed in Canada’s federal budget for 2014, tabled by the Minister of Finance on February 11, 2014 (Budget 2014), relating to treaty shopping that may affect private equity (PE) funds investing in Canada through treaty-based holding companies. We have set out a summary of the treaty-shopping proposal, which opts for and elaborates upon one of the potential measures outlined in the August 12, 2013 consultation paper regarding treaty shopping.
Feb 13, 2014
The 2014 Canadian federal budget proposes to introduce to the Income Tax Act (Canada) new anti-avoidance provisions regarding “back-to-back loans” that, where applicable, may affect the deductibility of interest and/or result in the imposition of Canadian withholding tax. These proposals do not have immediate effect; generally, they are proposed to apply after 2014.
Feb 13, 2014
Minister Flaherty has once again proven that the Competition Act is vulnerable to politically expedient amendments developed to respond to perceived exploitative conduct. Following on statements in the 2013 Throne Speech, Minister Flaherty indicated in the 2014 Budget that the government will introduce legislation to address geographic price discrimination “that is not justified by higher operating costs in Canada, and to empower the Commissioner of Competition to enforce the new framework.”
Feb 13, 2014
The Ontario Securities Commission (OSC) recently announced the adoption of OSC Rule 11-501, Electronic Delivery of Documents to the Ontario Securities Commission (Rule). The Rule mandates electronic filing (via an online web portal) for a number of documents that the OSC currently accepts via email, regular mail or courier. On the assumption that ministerial approval will be granted, the Rule will come into force on February 19, 2014.
Feb 7, 2014
The question whether rectification of contracts is a remedy available to parties under the Québec Civil Code (CCQ), previously unsettled in Québec civil law, was answered in the affirmative by the Supreme Court of Canada in Quebec (Agence du Revenu) v. Services Environnementaux AES inc. In reasons released on November 28, 2013, the Court upheld the decisions of the Québec Court of Appeal in two cases, AES and Riopel, in which the parties had sought rectification in respect of written instruments containing errors in order to give effect to their common intentions.
Feb 7, 2014