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On March 31, 2010, the Superior Court of Québec (Court), in Re AbitibiBowater Inc., issued an important decision on when a government regulatory order may be treated as a creditor claim in proceedings under the federal Companies’ Creditors Arrangement Act (CCAA).

As 2009 begins and issuers prepare to satisfy their annual public disclosure obligations, we would like to highlight some of the developments in Canadian continuous disclosure obligations during the past year.

On May 21, 2009, the Canadian Securities Administrators (CSA) issued Staff Notice 52-324 – “Issues Relating to Changeover to International Financial Reporting Standards”, an update on the changeover to international financial reporting standards (IFRS) in Canada.

When a company winds up, begins restructuring proceedings or goes bankrupt, a debtor or creditor may be able to cancel out the amount payable to the other party by using the remedy of "set‐off".

Does your organization have "intellectual assets"?

Businesses often respond to the initial communications from the Canada Revenue Agency ("CRA") without much thought. In the early stage of an Audit, the whole process can seem deceptively casual.

In its recent decision in Lavender v Miller Bernstein LLP, the Court of Appeal for Ontario overturned a summary judgment decision imposing liability on the auditor of a now defunct securities dealer in a class action brought on behalf of the dealer's clients.

Five years ago, the Supreme Court of Canada released its highly anticipated decision in Deloitte & Touche v. Livent Inc. (Receiver of), a case about pure economic loss arising from an auditor's negligent...

Professional regulators are often faced with non-members who use titles similar to those used by regulated members of the profession but not explicitly prohibited by the governing statute.

Offering free products or services to attract customers is a common marketing strategy. E-businesses, in particular, often provide a product free of charge in exchange for an e-mail address. However, in light of the Federal Court of Canada’s decision in <I>Culhane v. ATP Aero Training Products </I>("<I>Culhane</I>"), businesses may want to think twice before enticing potential customers with giveaways.

Tariffs and rising prices will impact segments of the construction industry differently, but no sector is immune from disruption when input costs increase.

In recent months, there have been numerous rulings, regulatory actions and ongoing proceedings of great interest to pension plans in the courts and before the Financial Services Tribunal. There have also been some discussion and consultation papers of note.

In its recent decision in Nolan v. Superintendent of Financial Services (Court File Nos. 178/04 and 520/04 (Ont. Div. Ct.), March 15, 2006 [Kerry]), the Ontario Divisional Court overturned parts of a Financial Services Tribunal (FST) decision and made it more difficult for employers to pay plan expenses out of pension funds.

The idea that banks should invest in large-scale replacement of legacy systems has had some traction. Current core banking systems, replacement proponents suggest, are decades old and simply can't serve banks effectively anymore, on a host of levels.

A net worth audit is an indirect tax audit technique used by the Canada Revenue Agency or CRA where it has cause to believe the taxpayer's usual records are not an accurate reflection of the taxpayer's income.

In Canada, dividends, interest, royalties and certain other payments paid to non-residents are subject to 25% withholding tax on the gross amount pursuant to the <I>Income Tax Act</I> (Canada) (the Act). Under most of Canada’s tax treaties, including the Canada-U.S. Tax Convention (the US Treaty) and the Canada-U.K. Tax Convention (the UK Treaty), the withholding rate is reduced on payments to persons who are residents of the U. S. or the U.K., respectively for purposes of the US Treaty or the U

The Canada Revenue Agency (CRA) has recently issued an administrative income tax ruling which expands the possible application of the "5/25" Canadian withholding tax exemption for interest paid by Canadian corporate borrowers, by blessing for the second time a back-to-back loan arrangement. The ruling confirms that the general anti-avoidance rule (GAAR) would not be applied to deny the exemption in the circumstances presented.