The Complete Brief
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December 11, 2024
FINTRAC imposes $2M penalty on Exchange Bank of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative penalty of more than $2 million on Exchange Bank of Canada for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
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December 11, 2024
Deemed trust amendment shields fresh produce sellers, helps exporters, says industry
Canada's $13 billion fresh produce industry is welcoming an amendment to federal insolvency laws establishing a deemed trust financial protection mechanism for fresh produce sellers.
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December 11, 2024
Canadian property firms face proposed class action alleging rental price fixing
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), RioCan Real Estate Investment Trust and a dozen other rental property owners and management companies are facing a proposed class action lawsuit over allegations they conspired to artificially inflate rental prices in Canada.
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December 11, 2024
OSC review finds some crypto asset trading platforms mishandled client accounts
An Ontario Securities Commission (OSC) compliance review is raising red flags over the way some crypto asset trading platforms (CTPs) handle client accounts.
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December 11, 2024
OSC announces new online dashboard for data on exempt market capital raising
The Ontario Securities Commission has announced the launch of an online dashboard that provides data on capital-raising activity by Canadian corporate (non-investment fund) issuers in the province's increasingly important exempt market.
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December 11, 2024
Ontario appeal decision clarifies ‘murky area of real estate law,’ lawyer says
Ontario’s top court has outlined what happens to the right of survivorship if a property owner severs a joint tenancy, something a lawyer involved in the case is calling a useful clarification for a “murky area” of real estate law.
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December 11, 2024
A funny thing about the PCMLTFA regulations
On Nov. 30 the Federal Department of Finance pre-published new regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in the Canada Gazette, Part I, Volume 158, Number 48 (Canada Gazette, Part 1, Volume 158, Number 48:Regulations Amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations). These regulations contain four distinct elements:
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December 11, 2024
Bank of Nova Scotia v. Canada: A matter of interest
If you file a tax return or after an audit, the Canada Revenue Agency (CRA) will issue a tax assessment, including in the form of a notice of assessment or reassessment. The amount of tax owing is stated on the notice. Interest applies to outstanding amounts as of the “balance due day,” defined in subsection 248(1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th Supp.) (ITA).
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December 11, 2024
The importance of briefing notes
Policymakers have long relied upon briefing notes to assist in making good decisions. Boards, councils and even committees of regulators have often used briefing notes to enable staff and preparatory teams to concisely convey the information that decision-makers need.
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December 11, 2024
INTERESTS IN LAND - Equitable interests - Resulting trusts - Joint estates - Partition
Appeal by appellant from the trial judge's order dismissing his claim for a resulting trust and granting the respondents' claim for partition and sale of the property. The parties were three siblings and the estate of one sibling. The three respondents brought an application for an order of partition and sale of the property. The appellant countered with a claim for a resulting trust and asserted that he was the beneficial owner of the whole property.