Banking, Bankruptcy & Insolvency
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January 23, 2025
FINTRAC operational alert targets money laundering related to trade in illegal synthetic opioids
In a joint effort with the U.S. and Mexico, Canada’s anti-money-laundering watchdog has published an operational alert aimed at helping businesses to identify and report financial transactions related to the laundering of proceeds from the importation, production and distribution of fentanyl and other illegal synthetic opioids.
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January 23, 2025
Report predicts generally positive outlook for Canadian private equity market in 2025
Technology is expected to be the hottest area for Canadian private equity (PE) investment in 2025 during a year of increased deal activity, according to an annual PE outlook report released Jan. 23 by Toronto-based Torys LLP.
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January 22, 2025
Federal Court of Appeal: RRSP transfer to widow exempt from tax debt clawback
The transfer of an RRSP from a deceased husband to his widow is not subject to a provision of the Income Tax Act allowing the Crown to collect unpaid tax debts from spouses or common-law partners, the Federal Court of Appeal has held.
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January 22, 2025
Outlook for Canadian M&A market remains positive despite tariff threat, says KPMG report
The threat of widespread U.S. tariffs could slow down merger and acquisition (M&A) activity in Canada during the first half of 2025, but structural changes in trade could spur cross-border deals later in the year, according to multinational consulting firm KPMG.
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January 16, 2025
Proposed U.S. tariffs could cost B.C. $69B in economic activity, 124,000 jobs, province estimates
The imposition of U.S. president-elect Donald Trump’s threatened 25 per cent tariff on all Canadian imports could cost British Columbia 124,000 jobs and $69 billion in economic activity between 2025 and 2028, according to a B.C. Ministry of Finance impact assessment.
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January 16, 2025
Gazans arriving in Canada can now apply for one-time ‘transitional’ support for basic needs
Palestinians fleeing Gaza who arrive in Canada to join family here can now apply to receive lump-sum “transitional” financial assistance for their basic needs, via a one-time direct payment of $3,000 per adult and $1,500 per child under age 18, the federal government says.
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January 15, 2025
New anti money laundering rules increase obligations for private ATM owners, title insurers
Owners of white label automated teller machines (ATM) and title insurers will be subjected to enhanced disclosure obligations and reporting requirements starting Oct. 1, 2025, according to regulatory amendments issued earlier this month.
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January 14, 2025
Ontario Court of Appeal upholds amended promissory note, finds tax deferral is valid consideration
The Ontario Court of Appeal has upheld the validity of an amended promissory note, which was part of an employee’s compensation package, finding that tax deferral benefits and the certainty provided by the amended terms constituted sufficient consideration to support the agreement.
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January 10, 2025
Canada announces additional sanctions on Venezuelan officials in wake of disputed election
The federal government has announced it is imposing new sanctions on 14 current and former senior officials in the government of Venezuelan president Nicolás Maduro, who was sworn in for a third six-year term Jan. 10 following a disputed election and despite U.S.-led sanctions.
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January 09, 2025
Federal government announces various changes to Canada Pension Plan now in effect
The federal government has announced various changes to the Canada Pension Plan (CPP) that became effective as of Jan. 1, including a new benefit relating to students who are children of contributors that are disabled or deceased, a death benefit top-up and new rules for survivors’ pension entitlement.