The Canadian Securities Administrators have issued a consultation paper[1] that, if it were to result in changes to relevant rules under securities law, could affect the composition of boards of directors and key committees of Canadian public companies. The Consultation Paper does not introduce any new rules, or even make any specific proposals for new rules. Rather, it ...
The Canadian Securities Administrators (“CSA”) have released Staff Notice 58-309 (the “Staff Notice”) summarizing their third annual review of disclosure relating to gender diversity on boards and in executive officer positions. The review covers certain disclosure relating to gender diversity that is required for non-venture issuers under amendments to ...
A recent paper by ICSA: The Governance Institute and the Investment Association, entitled The Stakeholder Voice in Board Decision Making, offers boards guidance on directors’ duties under U.K. law, focusing on the identification of and engagement with key stakeholders and consideration of stakeholders’ interests in board decision-making.
Boards of Canadian ...
Corporate directors are typically charged by law, convention and societal expectations to bring effective supervision and management to the affairs of the enterprise. The ultimate goal is for management to be able to focus on running the business and getting things done, with all required Board decisions, guidance and directives in hand.
Productive director time is ...
The 2017 Federal Budget (the “Budget”) was released March 22nd, 2017 (“Budget Day”). Highlights include:
Upcoming Review of Private Corporate Tax Planning
The Budget announced that the federal government will be looking into:
- Income sprinkling using private corporations: The Budget states that this strategy can reduce income taxes by causing income that ...
Business
Corporate Tax Rate
The small business corporate income tax rate will be reduced from 2.5% to 2% effective April 1, 2017. This means that the combined Federal and Provincial tax rate for small business income, up to $500,000 per year, will be 12.5% in British Columbia (subject, of course, to any changes coming in the Federal Budget).
The Government projects this ...
On September 14, 2016, Alberta’s securities regulator published for comment proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure. These changes include new “comply or explain” reporting rules requiring companies to disclose the following in their proxy ...
The 2016 Federal Budget was released March 22nd. The overarching theme is to provide increased benefits and relief to middle-class individuals and to close or restrict cross-border tax planning. Highlights include:
Income Tax
Increased Individual Marginal Tax Rates
As part of Bill C-2 tabled on December 9, 2015, the federal government announced an increase to the top ...
On November 23, 2015, the Lieutenant Governor in Council issued Order No. 673, which provided that the British Columbia Societies Act (the “New Act”) will come into force on November 28, 2016, replacing the existing Society Act (the “Existing Act”). Order No. 673 also introduced the new Societies Regulation (the “Regulation”) which provides model bylaws for ...
Introduction
In its recent decision in Minister of National Revenue v. BP Canada Energy Company, the Federal Court of Canada considered the Minister’s ability to compel BP to provide its tax accrual working papers pursuant to the Minister’s inspection powers in subsection 231.1(1) of the Income Tax Act. The decision in favour of the Minister signals a ...
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