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Publications Article
Cannabis Excise Duties By Angelo Gentile Nov 17, 2017 On November 10, 2017, the Government of Canada announced its proposed excise duty framework (including detailed draft legislation) in respect of cannabis, which includes new excise duties and detailed licensing, stamping and reporting requirements for cannabis licensees.
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Ontario Moves Closer to Marijuana Legalization By Fiona Brown and Margaret T. Nelligan Nov 17, 2017 On November 1, 2017, the Government of Ontario introduced Bill 174, Cannabis, Smoke-Free Ontario and Road Safety Statute Law Amendment Act, 2017. If passed, Bill 174 will enact, amend and replace legislation applicable to the sale, distribution and use of cannabis in the province of Ontario.
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Debt Financing for Cannabis Companies – A Market Update By Timothy Jones and Graham Topa Nov 17, 2017 In the April 6, 2017 edition of Collateral Matters, Aird & Berlis LLP’s banking law newsletter, our article entitled A “Green Rush” for Debt Financing? canvassed some legal and business issues specific to debt financing of Canada’s regulated cannabis industry. The “green rush” towards equity fina...
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Supreme Court of Canada Allocates Cheque Fraud Risks to Banks Oct 31, 2017 The Supreme Court of Canada has released its decision in Teva Canada Ltd. v. TD Canada Trust, 2017 SCC 51 (“Teva”). In a 5-4 split, the Supreme Court ruled that a company victimized by employee cheque fraud can recover its $5.5-million loss from the banks that deposited the fraudulent cheques.
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Bill 139: Third Reading and Royal Assent Expected November 2017 By Meaghan Barrett and Patrick Harrington Oct 30, 2017 Bill 139 (Building Better Communities and Conserving Watersheds Act, 2017) is expected to return to Queen’s Park for Third Reading and receive Royal Assent in November 2017. The Bill’s coming into force date has yet to be determined.
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Accommodation Before Frustration – Addressing Long-Term Absence from the Workplace By Michael F. Horvat Oct 27, 2017 For businesses both big and small, reintegrating an employee who is recovering from an illness or injury (whether suffered at work or on their own time) can be a difficult balancing act. The employer must be flexible and patient with the recovering employee in order to determine the nature and ex...
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Canadian Securities Exchange and OTC Markets Group Announce Strategic Alliance to Attract Foreign Issuers to North America By Tyler Brent and Sherri M. Altshuler Oct 26, 2017 The Canadian Securities Exchange (“CSE”) and OTC Markets Group recently announced a strategic alliance to offer a new program for issuers looking to go-public in Canada and have cost-effective access to North American investors. Both the CSE and OTC Markets Group hope to utilize the strategic all...
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TSX, TSX-V and CSA Clarify Their Positions on Listed Entities with Ties to U.S. Marijuana Market By Daniel Everall, Richard M. Kimel and Tyler Brent Oct 26, 2017 On October 16, 2017, the Toronto Stock Exchange (“TSX”), the TSX Venture Exchange (together with the TSX, the “Exchanges”) and the Canadian Securities Administrators (the “CSA”) released separate guidance clarifying their positions on the regulation of entities with ties to the U.S. marijuana mar...
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Ontario Court Confirms No Construction Lien Act Deemed Trust in Bankruptcy By Sam Babe Oct 26, 2017 In a September 19, 2017 decision from the bench in the matter of Bank of Montreal v. Kappeler Masonry Corporation, et. al. (“Kappeler Masonry”), Madam Justice Conway of the Ontario Superior Court of Justice (Commercial List) (the “Court”) confirmed that commingling of construction project receipt...
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Department of Finance Announces Abandonment of Surplus Stripping Proposals Oct 20, 2017 On Thursday, October 19, 2017, the Department of Finance announced that it will not pursue its proposed measures targeting transactions which are intended to convert income into capital gains (the “Surplus Stripping Proposals”). The Surplus Stripping Proposals were announced in the Ju...
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Finance Minister Bill Morneau Clarifies Intended Scope of Proposed Tax Regime on Passive Investment Income Earned by Private Corporations Oct 19, 2017 On Wednesday, October 18, 2017, Minister of Finance Bill Morneau clarified some aspects of the Department of Finance’s proposed measures to tax investment income earned by private corporations (the “Passive Income Proposal”). The Passive Income Proposal was announced in the July 18, 2017 consulta...
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Leasing to Cannabis Businesses By Daniel Everall and Marco Gammone Oct 12, 2017 The Controlled Drugs and Substances Act currently lists cannabis as a controlled substance.​1 The Act also stipulates that the production, possession and sale of cannabis is illegal. Though the Act carves out an exception for medicinal marijuana, the Access to Cannabis for Medical Purposes Regula...
Publications Newsletter
Doing Business in Canada - October 2017 Oct 06, 2017 Aird & Berlis LLP is pleased to present the October 2017 edition of Doing Business in Canada. This publication was developed to provide a general overview of Canadian federal and Ontario law and is intended for those planning to start, acquire or invest in a business in Canada.
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Proposed Tax Changes: Act Now Sep 28, 2017 This message is further to our Tax News Flash released on July 18, 2017, in response to the Department of Finance’s legislative proposals to significantly alter the taxation of private corporations in Canada. If you or any of your family members own shares in a private corporation, you may be aff...
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Practically Perfect - Errors in Financing Statements By Timothy Jones and Sean Green Sep 28, 2017 On September 14, 2017, Bill 154, Cutting Unnecessary Red Tape Act, 2017 (the “Bill”), passed its first reading in the provincial legislature. Among other things, the Bill proposes to amend the Personal Property Security Act (“PPSA”) and the Repair and Storage Liens Act (“RSLA”), aligning them wi...
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The Government of Ontario Reveals Proposal for Regulatory Structure for the Sale and Distribution of Recreational Cannabis By Fiona Brown and Daniel Everall Sep 13, 2017 During the past couple of days, the Government of Ontario has announced a long-awaited decision regarding the anticipated expansion of the market for the legal use of cannabis. Until the implementation of amendments of the current federal legislation, the market for the legal use of cannabis in C...
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General Partner Distributions: Subject to GST/HST? By Angelo Gentile and Neil Bass Sep 12, 2017 On September 8, 2017, the Department of Finance (“Finance”) released a series of draft legislative changes to the Excise Tax Act (Canada) (the “ETA”). Of particular note is legislation that will have broad ranging impact on limited partnerships that are engaged in investme...
Publications Newsletter
The Cannabis Act and Residential Tenancies By Tom Halinski and Meaghan Barrett Aug 16, 2017 In April, the federal government introduced Bill C-45 (the “Cannabis Act”), which provides for the legalization of recreational marijuana in June 2018. Until the Cannabis Act comes into force, the possession of marijuana for recreational use remains illegal (although individuals with licenses iss...
Publications Article
Ontario Proposes to Ease Rule Against Payments to Charity Directors By Jeremy D. Burke Aug 02, 2017 On July 10, 2017, the Ontario government published a draft amendment to a regulation under the Ontario Charities Accounting Act (the “Act”). The proposed amendment would modify the Ontario common law rule that currently prohibits a charity’s directors from receiving any compensation from the char...
Publications Article
Eco Oro: OSC Trumps TSX and Shows Willingness to Unwind Transactions By Daniel Everall, Liam Tracey-Raymont and Jonathan Yantzi Jul 27, 2017 On June 16, 2017, the OSC released the reasons for its earlier order (the “Order”) which reversed a tactical private placement in the context of a proxy contest involving Eco Oro Minerals Corp. (“Eco Oro”).1 The Order was initially issued in April of 2017. The OSC’s ...