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    Doing business in British Columbia 2012
    2012-10-12

    Except where otherwise noted, this paper is current as of September, 2011 and provides preliminary information on Canadian and British Columbia legal matters to assist you in establishing a business in British Columbia and provides general guidance only.

    Filed under:
    Canada, British Columbia, Banking, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employment & Labor, Environment & Climate Change, Franchising, Immigration, Insolvency & Restructuring, Tax, DLA Piper
    Location:
    Canada
    Firm:
    DLA Piper
    Good plan went bad
    2012-06-06

    The British Columbia case of Botham Holdings Ltd. (Trustee of) v. Braydon Investments Ltd. is a reminder that tax and estate plans must take non-tax issues and law into account. It can be extremely dangerous to let the tax tail wag the dog!

    Mr. Botham and a family trust were the shareholders of Botham Holdings Ltd. ("Holdings"). In 2004 Holdings was fortunate enough to realize a large capital gain and, as a result, incurred a significant income tax liability.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, White Collar Crime, Miller Thomson LLP, Liability (financial accounting), Tax deduction
    Authors:
    Richard Barbacki
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Doing business and raising capital in Canada
    2012-06-29

    We have prepared this Business Law Guide as a general overview of certain legal and business matters that may be relevant to a decision to establish or invest in a business in Canada.

    Filed under:
    Canada, Arbitration & ADR, Capital Markets, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Intellectual Property, Litigation, Tax, Trade & Customs, Torys LLP
    Location:
    Canada
    Firm:
    Torys LLP
    Secured creditors beware: Crown GST/HST garnishment may trump your security interest in an account receivable
    2012-02-14

    In the recent decision of the Supreme Court of Canada in Toronto-Dominion Bank and Her Majesty the Queen (2012 SCC 1), the Supreme Court succinctly agreed with the reasons of Justice Noël of the Federal Court of Appeal.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Borden Ladner Gervais LLP, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Federal Court of Appeal (Canada), Quebec Court of Appeal
    Authors:
    Roger Jaipargas
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Supreme Court decision in Toronto-Dominion Bank v. Her Majesty the Queen: garnishment notices regarding unpaid GST remain valid after bankruptcy
    2012-01-30

    In a succinct decision rendered on January 12, the same day as the hearing, the Supreme Court of Canada finally settled the question of whether requirements to pay, issued pursuant to section 317 of the Excise Tax Act ("ETA") prior to the bankruptcy of a tax debtor, but not paid before such time, remain valid against the garnishee.1 Supreme Court Justice LeBel, speaking on behalf of the Court, simply stated that the Court agreed with the reasons of Noël J.A. of the Federal Court of Appeal.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debtor, Supreme Court of Canada, Federal Court of Appeal (Canada)
    Authors:
    Jean-Guillaume Shooner
    Location:
    Canada
    Firm:
    Stikeman Elliott LLP
    Significant proposals to amend Canada’s foreign affiliate tax rules
    2011-08-22

    On August 19, 2011, the Federal Minister of Finance released a significant package of proposed amendments to Canada’s income tax rules applicable to Canadian multinational corporations with foreign affiliates (the Proposals).  The Proposals apply to most distributions from, and reorganizations of, foreign subsidiaries of Canadian corporations and contain new rules applicable to certain loans received from foreign subsidiaries that remain outstanding for at least two years, among other significant changes.  In addition to certain important new measures, the Proposals replace numero

    Filed under:
    Canada, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Tax, Osler Hoskin & Harcourt LLP, Share (finance), Tax exemption, Shareholder, Dividends, Foreign exchange market, Income tax, Liquidation, Tax deduction, Subsidiary, Federal Ministry of Finance (Germany), Department of Finance Canada, Constitutional amendment
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    CRA getting aggressive in asserting deemed trust over mortgage proceeds
    2011-05-16

    Unremitted source deductions are subject to a deemed trust in favour of the Crown under Section 227 of the Income Tax Act (the “ITA”), Section 86 of theEmployment Insurance Act (the “EIA”) and Section 23 of the Canada Pension Plan (the “CPP”). Subsection 227(4) of the ITA creates the trust for income tax deductions and Subsection 227(4.1) creates a super-priority lien in favour of the Crown, in the amount of the trust, over all the debtor’s assets.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Tax, Aird & Berlis LLP | Aird & McBurney LP, Bankruptcy, Surety, Debtor, Collateral (finance), Interest, Debt, Mortgage loan, Personal property, Excise, Unemployment benefits, Canada Revenue Agency, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Income-Tax Act 1961 (India)
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    The Canadian leasing environment: an overview for US professionals (business and legal)
    2011-05-05

    INTRODUCTION

    As international trade grows, financial institutions and manufacturers of equipment recognize that international sales or globalization of their business is a requirement to staying competitive.

    Filed under:
    Canada, USA, Asset Finance, Corporate Finance/M&A, Insolvency & Restructuring, Real Estate, Tax, Cassels Brock & Blackwell LLP, Competitiveness
    Location:
    Canada, USA
    Firm:
    Cassels Brock & Blackwell LLP
    Recent regulations confirm the scope of the GST/HST deemed trust
    2011-03-24

    Recent regulations confirm that the GST/HST deemed trust has priority over all security interests and charges except for land or building charges. That exception has its own limitations. It is limited to the amount owing to the secured creditor at the time the tax debtor failed to remit the GST/HST. It also forces the secured creditor to look first to its other security; a kind of forced marshalling.

    Filed under:
    Canada, Insolvency & Restructuring, Tax, Borden Ladner Gervais LLP, Debtor, Collateral (finance), Interest, Debt, Mortgage loan, Excise, Canada Gazette, Harmonised sales tax, Unemployment benefits, Secured creditor, Goods and services tax (Canada), Canada Revenue Agency, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Collected and unremitted GST not a Crown priority under CCAA
    2011-02-02

    Century Services Inc. v. Canada (Attorney General), 2010 SCC 60

    Section 222(3) of the Excise Tax Act creates a deemed trust for unremitted GST, which operates despite any other act of Canada, except the Bankruptcy and Insolvency Act. However section 18.3(1) of the Companies’ Creditors Arrangement Act (the "CCAA") provides that any statutory deemed trust in favour of the Crown does not operate under the CCAA, subject to certain exceptions which do not mention GST.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Miller Thomson LLP, Bankruptcy, Debtor, Excise, Liquidation, Tax deduction, Goods and services tax (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada
    Location:
    Canada
    Firm:
    Miller Thomson LLP

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