Blakes Weekly Digest | December 6, 2024
In this issue...
The Evolving Landscape of Merger Review: Understanding Canada’s Competition Act Amendments and Forthcoming Revisions to Merger Enforcement Guidelines
The scope of the Competition Act’s merger review provisions has significantly expanded over recent years. Businesses should consider how these changes impact the merger review process, including impacts to merger planning, anti-competitive thresholds and the rebuttal process, and merger remedies.
Canada’s Transition to a Greener Economy: What to Expect
In late 2024, the Canadian government announced initiatives to expand the coverage of mandatory climate disclosure requirements to large, federally incorporated private companies and to develop a sustainable finance taxonomy. These initiatives aim to mobilize private investment activities needed for Canada to reach its net-zero emissions target by 2050. In preparation for these initiatives, companies should review their climate change monitoring, reporting and compliance processes.
But Wait, There’s More: Significant Amendments to Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime
The federal government has proposed a new set of updates to Canada’s anti-money laundering and anti-terrorist financing regime. Draft amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act regulate more entities, introduce a reporting requirement for beneficial ownership discrepancies, update the information-sharing process and create a new regulation for reporting imported and exported goods.
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Canadian Registered Pension Plans Impacted by Recently Amended Income Tax Regulations
Catherine O'Connor and Ally Mastantuono (Articling Student)
On December 4, 2024, the Regulations Amending the Income Tax Regulations (Technical Amendments) were published in the Canada Gazette. The regulations make various technical amendments to the Income Tax Regulations, including several that impact registered pension plans and employee stock options. We provide a summary of key changes in this bulletin.
Private M&A 2024: Key Trends and Forecasts
Private M&A in Canada had another defining year in 2024, including increased regulatory scrutiny, significant activity in certain sectors and the rise of private capital. In the latest episode of our podcast, Blakes Partners Cheryl Satin and John-Paul (J-P) Bogden break down these trends and share their insights on what’s next for dealmakers.
A Happy GST/HST Holiday for All Those Who Celebrate
The Canadian government is proposing a temporary goods and services tax and harmonized sales tax (GST/HST) holiday to ease consumers’ financial burdens this holiday season. The tax holiday would begin December 14, 2024, and end February 15, 2025. A 0% GST/HST rate would apply to certain goods and services considered traditional “holiday essentials,” including groceries, restaurant meals, alcohol, children’s clothing, children’s toys and books. Businesses will bear the brunt of complying with the rules and should be prepared to update their systems for the temporary tax relief period.