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Jared A. Mackey

Corporate Tax Lawyer at Bennett Jones Calgary

Partner

Anu Nijhawan

M&A, Corporate Financing and International Tax Lawyer at Bennett Jones Calgary

Lead Director and Partner

When Canadian multinationals issue discounted bonds, notes and similar obligations in a foreign currency, the tax consequences of repaying the debt are governed by subsections 39(2) and paragraph 20(1)(f) of the Income Tax Act (Canada). <a href="/People/M/Mackey-Jared">Jared Mackey</a> and <a href="/People/N/Nijhawan-Anu">Anu Nijhawan</a> explore the application and interaction of these provisions, which can give rise to unexpected results.

Tax Considerations on the Repayment of Discounted Foreign Currency Obligations

Hennadiy Kutsenko

Tax Lawyer at Bennett Jones Toronto

Counsel

Incentivizing employees is a critical component of most business strategies. Employers may implement arrangements for deferred cash bonuses, often subject to the satisfaction of certain criteria. From a tax perspective, the efficacy of any such arrangement requires that no tax be payable prior to the time an individual receives a cash payout. To ensure that result, it is critical to avoid the application of the "salary deferral arrangement" rules under the Income Tax Act (Canada).

Incentivizing Employees Avoiding a Salary Deferral Arrangement

Incentivizing Employees: Avoiding a Salary Deferral Arrangement

Retirement compensation arrangements (RCAs) are, in appropriate circumstances, a useful tool for employers to provide supplemental pension benefits to employees, but such arrangements come at a cost of refundable tax under the Income Tax Act (Canada) (the ITA). The <a rel="noopener noreferrer" rel="noopener noreferrer" href="https://www.budget.canada.ca/2023/home-accueil-en.html" target="_blank">2023 Federal Budget</a> (the Budget), released on March 29, 2023 (Budget Day), proposes to amend the ITA to exempt, from the refundable tax, fees or premiums to the extent paid for the purposes of securing or renewing a letter of credit or a surety bond for an RCA structured as supplement to a registered pension plan.

Supplemental Pension Plans Secured with Letter of Credit Budget Proposes Refundable Tax Relief

Supplemental Pension Plans Secured with a Letter of Credit—Federal Budget 2023 Proposes Refundable Tax Relief

The Canadian Tax Foundation's newsletter Perspectives on Tax Law and Policy (June 2022) features an article by Anu Nijhawan and Jared Mackey on <a rel="noopener noreferrer" rel="noopener noreferrer" href="https://www.ctf.ca/CTFWEB/EN/Newsletters/Perspectives/2022/2/220205.aspx?_zs=J83WL1&_zl=IuCI2" target="_blank">Reimagining the Determination of Tax Avoidance</a>.

Canadian Tax Foundation Reimagining the Determination of Tax Avoidance

Canadian Tax Foundation: Reimagining the Determination of Tax Avoidance

Cheryl M. Woodin

Commercial Litigation & Trial Lawyer

Emrys Davis

Competition & Antitrust Litigation Lawyer

Kolding Larson

Commercial Transactions Lawyer at Bennett Jones Toronto

Associate

The Federal Court dismissed a proposed C$5B class action alleging a nationwide conspiracy to fix generic drug prices, finding no basis in fact and denying certification. The decision underscores the Court&rsquo;s gatekeeping role and confirms that US enforcement actions and generalized market theories are insufficient to support competition claims in Canada without clear, particularized evidence.

Federal Court Dismisses 5 Billion Generic Drug Price Fixing Class Action

Federal Court Dismisses C$5 Billion Generic Drug Price-Fixing Class Action 

Edwin G. Kroft KC

Tax Litigation Lawyer at Bennett Jones

Andrew Young

Mackenzie Thomas

Lawyer at Bennett Jones Toronto

Issue 41 of Bennett Jones on Tax Disputes examines recent developments in Canadian tax litigation, with a focus on jurisdictional limits, procedural compliance, and case management in the Tax Court of Canada. Featuring commentary from members of the Bennett Jones Tax group, this edition analyzes key decisions including MEGlobal, Culig, and Opheim, and provides practical guidance for taxpayers and advisors navigating tax disputes.

Bennett Jones on Tax Disputes Issue 41

Bennett Jones on Tax Disputes: March 2026

Renée Gagnon

Commercial Litigation Lawyer at Bennett Jones Vancouver

Maruska Giacchetto

Paige Lutz

Articling Student at Bennett Jones Vancouver

Articling Student

British Columbia&rsquo;s new Health Professions and Occupations Act will significantly reshape how health professionals are regulated, with changes taking effect April 1, 2026. This blog outlines key updates, including a new oversight body, updated bylaws and expanded statutory duties for licensees.

New Health Professions and Occupations Act is Coming Soon

What BC Health Professionals Need to Know Before April 1, 2026 

Oliver Loxley

Corporate Lawyer at Bennett Jones Vancouver

Aaron E. Sonshine

Corporate Finance, Mergers and Acquisitions and Corporate Governance Lawyer at Bennett Jones Toronto

Partner 

Alexandra Doane

Articling Student at Bennett Jones in Vancouver

The SEC&rsquo;s March 5 exemption preserves the existing insider reporting framework for Canadian foreign private issuers that report through SEDI, despite changes introduced by the HFIAA. This update clarifies cross-border reporting obligations and maintains the status quo for affected issuers and their insiders.

Canadian Foreign Private Issuers Remain Exempt from US Insider Reporting Requirements

James D. Beeby

Corporate Finance, M&A, Private Equity and Venture Capital Lawyer

Lisa Kakoske

Corporate and Securities Lawyer

Harpar Gill

The Canadian Securities Administrators (CSA) has introduced a voluntary Semi-Annual Reporting (SAR) Pilot allowing eligible venture issuers on the TSXV or CSE to file only six-month interim financial reports. The pilot aims to reduce reporting burdens while maintaining key continuous disclosure requirements for investors.

The 2010 Federal Budget:
Impact on the Taxation of Employee Stock Options

Authors


Bennett Jones Article The 2010 Federal Budget: Impact on the Taxation of Employee Stock Options February 3, 2009 Authors Anu NijhawanLead Director and Partner Anu Nijhawan, "The 2010 Federal Budget: Impact on the Taxation of Employee Stock Options" (2009) XXI(2) Taxation of Executive Compensation and Retirement 1191. Share by Email Social Media Download Download Subscribe Republishing Requests For permission to republish this or any other publication, contact Bryan Canning at canningb@bennettjones.com. For informational purposes only This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors. Authors Anu Nijhawan, Lead Director and Partner • Co-Head of Tax Department Calgary • 403.298.3389 • nijhawana@bennettjones.com

The 2010 Federal Budget: Impact on the Taxation of Employee Stock Options

Authors

The 2010 Federal Budget:
Impact on the Taxation of Employee Stock Options