People

Services

Industries

Firm

About

Knowledge

Careers

News

Events

Contact

Connect

Privacy Policy

Disclaimer

Terms of Use

Accessibility

Legal

Calgary

Toronto

Edmonton

Ottawa

Vancouver

New York

Montréal

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

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

Associate

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

Kristopher R. Hanc

M&A and Capital Markets Lawyer at Bennett Jones Toronto

John Lawless

Private Equity, M&A, Corporate and Securities Lawyer at Bennett Jones Calgary

James D. Beeby

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

The Supreme Court of Canada has released its much-anticipated decision in Lundin Mining Corp. v. Markowich, 2025 SCC 39, clarifying the definition of a "material change" under securities law and providing guidance on when a public company must disclose information to the market. The decision will have broad implications for public companies, their directors, officers, shareholders and other market participants.

Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for Material Changes

Shifting Grounds: Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for "Material Changes"

William S. Osler KC

Capital Markets, Securities, M&A and Corporate Governance Lawyer at Bennett Jones Calgary

Mia Bacic

Corporate and Securities Lawyer at Bennett Jones Vancouver

Ali J. Naushahi

Securities, Corporate Finance, Mergers and Acquisitions and Mining Lawyer at Bennett Jones Toronto

The CSA has released proposed amendments to NI 52-112 to align disclosure requirements with IFRS 18. The changes would update the definition of non-GAAP financial measures to include management-defined performance measures, introduce prominence requirements for additional subtotals disclosed outside financial statements, and allow certain information to be incorporated by reference. Comments are invited until February 11, 2026.

CSA Requests Comments on Proposed Amendments

CSA Requests Comments on Proposed Amendments to Non-GAAP and Other Financial Measures Disclosure Requirements

Brian P. Reid

Litigation, Construction, Joint Venture Agreement and Builder's Lien Lawyer at Bennett Jones Calgary

Christopher Petrucci

Commercial Litigation Lawyer at Bennett Jones Calgary

Kaamil Khalfan

This article examines a recent Alberta Court decision confirming that during the PPCLA transition period, the former BLA&rsquo;s shorter 45-day lien deadline remains decisive. The ruling underscores that once a lien deadline expires, the lien ceases to exist and cannot be revived by the Court or through Land Titles corrections.

Better Early Than Sorry Strict Compliance Required for Lien Deadlines

Better Early Than Sorry: Strict Compliance Required for Lien Deadlines 

Robert W. Staley

Commercial, Securities and Class Action Litigation Lawyer at Bennett Jones Toronto

Vice Chair and Partner

Amanda C. McLachlan

Securities Litigation, Regulatory Investigations and Financial Crimes Lawyer at Bennett Jones Toronto

Doug Fenton

Litigation Lawyer at Bennett Jones Toronto

The Ontario Court of Appeal&rsquo;s decision in Binance v. OSC clarifies the limits of the OSC&rsquo;s investigative powers and the Charter protections available in securities investigations. While the Court rejected a constitutional right to challenge a summons before compliance, it found the summons issued to Binance overbroad and unconstitutional. The ruling offers important guidance for market participants on regulatory scrutiny, the scope of document production, and the viability of judicial review.

Court of Appeal Addresses Scope of Charter Review in Securities Investigations

Binance v. OSC: Court of Appeal Addresses Scope of Charter Review in Securities Investigations 

Katelyn Weller

Counsel at Bennett Jones Toronto

Counsel

Carl Cunningham

Management-side Employment Lawyer at Bennett Jones Toronto

The 2025 Federal Budget proposes significant employment law changes, including restrictions on non-compete agreements and new measures to address worker misclassification and wage theft. Federally regulated employers should prepare for upcoming consultations in early 2026.

Repricing Underwater Stock Options Tax-efficiently

From the Same Authors