Bennett Jones Spring 2021 Economic Outlook: Beyond COVID
June 21, 2021
While economic recovery from the pandemic to date, internationally and in Canada, has been uneven and bumpy, a large share of output and jobs have been regained, and the prospects for advanced economies are strong. If immediate attention must still be focused on overcoming the pandemic durably, the time is right for Canada to look beyond COVID, and to articulate and execute a strategy for investment and long-term improvement in our competitiveness, productivity, and standard of living.
Supplement to the Spring 2021 Economic Outlook: Beyond COVID
June 09, 2021
The planned levels of deficits and debt in the latest budgets of the federal and four provincial governments are reasonable projections for the years to FY 2023-24, if governments actually adhere to the spending and revenue plans laid out in those budgets.
Crisis and Risk Management Survey 2020
April 28, 2021
To learn more about the current state of crisis and risk management, Bennett Jones commissioned an independent survey by Environics to understand what corporate concerns are most pressing for Canadian general counsel and senior executives at a wide range of organizations. Ironically, the survey was interrupted by the biggest crisis of our lifetime―COVID-19.
Defining and Driving ESG Within Your Organization
March 16, 2021
In January and February 2021, Bennett Jones hosted a three-part webinar series focusing on why ESG matters and how business leaders can drive ESG within their organization. This paper takes those conversations one-step further by providing a practical and high-level overview of the legal, operational and reputational tenants of an effective ESG strategy.
Looking Forward: Class Actions in 2021
January 24, 2021
The Class Action Practice Group at Bennett Jones continued its tradition of involvement in the year's most significant cases, focusing on practical solutions where they are possible and seeking clarity from the courts where it is needed. In the latest edition of our Looking Forward report, we review some notable recent developments and comment on some critical areas of importance we expect to see evolve in the year ahead.
Updates to Canada’s Top 10 Sources of Emergency Capital for Businesses
January 12, 2021
The Canadian government continues to launch new measures to provide access to capital to businesses and industry sectors during the COVID-19 pandemic. Members of Bennett Jones Public Policy group provide an update on the programs and their details, as well as strategic considerations to keep in mind when accessing emergency funding.
Bennett Jones Fall 2020 Economic Outlook
December 07, 2020
Nine months into the pandemic, the short-term economic outlook for Canada entering 2021 is strikingly different than one year ago. Yet structural trends—such as the digital transformation of the economy—remain and in some cases have been accelerated. Canada, its governments and its businesses, have to address the impacts of the COVID-19 crisis while developing strategies and building momentum for longer-term prosperity, all against the backdrop of a challenging global geo-political environment. The Outlook sets a context for businesses to plan by reviewing economic scenarios for the next two years and analyzing global and domestic policy factors that could shape the business environment in the years ahead.
Alberta Introduces APIP in a Bid to Become a World-Class Leader on Petrochemical Facility Development
November 03, 2020
On October 30, 2020, the Alberta government unveiled the Alberta Petrochemicals Incentive Program (APIP), an initiative intended to attract $30 billion in new investments by 2030 in Alberta's natural gas-based petrochemical sector.
B.C. Introduces Land Owner Transparency Registry to Record Indirect Ownership of Land
November 02, 2020
On November 30, 2020, Bill 23 (2019), the Land Owner Transparency Act (LOTA) will come into force together with the Land Owner Transparency Regulation (LOTR) to create the Land Owner Transparency Registry, a first-of-its-kind registry in Canada intended to record the indirect ownership of land by certain individuals.
Bennett Jones Spring 2020 Economic Outlook
June 07, 2020
The COVID-19 pandemic has triggered the most severe economic shock since the Great Depression. Despite massive intervention by central banks and governments, real output in the advanced economies likely fell in mere weeks by more than 10% from its level at the end of 2019.
A number of factors complicate a recovery from this unprecedented crisis: unknowns about the evolution of the pandemic; lack of global policy coordination; the uncertain behaviour of consumers as lockdowns are eased; the high debt levels of households, businesses and governments going into the crisis; the risk of permanent loss of capacity as the crisis endures; and the impact on investor confidence of uncertainty about the post-COVID-19 world.
Bennett Jones Fall 2019 Economic Outlook
November 11, 2019
This is a special edition of the twice-yearly Bennett Jones Economic Outlook. In it, as always, we review the global economic and trade context and the short-term outlook for global and Canadian growth. In addition, we examine five key policy challenges that the Government of Canada and the minister of finance will confront and deal with in a new mandate.
Update - New Register Requirements of "Individuals with Significant Control"
June 04, 2019
Effective June 13, 2019, each private corporation incorporated under the Canada Business Corporations Act (CBCA) will be required to prepare a register of "individuals with significant control" (ISC) over such corporation.
Bennett Jones Spring 2019 Economic Outlook
June 03, 2019
After a strong performance in 2017 and the first half of 2018, the global economy slowed markedly and is projected to grow at a more moderate but also more sustainable annual rate of 3.3% from 2019 to 2021. In Section I, we discuss our projections and the risks that need to be considered. We turn to a discussion of international trade developments and prospects in Section II, including the issues facing the World Trade Organization (WTO) and Canada. Building on the global economic and trade outlook, we set out the outlook for Canada over the next three years in Section III. In Section IV, we return to the analysis of the fiscal position of Canada and the four largest provinces, taking into account the evolving economic outlook and policies announced in 2019 budgets. As usual, we conclude with a summary of planning parameters for Canadian business over the 2019 to 2021 horizon.
CSA Proposes a Modernized National Filing System for Reporting Issuers
May 23, 2019
On May 2, 2019, the Canadian Securities Administrators (CSA) announced that it is seeking comments in respect of a proposed streamlined and integrated national information and filing system for capital market participants (the "Renewed System") along with the adoption of a simplified fee system.
Canada Digital Charter Announced
May 22, 2019
The federal government has launched Canada’s new Digital Charter that comprises 10 broad principles to govern the use of data in the digital world. The stated purpose of the Digital Charter is to guide dialogue around changes in the laws governing Canadians' internet and digital use, and rebuild Canadians’ trust that their privacy is being protected.
A New Government in Alberta: What it means for businesses and investors
May 05, 2019
A new provincial government was elected in Alberta on April 16, 2019. The United Conservative Party (UCP) won a strong majority led by Jason Kenney, Alberta’s new Premier. The UCP has declared Alberta as open for business. Members of Bennett Jones Energy and Finance industry practice groups have prepared the following summary of what this new government’s most important policy initiatives mean for your business or investments in Canada.
Canada Ends Surtax on Certain Steel Imports but Launches Consultations on Other Protection
April 28, 2019
Effective Monday, April 29, 2019, the Government of Canada discontinued its 25% provisional safeguard surtax imposed since October 25, 2018, on imports of concrete reinforcing bar, energy tubular products, hot-rolled sheet, pre-painted steel and wire. The Government also confirmed in a news release on April 26, 2019, that it will implement definitive safeguard measures on imports of heavy plate and stainless steel wire that the Canadian International Trade Tribunal found on April 3, 2019, to have caused or threaten injury to domestic steel producers.
Court of Appeal Decision Welcome News for Victims of Fraud
April 09, 2019
The Ontario Court of Appeal’s decision in Wescom Solutions Inc v Minet, 2019 ONCA 251 released on April 1, 2019, provides helpful guidance for victims of fraud seeking to pursue civil recovery against third parties.
New Ratifications of the OECD's Multilateral Instrument Put Canadian Resource Holding Structures at Risk
April 02, 2019
Tax-efficient holding structures commonly used by multinational enterprises and private equity firms investing in the Canadian resource sector could soon become subject to anti-treaty shopping measures contained in the "Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting".
Business Measures in 2019 Federal Budget
March 21, 2019
The 2019 Canadian federal budget was released on March 19, 2019 (Budget Day). As many of the proposals are aimed at investing in Canada’s middle class, the Budget was relatively light on proposals affecting businesses. Nevertheless, there are a number of measures of relevance to the business community...
ABQB Clarifies Test for Lifting the Stay to Replace an Insolvent Operator
February 19, 2019
The Alberta Court of Queen's Bench has issued several conflicting decisions on whether a stay of proceedings in an insolvency matter should be temporarily lifted to allow enforcement of a contractual right to immediately replace an operator of oil and gas assets in the event of the operator's insolvency. In the recent decision of Alberta Energy Regulator v Lexin Resources Ltd, 2019 ABQB 23 [Lexin], the Alberta Court of Queen's Bench (ABQB) provided much-needed clarification regarding the test to be used in determining whether a stay of proceedings imposed in a court-sanctioned insolvency proceeding should be lifted to permit a co-owner to assume operatorship of oil and gas assets. After analyzing three previous conflicting decisions of the ABQB, Justice Romaine emphasized the importance of the test for lifting a stay of proceedings in a receivership, which she explained in detail in Alignvest Private Debt Ltd v Surefire Industries Ltd, 2015 ABQB 148 [Alignvest]. This test focuses on the totality of the circumstances and weighs the prejudice to the parties involved in the receivership. In Lexin, Justice Romaine denied the co-owner's application to lift the stay and to replace Lexin as operator of certain oil and gas assets, because the prejudice to the Receiver outweighed any prejudice to the co-owner.
Not Just Linear Property Tax Priorities: Alberta Court of Appeal on Abuse of Process and Mootness
February 18, 2019
Certain municipalities appealed Justice Yamauchi's Order, arguing that linear property tax arrears constitute secured claims. That appeal was dismissed on February 12, 2019, as set out in the unanimous decision of Justices Bielby, Veldhuis and Strekaf in Northern Sunrise County v Virginia Hills Oil Corp., 2019 ABCA 651 (Virginia Hills CA).
Pre-Budget Analysis of Government Finances
February 18, 2019
Governments are currently busy, or will be soon, preparing annual budgets that will be tabled in the months to come. The fiscal health and prospects of the provinces and federal government vary significantly. Whatever political, economic and social objectives they wish to pursue, in setting their budgets, ministers of finance are constrained by the tax, expenditure and public debt obligations that have been previously established and the always uncertain economic developments which will determine future revenue growth and expenditure obligations. They must set their own priorities for the coming years in the face of uncertain revenue prospects and existing financial constraints on the actions they can take.
The purpose of this paper is to outline the constraints that the provinces and the federal government face in the choices they can make in setting their budgets. Our purpose is not to recommend to ministers of finance particular fiscal actions they should take, but rather to provide an analysis of where government finances stand at present, how they got there, what the constraints are on the ability of governments to take actions in the years ahead, and what the fiscal prospects to 2022-23 are likely to be. Based on this analysis, we provide an overview of the key fiscal issues facing the largest jurisdictions in the country, namely Québec, Ontario, Alberta, British Columbia, and Canada. In a final section, we analyze the impact on economic performance that the status quo budget projections are likely to have over the next five years, i.e., is fiscal policy likely to be stimulating growth or restraining it?
Canada Increases Steel Quota for Mexico and Drops Surtax on Re-Imported Canadian Steel
February 14, 2019
Without fanfare or announcement, the Government of Canada made two important amendments to the provisional surtaxes on steel products imported into Canada.
Summary of Actions Against Exxon Mobil for Securities Fraud
January 29, 2019
Since 2013, investors in Exxon Mobil Corporation ("Exxon") stock have consistently shown an interest in understanding how the effects of climate change will impact their investment. Over the years, in response to these concerns, Exxon released a series of voluntary publications such as their Energy and Carbon—Managing the Risks, Energy and Climate, which described certain actions that Exxon was undertaking and, in 2016, their Outlook for Energy report. In the latter report, Exxon indicated that it used a proxy cost1 in its long-term projections for purposes of business planning, investment decision-making, and financial reporting. As investor concerns grew and became more public in 2015, the Attorney General of New York State ("AG") launched an investigation into the company’s disclosures.