Updates

  • Budget 2017: Changes to Canadian Exploration Expense and Flow-Through Shares
    March 24, 2017

    Canadian exploration expenses (CEE) are certain types of expenses incurred by oil and gas, mining and renewable energy corporations. CEE is 100 percent deductible in the year the expense are incurred. Certain types of CEE also qualify for renunciation to investors under the flow-through share rules contained in the Act.  With the exception of expenses related to the acquisition of Canadian resource property (which generally would be Canadian oil and gas property expense), most other oil and gas related expenses (other than tangible costs) qualify as Canadian development expenses (CDE).  CDE is deductible at 30 percent on a declining balance basis. CDE can also be renounced under the flow-through share rules, but because of the reduced rate of deduction, is significantly less desirable for investors.

  • Federal Court Cracks Down on Intentional Infringement with $1 Million Punitive Damages Awards
    March 08, 2017

    It's been a costly week for intentional infringers of intellectual property (IP) rights. In two separate decisions, the Federal Court of Canada has awarded $1 million in punitive damages. These are among the highest punitive damages awards ever made in Canadian IP cases, and send a signal to both counterfeiters and sophisticated businesses that deliberate infringement can have significant monetary consequences.
  • When Can Judicial Review of a Tribunal's Decision Include a Tribunal's Other Decisions?
    February 28, 2017

    When can a court review a tribunal's decisions, other than the decision under review, in determining whether the decision should be subject to a remedy on judicial review? This question arises from the recent Supreme Court of Canada decision on the standard of review of a tribunal's decision.

Blogs

  • Pension May be Collapsed in the Face of an Admitted Fraud
    March 22, 2017

    In the recent decision of Alberta Motor Association v. Gladden, 2017 ABQB 174, the Alberta Court of Queen’s Bench clarified the limits to which employer-sponsored pension benefits will be immunized from enforcement proceedings in fraud cases. In this case, the defendant, Mr. Gladden, had agreed to a consent judgment in favour of his former employer arising from a fraud that he had perpetuated during the course of his employment. One of Mr. Gladden’s assets was his employer-sponsored pension plan. Mr. Gladden agreed to transfer the commuted value of his pension benefits to his employer in partial satisfaction of the consent judgment.
  • TSX - Skirting the Rules No Longer
    March 21, 2017

    On March 9, 2017, the Toronto Stock Exchange (TSX) issued Staff Notice 2017-001 (the Staff Notice), which provides guidance on the TSX's majority voting requirement and the use of advance notice policies for director election requirements.  Significantly, for many issuers, the Staff Notice outlines the TSX's expectations for the use of an "exceptional circumstance" to reject the resignation of a director that is not elected by a majority of votes cast (a Subject Director).
  • CSA Reviews Use of Social Media by Reporting Issuers
    March 14, 2017

    On March 9th, 2017, the Canadian Securities Administrators (CSA) published Staff Notice 51-348 Staff’s Review of Social Media Used by Reporting Issuers (notice). The notice provides the results of the CSA’s review of social medial disclosure by 111 reporting issuers on websites such as Facebook, Twitter, YouTube, LinkedIn and Instagram, as well as the issuer’s own websites (including message boards and blogs).

Guides

  • Looking Forward: Canadian Class Actions in 2017
    March 02, 2017

    In 2016, significant decisions were rendered in class proceedings that provide clarity on how Canadian courts intend to interact with each other, domestic and foreign litigants, and courts internationally going forward. Recent trends towards the globalization of Canada’s class regime have continued.

    Bennett Jones was involved in some of the most important cases of 2016. Our active and expanding class actions practice group maintained its hard-earned reputation as a leader in the Canadian legal market. By leveraging our practical experience, litigation expertise, and unparalleled knowledge of procedure, we helped clients achieve meaningful results that aligned with their business objectives.

    With the additional clarity provided by recent decisions, the stage is set for continued Canadian class action activity in 2017. Our 2017 Looking Forward publication contains our discussion of recent Canadian class action trends and our look forward at how we anticipate those trends will impact strategies for defeating class actions or potentially avoiding them altogether.

  • Private Placement of Securities in Canada
    Second Edition, January 2017

    Securities regulation in Canada is a matter of provincial jurisdiction and each of the ten Canadian provinces and three territories has its own securities regulatory body, that enforces the relevant local legislation and generally has the power to promulgate rules, regulations and policies with respect to securities trading. Although the legal requirements with respect to securities offerings are substantially similar in each province and territory, there are some unique features to each regime.
  • The Upstream Oilfield Services Industry in Western Canada - A Backgrounder
    November 24, 2016

    This backgrounder has been prepared as a resource for investors who are looking for opportunities to invest in a sector that is an indispensable part of the Canadian energy sector and the Western Canadian economy.

Articles

  • Financial institution liability for white-collar crimes
    April 2017

    Jessica Lewis authored Financial Institution Liability for White-Collar Crimes.  Banks and financial services businesses are under increasing pressure following claims regarding their role in fraud: Western Union is on the hook for an exorbitant forfeiture, an individual has claimed that the Royal Bank of Canada contributed to the loss of his business to a fraudster and Lloyds Banking Group has taken financial responsibility for the debt of HBOS Reading.
  • Don't Bet on Unsupported Worldwide Order to Secure Assets
    March 13, 2017

    The English Court of Appeal recently upheld an order freezing £4.4 million (US $5.35 million) allegedly obtained through a corruption scheme involving Chadian diplomats and a Canadian oil and gas company. In Saleh v. Serious Fraud Office, [2017] EWCA Civ 18, the court rejected the appellant’s position: A Canadian court had conclusively declared that the assets were not proceeds of a crime. By dismissing this argument, the English court put foreign lawyers on notice that it will not be bound by sweeping orders rendered without the benefit of an adjudicative process.

    Lincoln Caylor authored "Don't Bet on Unsupported Worldwide Order to Secure Assets" published in Law360.

  • Canadian Federal Courts Practice – LexisNexis
    2007-present

    Designed for both English and French practitioners who appear before the Federal Courts, this portable guide provides up-to-date, section-by-section annotation and commentary for the Federal Courts Act and Federal Courts Rules.