• CRA Releases Treaty Guidelines for US-owned ULCs but Planning is Required
    November 26, 2009
    The Canada Revenue Agency has released guidelines for distributions from ULCs to United States persons, notably dividends and in some cases interest, which would otherwise be subject to 25% withholding tax starting January 1, 2010. This jump in withholding rates from current levels is a consequence of anti-hybrid provisions introduced in the last round of amendments to the Canada-U.S. tax treaty.
  • Alberta Abandons 2004 R Formula
    November 20, 2009
    This past week has proven to be another interesting one in the unfolding Canadian cost of capital saga with action taking place in both the provincial and the federal arenas.
  • Income Trust Conversion Options
    November 17, 2009
    Once an income trust has made the decision to convert to a corporation, two structural options are available under the tax rules providing for tax-deferred conversions: the exchange method and the distribution (or redemption) method. This update, discussing the reasons for selecting either method, is part of a series of brief updates on key issues and practical considerations for management, independent trustees, acquirors, financiers and other stakeholders with interests in income trusts.
  • NEB Drops 1994 Return on Equity Formula…
    November 05, 2009
    On October 8, 2009, the National Energy Board (NEB or Board) issued a two-page decision by letter wherein it concluded that the formula approach to the determination of a generic cost of capital for companies under its jurisdiction, which was implemented in 1995 via Decision RH-2-94 (the RH-2-94 Formula), is no longer appropriate in today's financial environment.
  • Best Practices in Trade and Customs, Canada-EU Trade: From EFTA to CEPA
    October 20, 2009
    Created for I.E. Canada's 78th Annual Conference, Darrel Pearson's presentation, "Best Practices in Trade and Customs, Canada-EU Trade: From EFTA to CEPA," highlights Canadian trade opportunities in Europe.
  • Regulatory Delay and the One Project-One Assessment Proposal
    October 13, 2009
    In Canada, the federal, provincial and territorial governments have assumed a role in the development and operation of various energy projects, particularly those that have the potential to impact the environment. This separation of jurisdiction between the levels of government, arising in part from the division of powers under the Constitution Act, 1867, has demonstrably contributed to regulatory delays regarding project approvals because of the sometimes difficult task of coordinating the review of the project amongst the levels of government, and even within one particular level of government. Delays in the regulatory approval process can have significant and negative impacts upon industrial development in Canada, with impacts reaching far beyond the proponents of the particular project.
  • Alberta's New Lobbyists Act
    October 08, 2009
    New lobbying legislation came into force in Alberta effective September 28, 2009. The Lobbyists Act (Alberta) imposes new reporting requirements on specified communications with public office holders in the province, and will require individuals who lobby provincial public office holders to file reports of their lobbying activities with a new Lobbyist Registry.
  • Is Your Business Ready for an H1N1 Flu Virus?
    October 01, 2009
    In light of the extensive news coverage given to the possibility of an H1N1 Flu Virus pandemic, many employers are concerned about their operations as well as potential legal obligations should such a pandemic occur. This Alert provides guidance for considering and developing a plan to help ensure the safety of the workplace, should a pandemic occur.
  • Ontario Green Energy Shifts Into High Gear
    September 25, 2009
    With the release by the Ontario government on September 24, 2009, of key steps to facilitate the development of renewable energy in Ontario, the renewable power regulatory framework has become more clear. North America's first comprehensive feed-in-tariff program will launch October 1, 2009, with additional details expected to be released shortly. In this update, Bennett Jones' Energy group summarizes key points in this new program.
  • Canada: Recent Changes in Foreign Investment Rules and Enforcement
    August 31, 2009
    Key legislative changes to the Investment Canada Act were recently introduced by Parliament pursuant to the “Budget Implementation Act” (Bill C-10). Draft Regulations to implement the amendments were published for comment on July 11, 2009. The 30-day public comment period expired on August 10, 2009. The government is expected to introduce final regulations in the coming weeks.
  • Canadian Government Moves to Counter ‘Buy American' Protectionism
    August 27, 2009
    Canadian Trade Minister Stockwell Day confirmed on August 24, 2009, that he has written to U.S. Trade Representative Ron Kirk to offer guaranteed access for U.S. goods to provincial public procurement in exchange for a quick resolution of protectionist ‘Buy American' requirements introduced in the American Recovery and Reinvestment Act of 2009, as well as a longer-term opening of government procurement markets at the state, provincial and municipal level.
  • Supreme Court Resolves Key Pension Issues
    August 13, 2009
    The Supreme Court of Canada has affirmed the decision of the Ontario Court of Appeal in Nolan v. Kerry (Canada) Inc. The ruling clarifies the law surrounding the use of pension plan assets to pay plan administrative expenses and the use of surplus to offset employer contributions under both the defined benefit and defined components of a single pension plan, as well as the payment of costs of member-initiated litigation from the pension fund.
  • Income Trust Tax Choices
    July 28, 2009
    Beginning January 1, 2011, distributions of most kinds of income to unitholders of publicly-traded income trusts (other than certain REITs) will become subject to the SIFT tax. Transitional tax rules facilitating conversions of income trusts will only be available until the end of 2012. This update highlights key tax factors to be considered by management and trustees of income trusts in determining when and if to convert.
  • Income Trust Governance Considerations
    June 30, 2009
    It is critical that trustees of an income fund follow corporate governance best practices when considering whether or not to convert to a corporation. This update focuses on procedural and substantive considerations for trustees, including whether the establishment of a special committee of independent trustees is necessary or desirable.
  • Income Trust Decision-Making Checklist
    June 16, 2009
    Further to our recent Market Update focusing on the tax deadlines faced by income trusts and the alternatives available, we present our Decision-Making Checklist. This update outlines key strategic, tax, financial, market and legal questions which management, trustees, advisors and other stakeholders in income trusts should ask in determining the best alternative.
  • The California Low Carbon Fuel Standard
    June 09, 2009
    The California Low Carbon Fuel Standard is scheduled to come into effect January 1, 2010. Companies that produce, refine, distribute or otherwise are involved with petroleum from the oil sands may be affected by this new regulation.
  • Income Trust Market Update
    June 02, 2009
    As the tax-free holiday on income distributed to unitholders of publicly-traded income trusts ends in 2011, management and trustees of income trusts must determine whether to convert to a corporation or pursue another strategy.
  • ROFRs in the CCAA Process
    June 01, 2009
    Generally, ROFRs have been honoured in Companies' Creditors Arrangement Act (CCAA) proceedings, as a ROFR is a substantive right and it has been held that a Court cannot permanently strip a third party of its substantive rights under the CCAA.
  • What's NEXT? NGL Extraction Rights
    June 01, 2009
    One year after commencing the oral portion of an Inquiry into NGL extraction rights from the common natural gas stream, the Alberta Energy and Utilities Board (AEUB), now the Alberta Utilities Commission (AUC), has recommended that NGTL adopt a receipt point allocation model, largely based on the NGTL “NEXT” proposal (D2009-009).
  • Bermuda Announces Tax Information Exchange Agreement with Canada
    May 15, 2009
    On May 7, 2009, the Bermuda Ministry of Finance announced that it has concluded negotiations with Canada to enter into a tax information exchange agreement (TIEA). While the Canadian government has not yet made a similar announcement, it is expected to do so in the near future.
  • A Made-in-Canada Digital Strategy
    March 30, 2009
    The recent announcement by federal Heritage Minister James Moore of the creation of the Canada Media Fund (CMF) is a welcome sign that the federal government recognizes the need to address the protection of Canadian culture in the Internet age. But much more will be required if Canada is to hold its ground as a leading player in the coming years. We need a comprehensive strategy to enhance Canadian competitiveness in the digital economy, a strategy that includes but extends beyond a consideration of the role the federal government might play in promoting Canadian culture. Originally published in the National Post on March 30, 2009.
  • Are Your Company's Restrictive Covenants Clear and Reasonable?
    March 20, 2009
    Two recent significant decisions offer a reminder of the importance of ensuring that the restrictive covenants in your company's contracts are clear and reasonable.
  • Cross-border Tax Disputes Cost Billions
    March 20, 2009
    Recent media reports that Chrysler's $1-billion transfer pricing dispute with Canadian tax authorities is jeopardizing the company's restructuring negotiations highlight the enormous cost of tax disputes to business and illustrate the critical importance of effective management of tax disputes.
  • Antitrust & Competition Update
    March 13, 2009
    In order to ensure our clients are kept up-to-date with recent competition occurrences, Bennett Jones' antitrust and competition group has prepared an update, featuring articles on Bill C-10, recent bid-rigging charges, declined challenges by the Competition Bureau and the arrival of the former Commissioner of Competition at Bennett Jones.
  • When Criminal and Civil Process Intersect
    March 09, 2009
    There are important considerations for dealing with fraud investigations and actions, especially when considering that the criminal and civil processes interact and impact on each other. Certain issues to be aware of are set out in this article.
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