Tag Archives: Fogler Rubinoff

ILN Today Post

THE RESULTS ARE IN: HEALTH CANADA’S CONSULTATION ON THE POTENTIAL MARKET FOR CANNABIS HEALTH PRODUCTS

On September 25, 2020, Health Canada published the results from its consultation “Potential Market for Cannabis Health Products (CHPs) that would not Require Practitioner Oversight“, which took place from June 19 to September 3, 2019. The consultation sought feedback from the Canadian public and industry on a new category of cannabis products, referred to as cannabis health products (“CHPs“).

Currently, health products containing cannabis may only be sold to individuals with a prescription from a healthcare practitioner, such as a doctor or veterinarian. Eliminating the need for healthcare practitioner oversight is expected to lead to easier access, improved product selection, and wider acceptance of health products containing cannabis.

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ESTATE FREEZE OR RE-FREEZE

An ‘estate freeze’ is a common tax planning strategy. The owner of shares of a private company can ‘freeze’ the value of his/her shares and transfer the future growth of the company to other family members. The benefit of a freeze from an income tax perspective is that the future taxation of the growth of the company can be transferred to other family members particularly children, thus limiting the tax liability of the owner on death and deferring the tax to the next generation. If the shares qualify as ‘qualified small business corporation’ shares, a freeze can enable such other family members to claim the lifetime capital gains exemption. A freeze is most commonly used to freeze the value of a company that owns a business, real estate or public securities. If the owner has already implemented a freeze, a ‘re-freeze’ at a lower value can be effected if the value of the company has dropped.

A freeze or re-freeze should be considered in a down market because it may provide the owner with the opportunity to freeze his/her shares at a lower value than would otherwise have been possible.

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CONDOMINIUM MEETINGS — EMERGENCY ORDER — APRIL 27, 2020 UPDATE

On the evening of Friday April 24, 2020, the Ontario government expanded the scope of its emergency orders to now address various issues relating to condominium owner and board meetings. The orders are retroactive to March 17, 2020 and will apply, unless amended further, for the duration of the emergency order. Read the full article.

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UPDATE ON VIRTUAL WITNESSING OF WILLS AND POWERS OF ATTORNEY: SIGNING IN COUNTERPARTS NOW TEMPORARILY PERMITTED IN ONTARIO

As discussed in our last article, on April 7, 2020 The Lieutenant Governor in Council made an order under s.7.0.2(4) of the Emergency Management and Civil Protection Act (the “Order“), to temporarily permit virtual execution of Wills and Powers of Attorney through audio-visual communication technology during the COVID-19 emergency. Read the full article.

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HOW DO I APPLY FOR THE CANADA EMERGENCY WAGE SUBSIDY?

This week, the Canada Revenue Agency released details on how businesses can apply for the Canada Emergency Wage Subsidy (“CEWS“). For more information about CEWS, see our recent article here. Read the full article.

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Law Firm ILN-telligence Podcast: Episode 2: Michael Slan | Fogler Rubinoff LLP

Michael Slan is the managing partner of Fogler Rubinoff LLP in Toronto, Canada, and a member of the International Lawyers Network. In this episode, Lindsay has a candid conversation with Michael about the importance of communication in this time of pandemic, why deep cuts may not be the best cuts, and what leadership looks like in the face of market downturns and global lockdowns.  Listen here.

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GET A HEAD START — AVOID PROSPECTUS APPROVAL DELAYS BY PRE-FILING A PROSPECTUS ON A CONFIDENTIAL BASIS

On March 5, 2020 the Canadian Securities Administrators (the “CSA“) introduced a harmonized process for full reviews of prospectuses on a confidential pre-filing basis for non-investment issuers (the “Pre-File Process“). The concept of pre-filing a prospectus for comment is not new, however it was previously applied inconsistently by the various regulators. This prompted the CSA to respond by releasing its Staff Notice 43-310 — Confidential Pre-File Review of Prospectuses (for non-investment fund issuers) (the “Staff Notice“) to help harmonize the pre-filing process, and to help issuers obtain more certainty and flexibility in prospectus offerings. Read the full article.

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WORKING FROM HOME IN THE TIME OF COVID-19

Given the large numbers of people, both employed and self-employed, who are currently working from home in order to comply with physical distancing guidelines, it is useful to review the rules surrounding the deduction of home office expenses, for purposes of the Income Tax Act (Canada). While there are many similarities, there are some subtle differences in the restrictions that apply to employees earning employment income versus self-employed individuals earning income from carrying on a business at home. Read the full article.

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CONSTRUCTION LAW UPDATE — SUSPENSION PERIOD LIFTED FOR CONSTRUCTION LIENS AND THE RELEASE OF HOLDBACK

On March 20, 2020, the Province of Ontario filed an order in council under the Emergency Management and Civil Protection Act effectively suspending until further notice all statutory limitation periods, including the limitation periods to preserve and perfect construction liens retroactive to March 16, 2020. However, the inclusion of construction liens in the suspension order proved highly problematic. Read the full article.

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“RESIDENTS ARE IN ISOLATION, HOW CAN WE HELP?”

Unfortunately, due to the contagious nature of COVID-19, it is likely a matter of when, and not if, a resident will test positive, or be placed into isolation for being in contact with someone who has tested positive. As such, corporations need to be prepared. Read the full article.

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