Banking, Bankruptcy & Insolvency
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May 29, 2025
B.C. court: ITA no bar to refund of tax overpayments per court-ordered priorities
The British Columbia Court of Appeal has held that tax overpayments from a foreclosure sale remain subject to the priorities in the sale order, rejecting the CRA’s argument that such funds can only be refunded to the taxpayer.
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May 27, 2025
Throne speech states Carney government’s ‘core mission is to build the strongest economy in the G7’
Delivering Canada’s speech from the throne for the first time, King Charles III outlined the Carney Liberal government’s plans to make Canada’s economy the most robust in the G7, including by driving the country’s emergence as an energy superpower and by removing internal trade barriers and other roadblocks to creating big national projects and large-scale affordable housing.
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May 23, 2025
CSA announces proxy delivery relief if postal service suspended
The Canadian Securities Administrators (CSA) has announced that regulators will offer temporary relief from current requirements to deliver proxy-related materials for shareholder meetings if a Canada Post strike completely suspends postal service.
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May 23, 2025
G7 finance ministers, central bank governors release communiqué emphasizing ‘unity’
On May 22, G7 finance ministers and central bank governors reached an “agreement on a communiqué which emphasized, above all, the importance of G7 unity in the face of complex global challenges.”
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May 22, 2025
Alberta Court maintains financing statement registration for contingent claims citing ‘broad’ GSA
The Alberta Court of King’s Bench has held that contingent claims arising from ongoing litigation were sufficient to allow a creditor’s financing statement registration to be maintained under the Personal Property Security Act (PPSA), citing a broadly worded general security agreement (GSA).
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May 20, 2025
Ontario court awards $350,000 in damages for insurance brokerage contract breach
In what the judge involved has described as a glimpse into the back room of the insurance brokerage business, the Ontario Superior Court of Justice has awarded a Toronto brokerage $350,000 for an ex-salesman’s breach of contract and a competitor’s role in causing it.
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May 20, 2025
Court: Intention to continue business insufficient on its own to clear BIA preference test
The Ontario Court of Appeal has held that an insolvent debtor’s intention to stay in business does not rebut the presumption that a payment to a creditor shortly before bankruptcy is intended as preference over other creditors, unless there is a reasonable basis to believe it will benefit creditors generally.
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May 16, 2025
Competition Bureau releases 2025-26 annual plan, builds on legislative changes
The Competition Bureau has released its annual plan for 2025-26, saying it will continue to build on previous legislative changes aimed at enhancing competition, especially in the face of “rapid shifts in trade, market dynamics and technology.”
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May 16, 2025
Federal Court extends deadlines for immigration JRs due to surging cases, inadequate gov’t funding
Contending with far too many immigration cases for its tight budget, the Federal Court this week extended by 45 days its regulation 30-day deadlines for litigants to perfect their applications for leave and judicial review of immigration decisions (ALJRs). Why? Because the registry’s beleaguered staff simply can’t keep up, and now often needs weeks rather than days to intake and process the ALJRs — which have more than quadrupled the average volume the court experienced over the five years immediately preceding the 2020 COVID-19 pandemic.
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May 16, 2025
Surrey bookkeeper sentenced for nearly $1 million in GST/HST evasion
A Vancouver hotel bookkeeper who masterminded a goods and services tax evasion scheme worth almost $1 million has received a conditional sentence of two years less a day and two years’ probation, the Canada Revenue Agency (CRA) has announced.