Most Recent Publications
- Tax Law Bulletin - September 2008 - Tax Update on the Financing of Municipal Corporations
The Canada Revenue Agency (the "CRA") recently issued Tax Ruling #2007-0224741R3 "Capital of a Municipal Corporation". The Ruling has particular significance in the context of municipal financing opportunities as it has expanded the scope of ownership rights that can be held by a third party without adversely affecting the tax-exempt status of a municipal corporation.
- Bankruptcy Update - September 2008 - Court of Appeal Releases Landmark Decision in the Restructuring of the Canadian Asset-Backed Commercial Paper Market
In Metcalfe & Mansfield Alternative Investments II Corp., (Re) The Court of Appeal of Ontario (the "Court of Appeal") dismissed the appeal commenced by holders of third-party non-bank asset-backed commercial paper ("ABCP") and refused to interfere with the decision of the Ontario Superior Court of Justice (Commercial List) (the "Superior Court") to approve and sanction the plan of compromise and arrangement (the "Plan") as being fair and reasonable.
- Financial Services Alert - September 2008 - New Legislation for Mortgage Brokering Activities - The Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario)
The Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario) (the "Current Act") came into effect on July 1, 2008, at which time the Mortgage Brokers Act (Ontario) (the "Previous Act") was repealed. Unlike the Previous Act, which had only one category of registration (mortgage broker), the Current Act has four categories of licences – mortgage brokerage, mortgage administrator, mortgage broker and mortgage agent. The Current Act sets out the eligibility criteria for each of the licensing categories, and rules on the standards of practice for each category of licensee.
