NS Legislative Report, Fall Sitting – Update October 16

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How do borrowers and lenders manage during an economic downturn?

COVID-19’s impacts on our lives now include massive intrusions into the arrangements between borrowers and lenders. Customers have disappeared. Revenues have disappeared. But financial obligations remain. How can borrowers and lenders work together in these uncertain times to make the best of a bad situation?

Title Insurance: Peace of Mind for the Commercial Lender

Title insurance is available for a wide variety of commercial and residential transactions. In the commercial lending context, a lender may secure a loan against real property of the borrower.

The Taxman Cometh: CRA Priorities in Insolvency Proceedings

Courts and lawmakers often refer to Canada Revenue Agency (“CRA”) as an involuntary creditor when businesses fail to make required tax payments to the governmental authority. The timely collection of taxes and payroll deductions also plays a fundamental role in the financing of government.

Consumer Protection in the Banking Industry

The decision rendered by the Supreme Court of Canada in the case of Bank of Montreal v Marcotte, 2014 SCC 55 (“Marcotte”), on September 19, 2014, has significant implications with respect to consumer protection requirements in the banking industry. The Marcotte decision highlights the important role that compliance with both provincial and federal consumer protection legislation has within the banking industry.

Mortgage Backed Loan Transactions

A frequently encountered issue faced by many lenders in mortgage backed loan transactions is the use by the borrower of a nominee title holder, or bare trustee.

Trapdoors in Newfoundland and Labrador Transactions: Prohibited Financial Assistance

Any corporate or commercial transaction involving a Newfoundland and Labrador corporation must include a consideration of the prohibited financial assistance provisions in the Corporations Act (Newfoundland and Labrador) and how to address any issues that arise. Failure to do so could result in the enforceability of a loan or guarantee, personal liability for corporate directors and professional negligence claims. This newsletter outlines the concept of prohibited financial assistance under NL corporate law and the most common ways the prohibition is overcome or mitigated.

August 9, 2012
Tax

The CRA’s Revised Fundraising Guidelines: Legislation Needed

In April 2012, the CRA released Guidance CG-013 (revising CPS-028, June 2009), setting out in detail its interpretation of the fundraising rules applicable to registered charities. However, these guidelines are not sufficiently backed by legislation to achieve their purpose. Click to read full article Published in the Canadian Tax Focus, Volume 2, Number 3, August […]