RJM LAW Corporate Lawyers
2 Simcoe Street South, Suite 300 L1H 8C1 Oshawa, ON, Canada

US regulators approved a ruling earlier this week which will allow companies to raise money by listing directly on the New York Stock Exchange. What does this mean? For one, no more large investment bank fees!

2020 Home Office Expenses - On December 15, 2020, the CRA announced two new permitted approaches for employees to claim deductions in respect of home office expenses incurred in 2020: (i) a new temporary flat rate method, where no special form is required to be obtained from an employer and filed by employees, and (ii) a new detailed method for claiming home office deductions, which will require the preparation and filing of the new T2200 Short - Make sure you review this with your accountant!

Duty of Honest Contractual Performance - On December 18, 2020, the Supreme Court of Canada gave judgment in C.M. Callow Inc. v. Zollinger. The Court gives guidance about how parties to contracts must conduct themselves in good faith when carrying out or terminating a contract.

For those with family trusts, the new required enhanced disclosure rules start next year. Beginning in 2021, certain express trusts, which include typical family trusts commonly used in tax planning, are required to file a T3 return annually. Make sure you check-in with your accountant to ensure you are adhering to the new rules!

Ten tax tips for charitable giving; tis the season: 1.Give cash. 2. Put it on credit. 3. Donate appreciated securities in-kind.... 4. Donate securities obtained through employee stock options. 5. Donate depreciated securities. 6. Donate RRSP/RRIF withdrawals. 7. Watch the donation limit. 8. Pool your donations. 9.Corporate donations. 10. Set up a donor-advised fund. (Financial Post December 4, 2020)

Wishing the OGC curlers another great season!

On November 17, 2020, the Ontario government passed a law providing liability protection for businesses in connection with various COVID-19-related issues. The new Supporting Ontario’s Recovery and Municipal Elections Act, 2020 is good news for businesses worried about liability if a customer or client is exposed or contracts COVID-19. Check it out.

Why do you need an employment/contractor agreement, you ask? Putting the terms of your agreement in writing provides both parties with certainty and provides an opportunity for the parties to consider the true nature of their relationship. Is the worker really an independent contractor or are they actually an employee? Treating a worker who is really an employee like an independent contractor can result in significant liability for unpaid source deductions and failure to provide payments as required by employment standards legislation. Your written agreement can ensure that the factors that are determinative of whether an individual is an employee or a contractor are specifically addressed, increasing the likelihood that with scrutiny the relationship will be viewed the way you intended in the event of an audit.

Great news for Ontario cannabis retail store operator applicants! The Ontario government has directed the Alcohol & Gaming Commission of Ontario to increase the Retail Store Authorization (RSA) issuance rate of 20 RSAs per month to a maximum of 40 RSAs per month commencing this fall.

The federal government has officially launched the CyberSecure Canada (CyberSecure) online portal (https://www.ic.gc.ca/eic/site/137.nsf/eng/h_00016.html)! Helping small and medium-sized organizations implement cybersecurity measures to protect against cyber threats. Check it out.

Lum v. Canada (Attorney General) - On July 28,2020, the Federal Court released the first case relating to the issuance of cannabis security clearances. Good news for Mr. Lum!

Effective October 1, 2020, as a result of amendments to the Business Corporations Act (British Columbia), private companies in British Columbia will be required to maintain an up-to-date transparency register that sets out information about significant individuals that exercise control over the company. New companies established in British Columbia will be required to implement a transparency register at the time of incorporation. This is already the case for federally-incorporated companies. Stay tuned for Ontario...

To better facilitate access to capital for small businesses, the Ontario Securities Commission (OSC) has adopted registration and prospectus exemptions for "start-up crowdfunding", effective July 30, 2020.

Need help buying or selling a business? Ping us; we would be happy to assist you! https://rjm-law.ca/

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#blackouttuesday

Businesses facing problems of performance under their contracts, including payment or collection, may soon be overwhelming for all parties to those contracts. Consider putting a standstill agreement in place to get you through these difficult times.

Here is an update for any clients or friends who need to attend our office in person: https://www.oshawa.ca/Modules/News/index.aspx

We are here to help clients and friends of our firm navigate the impacts uncertainty can have on your M&A transactions; structuring and otherwise.

On April 24, 2020, Ontario updated its temporary relief for corporations incorporated under the Business Corporations Act (Ontario) (the OBCA) in relation to shareholder meetings, as well as director meetings, under the Emergency Management and Civil Protection Act (Ontario). This article outlines the impact of this relief for Ontario business corporations that are dealing with their annual shareholder meetings and director meetings.

We are here for you during these difficult times; even if you just need to vent!

As of April 7th, 2020, Wills and POAs can now be witnessed by video conference, provided that one of the two witnesses is a licensee of the Law Society of Ontario. Each of the two witnesses and the Will-maker must use audio-video technology that enables all three parties to hear and see each other while the Will is being signed. Given the current pandemic, many Canadians are now revisiting their Wills or preparing one for the first time. RJM LAW Corporate Lawyers is here to accommodate your needs.

Effective immediately, new relief measures being offered by BDC to qualified businesses to provide relief to business owners impacted by the spread of COVID-19 as part of the BCAP include: (a) working capital loans of up to $2 million with flexible terms and payment postponements for up to 6 months for qualifying businesses; (b) postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less; and... (c) reduced rates on new eligible loans.

Force Majeure Provisions - have you reviewed your business's commercial agreements recently?