Corporate Law
CRA’s new trust reporting requirements
[Updated March 28, 2024] This year’s tax filing season may be looking different for some people and corporate entities due to new trust reporting rules. These changes, while presenting challenges, also offer legal professionals an opportunity to educate their clients. Overview Previously, trusts were only required to file a T3 Trust Income Tax and Information… Read More »
Categories: Corporate Law, Family Law, Real Estate, Wills & EstatesNew filing requirements under the Canadian Business Corporations Act (CBCA): Effective January 22, 2024
We have seen several changes to the Canadian Business Corporations Act (CBCA) over the last few years. The changes have been rolled out in stages, including requiring private corporations to maintain a register of Individuals with Significant Control (ISC). Prior to this change, federal companies had to maintain a shareholders register with names of its… Read More »
Categories: Corporate LawCorporations Canada to begin administrative dissolutions of dilatory not-for-profit corporations starting next month
Any lawyers working with not-for-profit corporations should note that, in July 2023, Corporations Canada will begin administrative dissolutions of not-for-profit (NFP) corporations that have not filed an annual return for three years. This policy could impact any dilatory NFP governed under the Canada Not-for-profit Corporations Act. Corporations Canada have indicated they will send a Notice… Read More »
Categories: Corporate LawNew corporate registration requirements
As of June of 2019, federal private corporations will be required to maintain a registry of “Individuals with Significant Control” (ISC) in addition to an annual obligation to take reasonable steps to ensure their register is complete and up-to-date. Corporations will have an obligation to update their registry within 15 days of becoming aware of… Read More »
Categories: Corporate LawResponsible delegation: Annual corporate filings and updates
Responsible and efficient delegation is an important skill for any lawyer. But there are limits as to when and how certain tasks can be delegated to non-lawyers. Recently, LAWPRO has seen situations where corporate filings are handled by administrative staff such as clerks, without specific authorization or review from a supervising lawyer. This sometimes includes… Read More »
Categories: Corporate LawIs it safe to serve on a client’s board of directors?
It can be very rewarding, both personally and financially, to be asked to serve on a client’s board of directors. It’s also easy to understand why a client might make the request: the lawyer may have worked closely with the corporation’s founders to establish the company, and will likely have a solid understanding of the… Read More »
Categories: Conflicts of Interest, Corporate Law, LAWPRO Errors and Omissions CoverageLAWPRO Magazine archive – Drafting errors: A simple error can cost you
Given the complexity and the number of commercial agreements drafted each year in Ontario, it is surprising that corporate and commercial claims account for only 13 to 15 per cent of the number of claims reported against lawyers in Ontario annually. Although commercial leasing errors represent a small percentage of those claims, they illustrate where… Read More »
Categories: Corporate LawpracticePRO Resource: Checklist for commercial transactions
Many commercial matters involve the preparation of one or more documents. These documents are drafted based on communications between the parties to the document and/or their respective lawyers, the specific circumstances of the matter and applicable substantive law. While the majority of commercial deals in Ontario are concluded without difficulties, all too often LAWPRO sees… Read More »
Categories: Corporate Law