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Regulations

Proposed Ontario legislation would strengthen shareholder rights and board diversity

Apr 06, 2017

In 2017, the Legislative Assembly of Ontario released Bill 101, Enhancing Shareholder Rights Act, 2017. The Bill makes various amendments to the Business Corporations Act with respect to meetings of shareholders, the process for electing directors and the use of proxies.

The new Part IX.1 requires certain corporations to place before the shareholders, at every annual meeting, information respecting diversity among directors and the members of senior management.

Finally, the Act is amended to provide shareholders with the opportunity to propose an executive compensation policy at a meeting of shareholders. The directors of the corporation would be required to comply with the policy if it is adopted.

Review the Bill on the Legislative Assembly of Ontario's website.

2017-2018 Newfoundland and Labrador budget highlights

Apr 06, 2017

On April 6, 2017, Minister of Finance Cathy Bennett presented the 2017-2018 Newfoundland and Labrador budget.

The most significant news in this year’s budget is the absence of new taxes or fees. Equally important, there were no increases to existing taxes or fees. This budget was the exact opposite of the 2016-2017 budget, which contained increases to both taxes and fees in many areas.

The announced changes to taxation in Newfoundland and Labrador are outlined in our Canadian tax alert.

For further details, we refer you to the Government of Newfoundland and Labrador website.

2017-2018 federal budget highlights

Mar 22, 2017

On March 22, 2017, the Minister of Finance, Bill Morneau, presented the 2017-2018 budget in the House of Commons. The budget continues the theme of helping middle class families, growing the economy and creating jobs.

Some of the key features of the budget plan were:

  • The government has introduced the “Innovation and Skills Plan” which will target six key areas: advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and clean resources.
  • The budget proposes a number of additional programs to support innovation and to foster growth in the clean technology sector.
  • The government has indicated its intention to close loopholes that result in unfair tax advantages for some at the expense of others. Furthermore, the budget proposes to invest an additional $523.9 million over five years to build on previous investments to 2 support the Canada Revenue Agency’s efforts to prevent tax evasion and improve tax compliance.

A summary of the economic and tax highlights contained in the budget is outlined in our Canadian tax alert.

For further details, we refer you to the Department of Finance website.

Live Webcast on US Tax Policy and Legislation

Mar 20, 2017

You are invited to attend our live webcast on US Tax policy and legislation on Thursday, March 30, 2017 from 3:00 to 4:00pm ET.

Carl Allegretti, Canadian Tax Leader, will introduce our speakers and Fatima Laher, Tax partner and Clients & Industries Leader will be hosting the session.

Jonathan Traub, Managing Principal, Tax Policy, Deloitte US, will share perspectives on current legislation, including tax impacts, due to the recent US presidential election.

Joel Guberman, Chair and founding partner of Guberman Garson LLP, an independent immigration law firm allied with Deloitte LLP, will provide insights on the recent immigration executive order.

Mark your calendars and register for this webcast.

More information about this event.

2017-2018 Alberta budget highlights

Mar 16, 2017

On March 16, 2017, the Minister of Finance, Joe Ceci, introduced Budget 2017, “Working to make life better.” The following is a summary of the tax highlights contained in the budget.

The budget anticipates economic growth in Alberta to be 2.6%, with the 2017-18 deficit expected to be $10.3B, a modest decrease from the $10.8B deficit in the prior year. It is expected that revenue will increase from $42.9B to $45.0B, while expenses will increase from $53.7B to $54.9B, with a further $0.5B reflected as a “risk adjustment” intended to provide a buffer against fluctuations in non-renewable resource revenue.

Deficits are projected to continue in 2018-19, with $9.7B projected, and 2019-20, with $7.2B projected. The budget did not predict when the province would return to balanced budgets or a surplus.

The announced changes to taxation in Alberta are outlined in our Canadian tax alert.

For further details, we refer you to the Ministry of Finance website.

IESBA Meeting Highlights March 13 - 15, 2017

Mar 15, 2017

On March 15, 2017, the International Ethics Standards Board for Accountants (IESBA) released the highlights of its March 13 - 15, 2017.

Discussion points included:

  • Professional Skepticism
  • Technology and Innovation
  • Part C of the Code
  • Strategy and Work Plan
  • Future Strategy and Work Plan
  • Fees
  • Long Association
  • IFAC Anti-Corruption Initiative

Review the highlights and the podcast on the IESBA's Web site.

IIRC seeks feedback on integrated reporting implementation

Mar 01, 2017

On March 1, 2017, the International Integrated Reporting Council (IIRC) announced that it is conducting a two-month comment period to encourage feedback on the implementation of the International <IR> Framework. Feedback is being sought from those involved with preparing integrated reports, providers of financial capital and other users of integrated reports, as well as policy makers, regulators, standard setters, assurance providers and academics.

“We have seen 1,500 global companies adopt Integrated Reporting around the world, with its implementation already becoming mainstream in countries such as Japan and South Africa,” said IIRC CEO Richard Howitt in a statement. “This rapid adoption demonstrates the market view of the International <IR> Framework as a ground-breaking and beneficial tool. It’s now time for us to further assess how this tool is being used to assist the quality of the reporting, reinforce its relevance to new challenges and ensure it remains fully in tune with market needs.”

The IIRC also plans to convene focus groups around the world, in Australia, India, Italy, Japan, the Netherlands, Malaysia, Singapore, Spain, the United Kingdom and the United States, with other locations to be announced later. The IIRC is asking for feedback by April 30, 2017.

Review the press release on the IIRC's website.

2017-2018 British Columbia budget highlights

Feb 21, 2017

On February 21, 2017, the Minister of Finance, Michael de Jong, presented the 2017-2018 BC Budget (Budget 2017). It is the fifth consecutive balanced budget, projecting a modest surplus.

Budget 2017 also projects the elimination of the province’s operating debt in 2020/2021. Minister de Jong reiterated his government’s commitment to “improving affordability and increasing competitiveness” in the province through the introduction of a number of taxation measures aimed at providing financial relief for British Columbians and investment in key program areas, as outlined in Budget 2017.

The announced changes to taxation in British Columbia are outlined in our Canadian tax alert.

For further details, we refer you to the Ministry of Finance website.

Directors’ Alert 2017

Jan 31, 2017

Is your board ready to take advantage of disruption? Prepare your board for disruption by downloading the Deloitte's Directors' Alert.

Independent board directors join Deloitte specialists from around the globe to share their insights into the challenges facing boards today and the strategies they can employ to overcome those issues.

Review the Directors’ Alert.

GRI Insights: Future Trends in Sustainability Reporting

Jan 31, 2017

In January 2017, the Global Reporting Initiative (GRI) and the international think tank SustainAbility published the latest insights from the GRI Corporate Leadership Group on Reporting 2025, which explores four key trends fundamental to the UN Sustainable Development Goals: climate change, human rights, wealth inequality, and data and technology.

The insights, captured in the report Future Trends in Sustainability Reporting, provide practical guidance to reporting organizations working to respond to the risks and opportunities on the path to a sustainable future.

Review the report on the GRI's website.

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