Blakes Weekly Digest - April 26, 2024
Employment & Labour
Keeping Current on Mandatory Workplace Policies Across Canada
Reviewing the current legislatively required federal and provincial workplace policies can help employers ensure they remain compliant. In this bulletin, we outline the workplace policies that employers across Canadian jurisdictions must maintain as of April 24, 2024.
Financial Services Regulatory?
2024 Federal Budget: Banking, Financial Services Highlights
Paul Belanger, Jacqueline D. Shinfield, Vladimir Shatiryan, Mena Bellofiore, Tracy Molino and Alan Fraser
On April 16, 2024, Canada's government unveiled Budget 2024, introducing significant measures in financial services regulation, anti-money laundering legislation, enhancements to the Canadian Mortgage Charter, predatory lending consumer protections, and affordable banking products. Key highlights include the introduction of a consumer-driven banking framework, amendments to anti-money laundering laws, measures to enhance mortgage affordability, and initiatives to combat predatory lending practices.
Mining
Quebec Establishes a Permitting Requirement for Mineral Exploration Work
Effective May 6, 2024, businesses involved in mineral exploration in Quebec must obtain authorization from the Ministère des Ressources naturelles et des Forêts, the provincial ministry responsible for mines, before conducting impact-causing mineral exploration work in the province. The aim is to improve and streamline the regulatory process for Indigenous and community consultation and create a framework for social acceptability related to mineral exploration work.
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Pensions, Benefits & Executive Compensation
2024 Federal Budget: Selected Pensions, Benefits and Executive Compensation Measures
On April 16, 2024, the Canadian government tabled its 2024 budget, which includes several provisions related to pensions, benefits and executive compensation. Key provisions include changes to the employee stock option deduction, enhancements to the Home Buyer’s Plan, the establishment of a working group to help drive domestic investment opportunities for pension funds, and more.
Tax
2024 Federal Budget: Selected Tax Measures
On April 16, 2024, the federal government tabled its 2024 budget, which carries significant tax implications for businesses. We analyze some of these proposals, including an increase to the tax rate for capital gains, further details on the implementation of the Clean Electricity investment tax credit and the alternative minimum tax proposals originally announced in the 2023 budget, a new tax incentive for Canadian entrepreneurs and new measures to promote the construction of rental housing.
The Mechanics of Canada’s New Digital Services Tax
Canada’s 2024 budget reaffirmed intentions for the new digital services tax (DST) to be implemented this year. For affected taxpayers, the DST will apply to revenue across multiple Canadian streams, including online marketplace services, online advertising services, social media services, and user data.