Blakes Weekly Digest | February 7, 2025
In this issue...
CSA Provides Guidance on AI Disclosures by Public Companies?
The Canadian Securities Administrators (CSA) has released a new Staff Notice for the Applicability of Canadian Securities Laws and the Use of Artificial Intelligence Systems in Capital Markets. Among other guidance, this notice outlines issuers’ disclosure requirements relating to the use, development or deployment of artificial intelligence (AI) systems. The CSA directs that issuers’ disclosure should be tailored to provide investors with specific information detailing the operational and financial impacts and risk factors related to the use of AI systems.
U.S. Imposes Sweeping Tariffs on Canada; Canada Announces Countermeasures – February 3/25 UPDATE: Tariffs Paused
On February 3, 2025, Canada and the United States agreed to a 30-day pause on the additional tariffs described below to allow the countries to work together on border and other issues.
U.S. President Trump plans to impose additional 25% tariffs on most goods from Canada, with lower 10% tariffs on Canadian energy and energy resources. As countermeasures, the Government of Canada announced 25% tariffs on certain goods imported from the U.S., with phase 1 targeting C$30-billion worth of products.
Phase 2 tariffs by Canada on an additional C$125-billion worth of U.S. products would be imposed following a 21-day consultation period. The U.S. and Canadian measures will significantly impact the economies of both countries and will have wide-ranging impacts on Canadian businesses and their global supply chains.
Legal Updates in the Quebec Healthcare Sector
Businesses, providers and professionals in the healthcare sector face a changing legal landscape, both federally and in Quebec. The Canadian government has announced a policy update under the Canada Health Act, coming into effect on April 1, 2026, that will align the reimbursement of patient charges for medically necessary services provided by non-physician and physician healthcare professionals. In Quebec, the passage of Bill 67 has granted pharmacists extended powers to provide a more comprehensive, holistic approach to patient health.
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Canadian Privacy Law 2024 Year in Review
The Blakes Privacy group marked Data Privacy Week with a look back at key developments in Canadian privacy law in 2024. Significant updates from Alberta, Ontario and Quebec address privacy breaches, access to information, the use of AI in the public sector, data anonymization, data portability and more.
Ontario Election 2025: Business and Legal Considerations
With Premier Doug Ford’s announcement of an early provincial election in Ontario, businesses that engage or are planning to engage in the political process should be mindful of various rules. These include the province’s rigorous third-party political advertising regime and the contribution limits under the Ontario Election Finances Act, as well as the lobbying and conflict of interest rules under the Ontario Lobbyists Registration Act. Businesses that contravene election regulations could face steep penalties and reputational risks.
Digital Policy Issues Face Uncertain Future After Prorogation of Parliament
With the prorogation of Canada’s Parliament, several digital policy bills before the current government are now considered “dead.” Bills relating to cybersecurity regulation, the federal privacy regime, artificial intelligence, online content moderation, elections and open banking will have to be reintroduced once Parliament resumes, restarting their respective legislative processes. Businesses with views on digital policy should be prepared for potential future consultation with the government.
Tax Update: Proposed Increase to Capital Gains Inclusion Rate Deferred to 2026
The Government of Canada deferred the implementation date for its proposed increase to the capital gains inclusion rate from June 25, 2024, to January 1, 2026. Once implemented, the capital gains inclusion rate will increase from one-half to two-thirds on individuals’ capital gains above C$250,000 and on all capital gains earned by corporations and most types of trusts.