Highlights

  • The Canadian International Trade Tribunal is investigating a complaint by Stericycle, ULC about a procurement process by Correctional Service Canada for waste removal services.
  • The CRTC is seeking public comments on a Part 1 application from First Peoples Radio Inc. and has issued decisions on various radio stations.
  • A Canada Revenue Agency employee has been authorized to run for Mayor in a Newfoundland and Labrador municipal by-election.
  • The Bank of Canada’s financial statement shows significant assets and liabilities, with a noted deficiency.
  • The Privy Council Office is promoting diverse and merit-based appointments for various government roles.
  • HomeEquity Bank has updated its office address for enforcement notices.
  • Markel International Insurance Company Limited is seeking to insure risks in Canada, with plans to establish a branch in Toronto.
  • Portfolio Stewards Inc. is proposing to create a new life insurance company, Insurance Stewards Inc., also based in Toronto.

Canadian Regulatory Updates: Trade Tribunal Inquiry, CRTC Public Comment, and CRA Officer’s Political Candidacy

The Canadian International Trade Tribunal is conducting an inquiry into a complaint by Stericycle, ULC regarding a procurement by Correctional Service Canada for biomedical waste removal services. Stericycle alleges that the contract was improperly awarded to a bidder currently facing an enforcement order for mishandling biomedical and hazardous waste, and requests a new solicitation for the contract.

The Canadian Radio-television and Telecommunications Commission (CRTC) has updated its website with detailed decisions, notices, and other regulatory documents. A Part 1 application from First Peoples Radio Inc. for CFPO-FM and CFPT-FM in Ontario is open for public comment until September 1, 2023. Recent CRTC decisions involve various radio stations across Canada, including specific stations in Digby, Nova Scotia; Saint-Jérôme, Quebec; Gravelbourg, Saskatchewan; and Moncton, New Brunswick.

The Public Service Commission has granted Jan Crane, a Business Validation Officer at the Canada Revenue Agency, permission to run for Mayor of Port au Port East, Newfoundland and Labrador in the upcoming municipal by-election. [Source]

Bank of Canada Financial Overview and Government Appointment Opportunities

The Bank of Canada’s unaudited financial statement as of June 30, 2023, shows total assets and liabilities amounting to $357,506 million. The assets include cash and foreign deposits of $13 million, loans and receivables totaling $4 million, and a substantial investment portfolio. The investments comprise Government of Canada bonds at amortized cost and fair value, Canada Mortgage Bonds, other bonds, securities lent or sold under repurchase agreements, and shares in the Bank for International Settlements, totaling $327,560 million. Derivatives related to indemnity agreements with the Government of Canada are valued at $28,834 million. Capital assets, including property, equipment, intangible assets, and leased assets, amount to $663 million, with other assets at $432 million.

Liabilities include $117,712 million in banknotes in circulation and $224,910 million in deposits from the Government of Canada, members of Payments Canada, and other deposits. Securities sold under repurchase agreements total $17,726 million, with other liabilities at $296 million. The total liabilities are $360,644 million. The deficiency, including share capital, reserves, and an accumulated deficit, amounts to -$3,138 million.

The Privy Council Office announces various Governor in Council appointment opportunities, emphasizing a transparent, merit-based process that seeks gender parity and representation of Indigenous peoples and minority groups. The government aims to create a respectful and harassment-free work environment. Open positions include directors, chairpersons, CEOs, commissioners, and other roles in various Canadian organizations and agencies, with the intent to build a government reflective of Canada’s diversity. [Source]

Upcoming Financial and Insurance Sector Developments in Canada

HomeEquity Bank has designated a new office for the service of enforcement notices at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 3500, Toronto, Ontario, effective July 31, 2023.

Markel International Insurance Company Limited, based in England, plans to apply for approval to insure risks in Canada in various insurance classes. The application will be filed with the Superintendent of Financial Institutions after September 5, 2023. The company’s Canadian branch will be located in Toronto, Ontario.

Portfolio Stewards Inc., along with Stewardship Alternative Income Fund and individuals Paul and Peggy Tyers, intend to apply to establish a new life insurance company named Insurance Stewards Inc. The application will be submitted after September 26, 2023, and objections can be filed with the Superintendent of Financial Institutions until that date. The company’s head office will be in Toronto, Ontario. Approval of the application is subject to the standard review process and the discretion of the Minister of Finance. [Source]

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