Highlights

  • The Canada Revenue Agency plans to revoke the registration of Refuge Temple Apostolic Church in Edmonton for non-compliance with tax laws.
  • The CRTC has released decisions, including one concerning Wild TV Inc.
  • A NAFTA panel has reviewed U.S. antidumping duties on Canadian softwood lumber, with mixed results and a deadline for redetermination.
  • The Ombudsman for Banking Services and Investments will become the external complaints body for banking services.
  • Various government appointments have been made, and a Public Inquiry into Foreign Electoral Interference has been established.
  • The Government of Canada is seeking applicants for Governor in Council positions, focusing on diversity and merit.
  • Indemnity National Insurance Company from the U.S. intends to open a branch in Toronto to offer various insurance services.
  • The CDIC proposes technical amendments to its Differential Premiums By-law to align with updated regulatory terminology, effective for the 2024 premium year.

Canadian Regulatory Updates: CRA Revokes Church’s Status, CRTC Decision on Wild TV, NAFTA Panel Rules on Softwood Lumber Dispute

The Canada Revenue Agency has announced its intention to revoke the registration of Refuge Temple Apostolic Church in Edmonton, Alberta, due to non-compliance with the Income Tax Act. The revocation is effective upon publication in the Canada Gazette.

The Canadian Radio-television and Telecommunications Commission (CRTC) has made decisions available on its website, including a recent decision involving Wild TV Inc., which pertains to a national English-language discretionary service.

A NAFTA binational panel has issued a decision on the United States Department of Commerce’s Final Affirmative Antidumping Duty Determination concerning certain softwood lumber products from Canada. The panel partially affirmed and partially remanded the determination, instructing the Department of Commerce to provide a redetermination by January 12, 2024. This decision is part of the NAFTA Chapter 19 process, which replaces domestic judicial review with binational panel reviews for antidumping and countervailing duty cases. [Source]

Recent Appointments and Initiatives in Canadian Government and Finance Sector

The Canadian Minister of Finance has designated the Ombudsman for Banking Services and Investments as the external complaints body for banking services, effective November 1, 2024. Various appointments have been made across different government departments and agencies, including the Canadian Centre for Occupational Health and Safety, Canadian Nuclear Safety Commission, Federal Court, Immigration and Refugee Board, and the Royal Canadian Mounted Police Management Advisory Board. A Public Inquiry into Foreign Interference in Federal Electoral Processes and Democratic Institutions has been established with a designated commissioner. N.V. Hagelunie has been authorized to insure risks in Canada related to boiler and machinery, property, and hail insurance.

The Government of Canada is seeking applications from Canadians for various Governor in Council positions, emphasizing a transparent, merit-based process that strives for diversity, gender parity, and a respectful work environment. Open positions span across numerous organizations and roles, including directors, chairpersons, commissioners, and other leadership roles in sectors such as finance, health, trade, transportation, and more. [Source]

Indemnity National Insurance Company Seeks to Expand into Canada with Toronto Branch

Indemnity National Insurance Company, based in Mississippi, USA, plans to apply for permission to operate a Canadian branch to insure property, casualty, and surety risks. The application will be filed with the Superintendent of Financial Institutions. The company’s head office is in Jackson, Mississippi, and the proposed Canadian branch will be in Toronto, Ontario. [Source]

CDIC Proposes By-law Amendments for Alignment with OSFI Regulatory Filings

The Canada Deposit Insurance Corporation (CDIC) is proposing technical amendments to the Canada Deposit Insurance Corporation Differential Premiums By-law to ensure it remains current and aligns with the terminology used in regulatory filings by the Office of the Superintendent of Financial Institutions (OSFI). These amendments involve updating references to financial statements and regulatory forms to reflect their new titles and formats. For example, changes include updating the names of certain financial reports to match those used by OSFI and adjusting the schedule references for capital adequacy measures and risk-weighted assets to the correct sections of the Basel Capital Adequacy Reporting (BCAR) form.

The amendments are technical and do not affect the substantive elements of the By-law. They are intended to provide clarity to CDIC Member Institutions and ensure that CDIC receives the appropriate information. There are no alternatives to these amendments, and they do not introduce any additional regulatory costs or administrative burdens on the industry. The proposed amendments will be effective for the 2024 premium year, and there are no compliance or enforcement issues anticipated. Interested parties may submit comments on the proposed By-law within 30 days of its publication. [Source]

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