Highlights

  • The Canada Border Services Agency is investigating alleged dumping of concrete reinforcing bar from Bulgaria, Thailand, and the UAE, with the Canadian International Trade Tribunal assessing potential industry injury.
  • The Canada Revenue Agency plans to revoke the charitable status of organizations that have not met filing requirements.
  • The Canada–Newfoundland and Labrador Offshore Petroleum Board has opened bids for offshore land parcels, with a focus on exploration and development commitments.
  • The Canadian International Trade Tribunal has addressed procurement complaints, one found invalid and another under inquiry.
  • The CRTC is considering an application from Accessible Media Inc. for public input.
  • Two public servants have been authorized to run in the federal election.
  • Amendments to the Canadian Environmental Protection Act are proposed, affecting polymers and the substance piperazine, with public comments invited.
  • Various Governor in Council positions are open for application, promoting diversity and merit.
  • The Bank of Canada’s financial statements show a decrease in total assets and liabilities, a net loss for the year, and a comprehensive loss, with an overall decrease in equity.
  • The Bank manages financial risks through a comprehensive framework and provides employee benefits, including pension plans.

Recent Canadian Regulatory Updates and Investigations in Trade, Charity Status, Offshore Bidding, and Public Service Election Participation

The Canada Border Services Agency (CBSA) has initiated an investigation into the alleged injurious dumping of certain concrete reinforcing bar from Bulgaria, Thailand, and the United Arab Emirates. The goods in question are classified under various tariff classification numbers. The Canadian International Trade Tribunal (CITT) will conduct a preliminary inquiry into the potential injury to the Canadian industry and will decide within 60 days. If no injury is found, the investigation will be terminated. Interested parties are invited to submit relevant information by a specified deadline and any confidential submissions must be accompanied by a non-confidential version.

The Canada Revenue Agency (CRA) has announced its intention to revoke the charitable status of various organizations for failing to meet the filing requirements of the Income Tax Act. The revocation is effective as of the date of publication in the Canada Gazette.

The CRA has also acknowledged requests from certain charities to have their status revoked, effective as of the date of publication in the Canada Gazette.

The Canada–Newfoundland and Labrador Offshore Petroleum Board has announced Call for Bids No. NL24-CFB01 for 41 parcels of land in the offshore area, with bids closing in November 2024. The selection criterion is the total amount of money committed to exploration, research and development, and education and training. Minimum bids are set at $10 million per parcel, with various terms and conditions outlined, including potential extensions and security deposit requirements.

The Canadian International Trade Tribunal (CITT) has made a determination on a complaint by PricewaterhouseCoopers LLP regarding a procurement by the Department of Public Works and Government Services for the Royal Canadian Mounted Police. The complaint was found to be not valid.

The CITT has also begun an inquiry into a complaint by Newland Canada Corporation concerning a procurement by PWGSC for accommodation services in Quebec City. Newland alleges that the contract was wrongly awarded.

The Canadian Radio-television and Telecommunications Commission (CRTC) has posted a Part 1 application from Accessible Media Inc. for interventions, comments, or replies by May 31, 2024.

The Public Service Commission of Canada has granted Jesus Jose Cosico and Serge Dubord permission to seek nomination and run as candidates in the federal election, with leaves of absence granted during the election period. [Source]

Public Consultation on Amendments to Canadian Environmental Protection Act and Open Governor in Council Positions

The Canadian Environmental Protection Act, 1999 (CEPA) is set to be amended to add the letter “P” to the identifiers of 264 polymers on the Domestic Substances List (DSL) that meet the reduced regulatory requirement (RRR) polymer criteria. The public has 120 days to comment on this proposed amendment. Those who object to the addition must clearly indicate the specific polymer identifier in their comment. Confidentiality requests for submitted information must specify which information should be confidential and include justification.

A proposed Order, 2025-66-01-01, lists the specific substance identifiers for the polymers affected. Comments can be submitted online, by mail, or by email to Environment and Climate Change Canada.

Additionally, the Minister of the Environment intends to amend the DSL to indicate that subsection 81(3) of CEPA applies to significant new activities related to the substance piperazine. The public has 60 days to comment on this proposal. The assessment of piperazine suggests it is not harmful to the environment or human health under current conditions. However, new activities could change this, triggering the need for further assessment and possible risk management actions.

The Privy Council Office announces various Governor in Council positions open for applications, emphasizing a merit-based, transparent process that seeks diversity and gender parity. A healthy, respectful, and harassment-free work environment is expected for all appointees. The positions range across various organizations, including the Bank of Canada, Canada Mortgage and Housing Corporation, Canadian Broadcasting Corporation, and others, with varying closing dates for applications. [Source]

Bank of Canada 2023 Financial Statements Overview and Audit Report

The Bank of Canada’s financial statements for the year ending December 31, 2023, are the responsibility of the Bank’s management and have been prepared in accordance with International Financial Reporting Standards (IFRS). The Bank maintains a system of internal controls to ensure the integrity and reliability of its financial statements. The Audit and Finance Committee, composed of financially literate members who are not Bank employees, oversees the financial reporting process and internal controls.

The financial statements have been audited by Ernst & Young LLP and KPMG LLP, independent auditors appointed by the Governor-in-Council. The auditors have full access to the Audit and Finance Committee to discuss their audit and findings. The auditors’ report states that the financial statements present a fair view of the Bank’s financial position as of December 31, 2023, and its financial performance for the year then ended, in accordance with IFRS.

The Bank’s total assets decreased from CAD 410.71 billion in 2022 to CAD 316.78 billion in 2023. The liabilities and deficiency also decreased from CAD 410.71 billion in 2022 to CAD 316.78 billion in 2023. The Bank’s bank notes in circulation slightly decreased, and deposits from the Government of Canada and members of Payments Canada decreased significantly. The Bank’s investments, including Government of Canada bonds and other securities, also saw a decrease.

The Bank reported a net loss of CAD 5.65 billion for 2023, compared to a net loss of CAD 1.11 billion in 2022. Other comprehensive loss was CAD 97 million in 2023, compared to a gain of CAD 406 million in 2022. The comprehensive loss for the year was CAD 5.75 billion, compared to a comprehensive loss of CAD 705 million in 2022.

The Bank’s equity (deficiency) decreased from a deficiency of CAD 97 million in 2022 to a deficiency of CAD 5.85 billion in 2023. This change is primarily due to the net loss for the year and remeasurements of the net defined-benefit liability/asset.

The Bank’s cash flows from operating activities showed a net use of CAD 24.09 billion in 2023, compared to CAD 22.46 billion in 2022. Investing activities provided CAD 24.39 billion, and financing activities used CAD 301 million.

The Bank’s financial instruments are subject to credit, market, and liquidity risks, which are managed through a comprehensive risk management framework. The Bank’s financial assets are primarily composed of Government of Canada securities, and its liabilities are mainly bank notes in circulation and deposits from various entities.

The Bank’s employee benefits include pension plans and other post-employment benefits, with a net defined-benefit asset for the pension plans and a net defined-benefit liability for other benefit plans. The Bank’s key management personnel compensation totaled CAD 10 million [Source]

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