BLG law firm

Cybersecurity, artificial intelligence, fee practices and the quality of regulatory filings feature prominently in the Ontario Securities Commission’s (OSC) latest account of its registration and examination work. OSC Staff Notice 33-762, released on October 7, 2026, reports on the Registration, Inspections and Examinations Division’s (RIE) activities for the fiscal year ended March 31, 2026 (Staff Notice). For Ontario dealers, advisers and investment fund managers, the publication offers both a retrospective…

The Ontario Securities Commission’s (OSC) Investment Management Division released OSC Staff Notice 81-741 on September 15, 2026 (IM Staff Notice), summarizing its fiscal 2025–2026 work. The publication draws together trends from prospectus and exemptive relief files, continuous disclosure reviews, ownership change notices under sections 11.9 and 11.10 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), and the Division’s current policy agenda. Product development remains brisk.…

The Canadian business community awaits the 2026 federal budget with heightened expectations. In The Globe & Mail, I described the Productivity Mega Deduction announced on Sept. 15 as “the most consequential Canadian tax policy initiatives of the 21st century”, and it is, both for the impact of the tax change itself and for what it represents. In the government’s own words, this measure constitutes “a sea change in how Canada…

In a development likely to attract significant interest across the stablecoin and payments sectors, on October 24, 2026, the Department of Finance released proposed Stablecoin Regulations (Regulations) under the Stablecoin Act (SCA), together with related amendments to the Retail Payment Activities Regulations (RPAR). The Regulations operationalize the SCA by establishing detailed requirements for stablecoin issuers, while the related RPAR amendments would bring certain payment service providers (PSPs) that perform payment…

Bill S-8, the Combatting Financial Crimes and Drug Trafficking Act (Bill S-8) marks the latest step in Canada’s push to strengthen its financial crime framework. Introduced on November 3, 2026, Bill S-8 would impose new obligations and restrictions on money services businesses (MSBs), crypto ATM operators and businesses handling certain cash transactions. Bill S-8 comes at a time of heightened scrutiny of Canada’s response to money laundering and other financial…

British Columbia’s Restricted Insurance Agent Licence Regulation comes into force on Jan. 1, 2027, introducing a restricted insurance agency (RIA) licensing regime for specified businesses that sell insurance incidental to their ordinary business. Affected businesses should begin preparing their licensing information, compliance arrangements and representative training now. Applications open Jan. 4, 2027 The Insurance Council of British Columbia (the council) administers RIA licensing. Applications open on Jan. 4, 2027, through…

On Nov. 5, 2026, the Canadian Federal Government released the 2026 Federal Budget with the aspirational title “Masters of our Destiny”, introducing a medley of new tax measures (Budget 2026). Read BLG’s comprehensive analysis for a broader overview of the 2026 federal budget measures. Budget 2026 features some positive headline ideas but also quietly introduces a significant increase in administrative penalties. What you need to know Standard administrative penalties are increasing…

On Nov. 5, 2026 (Budget Day), the Hon. François-Philippe Champagne, Minister of Finance, tabled the federal budget, titled "Masters of Our Destiny" (Budget 2026). As foreshadowed, Budget 2026 focuses on cultural and economic sovereignty, economic growth and affordability measures for Canadians. In addition to significant investments in defence and economic development, Budget 2026 includes allocations to build more homes, with a commitment to end homelessness in 10 years. On Sept.…

Insurer exemptions are changing for motor vehicle manufacturers and dealers British Columbia’s Restricted Insurance Agent Licence Regulation (RIA Regulation) comes into force Jan. 1, 2027. The RIA Regulation will change how dealers’ market and sell vehicle warranty insurance and other ancillary insurance products. In addition, related amendments to the Insurer Exemption Regulation narrow the current exemption under section 75 of the Financial Institutions Act for motor vehicle manufacturers and dealers…

Ontario’s Libel and Slander Act, RSO 1990, c L.12 (LSA) came into existence long before courts needed to grapple with defamation on the internet. The Ontario Court of Appeal’s recent decision in Massoudi v. Vice Media LLC, 2026 ONCA 771 confirms that online newspapers can benefit from the 3-month limitation period in the LSA, as long as the other statutory requirements are met. Under ss. 5(1) and 6 of the…

On August 18, the Canadian Securities Administrators (CSA) released its 2025–2026 Year in Review, covering the first year of work under the CSA’s 2025–2028 Business Plan. The review period runs broadly from July 1, 2025, to June 30, 2026. During that period, the CSA released 54 publications spanning rule amendments, consultations, blanket orders, guidance, policy initiatives and market updates, and participated in more than 95 stakeholder engagements. The report groups…

On Aug. 18, 2026, the Honourable Marie-Christine Hivon of the Superior Court dismissed the class action brought against Société Telus Communications Inc. (Telus) in Bergeron v. Société Telus Communications Inc. The plaintiff argued that international roaming charges of $0.60 for receiving SMS messages while abroad were disproportionate to the value of the service and constituted consumer exploitation within the meaning of section 8 of the Consumer Protection Act (CPA). She…

Shareholder disputes can destabilize a company. They often paralyze the decision-making process and impair governance. When shareholder disputes arise, the courts are often asked to intervene. While many parties turn to the oppression remedy under s. 227 of the Business Corporations Act (BCA), which was discussed in our December 2024 article on the oppression remedy, British Columbia courts have another powerful tool at their disposal: the “just and equitable” liquidation and…

The federal government recently introduced Bill C-41, the Medical Assistance in Dying Safeguards Act. Through Bill C-41, the government proposes to permanently prohibit MAiD for those whose sole underlying medical condition is a mental illness, allow practitioners, in certain circumstances, to provide MAiD to those who have made advance requests for MAiD and update reporting requirements for practitioners. Background MAiD has been legal since 2016, and access was expanded in…

As geopolitical uncertainty grows, governments are reassessing their defence priorities and increasing military investment. Last March, the Government of Canada announced that it had met NATO’s spending target on defence of 2 per cent of the GDP, bringing Canadian defence expenses to more than $63 billion for 2025 to 20261. Canada has now committed to NATO to increase its defence spending to 4 per cent of GDP by 2030 and…

At the CIRO booth: Dealer regulation and compliance developments Client Focused Reforms guidance The Canadian Investment Regulatory Organization (CIRO) is developing a series of three targeted compliance bulletins to help Dealer Members and Approved Persons apply the Client Focused Reforms (CFRs) in practice. The bulletins build on Joint CSA/CIRO Staff Notice 31-368 Client Focused Reforms: Review of Registrants’ Know Your Client, Know Your Product and Suitability Determination Practices and Additional…

How should litigants and trial judges approach the causation analysis in negligence cases? In Hemmings v. Padmore, 2026 SCC 34, released on October 23, 2026, the Supreme Court of Canada clarified and restated the law of causation in negligence cases, including complex medical negligence cases. The decision underscores the distinct roles of factual causation and remoteness and the need to address each separately in the causation analysis. BLG is proud…

What clients need to know: The $1 million penalty limit is being removed. For contraventions occurring after Sept. 21, 2026, administrative monetary penalties (AMPs) will no longer be subject to the previous aggregate $1 million cap. Exposure may materially increase where non-compliance generates economic benefits through cost avoidance; RPRA to receive more financial information. PROs in all five programs must report information, including collection and management costs, that may help…

The Ontario Superior Court of Justice recently dismissed a plaintiff’s trip-and-fall lawsuit against the City of London in Weiler v. City of London, 2026 ONSC 2011. The court found that the plaintiff failed to prove the sidewalk discontinuity exceeded the two-centimetre threshold under the Minimum Maintenance Standards (MMS). The court also ruled that the city's pandemic-related decision to pause annual inspections was protected by core policy immunity. Background On March…

On Sept. 15, 2026, the Ontario Securities Commission (OSC) published OSC Staff Notice 81-741 Investment Management Division Annual Summary Report (the Staff Notice), summarizing the activities and regulatory focus of the OSC’s Investment Management Division for the fiscal year ended March 31, 2026. The past fiscal year was defined by accelerating product innovation, a continued shift in investor preferences toward Exchange-Traded Funds (ETFs), and significant movement on long-anticipated policy files,…

The British Columbia Securities Commission (the Commission or the BCSC) recently published its annual compliance report, noting top deficiencies, outlining the Commission’s approach to non-compliance, and ending with a review of the regulatory landscape for 2025 in Staff Notice 31-368 Client Focused Reforms: Review of Registrants’ Know Your Client, Know Your Product and Suitability Determination Practices and Additional Guidance (the Report). For 2025, the BCSC served as the principal regulator…

We are living through — or perhaps suffering through — the golden age of fraud. One burden of daily life in the digital age is the constant need to identify and avoid scams: vishing calls, phishing emails, malicious links in legitimate-looking messages, investment scams on social media, AI-generated deepfakes and more. Modern payment rails are designed to move money quickly and frequently with as little friction as possible. While these…

The Competition Bureau (Bureau) has made a submission to Ottawa’s consultation on AI transparency. It recommends three principles: transparency should support well-functioning, competitive markets, obligations should be proportionate and preserve competition, and regulation should focus on harms rather than technologies. For businesses, the submission is a reminder that existing competition law obligations apply to AI-related claims and conduct, even as new transparency measures are considered. The consultation, led by Innovation,…

Last week, a new term entered into the Canadian trade, economic, and political lexicon: “associate member of the European Union.” Never mind that there is no such status in the complex web of European Union external relations, and that all we have are three lines in a long “State of the Union” speech by the president of the European Commission; the term, and what it might imply, has since taken…

Ceremony to mark the opening of the judicial year The Supreme Court of Canada held a ceremony today, Oct. 5, 2026, marking the opening of the judicial year, presided by the Chief Justice of Canada and attended by justice system leaders across Canada. The Court revived this tradition last year for the 150th anniversary of the Court. This morning’s ceremony took place at the Court’s new temporary home in the…

Canada's energy transition is creating significant opportunities Canada is experiencing significant investment in traditional oil and gas infrastructure, electricity generation and transmission, LNG facilities, critical minerals and clean energy projects. In the face of geopolitical uncertainty, Canada is a reliable and competitive energy partner. Growing demand, decarbonization initiatives and a diverse energy and resource mix are creating opportunities for both domestic and international investors. Success often depends on understanding Canada's…

On Aug. 29, 2026, the federal government published two mandatory information-gathering notices under paragraph 71(1)(b) of the Canadian Environmental Protection Act, 1999 (CEPA): Notice with respect to certain substances under the Chemicals Management Plan — 2026 Phase 1 Notice with respect to certain substances under the Chemicals Management Plan — 2026 Phase 2 (the CMP Notices) Key takeaways The CMP Notices are mandatory and cover 200 substances across two reporting…

What you need to know In Canada, prediction markets do not fit in one regulatory box. In Joint Staff Notice 91-307 (the Joint Notice), the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have made clear that, unlike the U.S., sports- and entertainment-related event contracts should not be regulated under Canadian securities and derivatives legislation. The Joint Notice draws a line in the sand that securities regulators won’t…

On Oct.14, 2026, the Supreme Court of Canada (SCC) will hear Cold Ocean Salmon Inc. v. Nova Fish Farms Inc., a commercial contract appeal about when delayed performance permits termination. The SCC will consider whether a standard “time is of the essence” clause can make an open-ended obligation, such as acting “as promptly as practicable,” essential to a commercial bargain. The appeal has practical implications for contract termination, specific performance,…

Dans un arrêt unanime rendu le 22 septembre 2026, la Cour d’appel du Québec confirme la décision de l’honorable Enrico Forlini, j.c.s. dans l’affaire PG4 c. Énergir, 2024 QCCS 4179, aux termes de laquelle une somme de 15 670 101 $ a été octroyée à l’entrepreneur en raison de conditions de sol et de roc imprévues. Le plus haut tribunal de la province rappelle au passage que les droits contractuels…

In Panasonic Canada Inc. v. XL Specialty Insurance Company, 2026 ONCA 633, the Ontario Court of Appeal held that a ransomware endorsement applied to losses arising from a ransomware attack, even though the insured did not pay a ransom and sought coverage under other coverage grants in the base policy. The decision underscores that endorsement wording may govern ransomware-related losses based on the nature of the loss, regardless of the…

On Sept. 17, 2026, Newfoundland and Labrador’s House of Assembly, sitting in a special session, voted to move forward with a definitive cooperation and implementation agreement dated Aug. 17, 2026 (the DCIA)1 between Newfoundland and Labrador Hydro (NLH), Hydro-Québec (HQ), and Churchill Falls (Labrador) Corporation Limited (CF(L)Co). The Government of Newfoundland and Labrador, Hydro-Québec and the Federal Government first announced the agreement on Aug. 17, 2026. The agreement provides the…

The Alberta Court of Appeal has provided important guidance on the treatment of pure economic loss claims arising from construction defects. In Murray v Windsor Brunello Ltd, 2026 ABCA 275, the ABCA confirmed that courts must distinguish between claims involving negligent supply of defective structures and claims involving negligent performance of professional services, as each attracts a separate duty of care analysis. What you need to know: Pure economic loss…

On Sept. 15, 2026, the federal government announced a proposed Productivity Mega Deduction (PMD) that would significantly expand immediate expensing for capital investments by Canadian businesses. The announcement stems from the inaugural Canada Investment Summit, where Prime Minister Mark Carney unveiled broader measures to encourage domestic and foreign investment. Draft legislative proposals released with the announcement provide important details regarding eligible taxpayers, qualifying property and applicable limits. Providing further context on…

In Sinclair-Desgagné v. Canada (Chief Electoral Officer), 2026 SCC 31, the Supreme Court of Canada, in a 6-3 decision, annulled the 2025 federal election in the electoral district of Terrebonne, Québec, after concluding that a mail-in ballot was not counted because of a serious administrative error by Elections Canada. The majority held that an “irregularity” under s. 524(1)(b) of the Canada Elections Act includes a serious administrative mistake, even where…

What is the test for leave to appeal in civil matters to the Court of Appeal for Ontario? The guiding principles were laid down over fifty years ago in the seminal decision of Sault Dock.1 Under the Sault Dock test, a proposed appeal must raise an “arguable” question “of general interest to the public or a broad segment of the public”. Sault Dock identified several kinds of questions that might…

The Summit brought together international investors from nearly 30 countries, representing more than $100 trillion in assets, and generated nearly $500 billion in new investment commitments. The critical challenge is converting this momentum into active development and long-term economic growth. To explore what comes next, Borden Ladner Gervais LLP (BLG), PwC Canada, Ontario Centres of Innovation and Ontario Vehicle Innovation Network convened a closed-door discussion with senior leaders from government, industry…

The federal government’s proposed Productivity Mega Deduction (PMD) may have significant implications for Canada’s mining sector, particularly for companies that rely on flow-through share financings. (See the latest article “Canada proposes new Productivity Mega Deduction”.) While much of the discussion surrounding the PMD has focused on immediate expensing of capital property, the draft legislation also introduces 100 per cent deduction for qualifying Canadian development expenses (CDE), which can be renounced…

As of September 2026, Microsoft has signed a new AI Safety and Privacy Standard (the Standard) that establishes detailed contractual protections for certain AI products used in U.S. schools. The Standard does not presently give Canadian school boards a right to those protections, but it indicates what Microsoft has accepted as contractually feasible for educational AI. American school boards can use the Standard to: seek equivalent protections from Microsoft and…

On July 2, 2026, the Canada Revenue Agency (CRA) published its updated Guidance on the Common Reporting Standard (Updated CRS Guidance). The Updated CRS Guidance includes: Long-awaited changes addressing the legislative amendments to Part XIX of the Income Tax Act (CRS) relating to the amendments to the Common Reporting Standard set out in the Standard for Automatic Exchange of Financial Account Information in Tax Matters, as amended and approved by…