Finance committee  Thank you for the question. This project is broader than the scope of the bill. The project to improve the system of transparency with regard to corporate profits in Canada involves all the provinces and territories. All the stakeholders agreed to carry out the work in two phas

Finance committee  Thank you, Mr. Fergus.

Finance committee  I'm trying to remember. Darryl will look that up. In the world of publicly traded corporations, it's a 10% threshold because the feeling there is that the transparency of ownership when it's a share of a publicly traded corporation is of a different order, in part because the tra

Finance committee  The courts and the Public Prosecution Service would be those who would interpret the penalty scheme, but it's essentially for intentional non-compliance. If they were able to articulate before the courts that they felt that there were multiple counts of intentional non-compliance

Finance committee  Investigative bodies must prepare a report each year. The first bill, the 2018 budget bill, stated that the registry spoke for companies. It's necessary to maintain an annual registry containing all the changes made. On a going forward basis, corporations will have to maintain t

Finance committee  Thank you for the question. Your question has two important points. First, the definition of control rating has two aspects. The first aspect is the percentage of shares that a person holds and that give the person control, which is 25%. The bill also includes a definition of a

Finance committee  Thank you, Mr. Chair. Today the changes we're discussing are related to the Canada Business Corporations Act. They follow on from changes that were part of budget 2018, related to beneficial ownership transparency. In budget 2018, we introduced changes to the Canada Business Cor

Finance committee  Thank you for the question. There are two aspects of the penalties set out in the bill. First, the $5,000 fine is only for administrative errors made by a company that doesn't comply with the details described in the bill. Moreover, the bill includes an additional fine of $200

Agriculture committee  I would just say that for the number of years we've been studying insolvency, and fresh produce claims are a function of insolvency, these numbers have been relatively consistent. It remains a very small proportion of the overall total amount of sales, and vis-à-vis other aspects

Agriculture committee  In 2014 the then Department of Industry Canada, now the Department of Innovation, Science and Economic Development, led public consultations on the bankruptcy and insolvency regime. That public consultation put a number of key questions to folks, both on the general functioning o

Agriculture committee  That's a good question. I have the enviable, or unenviable, job of looking after our bankruptcy and insolvency regime both under the BIA and under the CCAA. If anyone ever tells you they have a simple fix to insolvency, I've now been in my job long enough to know that anyone wh

Agriculture committee  There are two issues we can speak to. There's recovering payment from an insolvent entity, and there's recovering payment from a solvent entity. Those are two different situations. Part of it would depend on whether the solvent entity that you're trying to reclaim the funds from

Agriculture committee  As you said, there could be other options that could be beneficial to the common products industry. I think previous papers have looked at a number of these potential options, such as self-insurance models or whether there's a mechanism to potentially create some sort of industr

Agriculture committee  I can't speak to the specifics of those instances that you've talked about as to whether or not they're insolvency related or potentially a function of non-payments, low payment, or fraudulent payments. What I can speak to is the produce insolvencies as a function of total liabil

Agriculture committee  I think I know the paper you're referring to, and we have certainly reviewed that paper and continue to consider it as part of the overall considerations as we look for evidence-based innovations to the insolvency regime in Canada. I wouldn't speak for my colleague from Agricultu