A new government-backed capital fund is a good opportunity for underserved small and medium-sized businesses to get access to expertise as well as cash, says Toronto corporate and commercial lawyer Marlin Horst.
A number of financial institutions, including the country’s biggest banks, have teamed up to create the Canadian Business Growth Fund, which aims to make available up to $500 million over the next year to help smaller companies grow. If it takes off, the fund will double in size over the following nine years.
The fund’s sponsors have also promised to provide advice and mentorship to businesses so that they can reach their potential.
Horst, a partner in the Toronto office of Shibley Righton LLP, says a large swath of early stage Canadian businesses are caught in the gap between angel investment funding — unavailable to all but a select few — and the public markets, which tend to be a viable option only for larger, more established companies.
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Politicians hoping to solve the Greater Toronto Area’s housing affordability crisis with legislation should proceed with caution, says Toronto real estate lawyer Peter Neilson.
Ontario Premier Kathleen Wynne has announced plans to introduce a 15-per-cent foreign buyer tax in the Greater Golden Horseshoe Area, taking in communities all the way from the Niagara Region to Peterborough.
Buyers who are not citizens, permanent residents of Canadian corporation will have to pay the levy, which mirrors similar measures imposed last year in B.C.
Ontario’s Finance Minister Charles Sousa initially rejected the idea of copying the B.C. tax in Ontario, but has since backtracked, as house prices continued to rise. In Toronto, they hit an average of more than $900,000 in March, which represented a 33-per-cent spike over the same month in 2016.
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Small and medium-sized corporations are most at risk of violating a little-known Ontario law that changes the way businesses track their real estate interests, says Toronto corporate and commercial lawyer Marlin Horst.
The amendments force businesses registered in Ontario to draw up and maintain a list of all their ownership interests in lands in the province, including the date of acquisition, and later, if applicable, the date of disposal. While the new law is intended to smooth the process when dissolved corporations forfeit their property to the Crown, Horst says it has significant implications for all businesses registered under the OBCA.
“It’s a pretty major change because many corporations operate without keeping a register of their real property, and I don’t think it has been advertised as well as it should be,” says Horst, a partner in the Toronto office of Shibley Righton LLP.
This is an excerpt of an article that appeard on AdvocateDaily.com, please click here for the full story.