New cannabis licences issued by Health Canada

On November 20, for consultation purposes, Health Canada issued a document entitled : “Proposed Approach for the Regulation of Cannabis.” This document provides an overview of the laws and regulations that the federal government intend to put in place regarding the cannabis legalization project. They inform us that it will be possible to obtain various types of licenses, including;

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APPLICATION TO BECOME A LICENSED PRODUCER OF CANNABIS

APPLICATION TO BECOME A LICENSED PRODUCER UNDER THE Access to Cannabis for Medical Purposes Regulations

Since the adoption of the Access to Cannabis for Medical Purposes Regulations, Health Canada has been receiving numerous applications for producer licenses.  Out of all the applications received, very few licenses are granted due to Health Canada’s rigorous application process.

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Leaving Canada – Tax Implications and Departure Tax

When a Canadian taxpayer ceases to be a resident of Canada, he is deemed to have disposed of each property owned by him at fair market value. He is then deemed to have reacquired his property at fair market value.  In other words, the taxpayer potentially owes « departure tax », usually taxes on capital gains.  There are, however, many exclusions and ways to mitigate the effect of this rule.

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Timing and conditions for a discharge from bankruptcy

The Bankruptcy and Insolvency Act (BIA) provides for several different situations for which a bankrupt can be discharged from his or her bankruptcy, the basic principle being that after a certain period of time, the bankrupt earns the right to be discharged from his legal obligations to pay his debts and resume normal life.  There are exceptions and variables to this principle.

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Automatic Exchange of Tax Information Canada-Switzerland

In order to address the issue of offshore tax evasion, the Canadian federal government signed an automatic exchange of tax information agreement (AEOI) with the Swiss government.   This agreement will see the two countries automatically share bank account/financial account information with each other.  The target bank accounts are those held by residents of the other country.  The purpose is to help the Canadian government detect and address cases of tax evasion and to ensure compliance with Canadian tax laws.
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