Canada: Financial Services

The Canada Revenue Agency’s (“CRA”) authority to conduct a cryptocurrency tax audit begins with subsection 231.1(1) of the Income Tax Act. It gives authorized CRA officials broad powers to inspect or examine relevant documents, records, property, processes, and other matters, and to require reasonable assistance and proper oral or written answers.

CIRO's 2025 exemptive relief decisions reveal how Canada's investment industry regulator balances practical regulatory challenges with investor protection. What patterns emerge from exemptions granted for UMIR trading, dual registration, crypto assets, and proficiency requirements, and how can dealer members leverage these insights?

Mining reporting expectations are evolving. Legal and finance teams are no longer assessed solely on the accuracy of individual disclosures, but on how consistently information is governed, aligned, and traceable across the full reporting set.

The Canada Revenue Agency’s (“CRA”) authority to conduct a cryptocurrency tax audit begins with subsection 231.1(1) of the Income Tax Act. It gives authorized CRA officials broad powers to inspect or examine relevant documents, records, property, processes, and other matters, and to require reasonable assistance and proper oral or written answers.

Both partners in a relationship should be involved in financial decisions—don't delegate all investing decisions to one person.

The Financial Services Regulatory Authority of Ontario has issued a clear warning that unlicensed GAP Insurance sales will not be tolerated in the province. Dealers must immediately cease selling these coverages unless appropriate insurance licensing is obtained, as FSRA actively monitors compliance and will take action against violations.

L'Agence de la consommation en matière financière du Canada a publié une ligne directrice révisée sur les procédures d'examen des plaintes qui entrera en vigueur le 23 juin 2027.

The Office of the Superintendent of Financial Institutions has introduced a streamlined approvals framework that offers a faster, more predictable pathway for certain applicants to become federally regulated financial institutions. This new process allows eligible entities to enter the federal regime earlier without lengthy pre-licensing remediation, as long as risks can be properly assessed and mitigated from the start.

Earlier this spring, the Canadian Securities Administrators (CSA) proposed amendments to certain exemptions from insider reporting found in National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104). The amendments are intended to clarify that the insider reporting regime applies to certain transactions involving investment funds and structured products, like structured notes and Canadian Depositary Receipts, that are based on securities of a reporting issuer.