At CAIRP’s recent Annual General Meeting (AGM), we marked CAIRP’s 45th anniversary. It is hard to believe 45 years have passed since the Association was formed. Over the years, CAIRP and the industry have risen to many challenges and performed admirably to advance the profession. Most recently, this included transitioning from a post-pandemic environment. The AGM also marked the end of my first year as Chair, which has been both fulfilling and challenging. I enjoyed having the opportunity to meet members across the country at CAIRP’s Forums this past spring and the Toronto Exchange in September.

CAIRP has been laser focussed on delivering on the 2024-2028 CAIRP Strategic Plan, which is an important self-examination by the Association, articulating our goals and the direction for our renewal following the COVID-19 pandemic. We are making good progress, and I want to share a few updates.

Efforts are underway to meet the first goal of raising the profile of CAIRP, its members and the industry. CAIRP has been very active in its ongoing media outreach with the issuance of six media releases this past year generating over 1200 media mentions in major and regional news outlets across the country. Over 430 media outlets carried a CAIRP news story.

This past year has been particularly busy with CRA issues. CAIRP has been working closely with representatives of the Canada Revenue Agency (“CRA”) to address members issues such as the Underused Housing Tax, Climate Action Incentive Payment (CAIP)/Canada Carbon Rebate (CCR) and the T3 trust reporting requirements. We are also working with the CRA on a Portal Project which will allow CAIRP members to e-file documents with the CRA, allow for two-way communications and provide better integration with other systems and the OSB.

Finance Canada and CRA issued a consultation in late August on new reporting requirements for Trusts and Bare Trusts. Overall CAIRP felt the technical amendments represented significant progress, however we felt further clarifications were required, which CAIRP highlighted in its submission. CAIRP will continue to work with the OSB, Finance Canada and CRA on this issue.

Private Members Bills impacting our industry continue to emerge. The most recent is Bill C-280 which seeks to amend the BIA and CCAA to create a deemed trust for perishable fruits and vegetables. Titled “An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (deemed trust perishable fruits & vegetables),” this bill has moved quickly and is now in the Senate. CAIRP sent a submission and appeared before the Standing Senate Committee on Banking, Commerce and the Economy on September 26, 2024. Our thanks to Jean-Daniel Breton for representing CAIRP and getting our messages on the record.

CAIRP has been actively engaged with interventions. The Supreme Court of Canada released its decision on Poonian vs. British Columbia. The Court’s judgement was consistent with the position that had been argued by CAIRP in its intervention. The Court held that securities commission’s disgorgement orders can remain undischarged in a bankruptcy, but administrative monetary penalties can be discharged. This decision resolves conflicting decisions from the BC and Alberta Courts of Appeal and clarifies the scope of ss.178 (1)(a) and (e) of the Bankruptcy and Insolvency Act.

 

CAIRP was recently granted leave to intervene before the Supreme Court of Canada, in the case of Piekut vs. Canada (Minister of National Revenue).  CAIRP’s Factum was submitted on June 10, 2024, and the hearing has been scheduled for November 5, 2024. Our sincere thanks to Haddon Murray, Heather Fisher and James Aston from Gowlings WLG for representing CAIRP on both interventions.

I want to thank our committees and volunteers who developed thoughtful and forward-looking industry positions as part of CAIRP’s efforts to provide timely responses to developments in the insolvency marketplace as well as all of our amazing volunteers and staff.

I am looking forward to my second year as Chair. There is more to be done and with the new Strategic Plan in place, CAIRP is well positioned to support and serve its members to fully take advantage of the opportunities that lie ahead.