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1 It should be noted that this restriction is harsher than that applicable to Registered Retirement Savings Plans (“RRPSs”). Due to a specific exclusion in the tax rules governing RRSPs, income and gains realized from qualified investments in an RRSP are tax exempt even if the RRSP was carrying on a business (e.g. day trading securities). See paragraph 1.89 of Income Tax Folio S3-F10-C1, Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs.
By: Matt Maurer and
Whitney Abrams,
Minden Gross LLP
PROVINCIAL ADULT-USE CANNABIS PLANS
What We Know So Far
2018 is just around the corner and with it will come the legalization of adult-use cannabis in Canada. Since April, 2017, when the Cannabis Act was introduced into the House of Commons for the first time, much of the focus has been on the federal law. However, this fall things starting heating up at the provincial and territorial level. While the federal government has jurisdiction over the majority of cannabis related issues, including possession limits, restrictions on advertising and packaging, production and taxation, the provinces and territories have jurisdiction over a number of issues that are critically important to the recreational framework. In particular, the provinces and territories are allowed to alter the limits set by the federal government with respect to minimum age for purchase and consumption as well as possession limits and the rules surrounding personal cultivation. The provinces and territories also have exclusive jurisdiction to establish sale and distribution frameworks and to determine where cannabis may be consumed. As at the date of writing, five provinces have tabled their legislation. This month we take a closer look at where those provinces are headed.