Ontario issues reminder of regulations and statutes in force as of January 1

The following business-related legislation and regulation changes come into effect on January 1, 2023. 

• Privately held business corporations are required to collect and retain certain beneficial ownership information and make it available upon request by law enforcement, tax, regulatory and other prescribed authorities.
• Bars, restaurants and other licensed establishments are now able to create or extend temporary patios, as long as their municipality or band council has the approved extension, on a permanent basis.
• The minimum thresholds for agricultural and horticultural societies to qualify for annual provincial grants needed to operate and ensure financial sustainability is lowered.
• The Professional Engineers Ontario’s Professional Evaluation and Knowledge Program is mandatory for all licence holders.
• Various amendments to the Ontario Heritage Act to streamline and focus processes for heritage protection while reducing approval delays for housing and other projects.
• A voluntary Ultra-Low Overnight (ULO) Price Plan for electricity consumers who pay Regulated Price Plan (RPP) electricity rates
• The use of a new hazardous waste reporting registry with streamlined reporting processes for more than 40,000 businesses and institutions regulated by the Hazardous Waste program is now required.
• Condominium (condo) developers must use a new calculation to pay purchasers interest on their money (deposits or other payments) when terminating purchase agreements, including for condo cancellations.
• Tarion Warranty Corporation (Tarion) is required to provide information about condo cancellations and terminated purchase agreements to the Home Construction Regulatory Authority for posting to the Ontario Builder Directory.
• MTO enforcement officers and police are able to prohibit a driver who has violated hours of service rules from operating a commercial vehicle for a period of time.
• Most existing exemptions to Commercial Vehicle Operator Registration (CVOR) requirements are removed and new equipment requirements are added under the Highway Traffic Act.
• Extensions to driver licensing, vehicle registrations, accessible parking permit renewals and other vehicle products and/or carrier fees that were introduced during the COVID-19 pandemic are amended or revoked.

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Focus on Finance & Economy

4 key dates for investors to mark in their 2023 calendars

Investors eager to put 2022 behind them can turn their attention to a new year of opportunity. From a tax perspective, opportunity knocks four times in 2023, giving average Canadians the chance to keep more of their tax dollars in their pockets.

All four can be used as part of a broader tax strategy that can save thousands of dollars over the long run. It can get complicated depending on your individual circumstances, so it might be best to discuss them with a qualified advisor or tax professional.

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