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Keeping up with Legislation

At CWB Trust Services, we strive to be a valuable client resource and informing clients of key industry developments is a priority. There is a long list of legislation proposed and enacted in recent months and we would like to highlight a few here that may affect your registered accounts at CWBTS.


An Act Respecting Cyber Security

If passed, the act would implement the Critical Cyber Systems Protection Act (the CCSPA), which will require CWBTS to establish, implement and maintain a cyber security program, including the reporting of a cybersecurity breach to regulators. More info here.


An Act to Amend the Official Languages Act

If passed, the act would enact another new act, the Use of French in Federally Regulated Private Businesses Act. The latter would create new rights and promote the use of French as a language of work and service in certain federally regulated private businesses in Quebec as well as other regions of the country with a strong francophone presence. More info here.


An Act Respecting French, the Official and Common Language of Quebec

Adopted on May 24, 2022, Bill 96 reinforces the obligation of businesses offering goods and services to consumers to respect their right to be served in French, with some aspects in force on June 1, 2022 and many aspects to be effective in three years. The potential impact may be contracts, marketing and client service in French, and francization rules to businesses with 25 or more staff. More info here.


An Act to Modernize Legislative Provisions Re the Protection of Personal Information in the Private Sector

Passed on September 21, 2021, with provisions coming into effect in September 2023, the new Quebec Privacy Law imposes more robust privacy measures than PIPEDA and applies to CWBTS to the extent that business relationships arise from Quebec. More info here.


Canada’s New Federal Privacy Legislation

On June 16, 2022, the federal government introduced Bill C-27. It sets out a new privacy legislative framework and, if passed, it will reform the previous Bill C-11 and create three new statutes: Digital Charter Implementation Act, 2022; Personal Info & Data Protection Tribunal Act; and Artificial Intelligence & Data Act. More info here.


Tax-Free First Home Savings Account (FHSA)

In April, we shared on our blog that the Federal Budget introduced the new Tax-Free First Home Savings Account (FHSA) that would give prospective first-time home buyers the ability to save up to $40,000. Additional details are now available. More info here.

As always, we'd love to hear from you. If you have questions or would like to discuss your accounts with us, please feel free to contact us today.