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The province of Quebec has announced that charitable donations made in relation to Haitian relief will be deductible for the 2009 tax year. To qualify, the donations must be made between January 12 and February 28.

“So far Quebecers have been very generous towards the people of Haiti. With this measure, we want to encourage this upsurge of solidarity for a population in great need,” said Quebec’s Minister of Finance, Raymond Bachand.

The Quebec government has already announced $3 million in aid for Haiti, and made police and medical personnel available for deployment.

“The government is making an unprecedented effort to assist the Haitian community. These efforts are consistent with the message of love and support Quebecers have sent to the people of Haiti,” said Emmanuel Dubourg, MNA for the riding of Viau,

For more details, please read Information Bulletin 2010-2.

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Canadian regain confidence: Russell

After the stock market’s roaring comeback in 2009, Canadian investors are regaining their optimism, according to the latest reading of the Russell Financial Health Index (RFHI).

The RFHI reversed four consecutive quarters of downward movement, climbing to 49.74 points, up from its last reading of 47.95 in the third quarter of 2009.

The index is based on an online survey, which found investor confidence rising in almost all of the 11 financial factors that the survey covers. One area of concern, however, is the ability to cover essentials in retirement.

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CSA beefs up insider reporting regime

The Canadian Securities Administrators (CSA) has adopted a new insider reporting regime that aims to streamline how insiders report securities transactions to the public.

The national collective of provincial securities regulators, has established the new rules under National Instrument 55-104 Insider Reporting Requirements and Exemptions.

Insider reporting requirements will now be covered under in a single national instrument, except in Ontario where the main insider reporting requirements will remain under the Ontario Securities Act.

The CSA says the companion policy, and related amendments set out the framework and guidelines for a new insider reporting regime that reduces the number of insiders required to file reports to a core group that have the greatest access to undisclosed material information and the greatest influence over the reporting issuer.

The new regime also shortens the reporting deadline for subsequent reports from 10 days to five calendar days after the trade for most transactions, following a six-month transition period. It will give issuers the option to file reports on stock-based compensation for insiders.

“We expect the new insider reporting regime will make it easier for issuers and insiders to understand their obligations, while promoting timely and effective compliance,” says Jean St-Gelais, chair of the CSA and president and CEO of the Autorité des marchés financiers. “It should also provide more useful and consistent information to investors and others who assess insider activity.”

Subject to obtaining all necessary ministerial or governmental approvals, the new insider reporting regime will take effect on April 30, 2010.

(01/22/10)