The CFLA Impact
We address policy issues in various areas like legislation and regulation, taxation, and accounting rules.
All our efforts impact the business operations of companies active in the Canadian asset-based financing, equipment, and vehicle leasing industry.
Check out these recent policy issues that we helped resolve
Raised the 2022 limit for deductible leasing costs from $800 to $900 per month – the first such increase in 20 years.
Impact: Frees up much-needed capital in the market to reinvest in other areas
Capped vicarious liability for lessors whose vehicles are used in ride-sharing services in Ontario and BC
Impact: Protects companies from costly lawsuits resulting from accidents out of their control
Ensured asset-based financing businesses were deemed essential in the provinces during the Covid-19 pandemic lockdowns
Impact: Allowed businesses, in the fleet and auto space, to remain open and continue to provide critical services during lockdowns
Ensured lender access to the Business Credit Availability Program (BCAP)
Impact: Asset-based lenders were able to access a crucial source of emergency funding during the early stages of the Covid-19 pandemic
Enabled the perfection of a security interest by means of electronic chattel paper in Ontario and Saskatchewan
Impact: Makes it easier for lessors to originate, finance and securitize electronic chattel paper in a safe and secure manner
Enabled the delivery of digitally purchased vehicles in Ontario and Quebec
Impact: Allows business to adapt to changing consumer realities
Delayed the implementation of the Federal Luxury Tax to give industry more time and clarity to adjust business practices
Impact: Staved off the rushed entry-into-force of an unclear new tax