11 guides
Data rooms by province and territory
Deals run under national rules and provincial ones. Each guide covers the local securities regulator, privacy law, sales tax on software, time zone and the deals that keep data rooms busy there.
At a glance
| Province | Securities regulator | Private-sector privacy law | Tax on software | Time zone |
|---|---|---|---|---|
| Ontario | Ontario Securities Commission (OSC) | PIPEDA (federal), plus PHIPA for personal health information | HST 13% | Eastern Time (ET); Bay Street deal teams usually work 8 a.m. to 7 p.m. ET |
| Quebec | Autorité des marchés financiers (AMF) | Act respecting the protection of personal information in the private sector (Law 25) | GST 5% + QST 9.975% | Eastern Time (ET); the Magdalen Islands use Atlantic Time |
| British Columbia | British Columbia Securities Commission (BCSC) | BC Personal Information Protection Act (PIPA) | GST 5% + PST 7% | Pacific Time (PT) for most of the province; parts of the East Kootenay use Mountain Time |
| Alberta | Alberta Securities Commission (ASC) | Alberta Personal Information Protection Act (PIPA), plus the Health Information Act | GST 5% | Mountain Time (MT) |
| Saskatchewan | Financial and Consumer Affairs Authority of Saskatchewan (FCAA) | PIPEDA (federal), plus the Health Information Protection Act | GST 5% + PST 6% | Central Standard Time (CST) all year; Saskatchewan does not change clocks |
| Manitoba | Manitoba Securities Commission (MSC) | PIPEDA (federal), plus the Personal Health Information Act | GST 5% + RST 7% | Central Time (CT) |
| Nova Scotia | Nova Scotia Securities Commission (NSSC) | PIPEDA (federal), plus PHIA for health information and PIIDPA for public bodies | HST 14% | Atlantic Time (AT), one hour ahead of Toronto |
| New Brunswick | Financial and Consumer Services Commission of New Brunswick (FCNB) | PIPEDA (federal), plus PHIPAA for personal health information | HST 15% | Atlantic Time (AT), one hour ahead of Toronto |
| Newfoundland and Labrador | Office of the Superintendent of Securities, Newfoundland and Labrador | PIPEDA (federal), plus the Personal Health Information Act | HST 15% | Newfoundland Time (UTC-3:30, half an hour ahead of Atlantic Time); most of Labrador uses Atlantic Time |
| Prince Edward Island | Office of the Superintendent of Securities, Prince Edward Island | PIPEDA (federal), plus the Health Information Act | HST 15% | Atlantic Time (AT), one hour ahead of Toronto |
| Yukon, Northwest Territories and Nunavut | Superintendents of Securities of Yukon, the Northwest Territories and Nunavut | PIPEDA (federal), plus territorial health information statutes | GST 5% | Yukon uses permanent UTC-7; the Northwest Territories uses Mountain Time; Nunavut spans Eastern, Central and Mountain Time |
FAQ
Is there one securities regulator in Canada?
No. Each province and territory has its own regulator, coordinated through the Canadian Securities Administrators. Rules are largely harmonized through national instruments, but filings and some local rules differ, which is why listing and placement rooms often carry provincial filings.
Which privacy law applies to a deal in my province?
PIPEDA applies to private-sector organizations in most provinces. Quebec, Alberta and British Columbia have their own private-sector privacy laws, which apply instead for activity inside those provinces. Health information has separate statutes in most provinces.
Why does the sales tax differ by province?
Five provinces use a harmonized sales tax (HST); Quebec adds the QST to the GST; BC, Saskatchewan and Manitoba add their own provincial tax; Alberta and the territories charge only the 5% GST.