Did you know that by May 31, 2024, certain Canadian and foreign companies with an establishment, doing business, or having assets in Canada must comply with new requirements to fight against forced labour and child labour in their supply chains?
Indeed, under the new rules, a variety of entities doing business in Canada are now required to submit a detailed report documenting their processes and supply chains by May 31, 2024. The criteria include organizations that either:
- Are listed on a Canadian stock exchange or have operations related to Canada; or
- Meet two of the following three conditions for one of their last two fiscal years:
- Hold assets of at least $20 million; or
- Have over $40 million in annual revenue; or
- Employ an average of 250 people;
and that:
- Produce, sell, or distribute goods in Canada or internationally;
- Import goods manufactured abroad into Canada;
- Control an entity that performs one of the aforementioned activities.
Companies that do not comply with Bill S-211 risk significant penalties, including fines, criminal prosecution, and reputational damage. It is important for companies to understand the requirements of the law and take steps to comply before the May 31 deadline.
DS Lawyers can help you determine if these requirements apply to your company and, if so, assist you in complying with Bill S-211.
Contact our lawyers Jean-François Welch and Éloi Desjardins today to learn more.
