IP FINANCIAL FRIDAY
23 JUNE, 2023
BIG FEE CHANGES COMING TO THE GREAT WHITE NORTH
With the hockey season finally wrapped up, Canada got down to business and published amendments to its patent rules this week. We’ll cover the details tomorrow in our weekly fee update, but it’s safe to say that the increases are substantial, with some costs increasing by more than 30%.
THE POUTINE HITS THE FAN ON JANUARY 1, 2024
The new fees take effect on January 1 and will impact all types of IP – patents, trademarks, and designs. The good news (and this is a stretch) is that you can pay maintenance fees earlier in 2023 to save money. Canada is unique in allowing you to pay multiple maintenance fees in advance, so this can be an effective cost-control strategy – as long as you are certain you want to maintain your rights.
FROM LARGE TO SMALL
Interestingly, Canada also changed its definition of small entities with the new update. Today, a business with 50 or fewer employees is considered a small entity and eligible for discounted rates.
In 2024, the size limit will be raised to 100 employees. If your company is in the 51 to 100-employee category, it makes sense to check with your IP attorney on the proper cost-saving strategy.
Disclaimer
THIS POST IS STRICTLY INFORMATIONAL AND IS NOT INTENDED TO BE, AND SHOULD NOT BE RELIED UPON AS LEGAL ADVICE. PLEASE CONSULT A QUALIFIED ATTORNEY FOR SPECIFIC ADVICE REGARDING ANY INTELLECTUAL PROPERTY MATTERS.
