In an effort to further align Canada with international standards for corporate transparency, federal and provincial governments have committed to an “Agreement to Strengthen Beneficial Ownership Transparency.”
The effect of this is that as of June 13, 2019, private corporations which are governed by the CBCA (Canada Business Corporations Act) will be required to maintain a register of individuals having significant control over the corporation.
The register shall contain the following information:
name, address, date of birth
jurisdiction of residence
the date on which the individuals became or ceased to be individuals with “significant control”
description of the way in which the individuals qualify as having “significant control”
other prescribed information to be specified in upcoming regulations, and
a description of the steps taken to identify the individuals as having “significant control” and to ensure that information contained in the register is accurate and current
Upon request a corporation must disclose the register to Corporations Canada. These Amendments will not affect reporting issuers or publicly traded companies. For more information on this topic, please contact our offices.