Corporate Transparency Updates For CBCA Corporations: New Reporting And Public Access Rules Effective January 22, 2024

The federal government has set January 22, 2024, as the effective date for new rules that will require non-exempt private corporations existing under the Canada Business Corporations Act (CBCA) to regularly report to Corporations Canada information regarding individuals who have significant control over their corporations (ISCs).¹ Such non-exempt CBCA corporations that file their 2024 annual returns on or after January 22, 2024, will be required to report information contained in their registers of ISCs (RISCs). Similar filing obligations will be triggered upon incorporation, amalgamation and continuance as well as upon any change to information already reported. Also, significantly, Corporations Canada will be required to make publicly available some of the RISC information reported to it.