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ARTICLE · 29 MAY 2019

BCBCA Beneficial Ownership Register

Miller Thomson
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In 2017, Canadian finance ministers entered into an Agreement to Strengthen Beneficial Ownership Transparency. The finance ministers agreed to introduce certain safeguards

CanadaCorporate/Commercial Law
Sarah Fitzpatrick
Sarah Fitzpatrick
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In 2017, Canadian finance ministers entered into an Agreement to Strengthen Beneficial Ownership Transparency. The finance ministers agreed to introduce certain safeguards to prevent corporations and other legal entities from being used for tax evasion and other criminal purposes, including a commitment to make legislative changes to require corporations to maintain information on beneficial owners by July 1, 2019. We previously reported on amendments to the Canada Business Corporations Act ("CBCA") (in force on June 13, 2019) which introduced a beneficial ownership register for CBCA corporations.

Bill 24, Business Corporations Amendment Act, 2019, proposes to introduce a beneficial ownership register for companies organized under the British Columbia Business Corporations Act ("BCBCA"). Bill 24 passed second reading on May 1, 2019 and is expected to come into force. If Bill 24 comes into force, all BCBCA private corporations (corporations other than reporting

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