Beneficial Ownership Transparency In Canada: An Evolving Regulatory Landscape

As of April 1, 2023, the number of Canadian jurisdictions with beneficial ownership transparency requirements in force will have risen to ten. With the implementation of new transparency regimes in Saskatchewan, Québec and Nova Scotia, only four jurisdictions – Alberta and the three Territories – have not proposed or implemented this type of legislation at this time. Below we explore some of the key similarities and differences among the laws enacted to date, with particular attention to Québec's unique approach, which includes transparency filing obligations in respect of corporations and other entities registered to do business in the province, even if they were incorporated or established outside the province or outside Canada.