Corporate Transparency: What's Happening Across Canada?

Recent amendments to the Canada Business Corporations Act (CBCA) will require private corporations to report information regarding individuals with significant control to Corporations Canada. These amendments form part of the federal government's long-term corporate transparency objective to create a national, public and searchable beneficial ownership registry (which will require provincial cooperation).

Amendments to the CBCA Will Require Regular Reporting of Beneficial Ownership Information

On June 23, 2022, CBCA amendments that will require private corporations to regularly report beneficial ownership information to Corporations Canada received royal assent. These changes, which will come into force at a later date, form part of the federal government's larger initiative to create a public searchable beneficial ownership registry to combat the misuse of federally incorporated shell corporations for illegal activities such as money laundering and tax evasion.