New record keeping requirements for private corporations
incorporated under the Canada Business Corporations Act
(CBCA) are coming into force on June 13, 2019. The new
requirements will require those corporations to keep a register of
certain information about individuals that, directly or indirectly,
have "significant control" over the corporation. They are
intended to enhance corporate transparency to prevent tax evasion,
money laundering, corruption, financing of terrorism and other
criminal activities.
Details of the New Requirements
The new requirements will generally apply to private CBCA
corporations (i.e., those that have not distributed their shares to
the public and whose shares are not listed on a stock exchange
designated under the Income Tax Act).
