With global pressure for more transparency and compliance when
it comes to tax evasion, anti-money laundering and financial crime,
Canada, both provincially and federally, has taken steps to create
initiatives and legislation to keep ahead.
While much of the focus, particularly in the press, has been the
traditional off-shore jurisdictions, the on-shore world is not
immune to the same problems and pressures of trying to stop abuses
surrounding taxation and monetary compliance.
Canada Business Corporations Act
Starting in June 2019, federally incorporated private companies
will be required to keep a register of individuals who indirectly
or directly have significant control over the corporation to
determine the ultimate beneficial owners (UBO). The Canada Business
Corporations Act's purpose is to combat money laundering and
terrorist financing in Canada.
