Understanding Individuals With Significant Control

Since June 2019, federally incorporated private corporations (i.e. not public companies or not-for-profits) have been required to keep a register of individuals with significant control (the "Register"). At that time, it was sufficient for the Register to be kept in the corporation's minute book or with its corporate records and nothing further needed to be done with it.

In its ongoing effort to combat tax evasion, money laundering, and terrorist financing, the government of Canada has mandated that, effective January 22, 2024, these Registers are to still be maintained with the corporation's minute book or corporate records; however, they must now also be filed with Corporations Canada and are to become public record.