New Corporate Transparency Requirements for Federal Corporations - January 31, 2024

Overview

In recent years, most Canadian jurisdictions have implemented requirements for private companies to disclose corporate ownership information by way of a transparency register.  The goal is to provide greater transparency about who owns and controls Canadian corporations and to assist enforcement agencies in exposing activities like money laundering and tax evasion.  Since 2019, the Canada Business Corporations Act has required corporations to maintain a register of individuals with significant control (“ISCs.”).  The new federal legislation, which comes into force on January 22, 2024, not only requires ISC information to be filed with Corporations Canada but also allows Corporations Canada to make certain information regarding such beneficial ownership public.