Article
Bill C-19: Disclosing Corporate Beneficial Ownership to Federal Government
June 28, 2022
Bill C-19, Budget Implementation Act, 2022, received royal assent on June 23, 2022. Among many other changes, Bill C-19 implements new mandatory reporting requirements regarding beneficial ownership for private federal corporations governed by the Canada Business Corporations Act (“CBCA”).
CBCA corporations are currently required to prepare and maintain a register of “individuals with significant control” (“ISC Register”) that must be kept at the corporation’s registered office or any other place in Canada designated by the board, and to make the ISC Register accessible to police, tax and certain regulatory authorities, shareholders and creditors under certain conditions.
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