Corporate Beneficial Ownership Registry 2.0?

Private federal corporations governed by the Canada Business Corporations Act (“CBCA”) are currently required to prepare and maintain a register of “individuals with significant control” (see our previous article regarding the specific requirements). This requirement was implemented in 2022 with the aim of targeting money laundering, tax evasion, and to increase corporate transparency and accountability. In an effort to further enhance transparency and combat illicit activities, the Government of Canada recently proposed legislation that would require CBCA corporations to report beneficial ownership information to the government and make such information available to the public. This would represent a significant step forward as federal corporations are currently only required to disclose beneficial ownership information if requested by an investigative body.

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