Article
Ontario Transparency Register: Changes for 2023
December 13, 2022
As of January 1, 2023, private Ontario corporations will be required to create and maintain a register of “individuals with significant control” over the corporation (“ISC Register”). This requirement was introduced by the Ontario government as a measure to increase transparency of corporate ownership to prevent and detect illegal activities and tax evasion. The requirements are similar to those currently found under the Canada Business Corporations Act and several other Canadian provincial corporate statutes.
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