Starting on January 22, 2024, corporations under the Canada Business Corporations Act (CBCA) that are required to maintain a register of individuals with significant control (ISCs) will have to file that information with the director under the CBCA. Information on ISCs will have to be filed (1) annually, (2) within 15 days after recording a change to the register and (3) following any incorporation, amalgamation or continuance under the CBCA.

Corporations Canada has advised that the annual filing of the ISC information must be made at the same time as the filing of a corporation’s annual return. Annual returns must be filed within 60 days of a corporation’s anniversary date (the date on which the corporation was incorporated or otherwise came into existence under the CBCA) not its year end.

The director will not be required to make information about an ISC public immediately, but that will change once pending amendments to the CBCA are proclaimed in force. Law enforcement agencies and the Financial Transactions and Reports Analysis Centre of Canada will have access to information on ISCs filed with the director.

The information that must be filed with the director starting on January 22, 2024, is set out here.

Information that may be made public  Information that will not be made public 
  • Full legal name
  • Date the individual became an ISC and ceased to be an ISC
  • Description of the ISC's significant control
  • Residential address (would be made public if no address for service is provided)
  • Address for service (if one is provided)
  • Date of birth
  • Country (or countries) of citizenship
  • Country (or countries) where the ISC is considered a resident for tax purposes
  • Residential address (if an address for service is provided)

 

For further information on ISC registers see our previous client legal update here.



Contacts

Katherine Prusinkiewicz
Katherine Prusinkiewicz
Partner, Director of Knowledge
Email
katherine.prusinkiewicz@nortonrosefulbright.com
T: +1 403 267 8313
Elliot Shapiro
Elliot Shapiro
Partner
Email
elliot.shapiro@nortonrosefulbright.com
T: +1 514 847 4516
Andrea Brewer
Andrea Brewer
Partner
Email
andrea.brewer@nortonrosefulbright.com
T: +1 416 216 1917
Kristopher Miks
Kristopher Miks
Partner
Email
kristopher.miks@nortonrosefulbright.com
T: +1 604 641 4806

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