New Requirements for Tracking Corporate Ownership Information of Federally Incorporated Companies

Scott Park, CPA, CA

​The federal government has implemented changes to the Canada Business Corporations Act (“CBCA”),  which come into effect June 13, 2019 for federally incorporated companies. The CBCA sets out criterion for identifying individuals who have significant control over a corporation. It also sets out a requirement for corporations that meet certain criteria to keep a register of these individuals. The purpose of these beneficial ownership registers is to offer better corporate transparency to strengthen Canada’s anti-money laundering regime.

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