New Regulations Require Federal Corporations to Report Beneficial Ownership Information to Government

Industry Minister François-Philippe Champagne says federal corporations are now required to file beneficial ownership information with Corporations Canada and that some of this information will be made available publicly.

The change is part of the government’s move to improve corporate transparency.

Under the rules, beneficial owners or individuals with significant control are those who own, control or direct at least 25 percent of shares of a corporation either individually or jointly with other individuals.

Corporations governed by the Canada Business Corporations Act have been required to maintain a register of individuals with significant control for the past four years.

Under the new rules, businesses will now need to start filing the information with Corporations Canada on the day they incorporate, within 30 days of when they amalgamate with another corporation, or when they file their annual return.

The must also file any change to their ownership information within 15 days.

“The new filing rule now in force helps establish a database of beneficial ownership information, which will strengthen the safety and economic interests of Canadians,” Mr. Champagne said in a statement.