On January 22, 2024, certain proposed amendments to Canada Business Corporations Act have come into force. Private corporations governed by the CBCA will have to file the information contained in their register of individuals with significant control with Corporations Canada. Are you ready?
These amendments align with the objectives and a series of measures announced by the federal government to improve corporate transparency to counter the misuse of federally incorporated companies for illegal activities, including money laundering, terrorist financing and tax evasion, by facilitating timely access to beneficial ownership information by relevant agencies.
These new measures will impact the operations of many businesses, as they will have to be compliant within a short period of time.
Not sure how this affects you? The Fasken team has put together a number of resources on the key elements of the federal transparency measures, including Bill C-42, their consequences and the penalties you may face if you fail to comply with your obligations.
To make sure you don’t miss out on our upcoming publications and any other relevant information on this subject, sign up now for our distribution list to receive all related communications.
