Starting on January 22, 2024, federal businesses incorporated under the Canada Business Corporations Act (CBCA) will be required to file information on individuals with significant control (ISC) in order to meet the reporting requirements coming into effect.
Businesses will need to file ISC information with Corporations Canada:
- with their annual return
- within 15 days of any change made in their ISC register
- during incorporation
- after amalgamation
- after continuance (import) to a federal jurisdiction
Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts, is currently before Parliament. If the legislative proposals set out in the bill are adopted in their current form, this would mean that some of the filed ISC information will be made available to the public on our website.
Corporations are responsible for identifying their ISCs and collecting their information, letting ISCs know that their information could be made available to the public, and filing that information with us when the time comes.