February 28th, 2024

Federal corporations to start filing beneficial ownership info with government

By The Canadian Press on January 22, 2024.

Minister of Innovation, Science and Industry Francois-Philippe Champagne speaks to the media during the federal cabinet retreat in Montreal, Monday, Jan. 22, 2024. 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 CANADIAN PRESS/Christinne Muschi

OTTAWA – Industry Minister Fran├žois-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 per cent 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,” Champagne said in a statement.

This report by The Canadian Press was first published Jan. 22, 2024.

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