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) with Corporations Canada in order to meet the reporting requirements coming into effect.
What to file
Some of this information could be made available to the public on Corporations Canada’s website, including:
full legal name;
date the individual became an ISC;
date they ceased to be an ISC, as applicable;
description of the ISC’s significant control (for example, owns 25% of shares);
address for service, if one is provided;
residential address, if no address for service is provided.
When to file
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; and
after continuance (import) to a federal jurisdiction.