On June 13, 2019, the Canadian Government enacted new rules that affect all private companies incorporated under the Canadian Business Corporations Act (CBCA). With the exclusion of public corporations, all federally incorporated companies in Canada are now required to maintain a register that identifies all “individuals with significant control”, or ISCs, over the corporation. Other provinces have already or are in the process of harmonizing their legislation with CBCA, including Manitoba (as of April 8, 2020), British Columbia, Saskatchewan, and Nova Scotia. “Significant control” is defined as individuals that are: registered shareholders; beneficial owners (such as trustee or legal representative);…
