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The publication Tax Topics has just published an article written by Daniel Frajman, lawyer and shareholder at Spiegel Sohmer, on the recent amendments to the Canada Business Corporations Act (“CBCA”) dealing with the need in the near future for private CBCA corporations to establish and maintain an internal register (usually available to creditors) listing individuals with significant control over the corporation.  These new rules will require the corporation to search through as many levels of ownership information as necessary (regardless of whether there are any nominee owners) in order to determine the ultimate individuals with significant control.

Titled New in 2019: The CBCA’s beneficial ownership register, this article offers a brief review of these new rules. “Each CBCA corporation is required by mid-June 2019 to establish under newly enacted rules a register of individuals with significant control over the corporation. The rules may change to an extent under future regulations or amendments, and the provinces and territories may enact similar rules for corporations subsisting under their corporate statutes. ʺ

To read the complete article, click here.