29 Jul 2019
Stephanie Jindal, Senior Tax Manager, SBLR LLP
Beginning June 13th, 2019, any federally incorporated private corporation is required per the Canada Business Corporations Act (CBCA), to create and maintain a new type of shareholder register. This will not apply to public corporations. The new register, in addition to the shareholder and director registers, will provide information with respect to individuals who hold significant control in the respective corporation.
The new rules are aimed to provide more clarity over those individuals whom own and control the corporation, in order to identify money laundering or tax evasion schemes.