In the February Issue of the Toronto Lawyers Association Journal, our Partner Carrie Ritchie contributed to the discussion around what disclosure requirements came into force this year, including some of the personal information of shareholders of federal corporations.
"As of January earlier this year, for corporations formed under the Canada Business Corporations Act (“CBCA”) there is a requirement for the corporation to file along with their annual return the information pertaining to the ‘individuals of significant control’ (“ISC”).1 These changes to the CBCA were made by Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts.2 Bill C-42 received Royal Assent from Parliament on November 2, 2023, and the ISC disclosure requirements came into force January 22, 2024.3 This article will outline and discuss what information is required for the filing, as well as what information from that disclosure will be available to the public."
Read the full article here.
This update is not intended to provide legal advice, but to high-light matters of interest in this area of law. If you have questions or need assistance in navigating filing your federal annual corporation return or other matters concerning private company disclosure requirements, please contact Carrie at carrie@ritchiesmyth.com.