Starting June 13th, 2019, all incorporated businesses who are registered under the Canada Business Corporations Act (CBCA) are required to create and maintain records of “individuals who have significant control” (ISC) within the business.
This new regulation is meant to provide greater transparency over who owns and controls a corporation and to assist law enforcement bodies in exposing illegal activities, like money laundering and tax evasion.
Not sure you’re federally incorporated? Find out here, by searching for your business!
The federal government is the first to implement this new requirement, and provincial governments have also agreed to establish something similar. We’ll be on the lookout for updates on the provincial regulations!
Have questions? Call (1-888-234-2232) or email (cfib@cfib.ca) your Business Counsellors if you’re looking for more information