As of January 22, 2024, you need to file information on the individuals with significant control (ISC) over your business. Some of the filed ISC information will be made available to the public.
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Who needs to file
As of January 22, 2024, corporations created under the Canada Business Corporations Act (CBCA) are required to file information regarding individuals with significant control (ISC) with Corporations Canada. They are also required to keep a copy of their ISC register with their corporate records.
Very few CBCA corporations are excluded from that filing obligation. However, these corporations still need to file to confirm that the corporation is excluded.
Not sure if you're federally incorporated?
Find out by searching for a federal corporation. If your business shows up, confirm that it's incorporated under the Canada Business Corporations Act.
What to file
The following information on your ISCs needs to be filed with Corporations Canada. Some of this information will be made available to the public on Corporations Canada's website.
Information that will be made public
- Full legal name
- Date the individual became an ISC and ceased to be an ISC, as applicable
- Description of the ISC's significant control
- Residential address (will be made public if no address for service is provided)
- Address for service (if one is provided)
Information that will not be public
- Date of birth
- Country (or countries) of citizenship
- Country (or countries) where the ISC is considered a resident for tax purposes
- Residential address (if an address for service is provided)
Information about an ISC who is less than 18 years of age will not be made available to the public. The information will automatically be made publicly available when the individual turns 18 years old.
Law enforcement and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will have access to ISC information whether or not the information is made public.
In some circumstances, you may apply for a decision to not make the ISC information publicly available. Learn more on the Not publishing information about a corporation's individual with significant control policy.
When to file
ISC information will need to be filed with Corporations Canada at the following times:
- Annually (at the same time as filing your annual return);
- Within 15 days of a change in your ISC register; and
- Upon incorporation or within 30 days of the date of the Certificate of Amalgamation or the Certificate of Continuance.
Every year, at the same time as filing your annual return, you need to file information on your ISCs.
Within 15 days of any change
If a corporation becomes aware of any change to any ISC information, the corporation will need to file the change within 15 days of recording the change in their ISC register.
When you incorporate, you will be required to file information on who your ISCs will be.
Amalgamation and continuance
What happens if a corporation does not file its ISC information with Corporations Canada?
A corporation that does not file its ISC information with Corporations Canada may be subject to administrative and criminal sanctions. For example:
- A Certificate of Compliance may be refused
- The corporation may be administratively dissolved if it has not filed its ISC information upon incorporation or within 30 days of the date on the Certificate of Amalgamation or on the Certificate of Continuance
- The corporation may be administratively dissolved for not filing its ISC information along with its annual return
- The corporation may be found guilty of an offence and liable on summary conviction to a fine not exceeding $100,000.
How to file
|Method of filing
|Time of filing
When you file your annual return annually
When incorporating your business corporation