On May 4, 2023, the regulations related to Bill C-86, Budget implementation Act 2018, No.2, came into force. These amendments relate to:
- reasonable steps a corporation is to take to update its register of individuals with significant control
- prescribed steps if a corporation is unable to identify any individuals with significant control
- excluded classes of corporations
In an ongoing commitment to keep you well informed, we have updated our web page – Individuals with Significant Control (ISC) – to add material on these new regulations and to provide some clarity and information regarding requirements for the ISC register, including the following:
- reasonable steps that must be taken annually to maintain an up-to-date register
- what corporations are required to do when there are no ISCs
- federally incorporated businesses that are excluded from having to create and maintain an ISC register
- definitions of terms such as fair market value, reporting issuer, wholly-owned subsidiary and control in fact
Going forward, you are required to update your ISC register annually and within 15 days of becoming informed of any changes affecting the register.
Create your register
Create your ISC register and find out what you need to do to keep it up to date.
Related information
Regulations Amending the Canada Business Corporations Regulations, 2001