As of 1 January 2023, privately-held corporations in the Canadian province of Ontario are required to maintain their beneficial ownership information on "individuals with significant control". The beneficial ownership information requirements are summarized by the Ontario government as follows.
Beneficial ownership information requirements
Learn what beneficial ownership is, who needs to keep the information and how often you need to update it.
As of January 1, 2023, privately-held corporations in Ontario are required to keep their beneficial ownership information, or "individuals with significant control" information, on file and to provide that information when requested by law enforcement, and regulatory and tax authorities.
Who should keep this information
All privately-held business corporations that are incorporated in Ontario are responsible for keeping records on beneficial owners (or "individuals with significant control"). Similar rules apply to federally incorporated businesses and those incorporated in other provinces.
Public corporations and their wholly-owned subsidiaries are exempt from this requirement.]
Who is an "individual with significant control"
These information requirements apply to any individual, referred to as an "individual with significant control," who:
If a group of related persons collectively controls at least 25% of the shares of a corporation, then each person would be an individual with significant control.
A related person would include the individual and:
What happens to the information
Companies can keep the information on file at the corporation's registered office. Companies do not need to submit the information to a registry.
Companies must provide this information to law enforcement, tax, and certain regulatory authorities, if requested.
What information do you need to keep
For each individual with significant control, the corporation must keep the following information on file:
When do you need to update the information
The information must be updated: