Canada: New transparency register requirements in Ontario

15 March 2023|Tax Alerts, Information Reporting, Provincial/State & Local Taxation|Canada

Starting 1 January 2023, Ontario private corporations are required to prepare and maintain a register of individuals with significant control (ISC) over the corporation.
This requirement is part of an overall effort to combat various illicit activities.
This Alert outlines the requirements of the new transparency register and penalties for non-compliance.

Starting 1 January 2023, important changes to Ontario’s Business Corporations Act (OBCA) have come into effect, requiring Ontario private corpora…

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