In-force date
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June 13, 2019, with new regulations in effect as of May 4, 2023.
Timing of public access remains to be determined.
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January 1, 2023
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March 31, 2023
Feature to enable a search by name effective on March 31, 2024.
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October 1, 2020
Provisions related to public registry will come into force by regulation. Timing of public access remains to be determined.
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Application
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Privately held CBCA corporations.
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Privately held OBCA corporations.
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All entities (not just corporations) registered to carry on business in Québec, regardless of the jurisdiction of incorporation, with certain exemptions.
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Privately held BCBCA corporations.
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Requirement to file with corporate registrar? |
Yes, beginning January 22, 2024. |
No |
Yes |
Not currently, but will be required once provisions related to public registry come into force. |
Who is listed in the register
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All ISCs.
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All ISCs.
Similar to federal requirements.
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All ISCs, but broader than federal/Ontario requirements because individuals with influence, general partners, and trustees are also captured.
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All ISCs, but broader than federal/Ontario requirements because individuals who can appoint the majority of the board of directors are also captured.
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Are joint owners captured?
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Yes
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Yes
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Yes
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Yes
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Penalties for corporations
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Up to $5,000; however, proposed amendments would raise this to $1,000,000 and/or the dissolution of the entity and/or imprisonment.
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Up to $5,000.
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Not less than $1,000 nor more than $10,000 ($500/$5,000 for individuals), doubled for a subsequent offence, and/or the dissolution of the entity or cancellation of its registration.
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Up to $100,000.
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Penalties for directors/officers
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Up to $200,000 and/or imprisonment; however, proposed amendments would raise this to $1,000,000.
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Up to $200,000 and/or imprisonment.
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Not less than $1,000 nor more than $10,000, doubled for a subsequent offence.
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Up to $50,000.
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Penalties for shareholders
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Up to $200,000 and/or imprisonment; however, proposed amendments would raise this to $1,000,000.
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Up to $200,000 and/or imprisonment.
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Not less than $500 nor more than $5,000, doubled for a subsequent offence for a natural person; not less than $1,000 nor more than $10,000, doubled for a subsequent offence for a legal person or other entity.
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Up to $50,000 for a natural person; up to $100,000 for a legal person or other entity.
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Who can access the register
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Law enforcement, tax authorities, directors, shareholders, creditors and certain other regulatory bodies.
Information must be filed with Corporations Canada beginning January 22, 2024.
Proposed amendments would also require Corporations Canada to create a publicly accessible register, and would also permit Corporations Canada to provide the information to FINTRAC.
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Law enforcement, tax authorities and certain other regulatory bodies.
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Publicly accessible register in force March 31, 2023.
Fully searchable register by name of natural persons starting on May 31, 2024.
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Law enforcement, tax authorities, directors and certain other regulatory bodies.
Publicly accessible register has been proposed.
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Information available in register
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Personal information and information pertaining to the individual’s status as an ISC. A description of steps taken each year to verify ISCs and any other prescribed information must also be provided.
Proposed amendments would include a residential address.
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Personal information and information pertaining to the individual’s status as an ISC. A description of steps taken each year to verify ISCs and any other prescribed information must also be provided.
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Personal information and information pertaining to the individual’s status as an ISC, including type of control exercised, or percentage of shares, interests or units held or beneficially owned.
Certain details will be excluded from the public register.
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Personal information and information pertaining to the individual’s status as an ISC. A description of steps taken each year to verify ISCs and any other prescribed information must also be provided.
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Other
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A corporation that is unable to identify any ISCs must set out a statement and a summary of the steps taken to try to identify these individuals.
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A corporation that is unable to identify any ISCs must set out required information that the corporation was able to confirm in respect of the ISC and provide a summary of the steps taken to confirm the information.
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