Key Contact:

Carrie Ritchie

Key Contact:

Carrie Ritchie

Carrie Ritchie details the new transparency requirements for Ontario private corporations in The Lawyer's Daily

On Jan. 1, 2023, Bill 43, Build Ontario Act (Budget Measures), 2021, is scheduled to come into force, making changes to the Business Corporations Act (Ontario) (the OBCA). The bill originally received royal assent on Dec. 9, 2021. These changes will require private corporations to have an up-to-date register of individuals with “significant control” of the corporation. Previously, only those corporations that were publicly traded were required to maintain these types of records.

This will increase the transparency of private corporations, and in practice, will enable Ontario’s financial regulators to better understand where ultimate control of a corporation lies. Other jurisdictions in Canada already collect this information through the annual corporate filings.

This article was originally published by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc. To view the complete article, please click here.

This article is not intended to serve as a comprehensive treatment of the topic and is not legal advice. All legal matters are dealt with pursuant to their specific facts and circumstance. Nothing replaces retaining a qualified, competent lawyer.