The Canadian Business Corporations Act (CBCA) requires corporations to maintain information on beneficial ownership effective June 13, 2019. Read this latest article on the CPA Canada website to learn how CPAs can help companies adapt to new beneficial ownership rules.
In addition, the provincial government has announced the Business Corporation Act will be amended requiring private businesses in B.C. to keep and maintain transparency records of beneficial owners, including individuals who have direct or indirect control of the company or its shares effective May 1, 2020. Information collected includes full legal name, date of birth, citizenship and last known address.
CPAs can help companies adapt to new beneficial ownership rules