Do you have any clients who were incorporated federally? If so, you should be aware that the federal government has made changes to the Canadian Business Corporations Act (CBCA) that may affect CPAs and others who need to maintain information on beneficial ownership starting June 13, 2019 or face stiff penalties. The changes are part of a suite of amendments to federal legislation and regulations aimed at combating anti-money laundering and corruption. The federal beneficial ownership rules will affect corporations governed by the CBCA.
New Beneficial Ownership Rules Under CBCA