Individuals with significant control (ISC)

As of January 22, 2024, Canada Corporations (Federal) created under the Canada Business Corporations Act (CBCA) are required to provide information on their individuals with significant control with Corporations Canada.  Some of the ISC information is made available to the public by Corporations Canada.

SKU: Filings-Federal-ISC Category:

Description

As of January 22, 2024, Canada Corporations (Federal) created under the Canada Business Corporations Act (CBCA) are required to provide information on their individuals with significant control with Corporations Canada.

The register provides greater transparency over who owns and controls Canadian businesses, and helps law enforcement agencies expose activities like money laundering and tax evasion, which are growing global concerns.

Technical Specs

An individual with significant control is someone who owns or controls a corporation. This individual:

  • owns, controls or directs 25% or more of shares individually, jointly or in concert with one or more individuals
  • has control in fact over a corporation without owning any shares or
  • has a combination of shares and control in fact

When do you need to file ISC information with Corporations Canada?

  • at the same time as their annual return
  • within 15 days of any change made in their ISC register
  • upon incorporation
  • after amalgamation
  • after continuance (import) to the CBCA.

The ISC register is a document that is kept by a corporation and contains the following information about each ISC:

  • full legal name
  • date of birth
  • country (or countries) of citizenship
  • country (or countries) where the ISC is considered a resident for tax purposes
  • residential address
  • address for service (to be provided if the ISC does not want their residential address being made public on Corporations Canada’s website)
  • the day on which the individual became an ISC (for example, when the ISC purchased 25% or more of the corporation’s shares)
  • the day on which the individual ceased to be an ISC (for example, when the ISC sold their shares)
  • a description of the ISC’s significant control.

Information that will NOT BE PUBLIC:

  • Date of birth
  • Country (or countries) of citizenship
  • Country (or countries) where the ISC is considered a resident for tax purposes
  • Residential address (if an address for service is provided)

*The information provided above is supplied by Corporations Canada – Individuals with significant control.

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