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Canada: New UBO Filing Requirement for Federal Corporations
The Federal Canadian Government will be introducing new Ultimate Beneficial Ownership (UBO) reporting requirements on the 22nd of January 2024.
The new requirements apply to all federally incorporated Canadian Corporations created under the Canada Business Corporations Act (CBCA).
In order to comply with the new law, federal corporations will be required to file information of individuals with significant control (ISC) with Corporations Canada in their Annual Return filing. Changes in UBO information must be reported within 15 days.
Corporations are also required to continue to maintain a copy of their ISC register with their corporate records.
Certain information will be made available to the public on Corporation Canada’s website. Details of this public transparency register are expected in 2024.
The risk of non-compliance
Failure to comply with the new reporting requirements may result in fines up to $100,000 CAD.