In November 2023 Parliament enacted amendments to the Canada Business Corporations Act which required directors of corporations under the Act to make available to the public certain information on individuals with significant control over a corporation. Now, as part of the filing for an annual return, the directors provide information which includes: date of birth, citizenship, residential address, type of interest or control and the start date of becoming a director.
A register of individuals with significant control must be created. It is kept in the Records Book for the corporation. In the column showing how the individual has significant control the percentage ownership of shares is recorded.
A person is deemed to have significant control of a corporation if 25% of the shares are owned by that person directly, indirectly, beneficially or if the person exercises direct or indirect influence over the shares.