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July 11, 2019
2019-1237

Tax implications of Canada Business Corporations Act changes discussed

As of June 13, private corporations incorporated under the Canada Business Corporations Act (CBCA) are required to maintain a register of shareholders who, directly or indirectly, exercise "significant control" over a corporation. These amendments (Amendments) are expected to be followed by similar amendments to the counterpart legislation in the Canadian provinces and territories. The Amendments are intended to improve corporate transparency, a goal that the Canadian federal, provincial and territorial finance ministers committed to when they signed an Agreement to Strengthen Beneficial Ownership Transparency in 2017.

A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.

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ATTACHMENT

Full text of this Tax Alert

 

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