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March 10, 2023

Ontario implements new transparency register

Starting January 1, important changes to Ontario’s Business Corporations Act (OBCA) have come into effect, requiring Ontario private corporations to prepare and maintain a register of individuals with significant control (ISC) over the corporation. This so-called “transparency register” is part of an overall effort at the federal, provincial and territorial levels to combat money laundering, terrorist financing, tax evasion or avoidance, and other illicit activities.

A Tax Alert prepared by EY Canada, and attached below, provides additional details.


Full text of Tax Alert