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March 10, 2023
2023-0457

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.

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Full text of Tax Alert

 

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