Did you know that as of June 13, 2019, federal corporations are required to create and update a register of individuals with significant control?
It must be kept with the other registers and be available to shareholders, creditors, law enforcement agencies and Corporations Canada. Your financial institution may also request this information.
The criteria for individual with significant control
Must meet at least one of the following criteria:
- holds, directly or indirectly, at least 25% of the company’s outstanding voting shares;
- holds, directly or indirectly, at least 25% of the fair market value of all outstanding shares of the company;
- has an influence, direct or indirect, which, if exercised, would result in de facto control of the company;
- is a person subject to prescribed circumstances.
Download the register here
