Starting January 22, 2024, all federal corporations created under the Canada Business Corporations Act (CBCA) are required to file information regarding individuals with significant control (ISCs) with Corporations Canada.

1.  Who is an ISC?

According to the CBCA, an ISC is an individual (see: human person) that:

If a corporation’s shareholder is an entity (for example, a corporation, partnership, or trust), the individual(s) in control of such entity must be identified as ISCs.

Additionally, if multiple family members jointly own more than 25% of the shares of a corporation and one family member has sufficient influence over the other family members, such influential individual may be considered an ISC.

2.  What information will be filed?

The following information regarding ISCs must be filed with Corporations Canada:

Information that will be made public:

Information that will not be made public:

If an ISC is less than 18 years of age, information will not be made publicly available until such individual turns 18 years old.

You may file an application to not make the information about an ISC public if:

3.  Who is excluded from the ISC filing requirements?

Most federal corporations are required to comply with the new filing requirements, however, the following corporations are excluded:

4.  What does this mean for you?

If your corporation is federally incorporated and not exempt from the filing requirements, failure to maintain and file the ISC information may result in directors or officers facing penalties up to $1,000,000 or possible imprisonment, as well as potential fines to the corporation of up to $1,000,000 and involuntary dissolution.

Please reach out to the Voyer Law team to discuss your annual filing requirements and to maintain your corporation in good standing.