Industry Minister Francois-Philippe Champagne ordered all federally-registered companies to disclose names and addresses of major shareholders, according to Blacklock’s Reporter. “Our government is following through on its commitment,” said Champagne in a statement. “The new filing rule now in force helps establish a database of beneficial ownership information, which will strengthen the safety and economic interests of Canadians.”Industry Canada said in a statement identities of shareholders must be included with corporations’ annual filings. Of the three million businesses nationwide, a total 458,790 are federally registered. “The database of individuals with significant control will take more than a year to be substantially complete, as businesses governed by these new rules will file their information over the coming months,” said Industry Canada. “The government continues to work with provinces and territories to establish pan-Canadian access to beneficial ownership information.”Parliament passed Bill C-42 in November. Bill C-42 mandated people holding a minimum 25% of stock in registered companies identify themselves under threat of a $1 million fine and five years’ imprisonment. Champagne predicted money launderers, tax dodgers and organized crime “will probably not want to come to Canada or at least use corporations in the way we may have seen in the past where people were using our corporations.”Bill C-42 received unanimous support in the House of Commons. "It sends a strong signal to every one in this country that we are serious about doing something," he said. Industry Canada said in a briefing note in May the registry would be available online and keyword searchable beginning in 2025. While it would not be open until 2025, Champagne said at a Senate Banking Committee meeting in November he anticipated an earlier launch this spring. Conservative Sen. Elizabeth Marshall (Newfoundland and Labrador) said he must have a date for when the system is going to be up and running. “Totally,” he said. Champagne said in October cabinet plans to introduce a public registry in 2024 that will disclose the names of beneficial owners of all federal corporations. READ MORE: Trudeau gov’t promises federal corporation ownership registry by 2024The SBC approved the registry bill without making any changes, which guaranteed it would become law by Christmas.“For too long, we had some bad actors who used Canadian corporations in the way that I think Canadians would find very disturbing,” he said.
Industry Minister Francois-Philippe Champagne ordered all federally-registered companies to disclose names and addresses of major shareholders, according to Blacklock’s Reporter. “Our government is following through on its commitment,” said Champagne in a statement. “The new filing rule now in force helps establish a database of beneficial ownership information, which will strengthen the safety and economic interests of Canadians.”Industry Canada said in a statement identities of shareholders must be included with corporations’ annual filings. Of the three million businesses nationwide, a total 458,790 are federally registered. “The database of individuals with significant control will take more than a year to be substantially complete, as businesses governed by these new rules will file their information over the coming months,” said Industry Canada. “The government continues to work with provinces and territories to establish pan-Canadian access to beneficial ownership information.”Parliament passed Bill C-42 in November. Bill C-42 mandated people holding a minimum 25% of stock in registered companies identify themselves under threat of a $1 million fine and five years’ imprisonment. Champagne predicted money launderers, tax dodgers and organized crime “will probably not want to come to Canada or at least use corporations in the way we may have seen in the past where people were using our corporations.”Bill C-42 received unanimous support in the House of Commons. "It sends a strong signal to every one in this country that we are serious about doing something," he said. Industry Canada said in a briefing note in May the registry would be available online and keyword searchable beginning in 2025. While it would not be open until 2025, Champagne said at a Senate Banking Committee meeting in November he anticipated an earlier launch this spring. Conservative Sen. Elizabeth Marshall (Newfoundland and Labrador) said he must have a date for when the system is going to be up and running. “Totally,” he said. Champagne said in October cabinet plans to introduce a public registry in 2024 that will disclose the names of beneficial owners of all federal corporations. READ MORE: Trudeau gov’t promises federal corporation ownership registry by 2024The SBC approved the registry bill without making any changes, which guaranteed it would become law by Christmas.“For too long, we had some bad actors who used Canadian corporations in the way that I think Canadians would find very disturbing,” he said.
