Corporations Canada Notices

Fifth Annual Corporate Diversity Disclosure Report

Corporations Canada has released the fifth edition of its annual diversity disclosure report, measuring diversity levels on the boards of directors and senior management teams of federal distributing corporations. The 2024 report measures trends and progress against baseline data established in last year's report and adds a new section reporting on trends over the last five years. Federal distributing corporations governed by the Canada Business Corporations Act, typically publicly traded companies, are required to disclose to their shareholders and to Corporations Canada the representation of women, Indigenous Peoples, racialized people and people with disabilities on their boards and among senior management, or explain if no diversity policies or targets are in place.

New Filing Requirement: CBCA Businesses Must File Individuals with Significant Control Information

As of January 22, 2024, federal corporations incorporated under the Canada Business Corporations Act (CBCA) are required to file Individuals with Significant Control (ISC) information with Corporations Canada. Filing is required at annual return time, within 15 days of any change in the ISC register, upon incorporation, after amalgamation, and after continuance to the CBCA. A corporation key is now mandatory for filing annual returns and ISC information as a security measure to protect personal and corporate information. Some ISC information will be made publicly available through Corporations Canada's online search, with additional information accessible as more corporations file their ISC data over the next year.

Entities Must Report Beneficial Ownership Discrepancies Effective October 1, 2025

Starting October 1, 2025, reporting entities regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) must report material discrepancies between beneficial ownership information obtained and individuals with significant control (ISC) information in Corporations Canada's database. This obligation applies when the reporting entity determines that an active corporation incorporated under the Canada Business Corporations Act poses a high risk of a money laundering offence or terrorist activity financing offence. The requirement establishes a new compliance channel between FINTRAC-regulated entities and Corporations Canada for beneficial ownership data quality.