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Ontario Joins the Club via Bill 43 Re: Register of Individuals with “Significant Control”

January 10, 2023

On January 1, 2023, the Ontario Government’s amendments to the Business Corporations Act (Ontario) (the “OBCA”) came into force and, for Ontario corporations, represent a large shift in the record keeping requirements for private corporations. The amendments to the OBCA were contained under Bill 43, the Build Ontario Act (Budget Measures) (“Bill 43”) and require private corporations to prepare and maintain a register of individuals with “significant control” over the corporation (the “ISC Register”). Public OBCA corporations and private corporations that are wholly-owned subsidiaries of Public OBCA corporations will be exempt from this requirement.

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