New ISC Requirements for Federal Corporations in Canada

Introduction Recent amendments to the Canada Business Corporations Act (CBCA) have brought about significant changes in the disclosure and filing requirements for Individuals with Significant Control (ISC) registers for most federal corporations. This post aims to detail these changes and guide federal corporations through the updated process. Understanding ISC and ISC Registers An ISC is an individual who has significant control over a federal corporation. This means that the person: An ISC register is a record of all such individuals for a specific federal corporation. Current ISC Procedures Since 2019, all federally incorporated companies in Canada have been required to maintain an ISC register. This register was required to contain basic information about ISCs (such as names and addresses) and …