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 …
Making the Switch to Digital Minute Books
All corporations are required to keep detailed corporate records. These records are kept in what’s called a corporate minute book, or corporate records book. Why are Minute Books Needed? Maintaining corporate records in a minute book is important for several reasons. First, it ensures that rules governing the corporation can be accessed as and when they’re needed. If you need to see if there are restrictions on what a corporation can do or how it makes decisions, check the minute book. Second, it ensures that there is a clear record of who the shareholders or owners of the corporation are at any time. Without a central place for keeping such records, it would be difficult to determine how many shares …