Canada: Nationwide Consultation On Public Beneficial Ownership Registries

The Canadian government is taking steps towards making sure Canada is an attractive place to do business whilst protecting the safety and economic interests of Canadians through measures against illicit activities such as money laundering, terrorist financing, tax evasion and tax avoidance.

The government has announced a public consultation, Strengthening Corporate Beneficial Ownership Transparency in Canada, examining the possibility of a publicly accessible beneficial ownership registry of corporations.

The idea is to provide Canadians with trust that businesses in Canada are able to innovate, succeed and contribute in positive ways to the economy.

The move was announced in February 2020 by the Canadian Minister of Innovation, science and industry and the Minister of Finance with the aim of ‘protecting the safety and economic interests of Canadians.’
 
The feedback from business owners on the prospect of a publicly accessible beneficial ownership registry of corporations will assist an advanced national approach to beneficial ownership so that law enforcement, tax and other authorities have the right tools and research to take action on illicit activities, all which respecting Canadians’ privacy rights.