Company Beneficial Ownership Registers Being Established in Canada

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The government in Canada are currently in the process of introducing a Bill requiring the disclosure of all individuals that have ‘significant control’ over centralised private companies, as first mentioned in the Canadian 2017 federal budget.

It may be the first step in an authorised government registry obliging the recording the beneficial ownership of all private companies, stated credit agency Moodys; which notes the introduction of new potential trust reporting regulations to classify and record Beneficiaries; Trustees, and Settlors for all trusts established after December 30th 2021.