✔︎ Bill C-42, Beneficial Ownership Registry

Bill

Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other acts.

Vote

Yea.

Rationale

In Budget 2022, the Government of Canada committed to implement a public and searchable registry of beneficial ownership information. The registry will cover corporations governed under the Canada Business Corporations Act (CBCA) and will be scalable to allow access to the beneficial ownership data held by provinces and territories that agree to participate. The objective of the registry is to provide relevant authorities with timely access to accurate and up-to-date information about the true controlling individuals of corporations in order to combat illegal activities, including money laundering, corruption, and tax evasion. Greater transparency will also improve corporate accountability more generally, and thus help protect the public, improve trust in corporate institutions and ensure a well-functioning marketplace.

Passed.

Bill Status

Received Royal Assent