National Action Plan on Open Government Commitment
C03.1.1 - Fiscal, Financial and Corporate Transparency
- Commitment:
- Fiscal, Financial and Corporate Transparency
- Milestone:
- Pursuant to the Budget 2022 commitment the Government of Canada will implement a public and searchable beneficial ownership registry by the end of 2023. The registry will cover federally regulated corporations and will be scalable to allow access to the beneficial ownership data held by provinces and territories that agree to participate in a national registry
- Indicator:
- C03.1.1 - The Government’s approach to beneficial ownership disclosures is informed by stakeholders’ views on specifications for a made-in-Canada solution
- Lead Organization:
- Innovation, Science and Economic Development Canada
- Deadline:
- By December 2023
- Summit for Democracy:
- Yes
Updates
2024-03
The federal beneficial ownership registry is currently accessible to the public and reflects international best practices. Engagement with domestic and international counterparts is ongoing to monitor development and adjust the Canadian approach as needed.
1) C-42 (44-1) - LEGISinfo - Parliament of Canada; Search for a Federal Corporation - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada
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2023-06
Ad hoc engagements with various stakeholders continued including through the Treasury Board Secretariate Multi-Stakeholder forum.
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2023-03
Ad hoc engagements with stakeholders continued.
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2022-09
In June and July 2022 ISED & Finance Canada held consultations with numerous stakeholders representing transparency organizations, privacy, accounting and law experts, the business community and good governance organizations, among others. Ad hoc engagements continue.
Amendments made to the Canada Business Corporations Act approved in Budget Implementation Act 2022 No. 1.
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