Features

Register of individuals with significant control

Since January 1, 2023, most private Ontario corporations have had to keep a register of individuals with significant control, the people who ultimately own or control the company even when shares are held through a holding company or a trust. Carta gives you a register with the fields the Act asks for.

What Carta records for each individual

For each individual: name, date of birth, latest known address, jurisdiction of residence, the percentage of shares and votes they hold or control, any other way they exercise control, the date they became an individual with significant control and the date they stopped.

A dated copy when someone asks

Police, tax authorities and certain regulators can ask a corporation for its ISC register. The document generator produces a dated copy of the register, with a statement of the steps taken to identify individuals, ready to sign and send.

Common questions

Who counts as an individual with significant control?

Broadly, an individual who owns or controls, directly or indirectly, 25% or more of the votes or 25% or more of the shares by fair market value, or who has influence that would give them control in fact. Individuals who act together can count together. Check the definition in the OBCA for your situation.

How quickly do changes have to be recorded?

Within 15 days of the corporation becoming aware of the change. The Act also expects the corporation to take reasonable steps at least once each financial year to confirm the register is complete.

Related

Keep your minute book in Carta

Registers, resolutions, documents and the annual paperwork for your Ontario corporation, in one place. Organizations created during the open beta keep a free perpetual license.