The ISC register for Ontario corporations

Who counts as an individual with significant control

Broadly, an individual is an individual with significant control if they are the registered or beneficial owner of, or have direct or indirect control or direction over, either:

• shares carrying 25% or more of the votes, or
• shares equal to 25% or more of the fair market value of all the corporation's outstanding shares.

Control without owning shares

Someone can also be an individual with significant control without holding shares, if they have influence that, if exercised, would result in control in fact of the corporation. People who act jointly or in concert are treated together, so two people with 15% each who always vote together may both need to be on the register.

What the register must show

For each individual, the register records their name, date of birth and latest known address, their jurisdiction of residence for tax purposes, the date they became and stopped being an individual with significant control, and a description of how they meet the definition. It also records the steps the corporation took to identify everyone.

A corporation with no individuals who meet the definition still keeps a register, noting that none have been identified and the steps taken.

Keeping it current

When the corporation becomes aware of a change, it has 15 days to update the register. At least once each financial year, it must take reasonable steps to confirm the register is complete, for example by asking each shareholder whether anyone else owns or controls their shares.

Entries about an individual must be kept for six years after they stop being an individual with significant control.

Who can see it

The ISC register isn't public. Police, tax authorities and certain other investigative bodies can request it, and the corporation must provide it.