British Columbia is postponing the effective date for its new “significant control” reporting requirements as relief in response to the coronavirus (COVID-19) pandemic. The requirements will be effective 1 October 2020 (instead of 1 May 2020).
Once these requirements are effective, new corporate transparency rules will require that certain private corporations in the province keep up-to-date records on “significant individuals” who meet specified corporate ownership thresholds. The rules largely mirror the federal “significant control” corporate reporting requirement rules that have been in effect since June 2019.
Read an April 2020 report prepared by the KPMG member firm in Canada
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