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New Compliance Requirement Effective January 1, 2023 Private corporations governed by the Business Corporations Act (Ontario) (OBCA) must now establish and maintain a Transparency Register. This register contains detailed personal information about individuals with significant control (“ISC”) over the corporation. This legislation aims to enhance corporate transparency and prevent misconduct, aligning with similar provisions under the Canada Business Corporations Act (CBCA). Publicly traded corporations are exempt. Who Must Comply? If you are a director or officer of a private...

When starting a business, one of the first major decisions you’ll need to make is whether to incorporate your business federally or provincially. While the Business Corporations Act (Ontario) (OBCA) and Canada Business Corporations Act (CBCA) are almost identical with very few minor variances, there are some key differences to consider depending on your business goals, location, and future plans. In Ontario, businesses can either incorporate under the Business Corporations Act (Ontario) (“OBCA”) or the Canada Business Corporations Act (“CBCA”). Understanding the differences between these...