Commitments

03 Corporate transparency

Country: Canada
Action Plan: Canada Action Plan 2018-2020
Year Action Plan: 2018
Start Date: NA  |  End Date: 8/31/2020

From the Action Plan

 
Corporate transparency Corporate transparency
Issue to be addressed
Concealing information about corporate ownership can facilitate:
  • tax evasion
  • money laundering
  • terrorist financing
  • human rights abuses
  • corruption
    By improving corporate transparency, governments can safeguard against the misuse of corporations and other legal entities while continuing to facilitate the ease of doing business in order to foster growth and innovation.
    In Canada, the responsibility for corporate law is shared between federal, provincial, and territorial governments. Additionally, international collaboration and information-sharing where appropriate can support more effective work in this domain by identifying best practices and common challenges. Coordination is therefore needed to address corporate issues effectively.
    Commitment
    The Government of Canada will continue to work with provincial and territorial governments to implement the federal, provincial, and territorial finance ministers’ December 2017 Agreement to Strengthen Beneficial Ownership Transparency. We will:
  • require federal corporations to hold beneficial ownership information
  • engage with key stakeholders on possible options to improve timely access to beneficial ownership information
    Lead department(s)
    Department of Finance Canada (FIN); Innovation Science and Economic Development Canada (ISED)
    23
    Milestones
    What will we do? How we will know we succeeded? What is our deadline?
    3.1 Implement legislative amendments to require federal corporations to hold accurate and up to date beneficial ownership information, and eliminate use of bearer shares (FIN/ISED)
    Amendments made to the Canada
    Business Corporations Act
    July 2019
    3.2 Work with provincial and territorial governments and key stakeholders representing various perspectives on possible options to improve timely access to beneficial ownership information, including retention and disclosure obligations relating to such information and the exploration of a public registry option (FIN/ISED)
    Consultations, framed by a discussion document, with stakeholders from civil society, private sector, academia and other sectors are held to discuss issues relating to beneficial ownership information, including emerging best practices in other jurisdictions
    July 2019
    Federal recommendations are provided to provincial and territorial governments on improving timely access to beneficial ownership information
    August 2019
    3.3 Continue to work with provincial and territorial governments to support coordinated implementation of the Agreement to Strengthen
    Beneficial Ownership
    Transparency (FIN/ISED)
    All elements of the Agreement are implemented by the federal government
    August 2020
  • Lead Institution: Department of Finance Canada (FIN); Innovation Science and Economic Development Canada (ISED)


    Support Institution: NA

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    From the IRM Review

     

    Overview

    Design

    Specificity

    Not Reviewed
    None
    Low
    Medium
    High

    Relevant to OGP values

    Potential Impact

    Not Reviewed
    None
    Unclear
    Minor
    Moderate
    Transformative

    Implementation

    Completion at Midterm

    Not Reviewed
    Unclear
    Not Started
    Limited
    Substantial
    Complete

    Completion at End of Term

    Not Reviewed
    Unclear
    Not Started
    Limited
    Substantial
    Complete

    Results

    Did it Open Government?

    Worsened
    Did Not Change
    Minor
    Major
    Outstanding


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