Business Corporations Act amendments
To crack down on tax evasion and money laundering, private companies will now be required to hold accurate and up-to-date information about the true owners of their shares. The private company’s transparency register must include registered owners, beneficial owners, and owners that have indirect control (such as through an intermediary corporation). Tax authorities, police and certain regulators will be able to access a private company’s transparency register as part of their work to crack down on white collar crime. This is part of the B.C. government’s work to end hidden ownership as part of its 30-point housing plan.