Good news: Blinc keeps a record of this on your dashboard, reports it directly to the government on your behalf and any changes can be made instantly.

Since January 22, 2024, corporations created under the Canada Business Corporations Act (CBCA) are required to file information on their individuals with significant control. Some of the ISC information will be made available to the public (Source)

Who can be an ISC

An ISC is someone who owns or controls a corporation. This individual meets at least one of these criteria:

• owns, controls or directs 25% or more of shares individually, jointly or in concert with one or more individuals
• has control in fact over the corporation without owning any shares, meaning they have heavy influence in the day-to-day management of the corporation

The ISC register

At Blinc you have full access to your ISC register through your dashboard. The ISC register is a document that is kept by a corporation and contains the following information about each ISC of the business:

• full legal name
• date of birth
• country (or countries) of citizenship
• country (or countries) where the ISC is considered a resident for tax purposes
• residential address
• address for service (to be provided if the ISC does not want their residential address being made public on Corporations Canada's website)
• the day on which the individual became an ISC (for example, when the ISC purchased 25% or more of the corporation's shares)
• the day on which the individual ceased to be an ISC (for example, when the ISC sold their shares)
• a description of the ISC's significant control.

The ISC register also includes the steps that the corporation took to update the ISC information, this is easily available and simple to update on your dashboard.

What to do if there are no ISCs

Most corporations have ISCs and are able to identify them. In a small number of unusual situations, a corporation will either:

• have no ISCs (for example, all individuals own or control less than 25% of the shares of the corporation)
• be unable to identify any ISCs (for example, not enough information could be obtained to determine if there are any ISCs)

If a corporation is unable to identify any ISCs over the corporation, the following information must be included in its ISC register:

• A statement to the effect that:
  • the corporation has determined that it is unable to identify any ISCs over the corporation
  • there are no ISCs over the corporation
• A summary of the steps the corporation took to try to identify these individuals

Blinc’s total compliance platform ensures you are properly tracking all ISCs on your dashboard with easy viewing and editing access. Sign up today!