Should Alberta Require Private Companies to Disclose Their True Owners?
Official title: Beneficial ownership engagement
Alberta wants to know if private companies should be required to keep records of who really owns or controls them. Right now, it can be hard to trace who's behind a company. The proposed changes to the Business Corporations Act would make this information available to government authorities when needed.
Why This Matters
Own a small business in Alberta? This could mean new paperwork for you. The goal is to fight money laundering and tax evasion by making corporate ownership more transparent. But it also means extra work for legitimate business owners to document who controls their company.
What Could Change
Private Alberta corporations may soon need to maintain records identifying their beneficial owners. Government authorities could request this information during investigations. Companies would need systems to track and verify ownership changes.
Key Issues
- What challenges would private companies face in identifying and documenting their beneficial owners?
- How much extra work would be involved in confirming private company status?
How to Participate
- Complete the feedback survey to share your views on the proposed beneficial ownership requirements.
- Email goa.bca-bo@gov.ab.ca if you'd like to connect directly with the team.
Submit Your Input
Questions Being Asked (3)
- How might this requirement affect private Alberta companies?
- What challenges would be involved in identifying beneficial owners?
- What extra work would be involved in confirming private company status?