Canada / Ontario · Proposed legislation
Ontario advances beneficial-ownership reporting bill to committee
On 5 November 2026, Ontario’s Legislative Assembly carried second reading of Bill 143 and referred it to the finance committee. Its beneficial-ownership provisions would expand identifying information, address subsidiary exemptions and introduce rules for changes to information filed through the planned registry.
- Official document:
- Bill 143, Plan to Protect Ontario Act (Budget Measures), 2026 (No.2), Schedules 4 and 12; Business Corporations Act 140.2 and Corporations Information Act
- Development date:
- 2026-11-05
Information and group exemptions
Schedule 4 would amend the Business Corporations Act’s section 140.2 to add citizenship, residential address and an address for service where supplied. It would also restate exemptions, including specified wholly owned subsidiaries of reporting issuers or listed bodies corporate. A multinational group should test the actual parent and subsidiary conditions rather than assume that every group company qualifies.[1]
Changes to filed information
Schedule 12 would add Corporations Information Act subsection 4(2.2): a change notice for filed information originating in the significant-control register would be due within 15 days after the corporation becomes aware of the change. The proposal also regulates disclosure and public access, including prescribed restrictions. The schedules generally require a commencement order; second reading is not activation of a new filing deadline.[1]
From internal records to registry readiness
The Fall Statement describes the registry as a 2027 implementation project. It distinguishes existing internal significant-control records from central filing and says public access would be limited, with fuller access for authorised bodies. The new bill builds on an earlier legislative framework; it is not the first announcement of beneficial-ownership transparency in Ontario.[2][3]
Practical preparation
Groups can reconcile ownership records, confirm which Canadian incorporation regime applies and assign responsibility for collecting the proposed extra fields. They should monitor committee amendments, Royal Assent and commencement instruments before treating the proposed filing mechanics as operative. This focused report covers the ownership provisions, rather than claiming a complete review of all Bill 143 tax and business measures.[1][2][3]
Official sources
- [1] Bill143: original text and legislative status
Legislative Assembly of Ontario · Document date: 2026-11-05
Original bill and current history freshly read:5November second-reading vote and referral; Schedule4 clauses1–5 including proposed140.2(1)(a)/(8) and commencement; Schedule12 new4(2.2), disclosure provisions and clause14 commencement. Selected ownership schedules, not complete3405line bill.
- [2] Fall Statement annex: advancing the beneficial-ownership registry
Ontario Ministry of Finance · Document date: 2026-10-29
Complete tax annex read; this article uses only ownership paragraphs84–89 for proposed2027registry, additional data, exemptions and access. Capital-deduction contradictions and other package questions remain separate.
- [3] Advancing the implementation of Ontario’s Beneficial Ownership Registry
Ontario Ministry of Finance · Document date: 2026-10-29
Complete ownership section lines56–60 read, including the distinction from the framework first introduced in2025, consultations and proposed clarification of businesses/data/updates/access.