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House Bill

Bill C-42

44th Parl. 1st Sess.
November 02, 2023
An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts
  • The Canada Business Corporations Act is being amended to require corporations to make certain information on individuals with significant control over the corporation available to the public, while protecting their identity. The amendment will also add or broaden the enforcement and compliance powers of the Director and include regulatory authority to prescribe further requirements. Other Acts will also be amended consequentially and relatedly. The amendment aims to make corporations more transparent and accountable.
  • H1
  • H2
  • H3
  • S1
  • S2
  • S3
  • RA
  • Yea (330)
  • Nay
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SteelmanSpren in Favour

  • The amendment to the Canada Business Corporations Act proposed in Bill C-42 will improve transparency and accountability in the corporate sector. Requiring corporations to disclose information on individuals with significant control will prevent the misuse of corporate structures for illegal activities such as money laundering and tax evasion. Protecting the identity of certain individuals will ensure that legitimate privacy concerns are addressed. The addition of new offences and enforcement powers will provide the Director with the necessary tools to ensure compliance with the Act, further increasing transparency and accountability. Prescribing further requirements through regulatory authority will allow for flexibility in addressing any emerging issues or concerns in the corporate sector. These changes will ultimately promote a fairer and more competitive business environment, benefiting both businesses and consumers.

SteelmanSpren Against

  • A steelman argument against Bill C-42 could be that the proposed amendments to the Canada Business Corporations Act may result in a breach of privacy for individuals with significant control over a corporation. Requiring their personal information, including their name, date of birth, residential address, and address for service, to be made publicly available could put them at risk of identity theft or harassment. Furthermore, the potential for this information to be misused by malicious actors cannot be ignored. The added regulatory authority to prescribe further requirements in certain provisions may also lead to unnecessary and burdensome regulations for businesses. This can hinder their ability to operate efficiently and compete in the market. Overall, while the intended objectives of the bill may be noble, the potential negative consequences cannot be ignored.
Royal Assent
  • Nov. 2, 2023, 2 p.m.
  • Read
Senate Third Reading
  • Nov. 2, 2023, 2 p.m.
  • Passed

Senate Committee

44th Parl. 1st Sess.
October 24, 2023
Banking, Commerce and the Economy (BANC)
Re. Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other …
  • Ninth Report

  • The Standing Senate Committee on Banking, Commerce and the Economy has the honour to present its

    NINTH REPORT

    Your committee, to which was referred Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts, has, in obedience to the order of reference of September 26, 2023, examined the said bill and now reports the same without amendment.

    Respectfully submitted,

    PAMELA WALLIN

    Chair

  • Hear!
  • Rabble!
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Senate Committee

44th Parl. 1st Sess.
October 19, 2023
Banking, Commerce and the Economy (BANC)
Re. Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other …
  • Thu Oct 19, 2023 11:30 - 13:30 EST
  • Transcript not yet availabe
  • Watch
  • Hear!
  • Rabble!
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Senate Committee

44th Parl. 1st Sess.
October 18, 2023
Banking, Commerce and the Economy (BANC)
Re. Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other …
  • Wed Oct 18, 2023 16:15 - 18:15 EST
  • Transcript not yet availabe
  • Watch
  • Hear!
  • Rabble!
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Senate First Reading
  • June 22, 2023, noon
  • Passed
Senate Second Reading
  • June 22, 2023, noon
  • Passed
  • Hear!
  • Rabble!
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House Motion No. 392

44th Parl. 1st Sess.
June 20, 2023, 3:25 p.m.
Concurrence at report stage of Bill C-42, An Act to amend the Canada Business Corporations Act and to make consequential and related amendments to other Acts