Who counts as an individual with significant control on my corporation's transparency register?

An individual with significant control, often called an ISC, is a real person, not a corporation or trust itself, who meets one of several tests set out in the Business Corporations Act's transparency register requirements. Broadly, someone qualifies if they own, control, or direct a significant enough number of shares or votes on their own or together with others acting jointly, if they have the right to elect, appoint, or remove a majority of the corporation's directors, or if they otherwise exercise significant influence over the corporation without necessarily holding shares directly at all.

Ownership or control can also be indirect, meaning it flows through another corporation, a trust, or another entity, and the register needs to trace through to the actual individual behind that structure rather than stopping at the intermediate entity's name. Two or more people who agree to exercise their rights jointly can also each be recorded as an ISC together.

Most private Ontario corporations have at least one ISC, often the owner-operator themselves in a small business. If ownership is layered through holding companies, trusts, or multiple family members, working out exactly who qualifies can get complicated enough that it's worth getting help.