Changes to the Business Corporations Act to help prevent criminal activities

Press Release

Jun 2, 2025

The Yukon is joining national and international efforts to reduce the potential for companies to be used for money laundering, tax evasion and other illegal acts.

As of June 1, 2025, changes to the Business Corporations Act will require Yukon corporations to identify individuals who own, control or benefit from 25 per cent or more of the corporation’s shares. This information must be collected and kept up to date.

Corporations will only need to disclose this information to law enforcement, tax or regulatory authorities upon request as part of investigations into crimes, like money laundering or international tax evasion.

Yukon corporations have until June 1, 2026, to collect and record this information to comply with the Act. The extra time will assist corporations in meeting these new obligations.

Corporations that are wholly owned by one or more Yukon First Nations governments, municipal governments or the Government of Yukon are exempt from this requirement.

Information sessions will be held in late June. Once dates are set, the public sessions will be advertised on the Yukon Community Services Facebook page. Law firms will be contacted directly.

These changes to the Business Corporations Act mark a significant step forward in protecting the Yukon from financial crime. By requiring corporations to disclose ownership information, we’re increasing transparency and reducing the potential for money laundering, tax evasion and other illegal activities. This change will strengthen our economy, ensure greater accountability and bring us in line with best practices across the country and beyond.

Minister of Community Services Richard Mostyn

Quick facts

• A corporation is a legal entity that exists separately from its owners. In the Yukon, corporations are created under the Business Corporations Act.
• A beneficial owner is an individual who directly or indirectly owns, controls or benefits from a corporation and the income it generates.
• An individual with significant control is someone who:
  • owns 25 per cent or more of the corporation’s shares;
  • controls 25 per cent or more of the corporation’s shares; or
  • has direct or indirect influence that could significantly impact the corporation’s financial decisions, operations or day-to-day management.

Media contact

Laura Seeley
Cabinet Communications
867-332-7627
laura.seeley@yukon.ca

Taylor Harvey
Communications, Community Services
867-332-1237
taylor.harvey@yukon.ca

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