Exemptions from Certain Requirements of the Canada Business Corporations Act - CBCA

Act: Canada Business Corporations Act, R.S.C. 1985, c. C-44, as amended
Regulation: Canada Business Corporations Regulations, SOR/2001-512, as amended 

Summary

The Canada Business Corporations Act (CBCA) provides corporations or individuals with relief from some of its requirements through a series of specific exemptions.

Corporations in good standing and incorporated under the CBCA may apply to the Director, Corporations Canada, for the following exemptions:

Fees

• Distributing Corporation - subsection 2(6)* - $250.00
• Name of Corporation - subsection 10(2)  - $250.00
• Trust Indentures - subsection 82(3)*  - $250.00
• Proxy Solicitation - subsection 151(1)*  -  $250.00
• Financial Disclosure - section 156* -  $250.00
• Audit Committee - subsection 171(2)*  -  $250.00
• Per value shares - subsection 187(11)  -  $250.00

* Client information kits on these exemptions are available from any Corporations Canada office or from the Web site.

The Director, Corporations Canada will usually respond to applications within 15 days. The duration of each exemption varies with the type of exemption sought. 

Applications for exemptions must include a description of the exemption(s) being sought, a statement of facts and a signed statement of arguments. The information kit provides assistance in drafting these applications.

Forms, policies and guidelines related to the CBCA are available from any Corporations Canada office and on Corporations Canada's Web site. Please note that applications for an exemption must be faxed, mailed or delivered in person.

Single Filing Exemption

Federal corporations are obliged to file certain documents with Corporations Canada. The Single Filing Exemption provides that proxy materials and financial statements required to be filed with the Director need not be filed if documents containing similar information have been filed with any of the participating provincial and territorial securities commissions. Corporations do not need to notify the Director in order to rely on this exemption.

DISCLAIMER
Information contained in this section is of a general nature only and is not intended to constitute advice for any specific fact situation. For particular questions, the users are invited to contact their lawyer. For additional information, see contact(s) listed below.

Manitoba Contact(s):
See National Contact. 

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National Contact(s):
Client Services Section - Headquarters
Corporations Canada
Industry Canada
9th Floor
Jean Edmonds Tower South
365 Laurier Avenue West
Ottawa, Ontario  K1A 0C8
Telephone: 613-941-9042
Fax: 613-941-0601
Toll-free (information): 1-866-333-5556
E-mail: corporationscanada@ic.gc.ca
Web site: http://corporationscanada.ic.gc.ca/eic/site/cd-dgc.nsf/eng/home