US companies are out; Canadian companies registered in the US are in. FinCEN issued a final rule on 11 August 2026, effective 14 August 2026, that permanently removes beneficial ownership information (BOI) reporting for companies created in the United States and for US persons (FinCEN).
Who still reports
Foreign entities that are reporting companies must still report BOI for their foreign beneficial owners (Treasury). A foreign reporting company is an entity formed outside the US that has registered to do business in a US state.
For CBPLA members, that typically means:
- An Ontario or BC corporation that qualified to do business in Florida, Texas or another state to hold foreclosed property or run a US lending operation
- A Canadian lending entity that registered in a state as part of licensing
A Canadian lender that makes loans without registering in any state is generally not a reporting company. See Article 3 on when registration is needed.
What else the final rule changed
The final rule adopts the March 2025 interim rule's exemptions and adds relief. US persons who are beneficial owners of foreign reporting companies do not have to be reported, and FinCEN will delete information previously filed by US persons (Journal of Accountancy).
New York adds its own layer
The New York LLC Transparency Act took effect on 1 January 2026. After a December 2025 veto, it follows the federal approach and applies to LLCs formed outside the US that are registered to do business in New York (Morgan Lewis). Such LLCs registered before 2026 face a first filing deadline at the end of 2026; verify the exact date with the New York Department of State, as published sources differ.
What to do now
- List every Canadian entity you control that is registered in a US state
- Confirm each has filed (or updated) its BOI report with FinCEN
- Check New York filings for any non-US LLC registered there
This content is general information for industry professionals and is not legal, tax or financial advice. Laws change and apply differently to each transaction; obtain advice from qualified counsel in each relevant jurisdiction. Legal counsel to the Cross-Border Private Lenders Association: Jasmine Daya & Co. Questions: info@cbpla.com