In Canada, the shareholders of any business (no matter how small their share), have the right to know about their business's financial records on a regular basis. This includes income statements as well as the annual financial reports, including balance sheets. As a 40% owner, I guess one would consider you to be a major shareholder, or at least you'd be considered as one in Canada. Even if your business isn't public and doesn't owe anything to outsiders in terms of its accountability, please review your legal paperwork in terms of your investment in the company, whether it be as as a private partner or as a shareholder in a public company.

I have to agree with both Coach and Erik. Please check with your attorney and with your local business regulators. This does not sound right, not at all. As a 40% owner, you should definitely not be kept in the dark.