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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

I Need To Do What? New Rules On Record Keeping For Ontario Corporations Owning Land

Posted in Commercial, Land Use, Policy
Bram Costin

 

In conjunction with the enactment on December 10, 2016 of the Forfeited Corporate Property Act on December 10, 2016, the Ontario government has amended the Business Corporations Act to require all corporations to maintain at its registered office a register of its ownership interests in land:shutterstock_183013394

(a)        identifying each property;

(b)        showing date of acquisition and, if applicable, date of disposition;

(c)        the municipal address;

(d)        the PIN and the applicable land titles office;

(e)        the legal description; and

(f)         the assessment roll number.

Existing corporations (as of 10/12/16) have until December 10, 2018 to prepare the register, however, newly incorporated or continued corporations must maintain the register from their dates of incorporation or continuance.

The failure to maintain the register, when required, will be non-compliance with the corporation’s governing statute and will have quasi-criminal and contractual repercussions.