On December 10th, the manner in which corporations
manage their property will be altered in a number of important
ways. Perhaps most significantly, ongoing reporting requirements
will be implemented that require all corporations to maintain an
updated register of any and all interests in land that belong to
the corporation. The rationale for these changes is explored in
further detail below. However, the key takeaway for any corporate
owner is that they must be cognizant of these new reporting
requirements, or face the possibility of fines from the government
as a consequence of non-compliance.
The Point of Origin: Bill 144
The impending changes to Ontario's corporate reporting
system are being introduced by Bill 144: the Budget Measures
Act, 2015. Upon coming into force on December 10th,
2016, it will enact five new statutes, including the Forfeited
Corporate Property Act (the
"FCPA"), whilst simultaneously amending
a number of related business statutes (the
