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ARTICLE · 13 JANUARY 2017

Make A List And Check It Twice: New Record Keeping Requirements For Ontario Corporations

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December 10th, 2016, marked a major change for business administration in Ontario and the provincial government's treatment of corporate property.

CanadaReal Estate and Construction
Jonathan Freeman
Jonathan Freeman
Kwaku Tabi
Kwaku Tabi
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December 10th, 2016, marked a major change for business administration in Ontario and the provincial government's treatment of corporate property. These changes have been implemented to better manage the real property owned by Ontario corporations, particularly when the real property is forfeited to the Crown. Some of these changes were discussed in our article on the new Forfeited Corporate Property Act, 2015, found here. An equally important change that also took effect is the new requirement for corporations incorporated under the Business Corporations Act (OBCA) or the Corporations Act (CA) to keep an updated register of its ownership interests in real property.

Real Property registers must list both legal or registered interests and beneficial interests in real property, as well as the dates of their acquisition and disposal. Supporting documents must accompany the register, including copies of the deed or transfer, and any other documents that identify:

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