New Real Property Register Requirement

On December 10, 2016 the Forfeited Corporate Property Act, 2015 ("FCPA") came into force in Ontario.  This act makes it easier for the Government of Ontario to use or sell property that has been forfeited to the Ontario Crown upon the dissolution of a corporation.  In order to assist the Government in locating the assets of dissolved corporations, the FCPA amended the Ontario Business Corporations Act ("OBCA") to increase the record-keeping obligations for corporations incorporated or continued in Ontario.

The new subsection 140.1 of the OBCA requires a corporation to prepare and maintain at its registered office a register of its ownership interests in land in Ontario.  This register is to identify each property, and to provide the date the corporation acquired and disposed of (if applicable) the property.  In addition, the corporation must keep with the register a copy of any deeds, transfers or similar documents that contain any of the following with respect to