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ARTICLE · 21 NOVEMBER 2016

New Record-Keeping Requirements For Ontario Land Owners

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Ontario corporations that hold a legal or beneficial interest in real property in Ontario will soon be subject to more onerous record keeping requirements.

CanadaReal Estate and Construction
Karen Hennessey
Karen Hennessey
Jodey Therriault
Jodey Therriault
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Ontario corporations that hold a legal or beneficial interest in real property in Ontario will soon be subject to more onerous record keeping requirements.

The Forfeited Corporate Property Act, 2015 and the Escheats Act, 2015 come into force on Dec. 10, 2016; with their implementation will also come a number of amendments to the Ontario Business Corporations Act ("OBCA") and the Corporations Act ("CA"). Consistent with the existing Escheats Act (which will be repealed in December 2016), the new legislation mandates that real property of corporations that are dissolved will be forfeited to the Crown immediately upon such dissolution (whether such dissolution is involuntarily or voluntarily, provided that for any voluntary dissolution, the property is not transferred, sold or distributed at the time of such dissolution). 

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