ARTICLE · 08 NOVEMBER 2016

New Rules For Ontario Dissolved Corporations

Rotfleisch & Samulovitch P.C.

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As of December 10, 2016 new rules are applicable for corporations that have been dissolved in Ontario for failure to file tax returns with new deadlines within which owners may revive a dissolved corporation and recover the corporate assets.

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David Rotfleisch

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As of December 10, 2016 new rules are applicable for corporations that have been dissolved in Ontario for failure to file tax returns with new deadlines within which owners may revive a dissolved corporation and recover the corporate assets. Previously real property that was owned by a corporation that was involuntarily dissolved, usually for failure to file tax returns, would be forfeited to the provincial Crown. Owners had a period of 20 years within which to achieve compliance with the corporation's obligations and revive the corporation to recover the assets.

Under the new rules, a corporation may still be revived by its owners within a 20 year period. However, if the corporation is not revived within a three year period the corporation will not recover its assets and they will have properly vested in the Crown. Once the three year deadline is reached the Crown will be within its rights to use the property as it sees fit, dispose of it and even delete any

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