ARTICLE · 30 AUGUST 2016

The New Ontario Act & How It Affects Your Corporation

Minden Gross LLP

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On December 10, 2015, the Ontario government passed Bill 144, the Budget Measures Act, 2015, which will come into force on December 10, 2016.

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Minden Gross LLP

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On December 10, 2015, the Ontario government passed Bill 144, the Budget Measures Act, 2015, which will come into force on December 10, 2016. This Bill will enact several new statutes, including the Forfeited Corporate Property Act, 2015 ("FCPA") and the Escheats Act, 2015.

This legislation addresses what happens to forfeited corporate property once a corporation is dissolved. The introduction of the FCPA amends other Ontario legislation that may have an impact on a corporation's day-to-day reporting requirements and long-term consequences for corporations that are dissolved and not revived within a strict timeline.

The Legislative Intent of the FCPA

The Ontario Ministry of Finance stated in a press release on November 18, 2015, that the intended effect of the introduction of the FCPA will be to:

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