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Nov 17, 2016
Services: Real Estate Law

Changes to corporation record keeping obligations with regard to real estate holdings

As of December 10, 2016, pursuant to s. 140(1) of the Business Corporations Act (Ontario) (“OBCA”), all Ontario Corporations will be required to prepare and maintain, at its registered office, a record of its ownership interests in land in Ontario. Such register must identify the property(ies), show the dates of purchase (and sale) of each property and contain relevant deeds/transfers which include the property’s municipal address, PIN number, legal description, and tax assessment roll number. All corporations created after this date will be subject to the new legislation immediately whilst existing OBCA corporations will have two years to comply with these new requirements. These new records become particularly pertinent when read in conjunction with Section 238(1) of the OBCA which requires the articles of dissolution of a corporation to state that the corporation is no longer a registered owner of land in Ontario and Section 239(1.1) which allows refusal of the dissolution if the Director learns otherwise.

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Nicola Melchers

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