Real Property Record Keeping In Ontario
Real Property Record Keeping in Ontario has just changed. This one largely flew under the radar, however rules have changed for Ontario Corporations effective December 10, 2016.
New pieces of legislation have been enacted, namely the Forfeited Corporate Property Act, 2015, and the Escheats Act, 2015.
As a result, all Ontario Corporations will need to “prepare and maintain at its registered office a register of its ownership interests in land in Ontario”.
So What is Required?
As a result of this new legislation, going forward, reporting will require that Corporate landowners list the following information:
- the municipal address, if any;
- the registry or land titles division and the property identifier number;
- the legal description; and
- the assessment roll number, if any.
Why the new legislation? The Province wishes to ensure that for Corporations involuntarily dissolved, the Province (Crown) can identify lands which are/should be forfeited to the Crown.
Know the changes and get professional advice
Speak to your Accountant or Lawyer to fully understand your go-forward obligations. A good primer would be the recent article authored by Danny Giantsopolous entitled Corporate Property Interests: New Ontario Record Keeping Requirements Scheduled To Take Effect Imminently.
Know your obligations!