Ontario corporations are expected to maintain specific records and books under the Ontario Business Corporations Act (OBCA). This includes articles and by-laws, shareholder agreements, meeting minutes and registers of directors and corporate securities. Excluded from these records, is a registry of real property ownerships held by the corporations.
While this record is often maintained informally by Ontario corporations, new laws are now making it mandatory.
At the end of last year, new land registration requirements were set forth for Ontario corporations, under the OBCA.
As of December 10, 2016 corporations, in Ontario, must have a register of ownership interests for land in the province.
The register must be prepared and maintained at the company’s official address, known as the registered office, and must accurately identify:
- each property
- the date the property was acquired by the corporation
- the date the property was disposed of by the corporation, if applicable
You must also keep any supporting documentation with the register. This includes any deeds, transfers or records that contain:
- the properties municipal address, if applicable
- the registry or land titles division
- the property identifier number
- legal descriptions
- an assessment roll number, if applicable
If your company was incorporated before this requirement was enacted in December 2016, you have until December 10, 2018 to comply with these new requirements.
If your company was, or becomes, incorporated after December 10, 2016 this requirement must be met as soon as the incorporation takes effect.
We highly recommend that Corporations begin preparing these documents. If you have any questions or require assistance, please contact us or schedule a complimentary consultation.
We are always happy to help!
