MBB LAW INSIGHTS SERIES - CORPORATE LAW
Reminder for Ontario Corporations to Declare Land Ownership
On December 10, 2016, the Forfeited Corporate Property Act (the “FCPA”) came into effect. This statute requires all corporations existing under the Ontario Business Corporations Act (the “OBCA”) to maintain registers of any ownership interests in land after December 10, 2018.
The corporation’s register must include the following items:
- each owned property’s municipal address;
- the registry or land titles division and the property identifier number (PIN);
- the legal description of the property; and
- the assessment roll number, if applicable.
Furthermore, the corporation must retain all supporting documentation relating to the real properties it owns, including copies of any deeds, transfers, or any similar documents.
Failure to provide the above information without reasonable cause is an offence under the OBCA. The result may be a fine of up to $25,000.00 for the corporation and its directors or officers may be held liable for fines of up to $2,000.00 or imprisonment for a term of not more than one year, or both.