New Corporate Record Keeping Requirements

The Forfeited Corporate Property Act, 2015 (“FCPA”) came in to force on December 10, 2016, and with it were introduced new record-keeping requirements for Ontario corporations.  The changes to the Ontario Business Corporations Act (“OBCA”) brought about by the FCPA now impose a requirement for corporations to prepare and maintain a register of ownership interests in land, likely intended to include both legal and beneficial interests.

The register must contain:

• The identity of the property;
• The date the corporation acquired the property, and if applicable, the date the corporation disposed of it;
• The municipal address;
• The Land Titles Division and the Property Identifier Number;
• The legal description; and
• The assessment roll number for taxes.