Ontario Corporations : Reminder that the Deadline to Have Your Real Property Register is December 10, 2018
In December 2016, new record keeping obligations were created by way of amendments to the Ontario Business Corporations Act; the Ontario Corporations Act, and the Ontario Not-for-profit Corporations Act, 2010.
These specific record keeping obligations under the Ontario Business Corporations Act (OBCA) already apply to all Ontario Corporations which were incorporated on or after December 10, 2016. For the Ontario corporations which were incorporated before this date, a two year grace period was provided to make these changes; the deadline now being December 10, 2018.
Under the OBCA amendments, the register of a corporation's ownership interests in land in Ontario must be kept at the registered office of the corporation, identify each property owned by the corporation, as well as show the date which the property was acquired and if applicable, the date that the property was disposed.
It is also required that the register keep any deeds, property transfers, or similar documents that contain any of the following items regarding each property that is listed:
The municipal address, The Registry or Land Titles Division as well as the property identifier number, the legal description, and the assessment roll number (if applicable.)
Failure to comply to these new provisions could trigger large fines and even jail time.
https://www.weirfoulds.com/Reminder-to-Ontario-Corporations-Deadline-to-have-your-Real-Property-Register-is-December-10-2018