Corporations Beware: Where Is Your Updated Land “Ownership” Register?

  • February 17, 2019
  • H.J. Blake, Q.C.

The Business Corporations Act of Ontario (OBCA) currently requires corporations incorporated or continued under the OBCA to prepare and maintain corporate books and records. However, corporations incorporated or continued under the OBCA need to be aware of new onerous amendments to the OBCA that quietly came into force on December 10, 2016.

The new Section 140.1 of the OBCA requires corporations to maintain an updated register of the corporation’s ownership interest in land in Ontario at its registered office.

The Register Must:

  1. identify each instance of “ownership interest” in Land in Ontario; and
  2. show the date on which the corporation acquired the land and, if applicable, the date on which the corporation disposed of it.