SkyLaw Professional Corporation

Tel: 1.416.759.5299

3 Bridgman Avenue, Suite 204 Toronto, ON Canada M5R 3V4 www.skylaw.ca

Fax: 1.866.832.0623 Email: andrew.cooley @skylaw.ca

Ontario Corporations Now Required to Maintain Register of Ownership Interests in Land in Ontario

Every corporation incorporated or continued in Ontario on or after December 10, 2016 is now required to prepare and maintain at its registered office a register of its ownership interests in land in Ontario. Ontario corporations that existed before December 10, 2016 have until December 10, 2018 to comply with these new requirements.

The register must:

• identify each property; and

• show the date the corporation acquired the property and, if applicable, the date the corporation disposed of it.

In addition, a corporation is required to keep with the register a copy of any deeds, transfers or similar documents that contain any of the following with respect to each property listed in the register:

• municipal address, if any;

• the registry or land titles division and the property identifier number;

• the legal description; and

• the assessment roll number, if any.

Unlike other corporate records which may be kept at any place in Ontario designated by the directors, the register and supporting document must be kept at the registered office of the corporation. Corporations may choose to keep the register and supporting documents, or copies of these documents, with their minute books.

The requirements do not apply to land located outside of Ontario or to non-Ontario corprations that own land in Ontario.

Similar requirements apply to Ontario not-for-profit corporations.