• About
  • Offices
  • Careers
  • News
  • Students
  • Alumni
  • Payments
  • FR
Background Image
Bennett Jones Logo
  • People
  • Expertise
  • Knowledge
  • Search
  • FR Menu
  • Search Mobile
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
View all
Practices
Corporate Litigation Regulatory Tax View all
Industries
Capital Projects Energy Funds & Finance Mining View all
Advisory
Crisis & Risk Management ESG Strategy and Solutions Governmental Affairs & Public Policy
View Client Work
International Experience
Insights News Events
New Energy Economy Series Business Law Talks Podcast Economic Outlook
ESG & the CIO Subscribe
People
Practices
Industries
Advisory Services
Client Work
About
Offices
News
Careers
Insights
Law Students
Events
Search
Alumni
Payments
Subscribe

Stay informed on the latest business and legal insights and events.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
 
Blog

Ontario Corporations, Have You Got Your Real Property Register in Place?

November 29, 2018

Written By Sandra Geddes, Andrew Pollock and Jane C. Helmstadter

The Ontario Business Corporations Act now requires all Ontario corporations holding ownership interests in land in Ontario to maintain a register of their ownership interests at their registered offices. Ontario corporations incorporated or continued into Ontario after December 10, 2016, had to comply immediately, but existing corporations were given a two-year period to prepare their registers. That period expires on December 10, 2018.

There are two main questions to consider: (1) what interests in land is the OBCA referring to when it refers to an “ownership interest in land,” and (2) where should the register be kept?

Given the lack of guidance around the definition of “ownership interest in land”, the prudent approach would be to maintain a register of both registered and beneficial titles to real property.

Often a corporation’s registered address differs from its operating address (for example, the corporation’s law firm may act as registered office and maintain the corporation’s minute books). Where the registered office differs from the operating office the corporation will need to arrange to have the register available and maintained at the registered office.

The ownership interests register, which may be in paper or electronic form, must identify each property and set out its date of acquisition and, if applicable, its date of disposition, and is to be supplemented by documentation such as transfer/deeds which contain the following information for that property:

  • its municipal address, if any;
  • the Land Registry Office division in which the property is located and its identifier number; and
  • its legal description, and its assessment roll number, if any.

Usually the document conveying the interest will contain the necessary information, and since there is no requirement that the register and associated documents be in hard copy, a link to the supporting document in an electronic register should suffice. Where a large number of properties are involved, maintaining an electronic register with links to underlying documents may be the only practical way to comply.

Failure to comply with the OBCA is an offence under the statute for which individual officers and directors could be liable for fines (up to $2,000) and jail time (up to one year) and for which the corporation could be liable for fines up to $25,000.

Please contact us if you need any further advice for setting up your registers of ownership interests in land in Ontario for your Ontario corporations.

Download PDF

Author

  • Sandra  Geddes Sandra Geddes, Knowledge Management Lawyer

Fall 2022 Economic Outlook: Managing Risks and Taking Action

Related Links

  • Insights
  • Media
  • Subscribe

Recent Posts

Blog

What's Done is Done: Alberta Court of Appeal Declines [...]

February 01, 2023
       

Blog

Electric Contracts for Electric Vehicles: The Key Considerations

February 01, 2023
       

Blog

Blueberry River First Nation, Treaty 8 First Nations [...]

January 30, 2023
       

Blog

Requisitioning the Closure of Open Building Permits

January 30, 2023
       

Blog

Field Notes: Recent Pesticide Initiatives in Canada

January 26, 2023
       
Bennett Jones Centennial Footer
Bennett Jones Centennial Footer
About
  • Leadership
  • Diversity
  • Community
  • Innovation
  • Security
  • History
Offices
  • Calgary
  • Edmonton
  • Montréal
  • Ottawa
  • Toronto
  • Vancouver
  • New York
Connect
  • Insights
  • News
  • Events
  • Careers
  • Students
  • Alumni
Subscribe

Stay informed on the latest business and legal insights and events.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
© Bennett Jones LLP 2023. All rights reserved.
  • Privacy Policy
  • Disclaimer
  • Terms of Use
Logo Bennett Jones