“New Record-Keeping Obligations for Ontario Corporations are Coming”
Anthony M.C. Alexander and Gabriella Lombardi of Davies draw our attention to some key new obligations imposed on Ontario corporations:
“The management of existing Ontario corporations should be aware that, by December 10, 2018, the law will require them to prepare, and to thereafter maintain, a register of all ownership interests in Ontario land held by the corporation.
“More imminently, any Ontario corporation that is created or continued on or after December 10, 2016 will need to comply with these obligations immediately following its incorporation or continuance.
“The precise content and ramifications of these new record-keeping obligations should be discussed with your external counsel. Given the novelty of the new regime and the relative lack of attention that these changes have received to date, further guidance may yet emerge during the first months that the regime is in effect.”