Forfeited Property Act is in force – what you should know

As mentioned in our November bulletin, Ontario’s new Forfeited Corporate Property Act, 2015 ("FCPA"), which addresses what happens to forfeited corporate property once a corporation is dissolved, came into effect on December 10, 2016.

Under the new provisions, all corporations will be required to keep an updated register of any ownership interests in real property. Among the documents that a corporation must keep with its real property register are the following:


• the deeds, transfers and other documents that contain the municipal address of the property;
• the registry or land titles division;
• the property identifier number (PIN);
• the legal description;
• the assessment roll number.

 

How Cyberbahn can help you:  

 

Information searches to support the updating process:
• The process of updating your property registry begins with a Corporation Profile Report on the current corporate and all previous amalgamating names in order to determine all active entities throughout a corporation’s life span;
• The most efficient way to ensure that you have captured all previous entities for Ontario corporations would be via our Amalgamation Chart, a custom Cyberbahn feature which will not only map out a corporation’s entire “family tree” but also allow you to order Corporation Profile Reports for all of the entities with a single click;
• Once you have all corporate entities listed, it is important to run a real estate name search on each name. This search will not only assist in completing the Real Property register but will also determine if the Real Estate title is up to date, and is available through our Due Diligence service;
• Should you discover that a property’s ownership is listed incorrectly, we can provide access to the required Real Estate Ownership Name Change Registration. Please contact us for more information on this service; 
• The Property Register requires specific information that a Real Estate Title search can provide. This is a sub-search available via our Due Diligence service that includes the parcel and last transfer, and can also provide the assessment roll number upon request;
• We also offer Real Estate Historical Title Searches behind the current title in order to verify your property information, including purchase and sale dates.

 

Corporate Supplies Updates:
Once you have all of the pertinent information ready, we can help facilitate this record keeping with our newly supplemented corporate supply offering:


• All supplies for Ontario Corporations will automatically include a “Registry of Property” tab;
• Whenever complete insides are ordered with the minute book, real property register pages will automatically be included;
• Single tabs, which can be used to update existing minute books, will also be available;
• Complete tab sets, along with complete contents, can be purchased in combination or separately.


On a related note, our corporate records management software CorpLink has amended its Electronic Minute Book to reflect the new Property Register within its Registers and Ledgers tab.

 

 

Contact us to stay up to date>>

 
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