Regulation - LGIC
Proposed fee regulation to establish fees for the processing of two types of applications under the Forfeited Corporate Property Act, 2015
Regulation Number(s):
Proposed new regulation
Instrument Type:
Regulation - LGIC
Bill or Act:
Forfeited Corporate Property Act, 2015
Summary of Proposal:
As of December 10, 2016 applications may be made to the Minister of Infrastructure under the Forfeited Corporate Property Act, 2015 (FCPA) for relief from forfeiture and transfer of a co-ownership interest regarding property that has forfeited to the Crown when a corporation has dissolved. The FCPA provides authority for the Lieutenant Governor in council to make regulations requiring the payment of fees for anything done under the FCPA.
The Ministry of Infrastructure is proposing the creation of a fee regulation that would set out the following fees. The fees are being proposed to ensure consistency with the recently approved legislation:
1) An application may be made by any person under s. 26 of the FCPA for relief from forfeiture regarding a legal or moral claim to forfeited corporate property based on facts before the property forfeited. The applicant would be charged an application fee of $1,200.00; and
2) If forfeited corporate real property was owned by a corporation as a tenant in common with other owners then an application may be made under s. 28 of the FCPA by any other co-owner that is registered on title to the property for the prior corporate owners' interest in the property. The co-owner making the application would be charged an application fee of $800.00.
Fees are being charged to cover the staff time and internal costs related to the processing the applications, related expenses including title searches, requests for parcel registers, and Teranet reports and the consideration of the merits of the applications.
If approved, the proposed fee regulation would establish fees for the processing of the two types of applications under the FCPA: 1) Relief from Forfeiture and 2) Co-ownership.
The Ministry of Infrastructure is proposing the creation of a fee regulation that would set out the following fees. The fees are being proposed to ensure consistency with the recently approved legislation:
1) An application may be made by any person under s. 26 of the FCPA for relief from forfeiture regarding a legal or moral claim to forfeited corporate property based on facts before the property forfeited. The applicant would be charged an application fee of $1,200.00; and
2) If forfeited corporate real property was owned by a corporation as a tenant in common with other owners then an application may be made under s. 28 of the FCPA by any other co-owner that is registered on title to the property for the prior corporate owners' interest in the property. The co-owner making the application would be charged an application fee of $800.00.
Fees are being charged to cover the staff time and internal costs related to the processing the applications, related expenses including title searches, requests for parcel registers, and Teranet reports and the consideration of the merits of the applications.
If approved, the proposed fee regulation would establish fees for the processing of the two types of applications under the FCPA: 1) Relief from Forfeiture and 2) Co-ownership.
Further Information:
Forfeited Corporate Property Act, 2015
Proposal Number:
16-MOI003
Posting Date:
September 8, 2016
Comments Due Date:
October 24, 2016
Contact Address:
777 Bay Street
4th Floor, Suite 425
Toronto, ON M5G 2E5
Attn: Bruce Weinert
bruce.weinert@ontario.ca
4th Floor, Suite 425
Toronto, ON M5G 2E5
Attn: Bruce Weinert
bruce.weinert@ontario.ca