RECO / TRESA · Eligibility
The articles show a corporation incorporated under a statute other than the Ontario Business Corporations Act
What the check looks for
A personal real estate corporation must be incorporated or continued under the Business Corporations Act (Ontario). A corporation incorporated under the Canada Business Corporations Act, or under another province's or territory's Act, is not one, however its articles are drafted, unless it is first continued into Ontario.
Authority: O. Reg. 536/20, s. 2 ¶1
What goes wrong
The articles show a corporation incorporated under a statute other than the Business Corporations Act (Ontario), such as the Canada Business Corporations Act or another province's Act. O. Reg. 536/20 s. 2 ¶1 requires a personal real estate corporation to be incorporated or continued under the Ontario Act, so as filed this corporation does not meet that criterion, whatever the rest of the articles say.
What good looks like
The articles are filed under the Business Corporations Act (Ontario).
Check your own articles, free
The PREC Articles Health Check reads your articles of incorporation in your own browser and rates them Red, Yellow or Green against this criterion and 29 others. The check does not upload your document to us.
It reads how the articles are drafted; it does not advise on your circumstances, and Capital Toolkit does not file articles with the Province.
Capital Toolkit is an automated service. It provides general information, not legal, tax or accounting advice, and it does not replace your own lawyer or accountant. Have a qualified professional review any document before you rely on it, sign it or file it.