Canada Business Corporations Act
On July 9, 2015, an expert panel convened by the Ontario Ministry of Government and Consumer Services (MGCS) released their final report (the Expert Report) containing many broad recommendations on how to modernize Ontario’s increasingly outdated business legislation. The Expert Report dealt with laws relating to corporations, partnerships, secured lending and other commercial activities. Taken together, these recommendations will bring Ontario into line with the leading corporate law jurisdictions in Canada (and beyond) and likely make the province a much more attractive business destination.
The release of the Expert Report is the first big step in the overhaul of Ontario’s business laws, which was first announced in the 2015-2016 Ontario Budget. This bulletin considers some of the more significant recommendations from the Expert Report and what their adoption could mean for businesses already operating in Ontario or those considering how (and where) to enter into the Canadian market.