Life Leases Act, 2025

RÉSUMÉ DU REGISTRE OFFICIEL

Ce qu'il faut savoir

The Bill enacts the Life Leases Act, 2025 which establishes a legislative framework for life leases in Ontario. A life lease is a written agreement that entitles a person to occupy a residential unit for life or for a fixed term of not less than a prescribed minimum period. The Act defines key terms, including “life lease”, “life lease community”, “life lease holder”, and “life lease sponsor”. It provides that the Act applies to life leases despite any agreement or waiver to the contrary and renders void any provision in a life lease that is inconsistent with the Act or its regulations. The Act prohibits a life leaser sponsor from providing false or misleading information in relation to any matter governed by the Act or its regulations. The Act creates offences for contraventions of the prohibition against false or misleading information and for contraventions of prescribed regulatory provisions. It provides for penalties upon conviction, including fines of up to $50,000 for individuals and $250,000 for corporations. Directors and officers of corporations may also be held liable if they knowingly concur in an offence. A two-year limitation period applies to the commencement of proceedings. The Act grants the Lieutenant Governor in Council broad regulation-making powers, including powers to govern financial disclosures, reserve funds, meetings of life lease holders, terms of life leases and other matters necessary for the effective administration of the Act. The Act comes into force on a day to be named by order of the Lieutenant Governor in Council.

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