What are dissent and appraisal rights for a shareholder in Ontario?

Dissent and appraisal rights let a shareholder who votes against certain fundamental corporate changes - such as an amalgamation, a sale of substantially all the corporation's assets, or certain amendments to the articles - require the corporation to buy back their shares for fair value instead of being forced to remain a shareholder in the changed corporation. It's designed as an exit option for shareholders who fundamentally disagree with a major structural change that a majority vote has nonetheless approved.

To preserve the right, a shareholder generally has to follow a specific statutory process: formally objecting before or at the meeting where the change is approved, and then following through with the required notices after the vote. Missing these procedural steps can forfeit the right entirely, even if the shareholder genuinely opposed the transaction. Once triggered, if the shareholder and corporation can't agree on fair value, a court can be asked to determine it, similar to the valuation process used in an oppression buyout, though dissent rights are a distinct, self-contained statutory remedy rather than a branch of the oppression remedy itself.