What happens to a corporation's leftover assets if it's dissolved and never revived in Ontario?

When an Ontario corporation is dissolved, any property it still owned that wasn't distributed to shareholders or otherwise dealt with before dissolution doesn't just disappear or belong to whoever happens to be holding it — under the Forfeited Corporate Property Act, that leftover property generally becomes forfeited to the Crown in right of Ontario. This is a distinct legal step from dissolution itself: dissolution ends the corporation's existence, and forfeiture deals separately with whatever property it left behind unresolved.

This is why corporations winding down are generally advised to distribute or otherwise deal with all assets, bank balances, and property before filing for dissolution, rather than assuming loose ends can be tidied up afterward. Once forfeiture occurs, reclaiming the property typically requires either reviving the corporation, if that's still available, or applying to the Crown through the process available for former shareholders or others with a legitimate claim.

If you're closing a corporation with assets that haven't been fully wound up, or you've discovered a dissolved corporation still had property, getting advice before or promptly after dissolution can avoid a much harder process of trying to recover forfeited property later.