| UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                        | FORM 20-F(Amendment No. 1) |   |
| [   ]           REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934OR                                                                                                      |
| [ X ]           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011OR                                                                                   |
| [    ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934OR                                                                                                     |
| [    ]          SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934Date of event requiring this shell company report ........................ |
| For the transition period from __________ to __________.                                                                                                                                                                                                                                    |
| Commission File No. 001-14835                                                                                                                                                                                                                                                               |
| NORTHCORE TECHNOLOGIES INC.(Exact name of Registrant as specified in its charter)                                                                                                                                                                                                           |
| Not Applicable(Translation of Registrant’s name into English)                                                                                                                                                                                                                         |
| ONTARIO, CANADA(Jurisdiction of incorporation or organization)                                                                                                                                                                                                                              |
| 302 The East Mall, Suite 300 Toronto, Ontario M9B 6C7(Address of principal executive offices)                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                        | Securities registered or to be registered pursuant to Section 12(b) of the Act.None |
|                                                                                                                                                                                                                                                                                        | Securities registered or to be registered pursuant to Section 12(g) of the Act.Common Shares |
|                                                                                                                                                                                                                                                                                        | Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.None |
| Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.                                                                                                                      |
| 226,597,702 Common Shares as of December 31, 2011                                                                                                                                                                                                                                           |
| Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities ActYes    _____ No  ___X___                                                                                                                 |

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| If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934.Yes    _____ No  __X__                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Yes     X        No  ______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):Large Accelerated filer  [   ]          Accelerated filer [    ]          Non-accelerated filer [  X  ]                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:U.S. GAAP      [    ]        International Financial Reporting Standards as issued                                         Other   [  ]                                          by the International Accounting Standards Board       [  X  ] |
| Indicate by check mark which financial statement item the registrant has elected to follow.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Item 17 ______    Item 18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| If this an annual report, indicate by check mark whether the registrant is a shell company (as determined in Rule 12b-2 of the Exchange Act).Yes  ______    No  __X__                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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|                                                                 | Page   |
|----------------------------------------------------------------------|--------|
|                                                                 |   |
| EXPLANATORY NOTE                                                     | 4      |
|                                                                 |   |
| PART I                                                               |   |
|     ITEM 3- KEY INFORMATION                      | 5      |
|        A. Selected Financial Data | 5      |
| PART III                                                             | 9      |
|     ITEM 18 - FINANCIAL STATEMENTS               | 9      |
|     ITEM 19 – EXHIBITS (15.1)              | 9      |

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| A.   | SELECTED FINANCIAL DATA |
|----------------|-------------------------|

| ·   | Provided comparative financial information; |
|--------------------|---------------------------------------------|

| ·   | Applied the same accounting policies throughout all periods presented; |
|--------------------|------------------------------------------------------------------------|

| ·   | Retrospectively applied all effective IFRS standards as of December 31, 2011, as required; and |
|--------------------|------------------------------------------------------------------------------------------------|

| ·   | Applied certain mandatory exceptions and optional exemptions as applicable for first time IFRS adopters. |
|--------------------|----------------------------------------------------------------------------------------------------------|

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|                                     |   | Year Ended December 31,                  |    |
|------------------------------------------|--------|------------------------------------------|---------|
|                                     |   | 2011(Cdn$)                               |    |   | 2010(Cdn$) |   |
|                                     |   | IFRS                                     |    |
|                                     |   | (in thousands except for per share data) |    |
|                                     |   |                                     |    |   |   |   |
| Revenues                                 |   |                                     | 785     |   |   |   | 582 |   |
| Income from GE Asset Manager, LLC        |   |                                     | 69      |   |   |   | 43 |   |
| Operating expenses:                      |   |                                     |    |   |   |   |   |   |
| General and administrative               |   |                                     | 1,670   |   |   |   | 1,440 |   |
| Customer service and technology          |   |                                     | 726     |   |   |   | 734 |   |
| Sales and marketing                      |   |                                     | 260     |   |   |   | 188 |   |
| Stock-based compensation                 |   |                                     | 1,873   |   |   |   | 517 |   |
| Depreciation                             |   |                                     | 32      |   |   |   | 22 |   |
| Finance costs                            |   |                                     | 227     |   |   |   | 269 |   |
| Other expenses (net)                     |   |                                     | -       |   |   |   | 487 |   |
| Total expenses                           |   |                                     | 4,788   |   |   |   | 3,657 |   |
| Loss from operations                     |   |                                     | (3,934  | ) |   |   | (3,032 | ) |
| Loss per share (1)                       |   |                                     | (0.020  | ) |   |   | (0.019 | ) |
|                                     |   |                                     |    |   |   |   |   |   |
| Weighted average number of common shares |   |                                     | 196,180 |   |   |   | 162,899 |   |

|                                                        |   | As at December 31, |   |
|-------------------------------------------------------------|--------|--------------------|--------|
|                                                        |   | 2011(Cdn$)         |   |   | 2010(Cdn$) |   |
|                                                        |   | IFRS               |   |
|                                                        |   | (in thousands)     |   |
|                                                        |   |               |   |   |   |   |
| Total assets                                                |   |               | 2,909  |   |   |   | 284 |   |
|                                                        |   |               |   |   |   |   |   |   |
| Total  liabilities                                |   |               | 415    |   |   |   | 1,857 |   |
| Shareholders’ equity (deficiency)                     |   |               | 2,494  |   |   |   | (1,573 | ) |
| Total  liabilities and shareholders’ equity |   |               | 2,909  |   |   |   | 284 |   |

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| Consolidated Statement of Operations and Comprehensive Loss Data |   |                                     |    |
|------------------------------------------------------------------|--------|------------------------------------------|---------|
|                                                             |   | Year Ended December 31,                  |    |
|                                                             |   | 2009(Cdn$)                               |    |   | 2008(Cdn$) |   |   | 2007(Cdn$) |   |
|                                                             |   | (CANADIAN GAAP)                          |    |
|                                                             |   | (in thousands except for per share data) |    |
|                                                             |   |                                     |    |   |   |   |   |   |   |
| Revenues                                                         |   |                                     | 759     |   |   |   | 741 |   |   |   | 1,166 |   |
| Operating expenses:                                              |   |                                     |    |   |   |   |   |   |   |   |   |   |
| General and administrative                                       |   |                                     | 1,269   |   |   |   | 1,485 |   |   |   | 1,703 |   |
| Customer service and technology                                  |   |                                     | 738     |   |   |   | 689 |   |   |   | 762 |   |
| Sales and marketing                                              |   |                                     | 181     |   |   |   | 117 |   |   |   | 276 |   |
| Stock-based compensation                                         |   |                                     | 183     |   |   |   | 43 |   |   |   | 94 |   |
| Depreciation                                                     |   |                                     | 29      |   |   |   | 33 |   |   |   | 39 |   |
| Finance costs                                                    |   |                                     | 768     |   |   |   | 729 |   |   |   | 604 |   |
| Other expenses (net)                                             |   |                                     | -       |   |   |   | - |   |   |   | - |   |
| Total expenses                                                   |   |                                     | 3,168   |   |   |   | 3,096 |   |   |   | 3,478 |   |
|  Loss from operations                                       |   |                                     | (2,409  | ) |   |   | (2,355 | ) |   |   | (2,312 | ) |
| Loss per share, basic and diluted (1)                            |   |                                     | (0.017  | ) |   |   | (0.022 | ) |   |   | (0.025 | ) |
|                                                             |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Weighted average number of common shares                         |   |                                     | 140,434 |   |   |   | 108,861 |   |   |   | 93,094 |   |

|                                                                                                                               |   | 2009(Cdn$)                               |   |   | 2008(Cdn$) |   |   | 2007(Cdn$) |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
|                                                                                                                               |   | (U.S. GAAP)                              |   |
|                                                                                                                               |   | (in thousands except for per share data) |   |
| Loss for the year as reported under Canadian GAAP                                                                                  |   |                                     | (2,409 | )      |       |   | (2,355 | )          |   |   | (2,312 | ) |
| Adjustments:                                                                                                                       |   |                                     |   |   |       |   |   |       |   |   |   |   |
|     Accretion of interest on secured subordinated notes (Note 21 (b))                                     |   |                                     | 508    |   |       |   | 394    |       |   |   | 333 |   |
|     Amortization of deferred charges relating to secured subordinated notes under U.S. GAAP (Note 21 (b)) |   |                                     | (42    | )      |       |   | (21    | )          |   |   | (65 | ) |
|     Amortization of beneficial conversion feature (Note 21 (b))                                                |   |                                     | (971   | )      |       |   | (303   | )          |   |   | (160 | ) |
|                                                                                                                               |   |                                     |   |   |       |   |   |       |   |   |   |   |
| Loss and comprehensive loss for the year as reported under U.S. GAAP                                                               |   |                                     | (2,914 | )      |       |   | (2,285 | )          |   |   | (2,204 | ) |
| Loss per share, basic and diluted (1)                                                                                              |   |                                     | (0.018 | )      |       |   | (0.021 | )          |   |   | (0.020 | ) |

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|                                             |   | As at December 31, |   |
|--------------------------------------------------|--------|--------------------|--------|
|                                             |   | 2009(Cdn$)         |   |   | 2008(Cdn$) |   |   | 2007(Cdn$) |   |
|                                             |   | (CANADIAN GAAP)    |   |
|                                             |   | (in thousands)     |   |
|                                             |   |               |   |   |   |   |   |   |   |
| Total assets                                     |   |               | 1,105  |   |   |   | 812 |   |   |   | 687 |   |
| Shareholders’ equity (deficiency)          |   |               | (16    | ) |   |   | (2,403 | ) |   |   | (1,600 | ) |
| Total liabilities and shareholders’ equity |   |               | 1,105  |   |   |   | 812 |   |   |   | 687 |   |

|                           |   | As at December 31, |   |
|--------------------------------|--------|--------------------|--------|
|                           |   | 2009(Cdn$)         |   |   | 2008(Cdn$) |   |   | 2007(Cdn$) |   |
|                           |   | (U.S. GAAP)        |   |
| Total assets                   |   |               | 872    |   |   |   | 731 |   |   |   | 882 |   |
| Shareholders’ deficiency |   |               | (3,283 | ) |   |   | (2,037 | ) |   |   | (2,458 | ) |

| (1) | For each fiscal year, the Company excluded the effect of all convertible debt, stock options and share-purchase warrants in the calculation of diluted loss per share, as their impact would have been anti-dilutive. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Company has not paid dividend since its formation. |
|-----|--------------------------------------------------------|

| (3) | The significant differences between Canadian GAAP and U.S. GAAP arise primarily from the accounting differences relating to the secured subordinated notes issued. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The financial data for the years ended December 31, 2009, 2008 and 2007 shown separately from 2001 and 2010 as the information is not comparable with the data presented based on IFRS. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 15.1 | Consolidated Financial Statements for the year ended Dec. 31, 2011 |
|------|--------------------------------------------------------------------|

|                    |   | NORTHCORE TECHNOLOGIES INC.         |
|-------------------------|--------|-------------------------------------|
|                    |   |                                |
|                    |   |                                |
|                    |   | By: “Amit Monga”        |
|                    |   | Name: Amit Monga               |
|                    |   | Title: Chief Executive Officer |
|                    |   |                                |
|                    |   |                                |
| Dated: October 30, 2012 |   | By: “Tam Nguyen”   |
|                    |   | Name: Tam Nguyen               |
|                    |   | Title: Chief Financial Officer |

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