UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

FORM 40-F

[Check one]

[   ]

REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

[X]

ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006

Commission File Number 0-25542

_________________

DUNDEE CORPORATION
(Exact name of registrant as specified in its charter)

Province of Ontario, Canada
(Province or other jurisdiction of
incorporation or organization)6282
(Primary Standard
Industrial Classification
Code Number)Not Applicable
(I.R.S. Employer
Identification No.
(if applicable))




1 Adelaide Street East, 28th Floor
Toronto, Ontario
Canada M5C 2V9
(416) 863-6990

(Address and telephone number of Registrants principal executive offices)

_________________

CT Corporation System
1015 15th Street, NW, Suite 1000

Washington, D.C.
20005

(202) 572-3100

(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)

_________________

copies to:

|                                                                                                                                                               |                                                                                                                                                        
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|Joanne Ferstman
Executive Vice President, 
Chief Financial Officer and Corporate Secretary
1 Adelaide Street East, 28th Floor
Toronto, Ontario
Canada  M5C 2V9 | Alan Brown
Blake, Cassels & Graydon LLP
Barristers & Solicitors
199 Bay Street, Suite 2800
Box 25, Commerce Court West
Toronto, Ontario
Canada  M5L 1A9





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Securities registered or to be registered pursuant to Section 12(b) of the Act.

|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of each class |  | Name of each exchange on which registered
|                    |  |                                          
|Not applicable      |  | Not applicable                           

Securities registered or to be registered pursuant to Section 12(g) of the Act.

|                                                   
|---------------------------------------------------
|Class A subordinate voting shares with no par value
|(Title of Class)                                   



Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

|                
|----------------
|Not applicable  
|(Title of Class)

For annual reports, indicate by check mark the information filed with this Form:

|                              |                                        
|----------------------------- | ---------------------------------------
|[ X ] Annual information form | [X] Audited annual financial statements

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.

|                                                                                                                     
|---------------------------------------------------------------------------------------------------------------------
|As of December 31, 2006, there were 24,060,745 Class A subordinate voting shares and 1,040,329 Class B common shares.



Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the Exchange Act).  If Yes is marked, indicate the file number assigned to the Registrant in connection with such Rule.

| |     |  |     |  |  |    |  
| | --- |  | --- |  |  | -- | -
| | Yes |  | 82- |  |  | No | X



Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 | 





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Table of Contents



Forward-Looking Statements

Controls and Procedures

Managements Report on Internal Control over Financial Reporting

Audit Committee Financial Expert

Code of Ethics

Principal Accountant Fees and Services

Off-Balance Sheet Arrangements

Contractual Obligations

Undertaking

Signature

Exhibits











U.S. GAAP reconciliation is not included but will be filed by amendment.



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FORWARD-LOOKING STATEMENTS

This annual report on Form 40-F includes forward-looking statements which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

These forward-looking statements, include, among others, statements with respect to the business operations and strategy as well as the financial performance and condition of Dundee Corporation (the Company) and can generally be identified by the use of forward-looking words such as may, will, expect, intend, estimate, anticipate, believe, or continue or the negative thereof or similar variations. These statements involve inherent risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from the Companys expectations include, but are not limited to, general economic conditions worldwide, market factors, including global capital market activity, interest rate and currency value fluctuations, business competition, changes in government regulations or in tax laws, including estate taxes and changes in treatment of dividends, technological changes, changes in consumer demand for the Companys products and services, realizing increased revenue from the expansion and development of distribution channel capacity, the Companys ability to complete strategic acquisitions and to integrate acquisitions, catastrophic events, political conditions and developments and international conflicts including the war on terrorism. Investors and others are cautioned to consider these and other factors carefully and not to place undue reliance on the Companys forward-looking statements. The Company does not undertake and has no specific intention to update any forward-looking statements, written or oral, that may be made from time to time by or on its behalf whether as a result of new information, future events or otherwise.



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DISCLOSURE CONTROLS AND PROCEDURES



In accordance with the rules of the Securities and Exchange Commission, the Company maintains disclosure controls and procedures and, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of these disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Companys Chief Executive Officer and Chief Financial Officer concluded that, as of the date of the evaluation, the Companys disclosure controls and procedures were adequate and effective.



MANAGEMENTS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING



The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting for the Company as defined in Rule 13(a)-15(f) under the Securities Exchange Act of 1934, as amended.  The Companys internal control system is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with applicable accounting standards.



The Companys internal control over financial reporting includes policies and procedures that:  pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its consolidated entities; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in Canada, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the financial statements.



Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



Under the supervision and with the participation of the Companys Chief Executive Officer and Chief Financial Officer, the Companys management assessed the effectiveness of the Companys internal control over financial reporting as of December 31, 2006 based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.



Based on this assessment, management concluded that the Companys internal control over financial reporting was effective as of December 31, 2006.



This annual report does not include an attestation report of the Companys registered public accounting firm regarding internal control over financial reporting. Managements report was not subject to attestation by the Companys registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only managements report in this annual report.



AUDIT COMMITTEE FINANCIAL EXPERT



The Company has an audit committee established by the directors of the Company (the Audit Committee).  The Audit Committee is comprised of the following four directors of the Company:  K. Barry Sparks, Robert McLeish, Normand Beauchamp and Garth A.C. MacRae.  The board of directors of the Company has determined that each of the members of the Audit Committee has the necessary qualifications to be designated as an Audit Committee Financial Expert of the Company as such term is defined in the Form 40-F.  All members of the Audit Committee have been deemed by the board of directors of the Company to be independent of the Company as such term is defined under the rules of the New York Stock Exchange.



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The Securities and Exchange Commission has indicated that the designation of a member of the Audit Committee as an Audit Committee Financial Expert does not make such member an expert for any purpose, does not impose any duties, obligations or liabilities on such member that are greater than those imposed on the member as a member of the Audit Committee and board of directors of the Company nor does it affect the duties, obligations or liability of any other member of the board of directors of the Company.



CODE OF ETHICS



Although, the Company has not adopted a formal Code of Ethics of the Company, each of the three senior executive officers of the Company holds a professional designation and is, therefore, subject to various codes of ethics and standards of professional conduct relating to such designation.  The following are the codes of ethics and rules of professional conduct to which each of the officers of the Company is subject:

·

The Chief Executive Officer of the Company is a member of the CFA Institute (formerly the Association of Investment Management and Research) and is the Chairman of Goodman & Company, Investment Counsel Ltd. (Goodman), a subsidiary of the Company registered as an investment counsel/portfolio manager with certain securities regulatory authorities in Canada.  Accordingly, the Chief Executive Officer of the Company is subject to the Code of Ethics and Standards of Professional Conduct of the CFA Institute (the CFA Code) and Goodmans Code of Ethics and Standards of Professional Conduct (the Goodman Code) adopted in January 1998, as updated, which meets the requirements of the CFA Code and the requirements of a model code for an investment counsel/portfolio manager in Canada.

·

The Chief Financial Officer of the Company is a Chartered Accountant and is subject to the Code of Ethics of Chartered Accountants of the Canadian Institute of Chartered Accountants and is also subject to the Goodman Code.

·

A Vice President and the Controller of the Company is a Certified Management Accountant and is subject to the Code of Professional Ethics of The Society of Management Accountants of Ontario.

Each of the CFA Code, the Goodman Code and certain of the other codes or rules of professional conduct noted above have provisions relating to, among other things, compliance with applicable laws, rules and regulations, confidential information, prohibition against insider trading and use of material non-public information, prohibition against professional misconduct and conflicts of interest.

A number of the directors, officers, employees and financial advisors of certain subsidiaries of the Company are subject to one or more of the CFA Code, the Goodman Code and the rules and regulations of all securities regulatory authorities in Canada, the Investment Dealers Association of Canada, the Mutual Fund Dealers Association of Canada, all stock exchanges in Canada and Market Regulation Services Inc.



PRINCIPAL ACCOUNTANT FEES AND SERVICES



During 2006 and 2005, the Company and its subsidiaries that are audited by Ernst & Young LLP (includes Dundee Wealth Management Inc. and its subsidiaries and Eurogas Corporation but does not include Dundee Realty Corporation which is audited by a different external auditor) have paid the following fees to Ernst & Young LLP, the Companys external auditor, for the following fee categories:



|                   |           |          
|------------------ | --------- | ---------
|Fee Category       | 2006 ($)  | 2005 ($) 
|Audit Fees         | 2,062,000 | 1,506,100
|Audit-Related Fees | 1,422,600 | 459,400  
|Tax Services Fees  | 101,800   | 171,075  
|All Other Fees     | 0         | 0        
|                   | 3,586,400 | 2,136,575





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Following a review of its audit requirements, the Board resolved to propose to Shareholders of the Company that Ernst & Young LLP be replaced by PricewaterhouseCoopers LLP as auditors of the Company at the Companys forthcoming annual meeting of shareholders.  This is not the result of any disagreement or area of dispute with Ernst & Young LLP.  In the interim, PricewaterhouseCoopers LLP has been retained to prepare a review engagement report of the Companys consolidated financial statements for the period ending March 31, 2007.

Audit Fees

Audit fees include all fees paid to Ernst & Young LLP for the audit of the Companys consolidated financial statements and other required statutory/regulatory audits and filings of the Company and certain of its subsidiaries.

Audit-Related Fees

Audit-related fees include all fees paid to Ernst & Young LLP for audit-related services including the review of the Companys interim financial statements, preparation and/or review of certain filings with Canadian securities regulators, including comfort and consent letters, and accounting consultations on matters addressed during the audit and interim reviews.

Tax Fees

Tax fees include all fees paid to Ernst & Young LLP for tax-related advice including tax return preparation and/or review and tax planning advice.

All Other Fees



There were no other fees.





The Audit Committee has reviewed the magnitude and nature of all fees in respect of services provided by the external auditors during the years ended December 31, 2006 and 2005 to ensure that they are compatible with maintaining the independence of the external auditor.

The Company has established a policy in respect of the pre-approval of non-audit services, including audit-related and tax services, to be provided by the Companys independent auditors.  The Audit Committee administers the requirements of the Companys policy.  Under the policy, the Audit Committee will review annually the recurring audit fees for the coming year.  The policy also requires that any audit, audit-related or tax services proposed during the year be pre-approved by the Audit Committee, evidenced by approval from the Chairman of the Audit Committee.

The Audit Committee approved 100% of the audit-related fees and tax fees disclosed above.

OFF-BALANCE SHEET ARRANGEMENTS



Information on the Companys off-balance sheet arrangements is included in the Companys Managements Discussion and Analysis for the financial year ended December 31, 2006 which is attached as Exhibit 99.3 to, and incorporated by reference in, this report.

CONTRACTUAL OBLIGATIONS



Information on the Companys contractual obligations is included in the Companys Managements Discussion and Analysis for the financial year ended December 31, 2006 which is attached as Exhibit 99.3 to, and incorporated by reference in, this report.



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UNDERTAKING



The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to:  the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

SIGNATURE



Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

DUNDEE CORPORATION

By:

/s/

Joanne Ferstman

Joanne Ferstman

Executive Vice President,

Chief Financial Officer and Corporate Secretary

Date:

March 30, 2007



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EXHIBIT INDEX

|            |                                                                                                                                                            
|----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. | Description                                                                                                                                                
|99.1        | Annual Information Form, dated March 29, 2007, of Dundee Corporation                                                                                       
|99.2        | Audited consolidated financial statements of Dundee Corporation for the financial year ended December 31, 2006, together with the auditors report thereon.
|99.3        | Managements Discussion and Analysis for the financial year ended December 31, 2006.                                                                       
|99.4        | Certifications pursuant to Section 302 of the Sarbanes-Oxley Actof 2002.                                                                                   
|99.5        | Certifications pursuant to Section 906 of the Sarbanes-Oxley Actof 2002.                                                                                   





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Exhibit 99.4

CERTIFICATION



I, Ned Goodman, President and Chief Executive Officer of Dundee Corporation, the principal executive officer of Dundee Corporation, certify that:



1.

I have reviewed this annual report on Form 40-F of Dundee Corporation;



2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;



4.

The issuers other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:



(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the issuers disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and



5.

The issuers other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuers auditors and the audit committee of the issuers board of directors (or persons performing the equivalent functions):



(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuers ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuers internal control over financial reporting.





By:



/s/

Ned Goodman

Name:

Ned Goodman

Title:

President and Chief Executive Officer

Date:

March 30, 2007







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CERTIFICATION

I, Joanne Ferstman, Executive Vice President, Chief Financial Officer and Corporate Secretary of Dundee Corporation, the principal financial officer of Dundee Corporation, certify that:



1.

I have reviewed this annual report on Form 40-F of Dundee Corporation;



2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;



4.

The issuers other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:



(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the issuers disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

5.

The issuers other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuers auditors and the audit committee of the issuers board of directors (or persons performing the equivalent functions):



(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuers ability to record, process, summarize and report financial information; and



(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuers internal control over financial reporting.





By:



/s/

Joanne Ferstman

Name:

Joanne Ferstman

Title:

Executive Vice President,

Chief Financial Officer and Corporate Secretary

Date:

March 30, 2007





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Exhibit 99.5

CERTIFICATION
Pursuant to 18 United States Code § 1350



The undersigned hereby certifies that to his knowledge the Annual Report on Form 40-F for the fiscal year ended December 31, 2006, of Dundee Corporation (the Company) filed with the Securities and Exchange Commission on the date hereof fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, except that the reconciliation to U.S. GAAP required pursuant to General Instruction C (2) of Form 40-F has been omitted, and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company.









/s/

Ned Goodman

Name:  Ned Goodman
Title:     President and Chief Executive Officer

Date:     March 30, 2007









CERTIFICATION
Pursuant to 18 United States Code § 1350



The undersigned hereby certifies that to her knowledge the Annual Report on Form 40-F for the fiscal year ended December 31, 2006, of Dundee Corporation (the Company) filed with the Securities and Exchange Commission on the date hereof fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, except that the reconciliation to U.S. GAAP required pursuant to General Instruction C (2) of Form 40-F has been omitted, and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company.







/s/

Joanne Ferstman

Name:   Joanne Ferstman
Title:     Executive Vice President,

Chief Financial Officer and Corporate Secretary

Date:     March 30, 2007