The driver of the other boat involved in the collision - Richard Ruh, 57, of Orchard Park, N.Y.in suburban Buffalo - has been charged with failing to exhibit navigation lights while underway.
Two people died and three others were injured in the August 24 crash that involved two boats in the Muskoka area. Three other people were reportedly injured.
While he wasn't driving the boat, Kevin O'Leary was on board the vessel that was being driven by his wife.
O'Leary's agent didn't immediately return a message seeking comment. The boats involved were reported to be a vessel used to tow water skiers and a bigger pleasure craft.
Ruh's charge is under the Canada Shipping Act, which is a federal responsibility.
He said last month that his wife was at the wheel when they were "in a tragic collision with another watercraft".
Linda O'Leary broke her foot in the crash and required surgery, he said.
The OPP later said both boats left the scene and both boat operators called for ambulances. "I am fully co-operating with law enforcement in their investigation".
O'Leary did, however, say that the crash "devastated" him, and sent "heartfelt prayers and condolences" to the victims and their families.
This is a lesser charge and will not require a court appearance, police said.
Conservative Party of Canada's leadership candidate Kevin O'Leary speaks at a news conference in Toronto, Canada April 26, 2017.