Recently, we have had several clients ask: “what is my Annual Return, and is it a new requirement for my Corporation?”.
As part of the ongoing efforts to digitize compliance for Corporations incorporated under the Ontario Business Corporations Act, the Annual Return (AR) requires all Ontario corporations (including Federal or Extra-Provincial Corporations who are registered in Ontario) to submit information annually regarding:
– Directors;
– Officers;
– Industry Classification (NAICS) Code; and
– The registered office address of the Corporation.
This return ensures that public records are accurate, promoting transparency and trust in corporate dealings.
While there is not a lot of information to submit in your AR, failure to file the AR can result in significant consequences, including fines or the dissolution of the corporation.
This filing must be completed annually and is separate from any other filings required by federal or other provincial jurisdictions.
Prior to the introduction of the Ontario Business Registry, your corporation’s accountant would have handled this filing in the course of their filing of financial information with the CRA.
When do I need to file my Annual Return?
The AR must be filed annually within 6 months of the corporation’s fiscal year end.
How to File the AR?
The filing process can be completed online through the Ontario Business Registry. As part of our firm’s service that assists in the preparation of your Annual Minutes, we also include the filing of your Annual Return at the same time – you can get a head start by ensuring you have your Corporation’s ‘company key’ ready to go in the meantime.
Tips for Staying Compliant
1. Set Reminders: Mark your calendar with the AR filing deadline to ensure timely submission.
2. Keep Records Updated: Regularly update your corporation’s records to avoid last-minute rushes and errors, and keep your corporation’s legal counsel informed so updates can be made as they happen.
3. Introduce your accountant to your lawyer: Filing your AR is a natural extension of your corporation’s fiscal year-end, so encourage your accountant to keep your corporation’s lawyer in the loop when your financial statements are prepared so the AR can be filed in a timely manner.
