Just one of
the many responsibilities that an incorporated company faces is making sure the
annual return is done properly and
submitted on time to keep your corporation in good standing. The annual return
is separate from your tax return –
it is provided by corporations to keep the government informed on any internal
changes made during the previous fiscal year.
The costs
and timeline for filing your annual return is dependent upon the jurisdiction
of incorporation.
The purpose
of the return is to update your
corporate records, which can include:
- name of corporation
- registered office address
- corporation number
- financial year end
- description of type of business
- registered office
- corporate directors
- date of last annual meeting
If a
corporation does not file its annual return within the time frame allowed (or at
all), penalty fees can be applied.
If said corporation repeatedly fails to file its return (generally for two
consecutive years) the government department or agency in the corporation’s
jurisdiction can remove the corporation from government records.
For not-for-profit
corporate returns, every registered
charity must file an annual
information return within 6 months after the end of the charity’s fiscal
year.
Similar to
the corporate annual return, the annual information return for charities
provides the government up to date information on the charity’s records. However, the annual information return also requires
more in-depth reporting on financial information including financial position,
compensation, non-cash gifts, assets, liabilities, revenues and
expenditures.
Please contact CorporationCentre.ca to file your corporate annual return. We're happy to help!
