Keeping Your Corporation Current – Filing Your Annual Returns

You are the proud owner of a corporation, happily managing the day to day affairs. But are there are other things that you should be aware of? Section 268(1) of the Business Corporations Act (the Act) states that "every corporation shall, on the prescribed date, send to the Registrar an annual return in the prescribed form and the Registrar shall file it". What does that mean? An annual return confirms that the corporation is still active or in existence. It confirms that the registered office and records address are current, who are the current directors (and who are no longer directors) and who are the voting shareholders of the corporation. A corporate annual return is not be confused with your corporation's corporate tax returns – these are two separate and apart returns – one is for financial matters (your corporate tax return) and one is for legal matters (the corporate... Read more