Simplified Guide for Filing an Ontario Annual Return for Corporations
As of October 19, 2021, Ontario corporations are required to register and file their annual returns separately from their Corporate Income Tax Returns using the Ontario Business Registry system. This new process replaces the previous method where annual returns were automatically filed with the Corporate Tax Return.
The Ontario Corporations Information Act Annual Return is an annual submission that discloses essential non-financial details about the corporation, such as its address, directors, and officers. This return is due six months after the corporation’s year-end date.
Since access by accountants and lawyers has been limited, corporate owners, directors, and officers may need to handle the filing process themselves. However, the filing procedure can be complex and confusing. To assist you, we have compiled a comprehensive guide below to help with the registration and ongoing filing requirements.
Streamlining Ontario Filing: A Guide for Corporations
As of October 19, 2021, Ontario corporations are required to register and file their annual returns separately using the Ontario Business Registry system. This is distinct from the annual Corporate Income Tax Return filing, typically handled by an accountant, which still needs to be completed.
Previously, Ontario corporations filed their annual returns alongside their Corporate Income Tax Returns. However, with the recent changes, the Corporations Information Act Annual Return for Ontario Corporations now serves as an informational submission, disclosing basic non-financial details such as address, directors, and officers. The filing deadline for this return is six months after the corporation’s year-end date.
Unfortunately, there has been some confusion surrounding these filings due to limited access for accountants and lawyers, placing the responsibility on corporate owners, directors, and officers to file independently. The process itself can be multi-step, adding to the complexity.
To alleviate these challenges, we have compiled a comprehensive guide to help navigate the registration process and ongoing filings more smoothly.
Every year, businesses registered in the province of Ontario, Canada, are required to submit an Annual Return. This crucial document helps maintain the accuracy of the Ontario Business Registry and ensures that the government has up-to-date information about your company. In this blog, we will guide you through the process of completing Ontario’s Annual, helping you stay compliant and avoid any unnecessary complications.
What is the Ontario Annual Return?
The Ontario Annual Return is a mandatory document that businesses registered in Ontario must file with the Ontario government. It is used to confirm and update essential information about your business, such as the names and addresses of directors and officers, the company’s registered office address, and the company’s business activity.
Also read: How Can Outsourcing Accounting Benefit Small Business in Canada?
Why is the Annual Return Important?
The Annual Return serves several critical purposes:
- Maintaining Corporate Records: It ensures that the Ontario Business Registry contains accurate and up-to-date information about your business, including its structure and leadership.
- Compliance: Filing the Annual Return is a legal requirement for all Ontario businesses. Failure to do so can result in fines and other penalties.
- Transparency: The Return helps maintain transparency in the business community by providing information about the people and activities behind each registered entity.
How to Complete the Ontario Annual Return
Completing the Ontario Annual may seem daunting, but with proper guidance, it can be a straightforward process. Here are the steps to follow:
1. Determine Your Filing Deadline
The Return must be filed within six months of your company’s anniversary date. The anniversary date is the date your business was initially registered in Ontario. Be sure to mark this date on your calendar to avoid late filing penalties.
2. Gather the Required Information
Before you start the online filing process, gather the following information and documents:
- Corporation Number (found on your certificate of incorporation)
- List of current directors and officers, including their full names and addresses
- Registered office address and mailing address (if different)
- A brief description of your business activities
3. Access the Ontario Business Registry
You can file your Annual Return online through the Ontario Business Registry website. You will need to create an account or log in if you already have one.
4. Complete the Annual Return Form
Once logged in, locate the Annual form and start filling it out. Provide accurate and up-to-date information as requested. Double-check the details to avoid errors.
5. Pay the Filing Fee
There is a filing fee associated with the Annual Return. Payment can typically be made online using a credit card. Be sure to keep a copy of the payment receipt for your records.
6. Review and Submit
Before submitting the Annual Return, review all the information to ensure accuracy. Once you are satisfied, submit the form electronically.
7. Confirmation
After submission, you will receive confirmation that your Annual Return has been filed successfully. It’s essential to keep this confirmation for your records.
8. Annual Return for Non-Profit Corporations
If your business is a non-profit corporation, you will also need to file an Information Return (AIR) with the Ontario government, in addition to the Annual Return.
Conclusion
Completing Ontario’s Annual is a vital responsibility for every business registered in the province. It helps maintain accurate records and ensures compliance with government regulations. By following the steps outlined in this guide and staying organized, you can streamline the process and meet your filing deadline without stress. Remember that timely and accurate filing of the Annual is crucial for maintaining a good standing with the Ontario government and keeping your business operations running smoothly.
