A Step-by-Step Guide to Filing Annual Returns for Ontario Corporations

Filing an annual return is an essential responsibility for Ontario corporations to maintain their legal status and stay compliant with regulatory requirements. In this guide, we will walk you through the process of filing an annual return for Ontario corporations, covering key information, deadlines, and the necessary steps to complete the process.

What is an Annual Return?

An annual return is a mandatory filing that corporations in Ontario must submit to the Ministry of Government and Consumer Services. The purpose of the annual return is to update the corporation's information on record with the government, ensuring the most up-to-date details are available for public access.

Key Information Required for Annual Returns

To complete your annual return, you will need to provide the following information:

1. Corporate name and Ontario Corporation Number (OCN)

2. Registered office address

3. Names and addresses of directors

4. Financial year-end date

5. The type of business the corporation is engaged in

6. The total number of authorized shares and their classification

Deadlines for Filing Annual Returns

Ontario corporations must file their annual returns within 60 days following the corporation's anniversary date (i.e., the date the corporation was incorporated or amalgamated). Failure to file the annual return within the deadline may result in penalties and potentially the dissolution of the corporation.

Steps to File an Annual Return for Ontario Corporations

1. Prepare the necessary information: Gather all required information, including the corporation's OCN, registered office address, director information, financial year-end date, type of business, and share details.

2. Access the filing service: Visit the Ontario Business Registry website (https://www.ontario.ca/page/business-registry) to access the annual return filing service. You will need to sign in or create an account if you haven't already.

3. Choose the appropriate service: Once you are logged in, navigate to the "File and Manage" section and select "File an annual return."

4. Enter the required information: Input the necessary information for your annual return, ensuring that all details are accurate and up-to-date.

5. Review and submit: Carefully review the information entered for any errors or omissions. Once you are confident that everything is correct, submit your annual return.

6. Pay the filing fee: There is a filing fee associated with submitting an annual return for Ontario corporations. The current fee is $25, but it is subject to change. Make sure to pay the fee to complete the filing process.

7. Retain a copy: After submitting your annual return, retain a copy of the confirmation and any related documentation for your records.

Conclusion

Filing an annual return for your Ontario corporation is a crucial aspect of maintaining your corporation's legal status and ensuring compliance with regulatory requirements. By following this step-by-step guide, you can confidently file your annual return and focus on the continued success of your business. If you need assistance with annual returns or other tax-related matters, the team at Tax Heroes is here to help. Reach out to us for expert guidance on all your tax needs.