Your Complete Guide on How to File an Annual Return in Ontario

Filing an annual return is a crucial responsibility for Ontario corporations, as it helps maintain their legal status and ensures compliance with regulatory requirements. In this blog post, we will provide a comprehensive guide on how to file an annual return in Ontario, covering the necessary information, deadlines, and step-by-step instructions to complete the process with ease.

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.

Information Required for Annual Returns

To file 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.

Step-by-Step Guide on How to File an Annual Return in Ontario

1. Prepare the necessary information: Gather all required information for your annual return, such as 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

Knowing how to file an annual return in Ontario is essential for 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 provide the guidance and support you need. Reach out to us for expert advice on all your tax needs.