There have been some changes for Ontario Corporations!
1. Every year you need to file a “corporate information return”.
…and there has just been a big change in the way that’s done. This used to be done at the same time as you filed your taxes, so your accountant would do it for you. The CRA recently stopped processing those “corporate information returns” on behalf of Ontario. You now need to file the “corporate information return” separately.
2. You need to get a “Company Key” for your corporation.
Ontario modernized its corporate registry system (which is great news!); more filings can now be done online. However, you first need to obtain a “Company Key” in order to make filings online. You can provide the Company Key to a service provider (like Tobuso) to help you out. Otherwise, you should treat your Company Key as confidential information.
3. You no longer need a resident Canadian director on your board.
If you want help, let us know! Tobuso can help you navigate each of these changes, so that you don’t have to worry about it.
