Most jurisdictions require you to file some kind of information return every year. Still, the due date and requirements vary from jurisdiction to jurisdiction, so it’s important to look into your local jurisdiction’s requirements. The purpose of the annual return is to let the government know that the company is still active and ensure that they have all of its updated information. This article is about Ontario Annual Returns, specifically. It is important to note that the annual returns we are referring to are corporate annual returns, which are completely separate from a tax return.
Every Ontario corporation is required, by law, to file an annual return with the government of Ontario. For the most part, this used to be done along with your corporation’s tax returns. However, the CRA stopped accepting corporations’ annual returns on behalf of the Ministry of Government and Consumer Services (MGCS). Corporate annual returns can now be filed directly with the new Ontario Business Registry, which launched on October 18, 2021. You can also seek assistance from a service provider (such as ourselves) to file the annual return on your behalf—and we can keep track of future filings so they don’t get forgotten!
Ontario annual returns should be filed within six months of the corporation’s fiscal year-end. Failure to file could result in the involuntary dissolution of the corporation—so this mustn’t get forgotten.
With the launch of the new Ontario Business Registry, a few new pieces of information are requested that you should be aware of.
1. The Official Email Address of the Corporation
When you incorporate or file an annual return, you are asked to provide an official email address from the corporation. This will be the email address that the Business Registry uses to communicate with you about filings or any other corporate updates.
2. Primary Activity Code
Another new requirement when you incorporate or file an annual return is to provide your corporation’s primary activity code. This code is from the NAICS (North American Industry Classification System) list and is used for administrative purposes. The primary activity code is not shared publicly. The code that you choose does not need to reflect every business activity that your corporation carries on. However, it should reflect the primary business activity that it carries on. In other words, don’t sweat it if you can’t find “the perfect code”.
3. Ontario Company Key
Now, when you incorporate a new company, that company will automatically be assigned a “Company Key”, which will be emailed to the official email address of the corporation. This key is required to make any future filings or changes to the corporate information, so it is important that you keep it in a safe place (such as your digital Minute Book). If your company existed before October 18, 2021, then you need to request a company key (if you haven’t already done so). You can do so by clicking on this link. The Company Key will either be mailed to the registered head office, or emailed to the official email address, if there is one on file. You can provide us with the Company Key, and we can take care of any filings you may need on your behalf.
We hope this article gave you a better understanding of the annual return requirements for an Ontario corporation. If you have any questions or need assistance in filing your corporation’s annual return, please don’t hesitate to contact us here. Our annual maintenance package includes the annual return filing. Click here to get started!
