Ontario Annual Return
Every Ontario corporation has a legal obligation to file Annual Return. But what exactly is it, and how does it differ from your tax return? This blog post will equip you with all the essential information about the Ontario Annual Return, making the filing process fast and easy to update your Ontario Corporation.
Business Ontario makes Annual Return filing completely online for federal and provincial corporations. It’s fast, easy to do, and affordable.
Before May 2021, corporations all updated information was provided and submitted with yearly tax return to CRA. But, in October 19, 2021 Ontario Annual Return was introduced with the updated Ontario Business Registry system.
Ontario annual return filing is mandatory for all corporations (profit, not-for-profit and professional corporations) registered in Ontario. This is a mandatory filing for all existing Ontario corporations, even if there is no changes have occurred since the previous annual return submission.
Ontario corporations are required to file some mandatory filings, particularly the Ontario Annual Return. Essential for every corporation in Ontario, this return is not just a formality but a vital part of maintaining your business’s legal status.
What is the Ontario Annual Return?
Ontario Annual Return is a yearly mandatory filing that updates the government on your corporation’s basic information. It acts as a snapshot of your corporation. It also ensures the public record remains accurate.
Ontario Annual Return is a yearly requirement for all corporations in the province. It’s a regulatory filing that updates the provincial corporate registry with current information about your business. This includes changes in corporate addresses, directors, and key officers. It’s crucial to understand that this return isn’t about financials or taxes; it’s purely an update on your corporate structure and governance.
Depending on the jurisdiction, the annual return update changes to any number of the following items: name of corporation; registered office address; correspondence address; corporate directors and officers; fiscal year-end; use of new trade names; and principal shareholder status.
In this blog, we’ll unravel the essentials of the Ontario Annual Return—its purpose, deadline, and the crucial steps to avoid non-compliance. Plus, we’ll guide you through the straightforward process of filing with Business Ontario, ensuring your journey is as seamless as possible.
The Importance of Meeting the Deadline to file Ontario Annual Return
The deadline for filing your Ontario annual return is within six months after your corporation’s fiscal year-end. Missing this deadline can lead to significant consequences, including legal implications for your corporation. Timely filing is not just about fulfilling a legal obligation – it’s also a demonstration of your commitment to corporate transparency and governance.
Consequences of Non-Filing: Why You Shouldn’t Ignore It
Failing to file the Ontario Annual Return can have serious repercussions. The most alarming is the possibility of your corporation being dissolved by the provincial government. This dissolution means losing your legal corporate status, which could halt your business operations. Moreover, it could lead to legal challenges and reputational damage, both of which can have long-lasting effects on your business’s health and credibility.
Filing Your Annual Return with Business Ontario : A Step-by-Step Guide
Now, let’s dive into the filing process, made easy and accessible through Business Ontario. Visit their dedicated page for the Ontario Annual Return at https://business-ontario.ca/annual-return/, and follow these steps:
Gather Required Information: Before you begin Annual Return, ensure you have all the necessary details about your corporation, including any changes in the past year.
Access the Online Filing Portal: Business Ontario’s user-friendly portal simplifies the filing process. It’s designed to guide you through each step, ensuring you don’t miss any critical information.
Complete the Form: Fill in the details of your corporation as prompted. This includes updates on corporate addresses, director information, and any other changes that have occurred.
Review and Submit: Before submitting, double-check all the information for accuracy. Remember, this information will be used to update public records.
Confirmation and Compliance: Upon submission, you’ll receive a confirmation. This is your record of compliance, an important document that proves your adherence to provincial regulations
Ontario Annual Return filing through Business Ontario
Select the years:
The first step is to select the year that you want to file.
If you are filing two years at once, please ensure to choose the correct quantity (years) to reflect the number of years you’re filing for. The cost shown is per year.
Write any changes:
If you have any changes, write on Box what type of changes occurred in the filing year
Business Details:
In the second step write your business details. Like business name, corporation number etc. to authentic your business and information is correct.
Select the timeline:
In this step select your timeline to file your Annual return. If you are in hurry and want to filing 1 hour our dedicated team is here to file it in 1 business Hour
Pay the Filing Fee
In order to complete the filing process, determine and pay the filing fee. You can use different modes of payment such as credit card, debit card or direct debit to complete the payment process.
Since every business in Ontario is a subject to Ontario Business Corporations Act, follow these tips to make your filing process easier. If you have any queries regarding the process of submitting your annual returns, consult our agent today.
Why You Should File Even If There Are No Changes
It’s important to file your annual return even if there are no changes to your corporation’s information. This filing reaffirms the accuracy of existing records and maintains your corporation’s good standing with the government. It’s a proactive step that showcases your commitment to regulatory compliance.
What are the differences between a Tax Return and an Annual Return?
The differences between a Tax Return and an Annual Return are straightforward:
Tax Return: This is a document filed with tax authorities, like the Canada Revenue Agency in Canada or the IRS in the United States. It reports your income, expenses, and other financial details for a specific year. It’s used to calculate how much tax you owe or how much refund you should get. Individuals and businesses file tax returns.
Annual Return: This is a report filed by corporations with a corporate registry or government body. It’s not about finances but about updating the corporation’s information like addresses, directors, and officers. It keeps the government and public informed about the current structure of the corporation. Only businesses, specifically corporations, file annual returns.
So, a Tax Return is about your financial earnings and taxes, while an Annual Return is about keeping your business’s registration information up to date.
Who is required to file an Ontario annual return?
All Ontario corporations that is registered in Ontario, including (profit, not-for-profit and Professional corporations) must file Ontario annual return when it is due.
When is the Ontario annual return due?
Ontario annual return must be filed within six months of the end of the corporation’s fiscal year. However, for most corporations, this is typically filed alongside their tax return. No worries if you incorporate your Ontario Corporations with us we will notify you every year to file your Corporation’s Annual Return.
What information do I need to file an Ontario annual return?
To file an annual return, you will need the following information of your Ontario corporation:
- Ontario Corporation Number,
- Corporation legal name
- Company key (optional)
- Registered office address and mailing address
- Director(s) name and address
- Official email id of corporation and
information about officers and shareholders if required.
What happens if I fail to file an Ontario annual return?
Ontario Annual return is mandatory. So, if you fail to to file Ontario annual return can result in penalties and could lead to the corporation being dissolved by the government for non-compliance.
How do I know if my Ontario annual return was successfully filed?
Once Ontario annual return is successfully filed, you will receive a confirmation from the Ontario Business Registry. If you file with Business Ontario online we will inform you immediately
Where can I get help if I have difficulties filing my Ontario annual return?
Business Ontario can assist you for filing Ontario annual return. At the same time, we will keep track of the necessary time requirements to complete the yearly Annual Return. Our free Annual return reminder agent will send you email and call you to inform you about Ontario annual return filing due time to obey the corporate compliance.
What Information Can I Change on Ontario Annual Return Filing?
When filing an Ontario annual return, certain information about the corporation can be updated. This typically includes:
a. Registered Office Address
b. Change of Director(s) address
c. Add or remove Director(s)
d. Business Activity change
e. Corporate Email Address and Contact Information
What if the Corporation’s Home Jurisdiction is not in Ontario?
Ontario annual return only mandatory for existing Ontario Corporation. For extra provincial Corporation Ontario Annual Return is not mandatory.
Final Thoughts: The Value of Compliance
Filing your Ontario Annual Return is more than just a regulatory checkbox. It’s a fundamental part of your business’s integrity and compliance framework. By understanding its importance, meeting the deadline, and utilizing the efficient services of Business Ontario, you position your business not just for compliance, but for success and credibility in the corporate world.
Conclusion:
In conclusion, the Ontario Annual Return is a non-negotiable aspect of running a corporation in Ontario. Ensuring its timely and accurate filing is not just a legal necessity but a reflection of your business’s responsibility and commitment to good corporate governance. Utilize the resources at Business Ontario to streamline this process and keep your business on the path of compliance and success.
