Things You Should Know About Filing Your Corporation’s Annual Tax Returns

As a corporation in Canada, you are required by the CBCA to file an annual return yearly, if your corporation’s legal status is “active”, (despite the fact that you might not even be currently operating it).  That means that it isn’t dissolved, discontinued or even united with another corporation.

The size of your business doesn’t matter either – no matter whether large or small, you need to file it. It’s your legal obligation and it’s always necessary to have information which is relevant and accurate.

You’ll have to file an annual return within the 60 days after the anniversary date of the corporation. You will have to complete Form 22 – Annual Return, then simply look at the filing instructions on it and follow them carefully.  You should ensure that you file these returns, because it allows consumers, investors and financial institutions able to make informed decisions about your business. How? Well, it’s because if you’re under the CBCA, then the information you render to them, either through forms or via their website, goes towards updating the Corporations Canada’s database of federal business corporations.

Failing to file your annual return punctually may cause your corporation’s annual filings status to be displayed as “overdue” in the online database. You shouldn’t file it ate, but you can’t file it early, because it needs to reflect the situation of your corporation. You will receive a personalized reminder of the due date you are expected to file.

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