Running a business in Ontario is exciting — but between managing staff, serving clients, and growing revenue, it’s easy to forget the corporate housekeeping that keeps your company compliant and legally protected. Missing small annual requirements can lead to penalties, lawsuits, or even the dissolution of your corporation.
Here are three essentials that every Ontario business owner should tick off each year:
1. Annual Meetings or Resolutions
Every Ontario or federal corporation must hold an annual meeting or sign annual resolutions of shareholders and directors. These confirm key business decisions such as approving financial statements, appointing officers, and declaring dividends.
Failing to complete these documents can cause regulatory delays or problems when you try to sell, borrow, or renew financing.
💡 Tip: A corporate lawyer can prepare your annual resolutions quickly and ensure they meet all statutory deadlines under the Ontario Business Corporations Act (OBCA) or Canada Business Corporations Act (CBCA).
2. Annual Information Return
Your corporation must also file an Annual Information Return:
Federal corporations: Within 60 days of your incorporation anniversary with Corporations Canada.
Ontario corporations: Within 6 months of your fiscal year-end through the Ontario Business Registry.
This filing confirms director and officer details, business address, and fiscal year-end. If you miss the deadline, your corporation can be dissolved for non-compliance.
3. Annual Income Tax Return
Every corporation must file a T2 Corporate Income Tax Return with the Canada Revenue Agency within six months of its fiscal year-end. Late filing can trigger penalties, interest, and even personal liability for directors.
📞 Need help staying compliant? Call us at 343-888-8913.
Droit Ouimet-McPherson Law can coordinate with your accountant and prepare your annual resolutions and filings so you can focus on running your business.
