By Jane Fung, P. Eng – Visit QuietDeal™ when you are ready to buy or sell daycare and private schools.
What is the “Annual Maintenance” Checklist? #
There are compliance processes that need to be completed on a yearly basis. This is a checklist that you can use annually to ensure you have completed all of the required administrative tasks for the corporation to ensure the corporation is in good standing.
- The Public Filing: Updating the government on who is running the company and where it’s located.
- The Internal Record: Documenting the year’s major decisions, approving financial statements, and maintaining the minute book registry and the ISC (Individuals with Significant Control) Register.
Why Download and Use This? #
- Avoid “Administrative Dissolution”: If you miss these filings for two consecutive years, the Province of Ontario can legally “dissolve” your company. This means you technically no longer own the business name, and your corporate protection disappears.
- Audit-Proof Your Business: In a CRA audit, the first thing requested is often the Minute Book. If your resolutions aren’t signed and your registers aren’t current, it can lead to denied expenses or redirected tax liabilities.
Legal Disclaimer: All templates and information provided via OperatorJourney.ca are for educational and reference purposes only and do not constitute legal, tax, or professional advice. OperatorJourney.ca is a brand operated by Lux Development Inc.; it is not a standalone corporate entity. These materials are not intended for real-world use without independent review by qualified licensed professionals in your jurisdiction. By using these assets, you acknowledge that you do so strictly at your own risk and agree that Lux Development Inc., its brands (including OperatorJourney.ca), and its affiliates shall not be held liable for any loss, damage, or legal consequences arising from your reliance on this information.
Are you looking to buy or sell your daycare or private school? Visit QuietDeal™ to learn more.
