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.
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