Annual Requirement
Every corporation is required to file an annual return with its governing body to remain active and in compliance with the governing legislation. For Federal corporations, this is done through Corporations Canada. Such filings ensure that there is transparency and the public records are up-to-date for the public and stakeholders involved. Your corporate annual return must be filed within 60 days of the anniversary date of the corporation.
COVID-19 fallout
Every business in Canada is struggling to figure out how it will continue to operate and also comply with the various requirements and obligations that the business still may have, whether to comply with the governing legislation for corporate filings or to make payroll or to make loan payment.
As part of continuing developments of the COVID-19 pandemic, various governmental departments have been granting extension or make alternate arrangements on compliance requirements. Corporations Canada is now part of that group. It has issued a notice today advising that it is extending the deadlines for filing the corporate annual return.
New Deadlines
If the annual return for your Federal corporation was due anytime between February 1 and June 30, 2020 now have until SEPTEMBER 30, 2020 to file their annual return. This is great news as we all struggle to adjust to the new normal for the foreseeable future. I still encourage you, however, to put the deadline on the calendar and to make sure that your annual return is filed on time based on the new deadline.
If you have any questions or need help, please do not hesitate to contact me.