Ontario Annual Return Services
Annual Returns vs Tax Returns: Understanding the Difference
Many people confuse the annual return with the income tax return, but they are two separate requirements for corporations.
What is Annual Return?
It is a corporate filing that federal corporations are required to submit to Corporations Canada every year. This filing helps your corporation stay active and compliant with the legal requirements. It also keeps the federal database up-to-date. Keeping your corporation’s public information accurate builds transparency and trust in the business world.
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Income Tax Return:
Conversely, your corporation must file an income tax return annually with the Canada Revenue Agency (CRA), which is separate from your filing obligations with Corporations Canada.
Why Filing the Annual Returns is Important?
It is important because failing to submit the annual returns (AR) may result in the dissolution of your corporations, causing it to be marked as inactive. Such dissolution can affect your business operations and financial activities such as getting loan approval from banks.
Deadline for Filing Annual Returns
Every corporation must file its federal annual return with Corporations Canada within 60 days of its anniversary date. This date is based on the corporation’s incorporation, amalgamation or continuation date with the Corporation Canada.
Stay Informed:
Corporations Canada sends personalized reminders to help businesses remember to file their annual returns. If you miss the deadline, you might get a default notice around 90 days after your anniversary date.
Both filings are important for different reasons. However, understanding their differences helps you meet all your obligations on time and keep your corporation in good standing.
How it Works
Complete The Form
Please fill out the form below with the details and descriptions of tax-related issues. This will allow us to understand your specific tax situation.
Request a Call
We will contact you for more information after you’ve completed the form.
We Prepare Your Taxes
We will prepare your tax return and send it to you for review and approval before submitting it to the CRA.
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