Every canadian corporation is required by federal and provincial business corporation act to prepare and keep up-to-date its corporate records at its registered office. Failure to comply with this obligation can lead to fines of $25,000, and the officers and directors of the corporation may be personally liable. Corporate minute books help keep important corporate documents organized and accessible.
Your corporation is a separate legal entity that must fulfill certain obligations under the Canada Business Corporations Act (CBCA) or provincial business corporations act. One of this obligation is to keep your corporate minute book up-to-date at your principal place of business.
Maintaining a minute book is required by law for all corporations in Canada.
It’s required by the Canada Revenue Agency (CRA)
Helps to protect your corporate status
Failing to maintain adequate corporate records exposes your corporation to serious risks
Failing to keep corporate records can result in loss of shareholders and directors' protection of personal assets.