To make sure that your corporation continues to benefit from incorporation under your jurisdiction of incorporation business corporation act, you need to fulfill certain requirements with your jurisdiction of incorporation corporate registry office. Depending on the type of requirement, you need to file annually or when circumstances change. Namely, you must:
Filing an annual return: Filing an annual return for a business corporation provides up-to-date information to the Corporate Registry Office.
Filing a change of registered office address: Your registered office address is the official address for communications with your corporation.
Filing changes regarding directors: Interested stakeholders have a right to know who the current directors are and where they can be reached.
Amending your articles: Your articles set out basic information about your corporation.
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Canada Corporate Minute Books Made Easy. Every Canadian corporation is required by law to prepare and keep up-to-date its corporate records at its registered office (or at some other location in Canada, as set out by the directors). 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.
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Why Your Company Needs a Corporate Minute Book?
- Maintaining a minute book is required by law for all corporations in Canada.
- It’s required by the Canada Revenue Agency (CRA)
- Failure to comply with this obligation can lead to fines of $25,000
- 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 the loss of shareholders and directors’ protection of personal assets.