Ontario is setting up a new online registry system and any business that is registered, incorporated or licensed to carry on business in Ontario will have to register for an online profile.
The new Ontario Business Registry will be officially launched on October 19, 2021. The changes were in response to provide a simpler, readily available and efficient registry to reflect the increasing demand for services in today’s digital world. The new registry will provide businesses and not-for-profit corporations direct online access to over 90 government services including but not limited to:
- Registering a business name
- Updating information about a business name
- Filing notices and other documents
Important changes for corporations that file Ontario annual information returns were introduced in May 2021 and have the following implications:
- Ontario Corporations Information Act annual returns are no longer be available for download on Canada.ca
- The Canada Revenue Agency (CRA) will no longer be submitting Ontario corporate annual return information returns through CRA’s tax filing system.
- Until the Ontario Business Registry launches on October 19, 2021, corporations are exempted from the annual return filing requirement provided the return is due between May 15, 2021, and October 19, 2021.
These changes will apply to Corporate and Non-Profit organization’s respective tax filings as follows:
- Schedule 546 – Corporations Information Act Annual Return for Ontario Corporations
- Schedule 548 – Corporations Information Act Annual Return for Foreign Business Corporations
- Form RC232 – Corporations Information Act Annual Return for Ontario Not-for-Profit Corporations.
As a reminder, the filing of the annual return is not a tax requirement but is a legal requirement, and failure to file the return within six months after the end of each tax year could result in an involuntary dissolution of a corporation.
Since the annual returns are no longer being submitted through the CRA with the corporate tax return (T-2), it means all Ontario businesses will need to file their annual returns in a different way that has yet to be communicated by Service Ontario.
To stay current with information about the new registry and receive updates, you may sign up at Ontario Business Registry | Ontario.ca.
Contact McCay Duff LLP in Ottawa for Straightforward and Reliable Business Advisory Services
Whether helping you or your company maximize wealth and minimize taxes or ensuring your not-for-profit organization meets its statutory requirements, improves accountability and reaches its own goals, the professionals at McCay Duff LLP provide comprehensive business advisory services. We continually monitor tax law changes to keep our clients informed of their changing obligations.