Once a corporation is created it has certain legal obligations that it must respect to stay compliant with corporate laws. A corporation must typically submit update filings when changes or updates occur.
What is “Corporate Maintenance”?
“Corporate maintenance” refers to two general obligations a corporation must perform on a regular and ongoing basis to comply with applicable laws. These two general obligations are: (1) the filing of relevant government forms and reports in a timely fashion keeping the corporation’s information up-to-date on the government registry; and (2) the preparation of certain documents relating to business decisions (including what if often called “annual minutes” and “corporate resolutions”).
Corporate Changes and Updates
Corporations are required to keep the government informed as to its current information and submit filings when changes occur to be compliant with legal requirements. These updates include changes relating to:
- Place of businesses
- Change in directors or officers
- Shareholder (in some provinces)
- New business or trade names used by the corporation
These forms are distinct and different from government tax related forms such as tax returns, GST/PST filings and payroll deductions.
Internal Corporate Records
A corporation must keep internal records for important decisions that are made by its directors and shareholders. These decisions include:
- Electing a new director
- Appointing a new officer
- Paying a corporate dividend (profit)
- Changing the registered office
- Changing the corporation’s legal name
- Issuing or transferring shares
- Approving the financial statements
Typically, most corporations prepare “annual minutes” when many of these are decided. These can be done at an annual meeting where “minutes” are signed or they may be papered by records signed by the directors and shareholders, in lieu of such meetings. The decisions are recorded and kept in the corporation’s minute book along with all other important corporate documents.
The combination of these two obligations is what lawyers and accountants typically refer to when they speak about “corporate maintenance” and “maintaining your corporation”. Good corporate maintenance results from the prompt preparation of proper documentation kept with the records of the corporation, as well as the filing of the government forms and notices keeping the relevant information up to date on government registries. Failure to respect these obligations may lead to government fines and even the dissolution (closing) of a corporation.
Why Choose Us For Corporate Maintenance
CorporationCentre.ca helps Canadian corporations prepare their corporate documentation and efficiently maintain their corporate records. Our technology allows you to effectively and easily maintain your corporate records by streamlining your corporate record preparation, saving you time and money. We were Canada’s first company to offer corporate maintenance on the Internet and remain the leader in helping corporations to comply with their corporate obligations.
Please note that you need not have incorporated with us to maintain your corporation with CorporationCentre.ca.
If you incorporated with CorporationCentre.ca, click here to login to your account and update your corporation.
If you DID NOT incorporate with us, click here so that you can enter information about your corporation on our secure website. This process takes approximately 15 minutes and requires information about your corporation that can be obtained from your incorporation documents (certificate of incorporation, articles, minute book). Once you enter all the required information, you will be able to able to maintain your corporation without having to re-enter the corporate information in the future.
(Annual Minutes & Government Form)
|Change of Address||$50|
|Change of Director||$50|
|Change of Name||$149|
Maintaining you corporation doesn’t have to be complicated.
Our FAQ can answer some of the most common questions about corporate maintenance that owners like you want to know.
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