On October 19, 2021, the Government of Ontario launched the Ontario Business Registry. This new online platform offers simpler, faster, and more convenient access for organizations that are registered, incorporated, or licensed to carry on business in Ontario. This new online registry is available 24 hours a day, 365 days a year, and makes it easy to interact with the government.
The new Ontario Business Registry allows businesses and not-for-profit corporations to complete over 90 transactions online, including registering, incorporating, dissolving an existing corporation, and updating their information.
Ontario corporations are required to file an Annual Return, which is due within six months after their fiscal year-end. Prior to May 15, 2021, the Annual Return was filed with Canada Revenue Agency (CRA) and was included with the filing of the corporation’s T2 Corporation Income Tax Return.
As of May 15, 2021, CRA discontinued accepting these returns on behalf of Ontario. The Ontario Annual Return must now be filed in the new Ontario Business Registry.
Annual Returns that were due from May 15, 2021, to October 18, 2021, are exempt from filing. For example, an Ontario corporation with a December 31, 2020 year-end would have a 2020 Annual Return deadline of June 30, 2021, which falls within the exempt period, and therefore is exempt from filing for their 2020 year-end. An Ontario corporation with a June 30, 2021 year-end would have an Annual Return deadline of December 31, 2021, and therefore would not be exempt from filing.
To access the Ontario Business Registry, you must obtain a company key. File your Annual Return as soon as possible if it is overdue or nearing the filing deadline. Please note: if you require assistance, your company key can be shared with your accountant or lawyer.
For more details on how to set up a company key for your corporation, please visit the Ontario Government website.
Diana joined DJB in March 2018 as a Tax Manager. Diana provides corporate and personal tax planning and compliance services to owner-managed businesses of all sizes. Her experience includes corporate reorganizations, estate freezes, succession planning, business sale planning, and taxation of deceased individuals. More About Diana >
As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates... Read More >
(authored by RSM CANADA) The following is a summary of the key business and personal income tax measures, and indirect tax measures in the Ontario budget. Read More >
The Government of Ontario passed Bill 27: Working for Workers Act on December 2, 2021. The legislation includes among other things, the requirement that Ontario... Read More >
(Authored by RSM Canada) The budget is based on three pillars: (i) investing in people by increasing the housing supply and establishing affordable child care, (ii) facilitating a transition to a green economy to fight climate change, and (iii) incentivizing and supporting Canadian production and innovation. Read More >
The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception... Read More >