The CBCA and Provincial Business Corporations Act, states that a corporation “… must hold a shareholders’ meeting on a date that is no later than 15 months after holding the last preceding annual meeting, but no later than six months after the end of its preceding financial year.” Alternatively, shareholders may pass a resolution in […]
Archive | Corporate Maintenance
RSS feed for this sectionKeeping Your Corporation in Good Standing: Financial Statements
A corporation must prepare financial statements. There is no requirement to file these statements with Corporations Canada or your provincial registries office. Financial statements must be prepared in accordance with the Generally Accepted Accounting Principles, as set out in the Canadian Institute of Chartered Accountants Handbook.You must provide copies of your financial statements to your […]
Keeping Your Corporation in Good Standing: Appointment of Auditors
At the shareholders’ meeting, shareholders must, by ordinary resolution, appoint an auditor to audit the corporation’s financial statements. However, shareholders may decide by a unanimous resolution (voting and non-voting shares) not to appoint an auditor.The requirement for an auditor increases the reliability of the financial statements and improves protection for stakeholders. Canada Corporate Minute Books. […]
Keeping your Corporation in Good Standing: Corporate Records
Your corporation must keep certain corporate records at its registered office or at some other location elsewhere in Canada as set out by the directors.Upon request, a corporation’s shareholders and creditors (such as suppliers) may examine the following records: Articles of Incorporation, by-laws and their amendments and any unanimous shareholder agreements; minutes of meetings and […]
Keeping your Corporation in Good Standing: Changes Regarding Directors
You must notify Corporations Canada or your provincial registries office of any change in the board of directors within 15 days following the change: when new directors are appointed, or when individuals cease to be directors. You must also notify Corporations Canada or your provincial registries office of any change of residential address of a […]
Keeping Your Corporation in Good Standing: Change of Address of a Registered Office
Moving the registered office within the province or territory indicated in the articles, Your corporation must notify Corporations Canada (for Federal Companies) or your Provincial Registries office (For Provincial Corporations) of any change to its registered office address(e.g. if the corporation moves) within 15 days following the change. The corporation must also provide the new […]
Keeping Your Corporation in Good Standing: Failure to file an Annual Return
A corporation is deemed not to be in good standing with the CBCA if it:fails to file its Annual Return for a period of one year; fails to pay the required fees; and/or submits an incomplete return. Corporations Canada has the power to dissolve a corporation that has not complied with certain requirements of the […]
Setting Up Your Minute Book
The very first documents that are included in the minute book are called the “organizational documents of the company”. The documents that will be prepared and inserted in the minute book will be: General Operating By-law A by-law is a list of rules. Some of the things that you will find in a by-law are: […]
What is a business income?
Business income includes income from any activity you do for profit. For example, the income from a service business is business income.
Other corporate obligations for new Canadian corporations
Appointing auditors At annual shareholders’ meetings, shareholders must, by ordinary resolution, appoint an auditor to audit the corporation’s financial statements. However, the shareholders of a non-distributing corporation can decide by a unanimous resolution (which includes voting and non-voting shares) not to appoint an auditor. Appointing an auditor increases the reliability of the financial statements and […]
