Corporations Canada resumes administrative dissolutions of corporations that are in default of filing their annual returns
In March 2020, Corporations Canada paused administrative dissolutions of corporations defaulting on filing their Annual Return (AR) in order to ease regulatory requirements for corporations during the COVID-19 pandemic.
From Spring 2022, Corporations Canada will resume the administrative dissolution of corporations that have not filed their AR for at least 2 years. If your corporation is incorporated pursuant to the Canada Business Corporations Act it must file an Annual Return every year. A corporation’s annual return is due within 60 days of its anniversary of incorporation.
A corporation that is dissolved for not filing an AR can no longer conduct business and risks losing its assets to the Crown. In order to ensure that you are notified when your AR is due, please make sure to report any changes to your public information, such as your registered office address, additional address information, and email address used to receive AR reminders. If you are a client of LaBarge Weinstein, please reach out to us to ensure that we are set up as one of your contacts with Corporations Canada so that we received the annual reminders as well.
Corporations Canada has indicated that it will send a final notice once the program has been resumed informing corporations that they must file their AR within 120 days of the notice being sent. Corporations that fail to respond before the deadline may be dissolved.
If your corporation is administratively dissolved, it may be possible to revive it by making appropriate filings within the applicable time periods.
Feel free to contact LaBarge Weinstein for further information.