Canada: Temporary exemption, corporations filing annual information returns (Ontario)

Temporary exemption applies to certain Ontario annual information returns that can no longer be filed with the CRA

Temporary exemption applies to certain Ontario annual information returns

Certain corporations are temporarily exempt from filing certain Ontario annual information returns until further notice.

This relief—offered by Ontario’s tax administration (Service Ontario)—follows an earlier announcement by the Canada Revenue Agency (CRA) and Service Ontario that corporations can no longer file these returns with the CRA. This temporary exemption applies with regard to corporations that have an annual information return due on or after 15 May 2021 and before the temporary exemption expires.

Background

The CRA and Service Ontario previously announced changes to the Ontario Corporations Information Act annual return process. Under these changes:

  • Annual return forms are no longer available for download from the CRA website (as of 7 May 2021)
  • Annual returns are no longer filed with the CRA (as of 15 May 2021).

The changes apply to the following forms:

  • 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

Ontario's new business registry

Service Ontario announced that affected corporations can pre-register online for Ontario's new business registry to receive future updates with regard to filing their annual information returns under the new system and the expiry of the temporary exemption, once this information is available. To pre-register, corporations must provide their Ontario corporation number or business identification number and the official email address associated with the registered business or entity. Intermediaries may not register on behalf of corporations.

KPMG observation

Certain intermediaries can currently file annual information returns for corporations that were due prior to the exemption period without requiring the corporation to register and set up an account under the new business registry. In addition, it is expected that intermediaries will continue to be able to file annual information returns under the new system without requiring corporations to set up a new business registry account.
 

Read a June 2021 report prepared by the KPMG member firm in Canada

 

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