Once you've registered your new corporation, there are several steps that are required to be taken to keep it in good standing. Although each Province has different requirements, the following minimum requirements are required by most Canadian jurisdictions:

• filing a corporate annual return with the appropriate corporate registry office;
• filing notices regarding any changes of shareholders and directors when required;
• preparing annual shareholder resolutions as required by law;
• preparing director resolutions as required by law;
• making updates to the corporation's minute book.

In addition, your new corporation will be required to file its own tax return each year.

Failing to take these steps can lead to significant problems for a corporation, including incurring penalties and having the corporation struck from the corporate register, meaning it no longer exists as a legal entity.

By law, once a corporation is struck, its assets become owned by the government. This can usually be reversed, but it is an expensive process.

Because of the serious repercussions of failing to take the above steps, and because most small business owners don't have the time or desire to both learn how to manage a corporate minute book and keep it properly maintained, many business owners choose to hire a law firm to act as both their registered office and records address.

To help our clients ensure that their corporations are properly maintained, our Standard and Pro incorporation packages each include 1 year of both registered office and records address services. If, after the first year, you want to continue using our registered office an records address services, you can do so for a reasonable fee (currently $250 per year plus GST and a $50 government fee).

We offer a range of corporate legal support services. If you'd like more information about these services, or would like help incorporating a business and maintaining it going forward, click on either button below.

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