Meeting The Alberta Requirements
In order to keep Alberta companies in good standing, you must complete annual corporate filings. Annual corporate filings are filed with the Alberta government and updates the corporations key information with the government. The other name often used to refer to these is annual corporate returns. Corporate filings are different, and in addition to, corporate tax returns. Under the Business Corporations Act a company can be struck if it fails to complete these mandatory filings. For assistance, call the corporate lawyers at Kahane Law Office. Not only can we complete your annual returns, but we can be the registered office of your corporation to make sure that all annual requirements are met. Call for help or details 403-225-8810.
What Information Is Included In Annual Corporate Filings
The annual corporate filings (or corporate returns) are about maintaining and updating the Alberta governments records on the company. The key information in the annual filings are a matter of public record and are accessible through the Alberta government. Please note that some information updates cannot wait until you meet the once a year requirement. The requirement calls for updating this information right away. Call to see if you need to file an update immediately. For example, a change in the registered corporate office requires filing within 15 days. The annual corporate filings will include updates (or confirming no changes) to: changes in the:
- Address of the corporation;
- Corporation’s directors;
- Shareholder(s)’s percentage holdings;
- Corporation’s shareholders; and lastly
- Address for shareholders and directors.
What Happens If You Fail To Complete Your Annual Corporate Filings
Alberta legislation sets requirements for annual corporate filings. It is basically a “three strikes and you are out” rule. The government will give you warnings and notices that your corporation is not in good standings. After three years, the province strikes your corporation from the corporate registry. Alternatively, another term used for this is that the dissolving of the corporation. This means that your company ceases to exist. It is no longer a legal entity in Alberta. Failure to complete your annual corporate filings means that you may lose the benefits of incorporating. For example, these benefits include:
- the ability for the company to contract;
- liability protection;
- the ability to be recognized by the court;
- tax advantages; and lastly
- the ability of the company to own land.
When Are Returns Due To File?
No requirement exists under law to file an annual return on the year that you incorporated. You then must file your annual corporate filings by the end of the month that your incorporated. Of course you may file your annual return prior to the absolute filing date. If you fail to file on time, it is important to get your return is as soon as possible. Most important, failing to do so, allows the province to strike your company. This means that legally, it no longer exists.
Alberta Lawyers For Filing Your Annual Corporate Returns
You understand your business. We understand the law. The corporate lawyers at Kahane Law Office enjoy helping business owners. With legal, practical and personal experience with owing corporations, we ensure to file your annual corporate returns each year. Above all, keep your corporation in good standing. Lastly, please reach out to us at 403-225-8810 locally in Calgary, Alberta or toll-free at 1-877-225-8817 or email us directly here.