If you have an Alberta Corporation, you are required to file an Annual Return each year to update the address, shareholders, and directors. This is similar to paying yearly for your vehicle registration.
This return is separate from your provincial and federal tax returns and must be filed every year even if there are no changes to your information. We take care of this for hundreds of our clients but if you receive the reminder notice in the mail, you will have to go in to a registry office and pay the annual fee to keep your corporation alive.
Every month, thousands of corporations are involuntarily struck or dissolved because they have failed to keep their annual returns caught up to date. If this happens, it can be expensive to revive the corporation. You will have to pay for all of your missed returns, plus a revival fee, and you will still be required to file all of your back tax returns as well.
Don’t let your corporation be involuntarily dissolved – be sure to file your Annual Return at the registry every year. Or ask your friendly neighbourhood accountant if that’s a service they offer.