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The Ontario and Canada Business Corporations Act (the “OBCA” or “CBCA”) require that a corporation hold an annual general meeting of shareholders to approve financial statements; to ratify and approve all acts and proceedings of the directors; to appoint officers and elect directors for the next year; and to appoint auditors or accountants in lieu thereof. The company’s minute book is subject to audit by representatives of the Canada Revenue Agency, CPP, GST and EI at any time. Any payment made by the corporation on account of dividends or bonuses must be recorded, and all capital contributions or loans to the corporation must be evidenced. However, instead of holding an actual meeting, shareholders may sign resolutions to conduct the business of the annual meeting. In addition, each Corporation must file an annual income tax return with each of Canada Revenue Agency, the Ministry of Finance and each province in which it carries on business. Please confirm with your accountant that the proper annual tax returns have been filed for these years and whether there are dividends or bonuses which should be recorded.
When you use MinuteBookUpdates.com for your corporate minute book maintenance, you will be receiving the attention of experienced corporate solicitors and law clerks with over 50 years combined experience. We provide quick, accurate production of your corporate documentation and as well as access to a corporate solicitor should you have any questions. We work closely with your accountant and your lawyer to bring your corporate minute book and business up to date and in compliance with Ontario and Canada requirements.
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