 |
|||||||||||||||||||||||
|
NOTICE
Inactive Corporations
At one time, corporations which did not file Ontario corporate income tax returns for a period of five years were automatically dissolved by the Ministry of Finance. This is no longer the case. Now, even if the corporation is inactive, an annual corporate tax return must be filed. Failure to file these tax returns can result in a Summons to Provincial Offenses Court and. Fines of up to $200 per day may be levied against the company’s directors.
We are recommending that clients with inactive companies have their corporate tax filings brought up to date. If the corporation is no longer required, it can then be dissolved by obtaining consent from the Ministry of Finance and filing Articles of Dissolution.
Please contact our office if you have any questions on this matter or if you require us to complete the necessary returns and dissolve the corporation.
|
||||||||||||||||||||||
