On October 19th, the provincial government launched the “Ontario Business Registry,” an online website that offers simple and convenient access for registered businesses to interact with the government, 24/7. Through this registry, corporations can complete a wide range of transactions, including registering a new business and dissolving an existing one.
If your practice was incorporated prior to the launch of the new registry, the information has been migrated from the old system and now has a profile in the new registry. To access your corporation profile, you will need a company key, which you can obtain here.
As a business owner, it is your responsibility to ensure that the information on record is accurate and up-to-date. It is important to note that all of the information filed on the registry is placed on public record, and is thus available for search by the public. If you are a physician that currently uses your home office as your registered corporation address, you may want to update this information to remove the address from the registry to maintain privacy. These changes can be made directly through the website.
Previously, in order to obtain the type of information found on the new registry, you were required to fill out a request for a “Business Corporation Profile,” which was done through a third party website, for a fee.
In Ontario, an annual information return is required to be filed within six months after the end of each tax year. Prior to the change, the Ontario annual information return was filed as part of the T2 – Corporate Income Tax Return. With the new changes, these returns must be filed through the online registry.
The new filing method is now in effect for corporations with a taxation year ending on or after April 30, 2021. If you are a medical professional and want to learn more about how to file your annual returns through the new registry, get in touch with our team who will be happy to assist you by filling out a free consultation form here.
