Penalties for Non-Compliance
Per corporation, for failing to maintain an ISC (Individuals with Significant Control) register under Ontario's OBCA (s. 140.2). Additional personal liability for officers who knowingly fail to provide information.
Source: Ontario Business Corporations Act, R.S.O. 1990, c. B.16, s. 254(1)
Maximum fine per officer or director for failing to maintain required corporate records under the Canada Business Corporations Act.
Source: Canada Business Corporations Act, R.S.C. 1985, c. C-44, s. 252
Federal and provincial registrars can dissolve a corporation for failure to file annual returns or comply with record-keeping requirements. The corporation loses its legal status and its name may be freed for others to register.
Source: CBCA s. 212; OBCA s. 240
Maximum imprisonment for an individual who knowingly provides false information about individuals with significant control, or who knowingly fails to provide required information, under the OBCA.
Source: Ontario Business Corporations Act s. 254(1)
Cost of a Minute Book in Canada
| Method | Initial Setup Cost | Annual Update Cost | Typical Turnaround |
|---|---|---|---|
| Law firm (corporate lawyer) | $800–$2,500 CAD | $500–$1,500 CAD/yr | 1–4 weeks |
| Accountant or paralegal | $400–$1,000 CAD | $300–$800 CAD/yr | 1–3 weeks |
| DIY with generic templates | $0–$200 (templates) | Time cost varies | Variable; risk of errors |
| MinuteKeep | $99 CAD/yr (includes setup) | $99 CAD/yr | Minutes |
Cost ranges are estimates based on market rates for Canadian corporate law and accounting services. Individual quotes will vary. MinuteKeep price as of 2026.
Annual Return Deadlines by Jurisdiction
How the filing window is calculated differs by province. Two systems: anniversary-based (most) vs fiscal-year-end-based (Ontario, Alberta, Quebec, Yukon).
| Jurisdiction | Annual Return Deadline | Registry | Fee |
|---|---|---|---|
| Federal (CBCA) | Within 60 days of incorporation anniversary | Corporations Canada | $12 (online) / $40 (paper) |
| Ontario (OBCA) | Within 6 months after fiscal year-end | Ontario Business Registry | $50 CAD |
| British Columbia (BCBCA) | Within 2 months of incorporation anniversary | BC Registries (Societies/Businesses) | $43.39 CAD (online) |
| Alberta (ABCA) | Within 6 months after fiscal year-end | Service Alberta | $45 CAD (online) |
| Quebec (CQLR c. A-23.001) | Within 6 months after fiscal year-end | Registraire des entreprises | $38 CAD (online) |
Fees as of 2026. Confirm current fees with the relevant registry before filing. See full deadline guide for all 14 jurisdictions.
ISC Register: Key Dates and Compliance Facts
Federal corporations have been required to maintain an ISC register since this date under the Canada Business Corporations Act, s. 21.1.
Ontario corporations became required to maintain an ISC register on this date under the Ontario Business Corporations Act, s. 140.2.
Federal corporations began submitting ISC information as part of their annual return. The information is published in a public register maintained by Corporations Canada.
After any change in who qualifies as an individual with significant control, the corporation has 15 days to update its ISC register. This applies under both CBCA and OBCA.
Annual Resolution Compliance
Common fiscal year-end: December 31
Most small Canadian corporations use a December 31 fiscal year-end. Annual resolutions must be signed by June 30 for these corporations (within 6 months of fiscal year-end). In practice, many are signed at the same time as the corporate tax return is prepared in the spring.
Annual meeting vs. written resolutions
The CBCA and OBCA both permit corporations to dispense with an annual general meeting (AGM) by having all shareholders sign written resolutions instead. For small private corporations where the owner is also the sole director and shareholder, this is standard practice — no meeting needs to be held.
What annual resolutions must cover
At minimum: (1) approval of the financial statements for the fiscal year, (2) re-election or confirmation of directors, (3) confirmation of officers, (4) appointment or waiver of auditor (if applicable), and (5) review and confirmation of the ISC register. MinuteKeep auto-generates these resolutions each year for every corporation in your account.
Scale: Active Corporations in Canada
Source: Corporations Canada, 2025
Source: Ontario Business Registry, 2025
Source: Statistics Canada business register
Sources & References
- Canada Business Corporations Act — R.S.C., 1985, c. C-44 (laws-lois.justice.gc.ca)
- Ontario Business Corporations Act — R.S.O. 1990, c. B.16 (ontario.ca/laws)
- Corporations Canada — Annual return filing requirements (ic.gc.ca)
- Ontario Business Registry — Annual return and fee information (ontario.ca)
- Cost estimates — Based on MinuteKeep analysis of published Canadian law firm and accounting firm rate cards, 2024–2026.
This page is maintained by MinuteKeep for informational purposes. Statistics may change; consult primary sources for current figures. Last reviewed July 27, 2026.