According to the Government of Alberta every registered business has to file an annual return. Those who want to operate their business without any complications or keep them active must give importance to annual return. In simple words it is a yearly statement that should provide detailed information about the company’s financial position as well as the performance. It is mandatory to file in order to let the government know that your organization is still running. Not only that but also you are up to date with tax payments. If you forget to file the annual return or it has been delayed due to any reason, there are high chances you may have to close your company.

What are the consequences of not filing an annual return?

01. For several years if you are not filing the annual return your company will be delisted. The company who has not filed its annual return for more than one financial year continuously will be considered as inactive.

02. To reactivate your company you have to pay a huge amount which will be more than the annual return filing fee.

03. You won’t be able to apply for any government contract or operate your business smoothly.

04. CAC will not be processing any application by a registered entity if annual return is outstanding. The problem will remain unless you filed it up to date and done with the penalty charges.

05. If annual returns are not paid within the time it will be worse for the directors. They will be literally punished if not filed with a penalty instead of getting a warning.

Who can help you file an annual return?

You can file corporate annual returns online but may not be aware of the process. Filing annual returns will not be as easy as you are thinking. There are several steps to be followed and a single mistake can make things worse. Though it is online, the process is complicated and time consuming. It will be better to hire a competent lawyer who is efficient in this very purpose. As per the rules and regulations an expert lawyer will file your annual return. They are well informed about what should be mentioned in the documents and how to avoid mistakes that usually happen during filing. So whenever you need to file an annual return for your corporation, look for professional lawyers.

Therefore if you do not want to pay the penalty charges unnecessarily, file the annual return online with the help of a qualified lawyer.

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