One of the many obligations involved with operating a Corporation, is the maintenance of the corporate records.
These records should be kept at the corporation’s registered office or at some other location in Canada (such as the corporation’s lawyer’s office). The corporate records are typically referred to as the Corporate “Minute Book”. These records are meant to document the corporation’s history. Specifically, who was appointed to what positions (i.e. Directors, Officers, and Shareholders), what shares were issued and what dividends have been declared.
It is a requirement of the Ontario Business Corporations Act that the Corporate records of a company be kept up to date. If the CRA decides to audit the corporation, for any reason, it will likely require an examination of the Minute Book.
We can assist with the ongoing maintenance and updating of your Corporation’s Minute Book records.