As the owner of a corporation, you are likely aware that you are required to file an Annual Report with BC Registry and advise them of any changes to directors, addresses, phone numbers, etc. However, are you aware that you are also required to notify CRA with with this same information? CRA does not have access to the provincial registry and they are finding their records are not up-to-date for many corporations.
Accordingly, as of April 1st, CRA is undertaking a business number review project which involves them contacting corporations to update their records. This is not a financial review; the items they are trying to update/confirm are:
- Directors – names, phone numbers
- Corporate addresses and phone numbers
- Type of business
- Authorized representatives
If you are unsure of the director information consult your corporate minute book or the lawyer that files the corporation’s annual reports on your behalf.