Corporations Canada has provided, on its website, a list of the
Corporations Canada - Top Ten Deficiencies
found in CNCA continuance applications. These deficiencies are
actual errors that have been seen often enough by Corporations
Canada in continuance applications to make their list. While the
following tips may seem to be common sense, as is often the case,
it appears that small details are slipping through the cracks.
Don't risk having your application rejected because of a minor
We have already blogged about General Deficiencies and
Deficiencies #1 and #2. This blog deals with Deficiencies #3 and
Deficiency #3: Corporation Number
In the Articles of Continuance, a corporation must provide its
corporation number. This is the number that is set out in the top
right-hand corner of the Letters Patent. This number is not the
same as the business number (BN) assigned to the corporation by the
Canada Revenue Agency. When Corporations Canada receives the
application to continue, it will type in the corporation number
given to see if it matches the corporation name. If it does not,
the application will be rejected.
In order to avoid this mistake, before sending in your
application, go to Corporations Canada online database of
corporations and look up your organization. Both the corporation
number and the business number will appear at the top of the
page. Please ensure that the corporation number set out in
your application is correct.
Deficiency #4: Location of Registered Office
The Articles of Continuance (Section 4) must indicate the
province/territory where the registered office will be located.
Form 4002 - Initial Registered Office Address and First Board of
Directors, must set out the address of the registered office.
Please ensure that the address of the registered office is in the
same province/territory indicated in the Articles of
Stay tuned for our next blog on Deficiencies #5 and #6.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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