Frequently, people don’t understand the importance of keeping business records updated with the most current information. It may even be that they are unaware that there is incorrect or outdated information on file for their corporation. Any time there is a change made to the Corporation, whether its addresses, directors or officers on file, it’s important to file a Form 1 Notice of Change to update your corporation.
Any changes should be made to the corporate records within 15 days of this change happening. If it’s already past that time, you’ll want to get the changes filed as soon as possible.
What Can Be Changed Through A Notice of Change?
- Registered head office and/or mailing address
- Adding or Removing Directors and Officers
- Modifying a Director or Officer’s address or position
Options For Filing a Notice of Change
You have two options for filing a change to update your Ontario Corporation information.
If you wish to complete a manual filing for your Form 1 Notice of Change, you can download, print and submit the form directly to Service Ontario either in person or by mail to their University Avenue address in Toronto. Manual filings can take up to 25 business days for Service Ontario to complete, and the Province can sometimes take up to 9 weeks to have your corporate records updated accordingly.
Although there are no fees to complete this manual filing, it’s not as common, as errors can easily be made and there is no confirmation given when the changes have been made.
If you wish to obtain the form to complete a manual filing, you can download it here:
Ontario Business Central is able to file a Form 1 Notice of Change on your behalf electronically. This means you can have your corporate records updated on the same day, and you’ll receive a confirmation from the Province of Ontario of filing that you can keep with your Articles of Incorporation to reflect the changes that were made.
There are fees required to complete an electronic filing, however, you will receive confirmation that the filing has been done.
Additionally, before a Notice of Change is completed, Ontario Business Central will send you a draft of the changes being made for your review. You’ll have the opportunity to ensure everything is correct and even make additional changes before the filing is complete.
If you wish to file an electronic Notice of Change, you can use the link below:
Why Is It Important to Keep Records Updated?
As a business owner, it’s important to keep your corporate filings updated for a number of reasons, including:
- Bank Accounts – Provide your bank with the completed Notice of Change, or an updated Profile Report, which provides you with the most updated information on your corporate record, in order to add or remove any directors accordingly, and to update your address.
- Legal Documents – Keep your address updated so if there’s any legal action being taken against the corporation or any of its directors, important documents will be delivered properly. If you don’t receive legal documents because your address is outdated, you may risk having a judgement go against you.
- Revenue Canada –Maintaining a current directors listing is important, in case Revenue Canada needs to contact any of any of the directors regarding any issues.
If you have any questions about completing a Notice of Change to update your Ontario corporate information, please feel free to contact our staff for additional information and assistance.
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.