So… what are annual returns?

Remember when you were first registering your company? You had to submit 4 sets of documents; your Articles of Incorporation, your Notice of Directors, your Notice of Secretary and your Notice of Address.

Well, your annual returns, which are due annually, and first became due on the anniversary of your registration date, is a document that contains a summary of the very information contained within all of the four documents just mentioned.

Why is this document requested every year from the document?

Because the government needs to know whether the information you originally submitted about your company STILL applies, or if changes have been made. And it needs to know this every year so it can track the year to year changes in your company.

What happens if you do not file your annual returns?

The government levies a penalty against you for not filing and that penalty is levied against your company to the tune of $300 for every month you’re late with your filing.

So for example, if your company was registered on August 1st of 2022, then you’re expected to file your annual returns on August 1st of 2023. Having said that, you’re given a month’s grace within which you can pay, which, in this case, will take you to September 1st, 2023.

If, however, September 2nd of 2023 arrives and you haven’t paid, you will owe $300. And you’ll do so for every 2nd of the month, going forward, that you allow to elapse before filing your returns.

Please note that every filing year that is owed is calculated on its own.

So for instance, if we continue with the scenario above, let's pretend it was September 2nd 2025, and you had not filed your August 2023 annual returns nor had you filed your August 2024 annual returns, your calculations would breakdown as follows.

Annual returns for 2023: $300 by 24 months ($7200) plus the filing fee of $40.
Annual returns for 2024:$300 by 12 months ($3600) plus the filing fee of $40.

So whereas you’re late with your filings for your 2023 annual returns by two years in September of 2025, you’re late for your 2024 annual returns by one year. And that means that each calculation is happening independently of each other, though at the same time.

Of course, it goes without saying that you'd owe the government a grand total of $7200 + $40 + $3600 + $40 = $10,880.

If you believe you owe money for not having filed your annual returns, you can use the annual returns calculator provided at the link below.

When you get there, you'll also notice a countdown timer reminding you of how much time is left on the government's amnesty for non-filing of annual returns.

For context, it means, if you stick with the example above, that you can file your August 2024 and August 2025 annual returns at a cost of the two filing fees, which is $80, and save yourself the $10,800 extra you'd pay AFTER the expiration of the amnesty.

Take me to the annual returns calculator.