75 (1) Every corporation, other than a corporation which is exempt from tax under sections 57 and 71, shall deliver a return for each taxation year to the Minister on or before the last day of the sixth month after the end of the taxation year.  1994, c. 14, s. 33 (1); 2004, c. 16, s. 2 (2). Exception, insurance exchange (1.1) Despite subsection (1), an insurance exchange within the meaning of section 74.4 shall deliver a return for each taxation year to the Minister in accordance with subsection (1).  1997, c. 43, Sched. A, s. 43 (1); 2004, c. 16, s. 2 (2). Exception (2) Subsection (1) does not apply to a corporation for a taxation year if, (a) the corporation is otherwise exempt under this section from the requirement to deliver a return for the taxation year; or (b) the taxation year ends after December 31, 2008, the corporation is not an insurance corporation that has a permanent establishment in Ontario in the year and the total amount of tax payable for the year by the corporation under section 74, 74.2, 74.3 and 74.4 is nil.  2007, c. 11, Sched. B, s. 2 (12). Return required for carry back of loss (3) Despite subsection (2), a corporation shall deliver a return for a taxation year ending before January 1, 2009 within the time required under subsection (1) if, by reason of a loss sustained by the corporation in the taxation year, the corporation makes a written request to the Minister under subsection 80 (16) to permit a deduction in the calculation of taxable income of the corporation for a previous taxation year.  1994, c. 14, s. 33 (3); 2004, c. 16, s. 2 (2); 2007, c. 11, Sched. B, s. 2 (13). Demand for return (4) A corporation shall deliver a return for a taxation year to the Minister upon receipt of a written demand for the return from the Minister or from an officer of the Ministry of Finance authorized by the Minister to make the demand if, (a) the return is for a taxation year ending before January 1, 2009; or (b) the return relates to section 74, 74.2, 74.3 or 74.4.  2007, c. 11, Sched. B, s. 2 (14). Exception to requirement to deliver return (5) A corporation, other than a bank, a corporation referred to in subsection 61 (4) or an insurance corporation to which Part IV applies, is exempt from the requirement to deliver a return to the Minister under subsection (1) for a taxation year ending before January 1, 2009 if, (a) the corporation was a Canadian-controlled private corporation throughout the taxation year; (b) the corporation has filed a return for the taxation year with the Minister of National Revenue under Part I of the Income Tax Act (Canada); (c) the corporation had no taxable income under this Act for the taxation year; (d) no tax was payable under this Act by the corporation for the taxation year; and (e) the corporation has provided to the Minister the account number assigned to the corporation by the Minister of National Revenue in connection with the administration of Part I of the Income Tax Act (Canada).  R.S.O. 1990, c. C.40, s. 75 (5); 1994, c. 14, s. 33 (6); 2004, c. 16, s. 2 (2); 2007, c. 11, Sched. B, s. 2 (15). Verification of return (6) The return shall contain an estimate of the taxes payable under this Act for the taxation year and, subject to subsection (6.2), shall be verified by a certificate certifying that all information contained in the return and all documents delivered with or as part of the return are in agreement with the records and books of account of the corporation.  1994, c. 14, s. 33 (8); 2004, c. 16, s. 2 (2). Certificate (6.1) The certificate required by subsection (6) shall be signed, (a) in the case of an extra-provincial corporation, by the manager or chief agent of the corporation in Ontario, or by another person or persons connected with the extra-provincial corporation as the Minister may require; (b) in the case of an insurance exchange within the meaning of section 74.4, by the attorney of the insurance exchange as defined in section 377 of the Insurance Act; or (c) in any other case, by the president of the corporation or another officer of the corporation who has personal knowledge of the affairs of the corporation.  1997, c. 43, Sched. A, s. 43 (2); 2004, c. 16, s. 2 (2). Alternate verification (6.2) The Minister may, (a) require that the certificate required by subsection (6) be delivered to the Minister in a manner and medium different from the return to which the certificate relates and may specify the manner and medium; or (b) dispense with the requirement for a certificate and require that the corporation comply with an alternate method specified by the Minister for ensuring the integrity and authenticity of the return.  1994, c. 14, s. 33 (8); 2004, c. 16, s. 2 (2). Certificate to be part of corporate records (6.3) A copy of any certificate delivered to the Minister relating to a corporation’s return for a taxation year shall form part of the records of the corporation required to be kept under section 94.  1994, c. 14, s. 33 (8); 2004, c. 16, s. 2 (2). Trustees, etc. (7) Every trustee in bankruptcy, assignee, liquidator, curator, receiver, trustee or committee and every agent or other person administering, managing, winding up, controlling or otherwise dealing with the property, business, estate or income of a corporation shall deliver the corporation’s return for a taxation year if, (a) the corporation was required by this section to have delivered a return for that year; and (b) the day on or before which the return was required to be delivered has passed and no return for the corporation was delivered.  2007, c. 11, Sched. B, s. 2 (16). Minister to specify information (8) The Minister shall specify the information to be included in a return delivered under this Act, the form and medium acceptable for a return and the documents to be delivered with or as part of the return, and may require that the content and format of a return, and the nature of any documents to be delivered with or as part of the return may vary, depending on the form and medium of the return and the manner of its delivery.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Financial statements (9) Where the Minister has specified that a corporation deliver with the return for a taxation year a copy of its financial statements relating to that year, the following rules apply: 1. The financial statements shall be prepared in accordance with generally accepted accounting principles, except that the financial statements shall not be consolidated financial statements. 2. The financial statements shall be complete and include all notes to the financial statements. 3. If an auditor has reported on the financial statements, the auditor’s report shall be delivered with the statements. 4. If the corporation is a bank, or a company undertaking and transacting life insurance licensed under the Insurance Act, its financial statements shall be prepared in accordance with the statute incorporating, continuing or governing the corporation and all applicable generally accepted accounting principles. 5. If the corporation is a member of a partnership, the financial statements shall be accompanied by a copy of the financial statements of the partnership, prepared in accordance with generally accepted accounting principles, for all fiscal periods ending in the corporation’s taxation year.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Exception (10) The Minister may accept financial statements that do not meet the requirements of subsection (9) if the Minister is satisfied that the particular financial statements accurately reflect the financial position and the results of operation of the corporation for the taxation year, and the Minister may specify the nature of and the circumstances under which a departure from a particular accounting treatment or disclosure requirement normally required by generally accepted accounting principles will be allowed.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Audited financial statements (11) The Minister may demand in writing, at least 180 days before the end of a taxation year, that the corporation deliver audited financial statements with its return for the year and for all subsequent taxation years, until the Minister notifies the corporation in writing that audited financial statements are no longer required.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Auditor’s report (12) If required by the Minister to deliver audited financial statements, the corporation shall also deliver the auditor’s report, which shall be in accordance with generally accepted auditing standards.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Delivery of return (13) A return may be delivered under this Act by physical transfer of a paper return in the approved form, or of a computer disk containing the required information in a sequence and format approved by the Minister or, if the person delivering the return meets the criteria specified in writing by the Minister, by electronic filing in a manner specified by the Minister.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Deemed time of delivery (14) For the purposes of this Act, a return shall be deemed to be delivered to the Minister, (a) on the day prescribed by the regulations, if the return is not delivered by electronic filing; or (b) on the day the Minister acknowledges receipt and acceptance of the return, if the return is delivered by electronic filing.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Return considered not delivered (15) A return shall be considered to be not delivered under this Act if, (a) in the case of a return submitted by electronic filing, the electronic transmission received by the Minister is not in a format acceptable to the Minister or the data is not sequenced in a manner acceptable to the Minister; or (b) in the case of a return submitted in paper form or on computer disk, the format is not acceptable to the Minister.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Refusal to accept return (16) The Minister may refuse to accept a return delivered on computer disk and may refuse to accept the electronic filing of returns from a corporation or a person delivering a return on behalf of a corporation if written notice of such refusal is given to the corporation or person before the return is delivered under this Act.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Processing fee (17) A corporation, other than a corporation which meets the conditions or criteria prescribed by the regulations, shall pay a processing fee to the Minister in an amount and at a time determined in accordance with the regulations for each return delivered under this Act which is neither on computer disk nor electronically filed.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Collection of processing fee (18) For the purposes of this Act, any fee required to be paid by a corporation under subsection (17) may be collected and enforced under the provisions of this Act as if it were tax payable by the corporation for the taxation year to which the return relates.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Compensation (19) If the Minister accepts delivery of a corporation’s return delivered on computer disk, by electronic filing or in another prescribed form or manner, the Minister may pay compensation to the corporation in an amount determined in accordance with the regulations.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Publication (20) The Minister shall publicize by bulletin or by any other means of communication that, in the opinion of the Minister, will bring to the attention of those affected, the matters that are required by subsections (8), (10) and (13) to be specified by the Minister.  1994, c. 14, s. 33 (10); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 33 (1, 3, 5, 6, 8, 10) - 23/06/1994; 1994, c. 14, s. 33 (2, 4, 7) - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2011; 1994, c. 14, s. 33 (9) - no effect - see 2007, c. 11, Sched. B, s. 2 (16) - 04/06/2007; 1997, c. 43, Sched. A, s. 43 (1-3) - 01/01/1998 2004, c. 16, s. 2 (2)
- 01/01/2004 2007, c. 11, Sched. B, s. 2 (12-16) - 04/06/2007 Penalties and offences