This is the seventh part in a blog series that follows Oscar, an AMA member who’s opened his own barbershop in Alberta. As Oscar runs and grows his business, we’ll explore the steps entrepreneurs in Alberta must follow to start, grow, and protect their own businesses. In this chapter, we’ll see how Oscar files annual returns for his now incorporated barbershop.
Since incorporating his business, Oscar had taken on a new range of responsibilities to support 2 Bits Barbershop and keep it in line with Alberta’s regulations. That included filing his annual return with Alberta Corporate Registries. As an AMA member and a client of Business Link, Oscar could count on guidance from the experts to finish the process quickly and correctly.
Who Files Annual Returns
Every incorporated business in Alberta must file their returns every year. If Oscar failed to file his on time, 2 Bits Barbershop could be struck from the register, effectively making it illegal for him to operate. This is just one of many reasons all incorporated businesses need to keep their records in order for their annual filings.
When to File Annual Returns
Before the end of his fiscal year, Oscar sat down with a Business Link Strategist to make sure all his forms and filings were accounted for. Thankfully, it was well before the deadline for his annual return. Oscar’s Business Link Strategist informed that he had until the last day of the month that follows the anniversary month of his registration. Since he incorporated in October of the previous year, he had until November 30th of the current year to file his annual return.
How to File Annual Returns
Thankfully for Oscar, filing his annual return was as easy as booking an appointment online and visiting an AMA centre. All he needed to bring was one piece of valid identification and his AMA membership card. He picked up an Annual Return form in-centre and walked through the process with an AMA Certified Business Expert. From start to finish, it only took a few minutes. He even got the option to receive an annual return form by email every year as a reminder to complete his filing.
Oscar also learned that he could file his annual return online if he wanted to stay home next year. AMA members can download the Annual Return form and submit it through the AMA website. If he had any questions, he could always reach out to an AMA Certified Business Expert by phone at 1-866-989-6370.
Filing During COVID-19
Some of the rules for filing your annual returns may have changed under COVID-19 restrictions. If you have any questions about the filing requirements for your business, just reach out to an AMA Certified Business Expert for help.
The Next Step
In the next entry of Oscar’s story, we’ll cover the final stage of a business: shutting down. In the years ahead, an unexpected personnel change will force Oscar to think about how he wants to spend his remaining professional years. Find out how shutting down a business can lead to new beginnings for a business owner.
