Each year an eligible business corporation (EBC) must submit an Annual Return (PDF, 70 KB), together with copies of its financial statements, updated central securities register and a copy of its latest annual report filed with the registrar of companies. These documents are reviewed by program staff to ensure the EBC's continued compliance with the program.
EBCs are required to file the annual return within six months of their financial year end.
Financial statements must have been prepared by a Certified Professional Accountant or other person who is a licensed or registered member of an accounting association, in accordance with Canadian accounting standards.
Note: Effective January 1, 2022, EBCs that have raised less than $1,000,000 under the venture capital tax credit program may submit “Compilation Engagement Report” financial statements, while EBCs that have raised $1,000,000 or more are required to submit “Review Engagement” financial statements.
EBCs must submit an annual return in each of the five consecutive fiscal years following the date of the EBC's most recent issue of shares for which tax credits were issued. See section 28.97 of the Small Business Venture Capital Act for additional information.