Corporations Returns Act (R.S.C., 1985, c. C-43)

Act current to 2019-07-01

PART ICorporations (continued)

Returns (continued)

Marginal note:Statements to be filed with Chief Statistician of Canada by holding corporation

  •  (1) Every holding corporation to which this Part applies shall, for each reporting period of the holding corporation, file with the Chief Statistician of Canada, not later than ninety days following the end of the reporting period, a return comprising

    • (a) a set of financial statements in respect of itself and any of its subsidiaries carrying on business in Canada during that reporting period, in consolidated form as prescribed, consisting of the same statements in respect of itself and its subsidiaries as would be required in respect of itself if it were filing a return under subsection (2); and

    • (b) a list of the corporations in respect of which the set of financial statements are filed under paragraph (a).

  • Marginal note:Contents of statements to be filed by corporation

    (2) Every corporation to which this Part applies in respect of which a return is not required to be filed under subsection (1) shall, for each reporting period of the corporation, file with the Chief Statistician of Canada, not later than ninety days following the end of the reporting period, a return comprising a set of financial statements with respect to its Canadian operations for that reporting period, consisting of

    • (a) a balance sheet showing the assets and liabilities of the corporation, made up as of the last day of the reporting period,

    • (b) a statement of investments of the corporation as of the last day of the reporting period,

    • (c) a statement of income for the reporting period,

    • (d) a statement of retained earnings, made up as of the last day of the reporting period, and

    • (e) a statement of changes in financial position (source and application of funds)

    in such form and containing such particulars and other information relating to the financial position of the corporation as may be prescribed.

  • Marginal note:Variation of requirements respecting holding corporations

    (3) The Minister may, where the Minister considers it advisable, authorize or require any holding corporation to file separate sets of financial statements in respect of itself and its subsidiaries or a set of financial statements consolidated otherwise than as required by paragraph (1)(a) and, if a holding corporation files financial statements under this subsection in a manner acceptable to the Minister, together with a list of the corporations covered thereby, the holding corporation shall be deemed to have complied with subsection (1).

  • R.S., 1985, c. C-43, s. 5
  • R.S., 1985, c. 2 (4th Supp.), s. 3

Marginal note:Returns on transfers of technology

  •  (1) Every corporation to which this Part applies shall, for each reporting period of the corporation, file with the Chief Statistician of Canada, not later than ninety days following the end of the reporting period, a return in prescribed form specifying such information as the Governor in Council may prescribe relating to transactions involving transfers of technology in that reporting period from persons not resident in Canada to the corporation or, in the case of a holding corporation, to any of its subsidiaries.

  • Marginal note:Limitation

    (2) For the purposes of this section, information relating to transactions involving transfers of technology shall be deemed not to include any scientific or technical description of any product or process.

  • R.S., 1985, c. C-43, s. 6
  • R.S., 1985, c. 2 (4th Supp.), s. 4

Marginal note:Return to be certified

 Each return and each statement comprised in a return required by this Part to be filed with the Chief Statistician of Canada shall, by the president or vice-president of the corporation filing the return and by one other officer thereof or another person duly authorized by the board of directors or other governing body of the corporation, be certified as having been examined by them and as being, to the best of their knowledge and belief, correct and complete.

  • R.S., c. C-31, s. 5
  • 1970-71-72, c. 15, s. 39
  • 1980-81-82-83, c. 79, s. 2

Marginal note:Proof that this Part does not apply

  •  (1) The Chief Statistician of Canada may, by notice in writing, request proof from any corporation that fails to file or fails to complete any part of a return required under this Part that it is not subject to the application of this Part in respect of the return or of the part of the return not completed.

  • Marginal note:Proof on request or return instead

    (2) A corporation shall, within ten days after it receives a notice under subsection (1), furnish the Chief Statistician of Canada with the proof requested in the notice or file or complete, as the case may be, the return in respect of which the notice was given.

  • Marginal note:Demand by registered letter to officer, etc., of corporation

    (3) Where a corporation has failed to file with the Chief Statistician of Canada a return for a reporting period as and when required by this Part, the Minister may, by demand made by registered letter to any officer, director or agent of the corporation in Canada, require that officer, director or agent to file with the Chief Statistician of Canada, within such reasonable time as is stipulated in the registered letter, the return required by this Part on behalf of the corporation.

  • R.S., c. C-31, ss. 6, 8
  • 1970-71-72, c. 15, s. 39
  • 1980-81-82-83, c. 79, s. 2

Offences and Punishment

Marginal note:Failure to file return and non-compliance with subsection 8(2)

  •  (1) Every corporation that fails

    • (a) to file with the Chief Statistician of Canada a return for a reporting period, or

    • (b) to comply with subsection 8(2),

    as and when required by this Part is guilty of an offence and liable on summary conviction to a fine not exceeding two hundred and fifty dollars for each day of the default.

  • Marginal note:Officers, etc., of corporations

    (2) Where a corporation commits an offence under this section, any officer, director or agent of the corporation who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and is liable on summary conviction to the fine provided by subsection (1) for the offence or to imprisonment for a term not exceeding three months or to both, whether or not the corporation has been prosecuted or convicted.

  • R.S., c. C-31, s. 7
  • 1970-71-72, c. 15, s. 39
  • 1980-81-82-83, c. 79, s. 3

Marginal note:Non-compliance with subsection 8(3) demand

 Every person who fails to comply with any demand made to that person under subsection 8(3) is guilty of an offence and liable on summary conviction to the punishment provided by subsection 9(2) for an offence under section 9, whether or not the corporation or any other person has been prosecuted or convicted therefor.

  • R.S., c. C-31, s. 8
  • 1970-71-72, c. 15, s. 39

PART II[Repealed, 1998, c. 26, s. 65]

PART IIIGeneral

Marginal note:Information available for inspection

 The information contained in any return filed by a corporation pursuant to section 4 shall be made available to the Minister of Industry and that information shall be made available by the Minister of Industry for inspection by any person, on application at any reasonable time and on payment of such fee, not exceeding one dollar in respect of any one corporation, as may be prescribed.

  • R.S., 1985, c. C-43, s. 16
  • 1992, c. 1, s. 145(F)
  • 1995, c. 1, s. 62
  • 1998, c. 26, s. 66

Marginal note:Definitions

 In sections 18 to 20,

authorized person

authorized person means any person engaged or employed, or formerly engaged or employed, by or on behalf of Her Majesty for any purpose relating to the administration or enforcement of this Act; (personne autorisée)

official

official means any person employed in, or occupying a position of responsibility in, the service of Her Majesty and includes any person formerly so employed or formerly occupying such a position. (fonctionnaire)

  • R.S., c. C-31, s. 15

Marginal note:Privileged information; prohibition against communication

  •  (1) Except as provided in section 19, all information contained in a return filed by a corporation pursuant to section 5 or 6 is privileged and no official or authorized person shall knowingly

    • (a) communicate or allow to be communicated to any person any such information (in this section and section 19 referred to as “privileged information”) obtained under this Act; or

    • (b) allow any person to inspect or have access to any statement or other writing containing any privileged information obtained under this Act.

  • Marginal note:Information privileged in connection with legal proceedings

    (2) Notwithstanding any other Act or law, no official or authorized person shall be required, in connection with any legal proceedings,

    • (a) to give evidence relating to any privileged information obtained under this Act; or

    • (b) to produce any statement or other writing containing any privileged information obtained under this Act.

  • R.S., 1985, c. C-43, s. 18
  • 1998, c. 26, s. 67
 
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