November 2008 Archives

Tax Tip: Change in Directors for a Corporation

The following tax tip is available on the Canada Revenue Agency Web site...

Did you know...

That you should notify the Canada Revenue Agency (CRA) when directors of your corporation change?

Avoid the possibility of service delays by ensuring that information on the incoming directors is added to our system and information on the outgoing directors is removed. Once the information has been updated, the new directors will be able to speak with CRA agents on the phone and submit written requests, such as Form RC59, Business Consent Form, on behalf of their corporation. Directors can also have online access to their business's tax information through My Business Account at www.cra.gc.ca/mybusinessaccount. For a director to have online access, our system must contain his or her social insurance number.

You can send a copy of official documentation showing the change of directors by fax or by mail to your tax services office. Examples of acceptable documentation include official notification from the incorporating body, minutes of the Board of Directors' resolution approving the change, a certificate of incumbency with an impression of the corporate seal, among others. If we need additional information before updating our system, we will contact you.

for more information on this or other CRA tax tips, please visit the CRA web site at:
http://www.cra-arc.gc.ca/nwsrm/txtps/2008/tt081125-eng.html