WHAT IS A CORPORATION KEY
Contact Neufeld Legal PC at 905-616-8864 / 403-400-4092 or Chris@NeufeldLegal.com
A corporation key is a government-issued password utilized by those controlling a federal corporation to manage various corporate interactions with the federal government (certain provincial governments have also instituted the use of corporation keys for corporations incorporated and/or registered with those provinces, such as corporations that file with the province of Ontario).
Federal corporations are required to utilize their Corporation Number together with the Corporation Key to perform various online corporate actions, such as filing the corporation’s annual return (the same applies to corporations registered in Ontario when they file the corporation’s annual return with the government of Ontario). In addition to electronically filing the corporation’s annual return, the Corporation Key tends to be required for purposes of amending the corporation’s Articles, viewing or changing director information, changing registered office information, adding or changing additional addresses, file financial statements, etc.
A federal corporation’s Corporation Key is set out on the 'Corporate Information Sheet' that was sent by email on the corporation’s date of incorporation or alternatively on the corporation’s email receipt from the federal corporate annual return filed before September 15, 2021. Misplacing one’s Corporation Key can be quite problematic, especially for federal corporations, given that the recovery process requires submitting a request to Corporations Canada (part of Innovation, Science and Economic Development Canada) and having the replacement Corporation Key mailed by regular mail through Canada Post, during which the access to filing and transacting with the ISED is effectively put on hold, given that the corporation’s previous corporation key becomes invalid as soon as the government issues a new corporation key.
If your federal corporation links its Corporation Key to its My ISED Account (the corporation’s account for transacting with Innovation, Science and Economic Development Canada), which is done through the ISED’s Online Filing Centre, the corporation will be associated with that My ISED Account, replacing the need to file through the Corporation Key. The federal government views this feature as addressing the hassle around sharing a Corporation Key with members of a corporation, reducing the risk of misplaced Corporation Keys and preventing the Corporation Key from falling into the wrong hands.
When you incorporate a company with our law firm, or manage its ongoing corporate obligations, you will benefit from the professional services of an experienced corporate lawyer who understands the importance of devising the appropriate corporate structure for your business operations, on a cost-effective basis. So if you are looking to incorporate a new corporation or deal with the corporate legalities impacting your company, contact us at 905-616-8864 / 403-400-4092 or via email at Chris@NeufeldLegal.com.