FAQ - Financial Statements

1. When do I have to file my financial statements?
  • Interim financial statements must be filed with stock exchanges and securities commissions via SEDAR within 45/60 days of the end of the quarter.
  • Audited annual financial statements must be filed within 90/120 days of year end.
2. Who am I required to send them to and when?
  • Audited Annual Financial and Interim Financial Statements must be sent to shareholders who request a copy concurrent with submission to the Commissions.
3. What should be included with the Financial Statements?
  • All Issuers must file a Management Discussion and Analysis and a certificate from each of the CEO and CFO pursuant to National Instrument 52-109.
4. What is a Management Discussion and Analysis (MD&A)?
  • "MD&A is a narrative explanation, through the eyes of Management of how the company has performed during the period covered by the financial statements." The information should be up to the date of filing or as current as possible.
  • The analysis should explain the nature and reasons for changes in the Company's performance and should focus on material information.
  • The Discussion should assist the reader to understand trends, events, transactions and expenditures.
  • Details on the content and completion of MD&A (form 51-102F1) can be obtained on any securities commission website.
5. What fees are payable with the filing of my financials statements and how do I pay?
  • Most Canadian securities commissions have an annual fee payable with the filing of your audited annual financial statements. There is no GST payable on commission fees. Fees are:
    British Columbia $600 Ontario **
    Alberta* $300 Quebec*** $1013
    Saskatchewan $100 Nova Scotia $262.65
    Manitoba $100 Newfoundland $250
    Others None New Brunswick $250
    * $2,400 for Short Form Issuer
    **fees to be calculated according to OSC Rule 13-502
    ***$2,025 for Short Form Issuer
  • In addition to the fees payable to the securities commissions, there is the annual SEDAR continuous disclosure fee and the annual SEDI user fee.
  • These fees must be paid electronically at the time of SEDAR filing. WIKLOW CORPORATE has an EDI account and can provide this service for you.
  • There are no commission fees for filing Interim Financial Statements.
6. What happens if I file late?
  • Several of the Securities Commissions impose late filing fees for your Annual Financial Statements.
  • BCSC and OSC also impose a fee for the late filing of Interim Financial Statements.
  • BCSC, ASC & OSC publish a Default list of Reporting Issuers who have not filed financial statements by the due date.
  • Issuers who fail to file financial statements on time can be cease traded without notice. Reinstatement fees are substantial.
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