This schedule must be used by a foreign business corporation with share capital that is incorporated, continued or amalgamated in a jurisdiction outside Canada with a licence under the Extra-Provincial Corporations Act (EPCA) to carry on business in Ontario and has a year end after December 31, 2008.
The form will be applicable when the answer to the question Is the corporation incorporated in a jurisdiction outside Canada with a licence under the Ontario extra-provincial corporations Act?, located above Part 1 of schedule 548, is “Yes.”
By default, the answer to this question is “Yes” when it is indicated that the corporation is incorporated under laws other than federal or provincial laws and has a permanent establishment in Ontario in Form Corporate Identification and Other Information (Jump Code: ID).
Please note that a corporation that is incorporated, continued, or amalgamated in Ontario must file Schedule 546, Corporations Information Act Annual Return for Ontario Corporations (Jump Code: 546), and not Schedule 548.