The annual financial statements, related notes, the auditor’s report, and if applicable, management’s report on the financial statements are required to be filed on SEDAR+ in the jurisdictions where an issuer is a reporting issuer under Applicable Securities Laws in Canada. Reporting issuers must ask shareholders if they wish to receive a paper copy of such annual financial information under section 4.6 of National Instrument 51-102 — Continuous Disclosure Obligations (NI 51-102). If requested by a shareholder to do so, the annual financial information and related Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) must be sent to the shareholder, subject to certain exceptions.

There is no specific requirement under applicable securities laws in Canada to prepare, file or deliver an annual report, but it is common practice in Canada for management of a reporting issuer to prepare a document titled “Annual Report” containing:

This Annual Report is then sent to shareholders to fulfill a requirement to deliver the annual financial information to them under section 4.6 of NI 51-102, or just for informational or promotional purposes. If such document is prepared and sent to shareholders, it is required to be filed on SEDAR+ in the jurisdictions where the issuer is a reporting issuer.

Reporting issuers usually deliver the Annual Report at the same time they send the proxy solicitation materials required to be delivered to their shareholders before holding an annual shareholders' meeting.

MD&A relating to the annual financial information is required to be included in the annual information form (AIF). The AIF is required to be filed on SEDAR+ but is not required to be sent to shareholders. The MD&A is therefore often included in the Annual Report and then incorporated by reference into the AIF.