Gents,

Administratively speaking, it is just easier to file an AIF at the same time that you file your Annual Report.

I won't go into the details as I've only filed one AIF in my life and I will not pretend to be an expert at it.

Let just say that there is legal and accounting fees associated to such filing.

By filing an AIF, you will always have to incorporate your latest annual financial statement as reference. If such financial statements were not previously audited by your current auditors, than you will need your current auditors to do a quick review.

My point, getting everything to be filed (MD&A, Annual Report, AIF, etc) at the same time ill probaly cost you less professionnal fees and make you all compliant...