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General Steps Involved To Set Up A Corporation In Canada

Are you looking to incorporate your business in Canada but not sure how to get started? Here is a brief overview of the general steps involved to set up a corporation in Canada. For one-stop business corporation solutions, look no further than Maroof HS CPA Professional Corporation. Call us on 1(647)724-4308 Or Visit https://www.maroofhs.com/

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General Steps Involved To Set Up A Corporation In Canada

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  1. Welcome to www.maroofhs.com

  2. General Steps Involved To Set Up A Corporation In Canada Are you looking to incorporate your business in Canada but not sure how to get started? Here is a brief overview of the general steps involved to set up a corporation in Canada. Make sure whether you need to incorporate your business or not: Often people just want to incorporate their business without considering the tax consequences of the same decision on personal tax situation. At Maroof HS CPA Professional Corporation, we recommend to thoroughly analyze your situation and then decide if you need to incorporate your business. If not sure, feel free to consult an accountant specialized in corporate & personal tax services. There are many other ways to achieve liability protection and tax efficiency. Choosing between federal incorporation and provincial incorporation: Once you decide to incorporate your business in Canada, the next step is to decide the jurisdiction under which you can incorporate. In Canada, businesses can be incorporated either at the Federal level or provincial level.

  3. Always remember, there is no “tax advantage” of having provincial corporation over Federal corporation or other way around. So skip the misinformation! Name your corporation: Every incorporated business in Canada must have a name called corporate name. For both federal and Ontario provincial corporations you need NUANS name reservation. Naming is governed by the relevant business corporations acts. You can also have a numbered corporation where a number is assigned as a name. Prepare your articles of incorporation: Articles of incorporation are the constitution of your corporation. Any modification to articles requires a subsequent filing of articles of amendment. Before filing you need to carefully draft your articles of incorporation, have it reviewed by a lawyer or a chartered accountant in Canada. There are critical clauses which must be carefully thought about before inserting into articles such as; share structures and restrictions.

  4. Complete extra-provincial registrations: In the event you are planning to have a presence in more than one province & territories, complete extra-provincial registrations. If you do not have “permanent establishment” in other provinces you don’t have to. However, certain provincial laws do restrict the ability to practice regulated professions in other provinces sometimes. For example, professional corporations are also required to register with other provinces. Register operating names: If you run multiple lines of businesses and found it impractical to use the same corporate name for all of them, you can register a business name with the province and use that as an operating name. Operating names (or doing business as, DBA) are regulated at provincial levels. In Ontario, a corporation can register as much operating names as it wants. Business names or Operating names, or DBAs, are most common for numbered corporations as well.

  5. Prepare corporate minutes: Corporate minutes are a legal requirement for corporations in Canada and must be prepared by a lawyer or professional accountant. Most small businesses do not prepare them but that’s a clear violation of law. A corporation must have corporate minutes. CRA Program Accounts: For new corporations, Canada Revenue Agency (CRA) assigns income tax account automatically. However, different program accounts such as Payroll, GST/HST, or import/export must be registered with CRA. Other licenses & compliance: Depending on the nature and circumstances of your business, you require to fulfill other applicable licensing requirements & laws such as WSIB, provincial and city licenses and permits. For one-stop business corporation solutions, look no further than Maroof HS CPA Professional Corporation. Call us on 1(647)724-4308!

  6. You can reach us at: 3-100 Hanlan Road, Woodbridge, ON L4L 4V8 Phone: (647)724-4308 Email: Canada@MaroofHS.com https://www.maroofhs.com/contact/ https://twitter.com/MaroofHS https://www.facebook.com/MaroofHSCPA

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