Incorporate a Business Federally in Canada

1. Incorporate a Business Federally in Canada Everything you need to know about incorporating a business

2. Registering a Corporation • Incorporate your business venture through federal incorporation or provincial / territorial incorporation • Obtain a Federal Business Number (BN) and Corporation income tax account from the Canada Revenue Agency

3. Registering a Corporation • Register as an extra-provincial or extra-territorial corporation in the jurisdiction where you plan to do business • Apply for various permits and licences for the business venture

4. Advantages of Incorporating • Limited liability • Corporation has an unlimited lifespan • Raising money is easier • Optimizing your income and taxes

5. Disadvantages of Incorporating • File two tax returns each year • More paperwork involved • No personal tax credits • Less tax flexibility • Registering a corporation is expensive • Closing a corporation is more difficult

6. How Do I Open an Incorporation? • Registered office address for the corporation • Directors full names and addresses • Number of shares for the corporation. • Select what legal ending wanted for the corporation

7. What is Required to be a Director of a Canadian Incorporation? • People who are age of majority (18) • No bankruptcy proceeding • No criminal history • Minimum of 25% of individuals who are required to be Canadian

8. How to Choose a Corporate Name? • The federal business name is reviewed against any other businesses and trademarks around Canada. • Choosing a very unique name is a must. • The business name requires a primary keyword that is not commonly used.

9. How to Choose a Corporate Name? • A NUANS report will search the Canadian database of corporate names to determine if the one you have chosen is distinct from any other registered name in Canada. • Once you receive acceptance from the federal government, the corporate name is protected throughout Canada and all of its provinces and territories.

10. What is an Annual Return? • The Annual Return provides any updates to the corporate record for the corporation. • Whether the corporation has any changes or not, the filing is still mandatory each year on the anniversary of the incorporation.

11. Other Benefits • Incorporating company in Canada also allows your company to conduct business across the country. • There are no restrictions on office location or where your company records need to be kept.