Incorporating A Business in Canada - Corporation Canada
ฝัง
- เผยแพร่เมื่อ 22 ก.ค. 2024
- Everything You Need To Know About Incorporating A Business Within Canada. Starting a business has never been easier!
www.ontariobusinesscentral.ca...
In this video, we discuss the misconception that only big businesses need to incorporate. Many new business owners incorporate to obtain the vast benefits associated with incorporation versus registration.
We discuss the major differences between registering and incorporating a business, the pros of incorporating a business such as liability protection, name protection for the corporate name and tax savings, as well as the flexibility of making changes to the corporation such as changing your business or personal addresses, director changes, name changes for the business and share structure changes.
Incorporation has a one time fee requirement and never requires renewal, the ability to access credit and the simple ability to sell or transfer your corporation to another person or persons. We also highlight the cons of incorporation including the higher fees to incorporate over registration, the single tax filing available with registration and the ability to start and cancel a registration quickly and easily.
Additionally, we provide the requirements for incorporation where in most jurisdictions 25% of the directors are required to be either Canadian Citizens or Permanent Residents with the exception of British Columbia where non residents and non Canadians can incorporate on their own.
Ontario Business Central Inc. has assisted entrepreneurs to incorporate and register their businesses for over 25 years. We also offer a wide range of services to change details of either your registered or incorporated business, cancel or dissolve and to search an existing business.
This is one of several videos in a series to help you start your business. Our other videos you may find helpful include:
Where to Incorporate
• WHERE TO INCORPORATE?
How to Incorporate a Federal Incorporation
• Incorporate a Canada/F...
Sole Proprietorship Business in Canada
• Sole Proprietorship in...
Check out our full list of video by going to our channel:
/ @ontariobusinesscentral
We offer a number of blogs related to launching a business and here is a listing of commonly asked questions by people just like you:
What are the differences between a Federal and Ontario Incorporation
www.ontariobusinesscentral.ca...
What is required to incorporate in Canada
www.ontariobusinesscentral.ca...
Incorporation and taxation
www.ontariobusinesscentral.ca...
Check out any number of blogs to assist you in launching your business. Each category provides different relatable information for you and your business from starting a business to adding secondary business names to changing the name of your business, adding a partner, how to create a podcast, taxation, support and so much more
www.ontariobusinesscentral.ca...
The information provided in this video is specifically designed for assisting those who are looking for general incorporation details and in no way shall be considered as legal or accounting advice. Ontario Business Central is an online portal allowing those individuals who wish to complete a service with us by “doing it yourself”. If you require legal or accounting expertise prior to completing a service with us, we highly recommend in doing so.
Incorporate Today:
www.ontariobusinesscentral.ca...
For more great videos like this one, don’t forget to hit the subscribe and notifications button!
Have questions?
inquiries@ontariobusinesscentral.ca
Toll-Free: 1-800-280-1913
Local: 1-416-599-9009
Office Hours: 9:00am - 5:00pm Monday - Friday E.S.T.
Let’s stay connected! Like/follow us for updates, blogs, info for startups and so much more across our socials!
Follow us on Facebook:
/ ontariobusinesscentral
Find us on Twitter:
/ ontbuscen
Peep us on Instagram:
/ ontariobusinesscentral
Connect with us on Linkedin:
/ ontariobusinesscentral
Pin us on Pinterest:
www.pinterest.ca/ontariobusin...
Incorporating a Business in Canada
00:00-00:30 - Intro - The Benefits of Incorporation in Canada
00:31-00:55 - Benefit #1 - Liability Protection
00:56-01:27 - Benefit #2 - Name Protection
01:28-01:58 - Benefit #3 - Tax Savings
01:59-2:15 - Benefit #4 - One Time Fee
02:16-02:25 - Benefit #5 - An Incorporation Will Grow With You
02:26-02:55 - Benefit #6 - Easier to Obtain Loans as a Corporation
02:56-03:05 - Benefit #7 - Easier to Sell a Corporation
03:06 - 03:19 - Intro - Cons of Incorporating
03:20-03:30 - Con #1 - Higher Upfront Cost
03:31-03:59 - Con #2 - Separate Tax Returns
04:00-04:30 - Requirements to Incorporate in Canada
04:31-04:57 - Outro - Contact us Today!
Excellent video! very helpful! thanks for making this.
Thank you for the kind words, Saad Khan! We are thrilled that you found this video helpful. We post new videos monthly so be sure to subscribe to our channel to be updated when they come out!
Great video! Explained everything.
Thank you so much Fahim! Glad you liked it! If you need additional assistance or have any questions, please reach out to us at inquiries@ontariobusinesscentral.ca
Excellent video ✌️✌️thanks for the valuable information
Thank you! 🙏
Excellent delivery especially for people who find all of this intimidating, you broke it down step by step.
Thank you, we're happy we could provide some helpful information and make the process easier to understand!
@@OntarioBusinessCentral your welcome, I just registered my business what do you think is the best next first step after registering?
@@speakyourpeacee Set up your bank account, get your socials going, advertise with google, bing, yahoo etc. and get your business rockin!!
Thanks for the info, how much is a reasonable amount to invest in advertising?
@@speakyourpeacee I would invest as much as you can. Advertising turns the lights on for your business faster than anything else can. It isn't the most cost effective promotion for most businesses but it gets you noticed and hopefully, you will get at least double what your investment dollar costs you. It also allows you to see what customers comments so you can make changes to improve experience and sales.
Very informative video. I was wondering if you can provide information about the next steps after registering a federal corporation in Canada. How to get a CRA number for HST? How to add Trade names/Operating naames/s (Doing Business As -DBAs) to the newly created corporation? Is there Tradename protection?. Do I need to do a NUANS search before selecting a Trade name in Ontario? Should the Tradenames be registered with a separate Business Number? Thank you.
Hey Subimal, great questions! A CRA number for HST can be obtained either directly through Revenue Canada at 1-800-959-5525 or if you reach out to us we can help you register it at inquiries@ontariobusinesscentral.ca or by calling us at 1-416-599-9009. A tradename can be registered through us to allow you the availability to operate a different name under the corporation. The great thing about doing a Nuans presearch with the tradename is that it will allow you to see if there are any possible conflicts with the name. A full nuans report will not be necessary for the tradename. The tradenames will be connected to the corporation and therefor will be under the same tax account and business number as the corporation.
What month is the best time to incorporate a new business? As to mean when do you file for taxes for incorporated business?
Hello Jonah,
I don't believe there is the "best time". It is really whatever works best for you. When incorporating you can set a year end date for taxes that is different than the incorporation date. You can set this 18 months out from the incorporation date. This date is different than the incorporate date and is set with CRA (Canada Revenue Agency).
what would be ideal way to register if you have multiple platforms of income i.e. full time job (salary) used car dealership, consulting income and online buying and selling?
Hey Imran, great question! The great part about incorporation, is that you can have different business activities, all under the same corporation. In saying this, that also means its all one business. You can either operate all under the same name, or have a corporation name and register tradenames under the corporation for the different operating names. If you don't want all the businesses to be connected, you can then choose to incorporate each one.... etc. Really the possibilities are endless and really it's whatever works best for you! If you'd like to discuss this further, please email us and we can have a staff member call you to answer any questions you may have. inquiries@ontariobusinesscentral.ca
super
So if I wanted to incorporate a business I was going to start, I'd first have to pull a business license then file to incorporate?
Hey Jennifer, if you'd like to start, you would either incorporate or register as a small business licence. However if you had already registered as a small business, you could decide to incorporate in the future. We'd love to provide additional resources/help answer any questions you have on this. If you wish you can send an email to inquiries@ontariobusinesscentral.ca or we can have a staff member call you!
Great video I subscribed to your channel. Question: I incorporated my business 12 January 2022 will I need to submit my 2021 tax return under the corporation or does my corporate tax return start in 2022? Thank you.
Great Question, you will not have to file a corporate tax return until 2023. You can have your corporation fiscal year end go out a full year from when you incorporation and from there you have 6 months to file your first corporate tax return.
Can we register corporation as a single member company, as a non Canadian resident director? and can we have a physical bank account?
Hi Abdur,
Great questions!
1- You can register in BC as a non resident as a solo director, however you would require an address for service in BC. If you wish to incorporate in another Province or Federally, you would need to meet the requirement of 25% of the directors to be either Canadian Citizen or Permanent Resident.
2- In regards to the bank account, it would be best to speak with the bank you wish to use to see their options, as each bank may have different regulations...etc.
If there is anything else we can help with, please reach out here, or you can also reach us directly at inquiries@ontariobusinesscentral.ca or by calling our office at 1-416-599-9009
Good info
Glad it was helpful!
Hey, so, you have mentioned British Colombia sharing 25% with Canadian citizens or PR holders while registering the business. My question is, is this the same in Ontario?? Do I need to give away 25% to any PR or Citizens while registering the business or there are other ways as well? Coz, I am not a citizen or PR holder in Canada.
Hi MD, thanks for your inquiry. Both B.C. and Ontario have no requirement for Canadian Citizenship or PR. You can incorporate or register in either jurisdiction without added another person. We are always here to assist you with either.
What would the steps be starting a landscaping business. Then hiring someone for a few hours a week. Thanks
Hi Larry and thank you for your questions. You can either start as an incorporation or by registering a business. You may want to watch the registration video to determine which is better for you when you consider name protection, liability and taxation. If someone is working only a few hours a week, you can consider that person as casual labour. Here is a link that may assist you from the government of Canada www.canada.ca/en/revenue-agency/services/tax/canada-pension-plan-cpp-employment-insurance-ei-rulings/cpp-ei-explained/casual-employment.html
Hi, I am planning to start a homebased bookkeeping job. Maybe you can call it as self employed. I am just new here in Ontario, a Permanent resident, and I don't know about the law on taxes. I get confuse. I am full time mom and I want to start my own business getting clients, and I watched this. I wonder if I am qualified to incorporate it too since I will be searching to get a client still. I don't know if I can afford to incorporate my future freelancing business. Thanks in advance.
You can either register a business or incorporate in Ontario. It may be best to discuss further by phone or email. Please reach out to me at laura@ontariobusinesscentral.ca when you have time.
Is there an IT consultant who is incorporated in BC. What are some pros and cons of it?
Hi V, can you provide more information on what you are looking for please? I am more than happy to assist you.
I just wanted to get a clarification please. Incorporating a business does not have yearly fees? Any other fees?
HI Joanne, for either an Ontario or Federal corporation you must complete an annual return updating the corporate record
Can foreigners incorporate a company in Canada as 100% ownership,without adding any Canadian citizen as a director.
Hi T.H., Yes! There are two jurisdictions in Canada that do not require the directors to have a Canadian citizen. They are Ontario and B.C. We can assist you to do either if you would like. Have a great day!
Thanks a lot for your video.
I am wondering how to incorporate a business that will be doing several different activities like:
1- Immigration consultancy
2- delivery services and
3- e-commerce
Can we do these 3 activities under one corporation in Ontario?
Hey! Great question! Absolutely. Corporations have the availability to operate many different activities. There is also the availability to register what is called a Tradename (operating as name) under your corporation if you would like them to all have different names. You can register as many tradenames as you like under the corporation. Each tradename is valid for 5 years. For more information or additional questions, please reach out to inquiries@ontariobusinesscentral.ca. We would love to help answer any questions :)
Go home.
So say if there is only 1 partner who is permanent residence of canada with a business address and other 4 partners are non canadian who live outside canada, can we all still register under canadian controlled private corporation?
Hi Sachit,
As long as 25% are Canadian Citizen or Permanent Resident with a Canadian address that is totally fine. If you have five people altogether you would need 2 out of the 5 meet the requirements.
@@OntarioBusinessCentral but thats not the requirement in BC right?
@@sachit79 correct. BC does not have the residency requirements.
How much does incorporating a company cost and is it must. And how to start your own company
Hello Wow, there are different fees depending on where you wish to incorporate. If you can tell me where you want to incorporate I can give you a price quote. You can either register or incorporate. If you want, email me at webmaster@ontariobusinesscentral.ca
Useful advice. But the background music is very annoying
Thank you and noted regarding music
Thanks John so much for the clarification. Looking forward to incorporating my small business with you. What is the capital required to be able to incorporate in BC as a non-resident director?
There are no capital requirements to incorporate. We hope this assists.
Is incorporating a business an LLC?
In Canada there is no option to create an LLC. Incorporating is essentially the same, just different wording. However in the states there are differences between the different types of corporations. For more info, call our office on Monday to discuss with a staff member. We’d love to help :) (1-416-599-9009)
I am a resident of Canada but I am just on a workers permit. I am running an online e-commerce business just by myself. I want to get incorporated, am I eligible for it? I do not have a office space , how does that work? Just my residential address will be good enough?
Also If my business does not work, will I be able to dissolve it?
Hi Kash, with an Ontario or Federal Corporation, you would need at least 25% to be Canadian Citizen or Permanent Resident status. You may wish to check with immigration, as sometimes there are regulations for your work permit. If you are able to register / find someone to be on file with you, yes you are able to use your residential address :)
Yes. Any business can be either cancelled or dissolved if no longer in operation.
hi There; Just opened my Incorporated - I just have a question (may be silly)- Do this Incorporated account expire !!
Hi, an incorporated business never expires. I believe this is your question. The corporation is continual.
@@OntarioBusinessCentral Thank you, so I must have a business bank account associated with it.
Hi there can a corporate my bussiness being a delivery food driver , I have two family memebers working woth me as well . We made 90000 last year possiable ?and can I add my hair bussiness to it as well under same corporation ?
Yes, you can incorporate your delivery business, if you wish. If you are operating multiple businesses under your corporation, you can register a Tradename (operating-as) name under your corporation for any business names you are using. You can find more information below for registering a Federal or Ontario corporation, including our fees and the available options:
Federal corporation: www.ontariobusinesscentral.ca/incorporate-canada-federal.php
Ontario corporation: www.ontariobusinesscentral.ca/incorporation-online.php
You can also contact our office by phone at 1-800-280-1913 or by email at inquiries@ontariobusinesscentral.ca and an agent would be more than happy to answer any other questions you may have!
@@OntarioBusinessCentral thank u for ur response .ur much appreciated
1. How much is the expense of Incorporating a business in Quebec or Ontario?
2. Can a Non-Resident of Canada open a Corp in Ontario or Quebec?
3. Is it necessary for both Non-Resident of Canada & Resident of Canada to obtain a NRI (Non Resident Importer) number after a Business Number ?
4.What are the Federal and Provincial Taxes on Corps in Quebec and Ontario GST/HST ?
5. Are there any states in Canada which are Tax free for Corps GST or HST?
Please check your email, I have email to you as well.
Hi Khurram,
Thank you for reaching out.
1. Depending on the jurisdiction you are incorporating in and the options you select, the fees for each registration would vary. For an accurate quote, you can contact our office by phone at 1-800-280-1913 or by email at inquiries@ontariobusinesscentral.ca.
For Federal Incorporation fees, you can also visit our ordering page and select the various options available to see the varying associated costs:
www.ontariobusinesscentral.ca/forms/canada-incorporation-named-numbered.php#Total_form
For Ontario Incorporation fees, you can do the same by visiting our ordering page for Ontario Incorporation:
www.ontariobusinesscentral.ca/forms/ontario-incorporation-named-numbered.php
2. Ontario recently removed the citizenship requirement for corporations, so a non-citizen/non-resident is able to register an Ontario corporation.
3. You may want to contact Revenue Canada with regards to the requirements for obtaining an NRI, as we are not able to register accounts for non-residents. The CRA’s Non-Resident Registration and Security office can be reached at 1-877-728-0012.
4. An accountant would be your best resource for information about tax rates, and what a corporation would be expected to pay.
5. The taxes would vary, depending on the province or territory where the corporation is operating, however all corporations would be required to submit tax filings to the CRA.
If you have any further questions, you can contact our office by phone at 1-800-280-1913 or by email at inquiries@ontariobusinesscentral.ca.
scammmmmmmmmmmmmmmmmmmmmmmm
We have been in business since 1992 helping people to either register or incorporate a business. There are many reasons we have been in business for almost 30 years and scamming isn't one of them.
How is he a scam when the info is very informative amd correct
@@OntarioBusinessCentral took me 5 mins
@@OntarioBusinessCentral so someone that doesnt know what their doing this must take u guys what like 30 seconds? You jack asses made this as confusing AF, would you like me to post a link to help everyone? I already know your respones
@@Torontogtacleaners Thank you Marco for your comment. It is very much appreciated!!