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Incorporate a Business Federally in Canada

Are you looking to become an entrepreneur? The road of the entrepreneur isnu2019t the easiest, but it is the most rewarding. Being an entrepreneur means being your own boss, setting your own goals and earning your own success

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Incorporate a Business Federally in Canada

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  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.

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