sanfordsmith

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.