How Much Does it Cost to Incorporate a Company in Ontario in 2024

calculating incorporation costs

Incorporating a business in Ontario is a major step for entrepreneurs to enhance their credibility, secure legal protections, and tap into tax benefits. In 2024, understanding the cost of company incorporation is crucial for budgeting and strategic planning.

Let’s delve into what you can expect when you decide to formalize your business entity in this economically vibrant province.

Why is Company Incorporation Important?

Incorporating your business in Ontario not only shields your personal assets from business liabilities but also provides significant tax advantages and adds a layer of professionalism that can attract investors. This concept symbolizes a gateway to expanded business opportunities and financial growth.

What is the Government Cost of Business Incorporation in Ontario?

Government Fees: The core government fee for incorporating a business online or by mail in Ontario is $300 CAD. This fee covers processing your Articles of Incorporation and registering your company with the Ontario provincial government.

What Are the Service Fee Costs to Incorporate a Business in Ontario? 

  • NUANS Number: If you are incorporating a named corporation, the NUANS report is necessary for review of name availability.
  • Initial Notice: The Initial Notice is a mandatory filing requirements due within 60 days after incorporation
  • Tax Account set ups: including HST when required, payroll when there are employees, import and export licensing when applicable
start a corporation

What is Required After Incorporating in Ontario?

  • Ontario Annual Returns:  Annual Returns are due on a yearly basis to maintain compliance with the provincial government
  • Bank Account set up
  • Yearly corporate tax filings

What is an Online Incorporation of a Company?

Online incorporation of a company refers to the streamlined, digital approach to filing the necessary documentation. We offer services starting from $54.99, providing a cost-effective, user-friendly platform that simplifies the incorporation process. Moreover, compared to the traditional approach to company incorporation, it involves hiring a lawyer or accountant. While this provides personalized guidance, it can be significantly more expensive due to hourly professional fees. Online incorporation, on the other hand, offers a cost-effective and convenient alternative. 

Step-By-Step Cost Breakdown

Step 1: Choosing a Business Name and NUANS Report
Secure your unique business name by conducting a NUANS report, which is necessary for the incorporation documents.

Step 2: Filing the Articles of Incorporation
This document outlines your business structure, registered office, and directors filed with the Ontario government.

Step 3: Additional Registrations
HST, Payroll: If your business meets specific criteria, these registrations are necessary and vary in cost.

How to Minimize Your Online Company Incorporation Expenses?

To keep costs down, consider the following tips:

  • Use Online Services: Online services like ours streamline the process, reducing the need for more expensive traditional legal services.
  • Plan Ahead: Avoid rushed decisions by planning your incorporation steps carefully, potentially saving money on expedited services.

A Final Say

Incorporating your business in Ontario represents a strategic investment in its future growth. The initial process can seem overwhelming, but we are here to make the process very easy and transparent.  When you select to complete an Ontario Incorporation with us, any fees and options are laid out on our ordering page for you to select the items out of the ones discussed above and see the additional pricing and complete total fees before you begin the process.  We are an affordable option for many entrepreneurs. This affordability ensures a broader range of business owners can make the transition to a corporate entity smoothly. Choosing efficient services can help manage these expenses effectively, facilitating a seamless incorporation process.
Toll-Free: 1-800-280-1913
Local: 1-416-599-9009
Fax: 1-866-294-4363
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.

Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.