What is Required After Completing an Incorporation in Canada?

ByLaura Harvey
corporate businessman in office

Firstly, congratulations on starting a incorporated business.  Whether the operation of a business is new to you or you have transitioned your business from a Sole Proprietorship or General Partnership to an Incorporated business, we commend you for taking a leap of faith to start or grow your dream!

Many incorporators, directors, officers and corporate managers do not know what is required after you complete an incorporated business in Canada.  Let’s go through the overall items that need to be completed and the others that are required whenever there is a change or compliance requirements. 

Ontario Business Central can easily assist you to do most of the items you may wish or require to be completed for the corporation.

Overview

  1.  What is required once you have completed an Incorporation
  2.  Updates and yearly obligations for corporation

Did You Know?
According to Statscan, 60% of businesses incorporate in Canada leaving 40% that do not.

What is Required After Incorporation?

Once the incorporation has been completed, it is important to consider and in many circumstances to complete as tasks for the corporation.

Considerations For a Completing Incorporated Company

  • Tax Accounts – does the corporation require any tax account set ups for the corporation including HST, payroll and the import/export licence.
  • HST/GST If the corporation earns or will shortly earn more than $30,000.00 in revenues it is important to establish an HST/GST tax account with the Canada Revenue Agency.
  • Payroll Deduction Accounts – If you have employees, you will need to set up a payroll account with the Canada Revenue Agency. 
  • Import/Export Licensing – If your business will either import or export goods, a license is required to be set up through Global Affairs Canada and the Canada Border Services Agency.
  • Open Bank Account – Opening a separate bank account for the new corporation is crucial for maintaining financial transparency and separating your personal and business assets and liabilities.  It is important to obtain credit for the corporation as soon as it is available to you whether that be from a line of credit or credit cards.  Until the corporation has history, you may need to provide personal banking to obtaining the credit for the corporation but in doing so, the corporation will gain a credit report much faster.
  • Corporate Minute Book – A minute book is required in many Canadian jurisdictions for new corporations.  The minute book serves as the official record of your corporation’s activity, including shareholders and board of directors’ meetings, resolutions passed, and the issuance of shares.  Maintain your minute book diligently and ensure it is easily accessible for future reference. 
  • Distribute Shares – The share certificates are part of the corporate supplies and are available for you to distribute to those shareholders of the corporation to the number of shares required.
Register a Tax Account

Updates and Yearly Obligations

  • Change to Corporate Information – If any detail originally provided in the Articles of Incorporation changes, the corporation is required to update the information with the corporate registry within the jurisdiction of the corporation.  When the corporation has a change to its address, any address to a director or officer, position of an officer or director or addition or removal of a director or officer, the corporate record is to be updated as soon as this occurs.  In Ontario, the document filing is called an Notice of Change.
  • Annual Return – In most provinces across Canada, an Annual Return is required to be filed with the provincial corporate records office.  Even when none of the corporate information has changed, each year the annual return is required to be updated to maintain compliance.

If you would like further information, please feel free to reach out to any of our staff who are always here to assist in searches.

inquiries@ontariobusinesscentral.ca
Toll-Free: 1-800-280-1913
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Fax: 1-866-294-4363
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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.

Laura Harvey
Laura Harvey

Laura Harvey stands as a beacon of entrepreneurial support and expertise, embodying the spirit and drive of the community she serves. As the proud owner of Ontario Business Central Inc., Laura's journey is one of dedication, passion, and an unwavering commitment to nurturing the entrepreneurial landscape in Canada.

With over three decades of experience as a corporate specialist coupled with over 25 years of entrepreneurial ventures, Laura brings a wealth of knowledge and insight to her role. Her expertise is not just theoretical; it's built on the real-life challenges and triumphs of navigating the business world. This unique blend of professional and personal experience positions Laura as a relatable and trusted guide for those embarking on their entrepreneurial journey.

Beyond her role at Ontario Business Central, Laura has extended her outreach through the innovative YouTube series "Taking the Leap." This platform allows her to connect with new business owners, offering them a stage to share their stories and insights. "Taking the Leap" is more than just a series; it's a community where aspiring entrepreneurs can find inspiration, learn from the experiences of others, and gain practical advice on crucial corporate tasks like registering a business, updating business information, understanding tax account intricacies, and much more.

Laura's contributions extend into the digital world through her in-depth blogs for Ontario Business Central. Here, she delves into topics essential for entrepreneurs and business owners looking to start, manage, and grow their ventures. Her writing is a reflection of her passion for supporting entrepreneurial advancement and a testament to her deep understanding of the corporate sphere.

Laura Harvey is not just an entrepreneur; she's a mentor, guide, and fellow traveler on the path of business ownership. She embodies the ethos of "walking the walk," providing both the tools and the encouragement for others to thrive in their entrepreneurial endeavors. Whether through her written words, her YouTube series, or her hands-on approach at Ontario Business Central Inc., Laura is dedicated to uplifting and assisting new and established business owners alike.

You can find Laura on Linkedin and Twitter and Youtube.

https://twitter.com/ONTBUSCEN
https://www.linkedin.com/in/laura-harvey-362b2740/
Taking The Leap YouTube Series