Entrepreneurship & Small Business

DIY Provincial (ON) or Federal Business Incorporation 1-2-3 & Save your money

  • Last Updated:
  • Oct 9th, 2020 6:08 pm
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Newbie
Oct 11, 2018
1 posts
Hello,

Can anyone guide me as to the best way to incorporate. I got a new job as a private consultant for a bank and they need my articles of incorporated. I am not sure to be the sole owner or to register it between myself and my wife as she will be taking care of the accounting and I will be paying her a salary. Also we both are in real estate as well. I am real estate broker and my wife a mortgage agent. Are we able to use the same corporation # for our real estate income?
Sr. Member
Dec 27, 2005
549 posts
71 upvotes
Toronto, ON
Hello All,

I'm looking to incorporate with 3 directors .

We are looking at a Numbered Company with a child company .

Is easier to do it online?
Member
Mar 6, 2010
420 posts
148 upvotes
Brampton
dhtlee wrote:
By being an incorporated contractor, I can pay myself $25k/yr, i.e. ~$20k (after taxes, EI and CPP) as my personal income. This leaves ~$125k in the corporation subjected to corporate tax. Let's assume I incur $10k expense + $2k accountant fees, so ~$113k taxable income = ~$96k in corporation after corporate tax.
Can someone please clarify this point for me - How can a contractor who is incorporated obviously, pay CPP and EI?
Sr. Member
Aug 25, 2005
588 posts
28 upvotes
Mississauga
Hi
I am trying to complete the form for incorporation in Ontario. I need assistance with Article 6 and 7 of the form

Article 6: The classes and any maximum number of shares that the corporation is authorized to issue: ANSWER: UNLIMITED COMMON SHARES
" Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors authority with respect
to any class of shares which may be issued in series"
Is there a generic answer - Will this answer work: The shareholders will have full rights and privileges and there are no conditions with respect to the common shares issued.
Newbie
Jun 14, 2017
11 posts
3 upvotes
Can a non-resident self incorporate by going to Service Ontario? I am asking on a behalf of my non Canadian relative.
[OP]
Deal Expert
User avatar
Aug 2, 2010
15193 posts
4888 upvotes
Here 'n There
fhirji wrote: Hi
I am trying to complete the form for incorporation in Ontario. I need assistance with Article 6 and 7 of the form

Article 6: The classes and any maximum number of shares that the corporation is authorized to issue: ANSWER: UNLIMITED COMMON SHARES
" Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors authority with respect
to any class of shares which may be issued in series"
Is there a generic answer - Will this answer work: The shareholders will have full rights and privileges and there are no conditions with respect to the common shares issued.
Given it says 'if any' that allows you to just leave it blank.
Sr. Member
Aug 25, 2005
588 posts
28 upvotes
Mississauga
eonibm wrote: Given it says 'if any' that allows you to just leave it blank.
Eonibm
Thank you for your clarification
Newbie
Jul 24, 2018
1 posts
Eonibm, thanks. I was able to incorporate with the help of your thread. This may be a dumb question but I can't find anywhere that confirms whether I have to actually print and store physical share certificates. Is this a requirement?
Newbie
May 16, 2012
10 posts
Toronto
Thanks for this post. I have zero knowledge of this subject, and just starting to learn.

"$20 Annual fee for Annual reporting requirement if done online."

What is this reporting requirement?
And could someone give some idea about Inc. & common shares, etc?
Sr. Member
Aug 16, 2013
506 posts
131 upvotes
Toronto
Any guidance on how to register a small non-profit with 2-3 office holders / BODs? Not seeking registered charity status yet. The plan is to seek donations from across Canada.
Member
Apr 5, 2017
458 posts
92 upvotes
Is there anything known as Professional co-operation other than Provisional and Federal incorporation ?
Member
Apr 5, 2017
458 posts
92 upvotes
Hi folks,
What's the major advantages of Professional corporation vs Provincial (ON) or Federal Business Incorporation. My profession in Ontario allows me to do a professional corporation, should I go that route or just take the provincial one, what are the pros and cons. What are the steps of registering Professional corporation, can we do it by ourselves ?
TIA.
Member
Mar 2, 2006
392 posts
169 upvotes
@eonibm Thanks for your post!

I just finished filing my "Articles of Incorporation" and now I'm on to step 2 and I'm preparing Initial Return. I'm the sole director of the company and I'm also the only employee. When filling out the Schedule A, do I declare myself also as an officer (President, Secretary, Treasurer and General Manager?) or can a company have only a director and no officers?

From the CorporationCenter website
A corporation must appoint a President and a Secretary.

However the Service Ontario Checklist for completing Form 1: Initial Return/Notice of Change, under the Corporations Information Act

It states that:

Corporation type requirement
Business corporation – not offering shares: minimum of 1 director

Business corporation – offering shares: minimum of 3 directors

Not-for-Profit corporation: minimum of 3 directors, only 1 president and 1 secretary


Seems like there's conflicting information out there.

If I go by the Ontario Services website it looks like I'm ok to just be director and have no officers? This seems to match what I've seen in Business Corporations Act, which has a number for directors and nothing spelt out for officers.

Just wanted to see if someone can confirm my understanding.

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