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What are the procedures to set up a corporation in Ontario?

Discussion in 'Business Immigration' started by Lablight60, May 15, 2019.

  1. Hi,
    I own a shoe manufacturing business in Ontario. It is going good than I expected when I launched it. There was a lot of effort from me and my co-worker's side for the betterment of the business. Now I had a plan to change it to a corporation but have no idea about how to set up a corporation in Ontario. Even my friends have no idea about the procedures.
    The main reason for changing it to a corporation is that tax issues can be solved to some level and even shareholders of the corporation are not liable for default, obligation, or liability that the corporation has incurred.
    So to change it, we require an incorporate service solution. With their guidance only we will be able to do it. Now we are in search of incorporate services who could do the process carefully. If anyone has got any suggestions, please share.
    Thank You!
     
  2. Silly question but have you googled Company Formation Ontario?
     
  3. #3 Copingwithlife, Jul 4, 2019 at 10:32 AM
    Last edited: Jul 4, 2019
    Do it yourself, follow the link

    https://www.ontario.ca/page/incorporating-business-corporation

    After you incorporate you will be assigned a Business Number by Revenue Canada. Wait a minimum of 5 business days from the day of incorporation BEFORE you call the CRA to get it. ONLY the people on the corporation marked as owners will be allowed to get this number. Have the articles in front of you, since information on that form will be needed to pass security.
    Note; you will be required to give your SIN/DOB to the agent. If you cannot pass the security questions, you will not be given the BN, no exceptions.

    Sounds like the business structure you have now is a sole proprietorship, or a partnership? Did you already have a BN assigned ?
    If you did, this BN needs to be closed down. This can be done on the same call. Moving forward you will use the BN given for the Corporation. You will also have to register for a new Payroll and GST/HST BN for the corporation. This can be done at the same time when you get the new corporations BN.
     

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