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Federal vs Ontario Corporation (Advantages & Disadvantage)

FEDERAL

PROVINCIAL

PROVINCIAL

  • Canada-wide recognition & protection of name. You have the right to use the business name in any province. 


  • Business can be carried out anywhere in Canada. However, you will be required to file ‘Extra-Provincial’ registrations in the province where you are planning to do business. 


  • More prestigious with global recognition


  • Business Number / HST atomically assigned upon incorporation  


  • Cheaper to incorporate 


  • More paperwork: A federally incorporated business needs to comply with the corporate filings required by the federal Director of Corporations Branch and all filings required by the provinces where the corporation is registered. 


  • Annual renewal fees 

PROVINCIAL

PROVINCIAL

PROVINCIAL

  • Name recognition & protection limited to the province. If you are running a restaurant or other local business or belong to certain provincially regulated profession (doctors, lawyers, etc.), this is a better option for you. 


  • Business limited to the province. However, a business incorporated in Ontario can do business in another province by registering the Ontario corporation in that province. But, there’s no guarantee that there won’t be another business with the similar name operating in that province. 


  •  Less paperwork involved 


  • BN/HST must be applied for separately after incorporation 


  •  Cost more than federal incorporation 


  •  Can be changed to federal corporation if needed 


  •  No renewal required 


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