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[vc_custom_heading text=”Federal vs Ontario Corporation” use_theme_fonts=”yes”]
FEDERALPROVINCIAL
Canada-wide recognition & protection of name. You have the right to use the business name in any province.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 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.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.
More prestigious with global recognitionLess paperwork involved
Business Number / HST atomically assigned upon incorporationBN/HST must be applied for separately after incorporation
Cheaper to incorporateCost more than federal incorporation
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. Can be changed to federal corporation if needed
Annual renewal feesNo renewal required