Starting a business in Canada is an exciting and rewarding journey. But before you can get started, it's important to understand the cost of incorporating your business in Canada. In this article, we'll take you through all the steps to incorporate your health business from start to finish. We'll also discuss the costs associated with each step so that you can ensure nothing slips through the cracks when taking on this process. With our guide and tips, you'll be able to incorporate your health business efficiently and effectively while keeping costs low!

Provincial vs. Federal Incorporation

Before you incorporate, you must choose between federal or provincial incorporation. The merits of provincial vs federal incorporation vary by province, but the main differences between the two are the degree of corporate name protection, the ability to conduct business in all provinces, and the cost of incorporation.

Federal incorporation provides added business name protection from the federal government and further ability to operate and carry on business across Canada through the Canada Business Corporations Act. For example, if you incorporate federally as Wellness Inc., you can operate and conduct business in any province in Canada as Wellness Inc., even if a provincially incorporated company has the same corporate name. If you incorporate provincially, you only have name protection within the province that you incorporated.

If you are choosing to incorporate as a professional corporation, you may be limited to only incorporating provincially.

Steps to incorporating federally

Incorporating a business federally in Canada is not as difficult as it may seem. The first step to establishing a federal corporation is to search the federal corporation database for your desired corporate name and make sure it’s available. You also have the option to continue with a former corporation number or general numbered company at no extra charge.

Once you’ve found the corporate name you wish to use, you can then file articles of incorporation with the government. This will cost anywhere from $200 - $400, depending on the province or territory you incorporate in. After filing, you will receive a certificate of incorporation which serves as proof that your company has been legally incorporated. You should also register your company with any provincial or territorial government, where applicable, by filing an extra-provincial registration. Finally, once all registration processes are complete, you are ready to open up shop and start doing business!

Search the federal corporation database for the name you wish to use
File articles of incorporation with the government (government fees of $200 - $400)
Receive a certificate of incorporation (your legal documents)
Register your company with provincial or territorial governments as necessary
Obtain any applicable licenses and permits required by law for operation in Canada
Start doing business!

How to search for a federal corporation'

Searching for a federal corporation in Canada is an important step in the process of incorporating your business. First, you must search the corporation database to ensure your desired name is available. This search can be done through Corporations Canada if you incorporate federally or other government websites, depending on which province or territory you incorporate.

If you are incorporating as a professional corporation there are name requirements assigned by your governing body. When searching, it’s important to remember that all names must be unique and cannot include any words that are prohibited by law, such as “Bank” or “University”. If the name of your business has been taken already, you may need to come up with a different one before continuing with the incorporation process. Filing your articles of incorporation can cost up to $400, depending on the province or territory you incorporate in.

Access the corporation database through Corporations Canada if you incorporate federally or through other government websites, depending on which province or territory you incorporate in.
Search for an available name that is unique and does not include any prohibited words (e.g., Bank, University).
If you are incorporating as a professional corporation, make sure that the name requirements of your governing body are met
Check your desired name's availability and ensure it’s been taken already before continuing with the incorporation process if necessary
Submit your search results to register your chosen business name for future use.
Filing your articles of incorporation can cost up to $400, depending on the province or territory you incorporate in.

Tips on saving money when incorporating your business in Canada

The cost of incorporating your business in Canada can be daunting, but there are ways to save money. Incorporating a business requires filing paperwork and registering with government agencies, which can come with fees. But if you do your research and take advantage of the resources available to you, you may be able to incorporate without breaking the bank. Here are some tips on how to save money when incorporating your business in Canada.

Take advantage of government resources

Use the various federal and provincial programs and resources available to incorporated business owners. These can include grants, tax credits, and other incentives that may reduce the cost of incorporation.

Do your research

Researching different methods of incorporating your business can save you money in the long run. For example, incorporating a business through an online service may cost less than using a lawyer.

Professional Incorporation Requirements

Make sure to check with your regulatory body to ensure you are complying with all their requirements for professional incorporation from the start rather than having to amend your articles of incorporation later.

Get organized

Having all the necessary paperwork and documents in order ahead of time can help streamline the incorporation process and save you money in the long run.

Cut out unnecessary costs

Take an inventory of what is absolutely necessary for your corporation to get off the ground and cut out any unnecessary costs. Doing so can save you money in both the short and long term.

Consider multiple shareholders

Incorporating with a partner or multiple partners may reduce some of your start-up costs, such as legal fees or filing fees. It’s important to discuss expectations and responsibilities with your partners before incorporating.

Is Incorporating For You?

Incorporating a business in Canada can be expensive and time-consuming, but with the right resources and strategies, you can incorporate your business without breaking the bank. By taking advantage of government resources, researching different methods of incorporation, getting organized ahead of time, cutting out unnecessary costs, and considering forming a partnership to reduce start-up costs - incorporating your business becomes much more manageable. For further information on how to incorporate in Canada or search for federal corporations, visit this website. With these tips in mind, you’ll be ready to incorporate your dream company!

You may be thinking that incorporating your new health business from the start is the best decision–but making the wrong decision can cost you! Learn the best business structure for your business and how to set it up correctly with Business Foundations Incorporating: The Blueprint to understanding the business structure options for your new health business.