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The costs of incorporation and operating a corporation in Canada

The costs of Incorporation and operating a corporation in Canada could seem intimidating to some entrepreneurs. This is not the case! The legal costs of starting and operating your business include only very minor costs as follows: Incorporation (paid only once in a lifetime of your corporation): Federal Incorporation - $200.00 Federal Corporation Name Search (NUANS Report) - $20.00 Ontario Incorporation - $350.00 Ontario NUANS Report - $50.00 Extraprovincial registration - $0 - $300 (please verify with the province of your residency). Upon incorporation of your business, you will receive Articles of Incorporation and the CRA business number for the company. You will also need your Minutes Book – resolutions, By-Laws, Registries. Hiring a professional consultant to do the complete package for you should not cost more than $1,500 + the incorporation fees. At CBES, our cost is $1,000 - $1,500. The costs of maintaining a corporation in good standing include: Annual update – Federal $20.00 and Ontario – FREE. Bookkeeping could be done by an entrepreneur in smaller businesses and could cost from $200.00 - $500.00 per month and more. Corporate Tax Return for a corporation without business operations should cost no more than $1,000 and for a small volume business - $3,000. It can get much more for more complicated businesses. Bottom line, except for the costs of the initial incorporation, maintaining your business should not cost more than $3,000 - $5,000 per year at the initial stages of your business development. And you should remember – the costs of maintaining and tax reporting for a comparable size corporation and sole proprietorship would end up almost the same. ** The costs of maintaining a Canadian corporation for foreign residents would be significantly higher. Please contact us to get a detailed description and price quote ** Our website - https://cbes.ca/ Facebook -   / canadianbiz   LinkedIn -   / cbes   All information provided in this video is for informational and reference purpose only. Nothing contained herein shall be considered as a legal advice or instructions to be acted upon. CBES – Canadian Business and Enterprise Services does not offer legal advice online or on its YouTube channel. Please consult a professional before you act in reliance on the information contained in our videos. #costsofincorporationCanada #costsofincorporation #operatingacorporationCanada