What does extra provincial federal corporation with share mean?

What does extra provincial federal corporation with share mean?

Extra-provincial registration is a process of incorporation in Canada that both Canadian corporations in Canada and foreign corporations have to go through when they seek to do business in Canada or in various provinces or territories throughout Canada.

Should I incorporate federally and provincially?

Federal incorporation allows you to conduct business in all provinces and territories. If you incorporate provincially, you can only conduct business in that province. If you want to expand into another province or territory, you’ll need to incorporate in that region as well. This can increase costs of incorporation.

Can an Alberta company work in Ontario?

If I Incorporate a Business Provincially Can I Do Business in Other Provinces? Certainly, you can do business in other provinces and territories when you incorporate a business in one province or territory. However, you will need to register your corporation with each province or territory you plan to do business in.

How do I dissolve an extra provincial corporation in Ontario?

In order to dissolve an Ontario corporation, an application first must be made to the Ministry of Finance requesting its consent. The corporation must send a letter to the Ministry of Finance, Client Services Branch requesting them to provide a Letter of Consent to Dissolve Corporation.

What happens if I live in Quebec but work in Ontario?

If you are a resident of Québec but work in Ontario, you typically must file a tax return (TP1) with Revenu Québec. However, there are special points to keep in mind. It is important to know your residency status, and how to report employment income depending on where you earned it.

Can I live in one province and work in another?

When it comes time to file your income tax, it doesn’t matter if you live in one province or territory and are employed and pay taxes in another. You file your income tax for the province or territory in which you reside on December 31 of the tax year.

Should I register my business provincially or federally?

If you want to protect your business name across Canada, you’ll have to do so federally. For many small business owners who don’t intend to conduct business across Canada, incorporating provincially is far more time and cost effective than incorporating federally.