FAQ
What is a Standard Corporation in Alberta?
In Canada, a standard corporation is often referred to as a “Canadian corporation” or “corporation” and is governed by the Canada Business Corporations Act (CBCA) if incorporated federally, or by provincial or territorial laws if incorporated at those levels. Canadian corporations are a popular choice for businesses seeking to establish a formal structure with the ability to raise capital and limit the personal liability of their owners.
What is a Nuans Name Reservation?
A NUANS (Newly Upgraded Automated Name Search) Name Reservation is a crucial step in the process of incorporating a business in Canada. It is a service that compares a proposed corporate name with a database of existing corporate names, trademarks, and unincorporated business names to ensure that the name you want to use is not already in use and does not conflict with existing names.
What are CRA Accounts?
CRA accounts refer to various accounts managed by the Canada Revenue Agency (CRA), which is the federal agency responsible for administering tax laws for the Government of Canada and for most provinces and territories. These accounts are used by individuals, businesses, and representatives to manage their tax-related matters online.
Business Number: A Business Number (BN) in Canada is a unique identifier issued by the Canada Revenue Agency (CRA) to businesses and organizations. The BN is used for tax and other federal program purposes and helps streamline interactions with the government.
Corporate Tax ID: Required for filing corporate income tax returns.
GST/HST Account: Required for collecting and remitting GST/HST. This number is also required when invoicing clients.
Payroll Account: Required for remitting employee payroll deductions. If you have employees or if you want to pay yourself, you need this number.
Import Export Account (RM): This number is required for importing or exporting goods.
Dividend Account (T5): This number is required if you want to pay out dividends in a Corporation.