Next steps after incorporation

Once the government processes your incorporation documents, a message will be displayed on your Ownr dashboard confirming that your company has been incorporated.

You and your business partners will be asked to eSign all of the corporate organizational documents on Ownr.

Once that's completed, you will have a few more things to consider. Learn more about six things you need to do after you've finalized your incorporation in the video and sections below:

The business number is used for tax purposes and opening accounts with the CRA. Generally, the business number is assigned by the CRA within moments of the business registration being completed. For Ontario provincial corporations, however, it can take up to 4 business days for the business number to be assigned.

Once assigned, the Business Number will be listed in your Ownr Dashboard under Organization > Company Info.

If you do not see the business number in your Ownr dashboard, then it has not been assigned. Please inquire with the CRA on the CRA website. You can also contact the applicable business registry for more information. See our article CRA business number for more information.

Set up your business bank account once you incorporate.

When going to the bank, make sure to bring your Articles of Incorporation. The bank will ask to see the Certificate of Incorporation (page 2), and they might also ask for confirmation that you are a director of the corporation. Make sure the new bank account is opened under your full corporate name.

If you are taking advantage of the RBC rebate, you can enter your bank account information on Ownr. Read more in the article My RBC business bank account is complete. How can I claim my rebate?

Once the bank account is set up, each shareholder needs to pay for their shares by depositing money into the business bank account. For a new corporation, the shareholders usually pay a nominal amount.

First, figure out how much each shareholder should pay. Look at the First Directors Resolution document to find the amount to pay.

Follow the steps below to access this document:

1. On the sidebar, click Organization then click Minute Book

2. A list of all your documents will appear. Click the First Directors Resolution document.

3. In the Overview section of the Summary, it will list all shareholders and the amount each shareholder is required to pay:

To pay for the shares, all shareholders should deposit the Aggregate Subscription Price (in the above example, $5.00) into the new business bank account. The best way to do this is for each shareholder to issue a cheque from their personal bank accounts into the business bank account. If you don't have cheques, then an email money transfer will work fine. It is not recommended that you pay by cash, as there is no written record of the payment.

Determine whether you will register for a GST/HST Number. If you anticipate earning more than $30,000 in annual gross revenue, you are required to register for a GST/HST Number and charge sales tax to your customers. If you will not reach the $30,000 threshold, registering for and charging sales tax is optional.

While it is not legally required, it often makes sense to register for a GST/HST Number early, rather than waiting to hit the $30,000 threshold. This way, you will be accumulating tax credits for any business expenses you incur, and you may be entitled to a tax refund.

If you operated a business prior to incorporating, you will need to close down your old GST/HST Number, if you had one, and open a new one under the name of the corporation.

To learn more about registering for your GST/HST Number, click here.

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