Frequently Asked Questions

01. What is CRA (Canada Revenue Agency) Business Number ?

    It is a nine digit unique business number and it is used when dealing with federal, provincial and local government.

02. What is Share Certificate ?

    A share certificate is a written document signed on behalf of the corporation which is a proof of ownership of the number shares indicated.

03. What is HST ( Harmonized Sales Tax) Account ?

    Harmonized sales tax is a consumer tax which is formed by the combination of Canadian federal goods and services tax  (GST) and provincial sales tax (PST).

04. What is Corporation Minute Book ? 

    A minute book can be explained as a tool corporation use to organize and document their key corporate records.

05. What is Worker’s Compensation Board ? 

    Worker compensation board is an agency of the government who’s duty is to review disputes arising under the worker’s compensation statutes.

06. What is WSIB (Workplace Safety & Insurance Board) Registration  ?

    The WSIB is an Ontario government agency.If registered to WSIB employers have to contribute to a province wide insurance fund.

07. What is Corporate Seal ?

   A corporate seal is a tool used to stamp corporate important documents in order to show the document is certified by and agreed upon by the Board of Directors      of the company.

08. What is NUANS  (Newly Upgraded Automated Name Search) ?

    A NUANS report is required for listing existing company names that closely match a proposed company name to identify potential name confusion.

09. What is Mandatory ?

    Mandatory are essentials required to register a corporation.  Corporation minute book,  HST,  Payroll account,  Corporation tax ID and initial return are required to      register a corporation without it one cannot register a corporation.

10. What is Payroll Account ?

      Payroll account is basically an account that a corporation uses to pay its employees.  Even if a corporation do not have any employee than your own salary can be        processed through payroll account.  This is also an initial set up of payroll account with CRA which definitely will be required to process the payroll.

11. Is Import Export account necessary ?

      Import export Account is only Necessary when a corporation decide to do business from/to outside of Canada.  Thing to be noted here is that only physical items          fall under import export.

12. What is  Corporate Tax ID Number ?

      Corporate tax id number is a unique nine digit number use to identify the tax account of a business entity.