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Day 32: Incorporating

In Canada, I don’t have the ability to create a limited liability company (LLC) or similar variant like in the US. If I want to create a separate legal entity with limited liability and tax benefits, the only route is incorporation – and it isn’t that cheap. (All costs below are in CDN$)

First I need to decide whether I want to choose a company name or be assigned a numbered name. Since it’s the former, I’m required to order a NUANS (Newly Updated Automated Name Search) report to make sure the name is acceptable and available. The NUANS report reserves the proposed name for 90 days. Cost: $13.80 to get a Federal NUANS and $40+ to get a provincial (Alberta) NUANS at a registry office.

At this point I don’t know whether I can use a Federal NUANS when applying for a provincial incorporation, or if I specifically need a provincial NUANS report (trying to see if I can save ~$30)

Next, I need to consider whether to incorporate provincially or federally.

If I’m just incorporating in my province, I need to complete the following forms:

The government fee to submit this is $275.00 in addition to the service fee that a registry office charges (Approximately $100 and up)

So at this stage it’s about ~$400 for incorporating and that’s without any lawyer or accountant guidance.

The other consideration is the annual cost of having a corporation. Tax preparation and filing fees are substantially more, a minute book needs to be kept, as well as separate bank accounts.

I’m not sure at what stage I should incorporate or whether I even should.

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