|
|
|
| INTRODUCTION |
Ontario is centrally located in Canada situated between the Provinces of Manitoba and Quebec. Ontario has a population of approximately 11,000,000. Ontario is the economic engine that powers the Canadian economy. This one province contributes about 41 percent of Canada's Gross Domestic Product (the total value of all goods and services produced in Canada). In addition, Ontario accounts for almost sixty percent of all manufactured exports coming out of Canada.
|
| LAW AND TAXATION |
As a Province of Canada, Ontario has a parliamentary system of government. The government is made up of ministries, agencies and other offices. Each one takes care of different programs and services.
|
| CORPORATE REQUIREMENTS SUMMARY |
- A numbered company is possible in Ontario
- A numbered "corporation" is an entity that is issued a number by the corporate registry such as "842613 Ontario Ltd."
- The objective of a numbered company is to avoid having to do a Name Search (Name Reservation)
- The entity is assigned the next sequential number issued by the Ministry in the jurisdiction. It cannot be self-selected
- Ontario corporations must have a registered office within Ontario as well as a majority of resident Canadian directors
- There is no separate annual return filed with the Companies Branch of the Ministry of Consumer and Business Services in Ontario
- Corporate information is updated on a return that is part of the annual tax return (CT23) filed with the Corporations Tax Branch of the Ministry of Finance
|
| **CSC does not provide legal or financial advice** |
