What to Expect After Incorporating in Canada

Most founders think incorporation is the finish line. In reality, when you register a business in Ontario or complete a Canada company registration, you officially move from idea to legal entity. Incorporating your business brings credibility and protection, but it also introduces new responsibilities. There are filings to make, accounts to open, and systems to organize. 

This guide walks you through exactly what to expect after incorporation so you can stay compliant and start strong.

Step 1. File your Initial Return (Ontario only)

If you choose Ontario business incorporation, you need to file an Initial Return within 60 days. This filing confirms your corporation’s directors, officers, and registered office address. Missing it can put your business out of good standing.

You can complete this filing directly through the Ontario Business Registry. Federal corporations do not file this return, but they do have ongoing requirements with Corporations Canada.

Step 2. Open a business banking account

After incorporation, the first financial task is to separate your company’s money from your personal money. A dedicated business banking account preserves your limited liability and keeps your records clean.

When you incorporate with Venn, your CAD and USD accounts are included in the same flow. Once your incorporation is approved, your accounts are ready to use on day one. You can accept payments, pay vendors, and issue corporate cards without visiting a branch.

If you are opening an account elsewhere, bring your Articles of Incorporation and government-issued ID. The account must be opened in the corporation’s full legal name.

Step 3. Set up an account with the correct business registry

Think of this as keeping your incorporation registration in Ontario or federally up to date. Your incorporation has to stay active with the right registry:

• Federal corporations: Register with Corporations Canada.
• Ontario corporations: Register with the Ontario Business Registry.

This is where you file annual returns, update directors, and change addresses. Set up alerts so you don't miss deadlines.

Step 4. Keep your corporate records up to date

Your corporation is required to maintain certain internal documents that show it is being managed properly. These records are often reviewed by accountants, lawyers, investors, and regulators.

• By-laws: The internal rules that explain how the company operates, how meetings are run, and how directors are elected.
  
• Minute book: A central record of all official corporate documents, including your Articles of Incorporation, share registers, director registers, meeting minutes, and resolutions.
  
• Resolutions: Written records of key decisions, such as appointing officers or issuing shares.
  

Update these records whenever there is a change in ownership or directors, and file those changes with the registry. Keeping clean records protects you as a director and builds trust with stakeholders.

Step 5. File your annual returns

Every corporation must file an annual return with its registry. This is separate from your tax return.

• Federal incorporations file through Corporations Canada.
• Ontario incorporations file through the Ontario Business Registry.

Many founders are surprised that filing does not stop after setup. Annual returns are required every year, without exception.

Step 6. Register a business name if needed

If you are incorporated under a numbered company (such as 12345678 Canada Inc.), you can register a business name to operate under something more customer-friendly.

You can do this through the same registry where you incorporated.

For example, if you opened a company in Canada as a numbered corporation, you might still want a brand name for marketing purposes. Registering that name ensures you can legally use it with customers. 

Can two businesses have the same name in Canada? Check here.

Step 7. Set up CRA accounts

After you start a corporation in Canada, you may need to register with the Canada Revenue Agency (CRA). 

Register with the Canada Revenue Agency for:

• A GST/HST account if your business earns over $30,000 annually.
• A Payroll account if you hire employees.
• Import/export accounts for international trade.

Even if you do not meet the thresholds right away, registering early helps you avoid last-minute compliance issues and lets you claim input tax credits. 

Here’s how to register for a GST/HST number in Canada.

Step 8. Organize compliance and record-keeping

Beyond the documents themselves, someone in your business needs to take ownership of compliance.

• In small corporations, this is usually the founder or a director.
• As you grow, the role is often handed off to a finance lead, office manager, or bookkeeper.
• In larger companies, a controller or CFO oversees compliance with support from advisors.

Their job is to make sure filings are submitted on time, corporate records are updated, and annual returns are never missed. 

Venn makes this easier at every stage. Our platform helps you stay organized with built-in invoicing, expense tracking, and accounts payable tools in one platform, synced with your accounting software. Fewer manual steps and less risk of missing something important.

Step 9. Understand provincial obligations for federal corporations

If you incorporate in Canada at the federal level, you also need to register in the provinces where you do business. At minimum, this means the province where your registered office is located.

For instance, a federal corporation with an office in Ontario must still complete Ontario business incorporation registration. If you expand into Alberta or British Columbia, additional provincial registrations will be needed.

When you incorporate federally with Venn, we take care of registering your home province for you.

Step 10. Put financial systems in place early

Opening an account is just the beginning. As your business grows, you need systems that reduce manual work and help your team stay in control.

With Venn, you can:

• Issue corporate cards with spending controls
• Automate payroll and vendor payments
• Connect to accounting platforms like QuickBooks and Xero
• Handle international payments with low FX fees

Putting these systems in place early means your finances stay organized as you scale, without relying on manual processes or juggling multiple tools.

The final step after incorporation is building systems that keep your finances organized. With Venn, Canadian businesses get CAD and USD accounts, corporate cards, low FX fees, and automated payables and invoicing.

Stay compliant, keep finances clean, and move money smarter from day one. Try Venn today! 

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Frequently Asked Questions (FAQ)

How do I incorporate with Venn?

Start here! You can incorporate federally (ON only) for $199 or in Ontario for $299. The process includes your business banking account so your CAD and USD accounts are ready once approval comes through. You also get up to a $350 bonus when you add funds. 

Can I change my corporation’s registered office address after incorporation?

Yes. You must file an address change with the same registry where you incorporated. It is not enough to update CRA or other agencies, the corporate registry filing is required. 

Do I need to display my corporation number on invoices or contracts?

Yes. Most provinces require your full legal corporate name (including the numbered company if you did not register a trade name) to appear on official documents like invoices, contracts, and purchase orders.

Do shareholders need to pay for their shares right after incorporation?

Yes. Shareholders must pay the agreed subscription price for their shares. Payment is usually deposited into the corporation’s business banking account, and a record of payment should be kept in the minute book.

What happens if I miss my annual return filing deadline?

Your corporation could fall out of good standing and may eventually be dissolved by the registry. Reinstatement is possible, but it often requires additional fees and paperwork.

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_{This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc. or its subsidiaries and affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties, or guarantees, whether expressed or implied, that the content in this publication is accurate, complete, or up to date.}