Bookkeeping how do I keep good records?

You are required by law to keep records of all your transactions, for 6 years, to be able to support your

  • income
  • expense
  • property

A record is defined to include an account, an agreement, a book, a chart or table, a diagram, a form, an image, an invoice, a letter, a map, a memorandum, a plan, a return, a statement, a telegram, a voucher, and any other proof containing information, whether in writing or in any other form.

Keep a record of your daily income and expenses. There are many record books and bookkeeping systems available. Or you can use a book or excel spreadsheet that has columns and separate pages for income and expenses.

Keep your duplicate invoices, deposit slips, bank statements, and cancelled cheques. Keep separate records for each business you run. If you want to keep computerized records, make sure they are clear and easy to read.

How do I change the address of my sole proprietor business?

An Ontario sole proprietor or general partnership business can change the business address or cancel the business online. Have a copy of your Master Business License available to you when submitting the change or cancelation. The original information along with the BIN (9 Digit Business Name Registration Number) from your current registration is required when changing the address or cancelling a business.

How do I change the name of my business?

  • Changing the name of your business registration is considered a new registration and the relevant fee applies. … Alternatively, the registrant can amend or cancel a business name registration online through the ServiceOntario website at Ontario.ca.
  • If a corporation decides to change the name you must advise Canada Revenue Agency. and complete the provincial Articles of Amendment (Form 3 approved by the Minister under the Regulations to the Business Corporations Act ), completed in duplicate, bearing original signatures on both copies. Ontario-biased NUANS name search report if there is a change of name (not required if the new name is a number name); Fee of $150.00.(2018)
  • Federal corporations will register in Ontario where they carry on business

Can I change my sole proprietor business to a corporation?

Switching from the Sole Proprietorship to an Incorporated company is easier than you think. You have a few options to add a legal ending to the business name: Inc., Incorporated, Ltd., Limited, Corp., Corporation:

  • Register an Ontario Numbered Corporation, then online you can register/connect new corporation number to the sole proprietor master business license.
  • Register a new Ontario Corporation in the new name or the same name as your Master Business License then cancel the Master Business License.
  • Register a Federal Corporation in the new name or the same name as your Master Business License then cancel the Master Business License.

Before registering the incorporation a NUANS report is required. After the Incorporation has been completed you will need to change:

  • Bank account – incorporating puts your business in a new business category with most banks. A new bank account may be required Cheques / Credit Cards
  • Make sure to properly transfer bank, other licenses, assets, etc. into the new business.
  • Tax accounts – HST, Payroll, Corporate, WSIB, etc. will need to be set up or changed
  • Business cards, Letterhead, Signs, Invoices, Website and social media

How do I change the name of Provincial incorporation?

If you are not Incorporated and have a Master Business license (Sole Proprietorships, General Partnership, and Operating Names), unfortunately, cannot directly change their business name on the registration. You must register a new Master Business License for the new business name. Then close and cancel the old Master Business License cancelled. Make sure to properly transfer bank, tax, other licenses, HST, Payroll, WSIB, assets, etc. into the new business.

If your business Corporation wishes to apply to change its name or other provisions within its Articles, the corporation must file an Articles of Amendment. The cost of this form is $150.

How do I cancel a sole proprietor business?

An Ontario sole proprietor or general partnership business can cancel the business online. Have a copy of your Master Business License available to you when submitting the cancelation. The original information along with the BIN (9 Digit Business Name Registration Number) from your current registration is required when cancelling.

How do I cancel an Incorporated, Corporation?

If you decide to dissolve / close a corporation yourself, it’s called a voluntary dissolution. There are two ways to dissolve your corporation, depending on whether your corporation has started carrying on business or issued any shares or not. Talk to a lawyer to determine which of the two forms below you need to fill out and other tax filings required at the time of dissolution.

How do I change the Ontario Corporation information, Corporation Name, Address, Directors, Shares?

Please be advised we do not provide legal advice. This information is intended as a general guide only. For further assistance or legal information, please consult private legal counsel.

Changes to Ontario Corporation information;

Name Change
If your business Corporation wishes to apply to change its name or other provisions within its Articles, the corporation must file an Articles of Amendment under the Business Corporations Act. The cost of this form is $150. The amendment must be accompanied by a NUANS name search report for the proposed new name (not required if the name is changing to a number name).

Registered Office Address
Whenever a corporation changes its office address, an Initial Return/Notice of Change, under the Corporations Information Act must be completed and filed with the Central Production and Verification Services Branch within 15 days of the change (Section 4(1) of the Corporations Information Act).

Directors
Whenever the number of directors changes within the minimum and maximum number provided for in the Articles, an Initial Return/Notice of Change under the Corporations Information Act must be filed within 15 days after the change.

Any change to the board of directors of a corporation must be set out in an Initial Return/Notice of Change under the Corporations Information Act and filed with the Central Production and Verification Services Branch within 15 days after the change (S.4(1) of the Corporations Information Act).

Shares
Any change to clauses relating to shares, as set out in the Articles of Incorporation, must be clearly set out in Articles of Amendment.

If your business Corporation wishes to apply to change its name or other provisions within its Articles, the corporation must file an Articles of Amendment under the Business Corporations Act. The cost of this form is $150.