The difference lies in scope: federal incorporation gives a business increased business name protection, wider rights to conduct on business, and the freedom to carry out business in multiple provinces. The downside of federal incorporation, compared to a provincial one, is the additional cost and paperwork it ensues.

A Canadian limited liability company is suitable for most types of business activities, and is the general entity of choice for most entrepreneurs wanting to start a company in Canada.

To form a company in Canada, only 1 shareholder and 1 director are called for – with no restriction on their respective nationalities.

GNFPO stands for Government Non-Profit Organizations. It deals with social, educational, professional, religious, health or any other not-for-profit purpose.

CICA stands for Canadian Institute of Chartered Accountants, is a non-profit organization which was established by the Parliament of Canada in the year 1902.

CPA handbooks are available in print form as well as electronic formats that can be easily downloaded.

The income tax in Canada ranges from 15% -29%.

When a business organization does not go under the audit process to review their financial statements, they prepare Notice to Reader (NTR) financial statement report. It is a financial compilation that offers no assurance on their financial statements.

Some of the trending accounting software includes FreshBooks, QuickBooks Online, Zoho Books, Saga 50cloud, and Saga Business Cloud Accounting.

ISED an abbreviation for Innovation, Science, and Economic Development. It is a department of Government of Canada that helps in building a strong Canadian economy by focusing on innovation improvement and various other segments.