If you are starting a corporation in Ontario, you will need to complete and file a Form 1, also known as the Ontario Corporation Initial Return. This form is a crucial step in the process of incorporating a business in Ontario, as it provides the government with important information about your new corporation.
Here is a guide to help you understand what the Form 1 is, what information it requires, and how to file it.
What is the Form 1?
The Form 1 is a document that every corporation in Ontario must file with the Ministry of Government and Consumer Services (MGCS) within 60 days of incorporation. It is an important document that provides the government with basic information about your corporation, such as its name, address, and directors.
What information is required on the Form 1?
The Form 1 requires the following information:
- Corporation Information:
- The corporation’s name and its business number (if applicable)
- The corporation’s date of incorporation and place of incorporation
- The corporation’s address (both mailing and physical)
- The corporation’s primary business activity
- The corporation’s fiscal year-end date
- Director Information:
- The full name and residential address of each director
- The date of appointment of each director
- The mailing address and phone number of the corporation’s head office
- Share Structure:
- The classes of shares authorized by the corporation and the number of shares in each class
- The amount paid or payable for each class of shares
How do I file the Form 1?
You can file the Form 1 online using the Ontario Business Information System (ONBIS) or by mail. If you choose to file by mail, you will need to complete a paper copy of the Form 1 and mail it to the MGCS along with the appropriate fee.
When filing online, you will need to create an ONBIS account and follow the prompts to complete and submit the form. When filing by mail, you can download a copy of the form from the MGCS website, complete it, and mail it to the address listed on the form along with the appropriate fee.
What is the fee for filing the Form 1?
The fee for filing the Form 1 is currently $150. This fee is subject to change, so it’s always a good idea to check the most up-to-date fee schedule on the MGCS website.
In conclusion, filing the Form 1 is an important step in the process of incorporating a business in Ontario. It is essential to ensure that the information provided on the Form 1 is accurate and complete. If you have any questions or concerns about filing the Form 1, it may be helpful to seek the advice of a qualified business lawyer or accountant.
