Once you start and register your business, it’s crucial for you to keep it in good standing with the government. If you change your business name, type or status, physical or mailing address, director names, or provinces in which you operate, federal and provincial governments require you to update company information. Follow this simple three-step process to give you peace of mind that you’ve complied with all requirements.
Where Are You Registered?
To update company information, your first step is to determine where you’re registered. If you incorporate at the federal level, Corporations Canada lets you search by corporate name, corporation number, or business number (BN) to check your registration. If you create your company under provincial or territorial legislation, Canada’s Business Registries lets you search for the province or territory you need. And just in case you’re federally incorporated and doing business in multiple provinces, the site gives you extra-provincial registration information. That way, you can do what those provinces require to update company information.
Update Company Information Online
Once you know where you’re incorporated or registered, your next step is to update your company information online on the federal or provincial sites. If you’re a federal corporation, the Online Filing Centre allows you to file many changes for free. Provinces have their own filing centres with specific requirements. For example, Ontario requires you to update any registration information changes within 15 days of the change. It’s good practice to report changes quickly, regardless of the provincial requirements.
Confirm Your Updates Are Complete
Your third and final step in updating your company information is confirming that the updates you submit are correct and complete. The simple way to confirm your updates is to look up your business. When you file with Corporations Canada, it may take several hours before they update their database. It’s a good idea to make your changes early in the day, make notes of when and what you update, and then check back before the close of business to ensure your changes are in place.
Updating your business information as soon as possible after changes happen keeps you on the right side of the law and lets you move quickly on matters such as opening a business account or applying for grants or loans. Another benefit of updating your company information with the government is that you make it easier for people using the databases to find you and get more information about your product or service, which can lead to more business and a bigger bottom line.
It’s wise to keep your business information up to date and to keep your management and accounting tools updated, too. 4.3 million customers use QuickBooks. Join them today to help your business thrive for free.