Glossary of Terms

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Canada Business Corporations Act (CBCA)

The Act which sets out the legal and regulatory framework for all federally incorporated businesses in Canada.

Canada Revenue Agency (CRA)

An agency of the Canadian federal government responsible for collecting income tax (personal and corporate), import/export duties, excise taxes, Goods and Services Tax/Harmonized Sales Tax as well as for regulating registered charities.

Canadian Controlled Private Corporation (CCPC)

A corporation which receives preferential tax treatment under the Income Tax Act. These corporations generally qualify for the small business deduction which results in a lower tax rate on a specified amount of active business income.

Capital Gains Exemption

Profits made on the sale of a fixed asset or business that are exempt from taxes up to a specified amount.

CIDREQ Search

Acronym for Centre Informatique du Registre des Entreprises du Québec. A CIDREQ search is used for incorporation and business registration purposes in the Province of Québec. It compares a proposed new corporate or business name with existing business names and corporate names in Québec to ensure that no confusingly similar names are in use. A CIDREQ report must be submitted with the Articles of Incorporation whenever a named corporation is incorporated in Québec.

Continuance

A process whereby a corporation may move from one jurisdiction to another. For example, an Ontario Corporation can file Articles of Continuance to change its jurisdiction from Ontario to the federal jurisdiction.

Copyright

An exclusive right to copy an original work. Copyright only permits certain individuals the right to reproduce an original work.

Corporate Identifier

The legal element of an incorporated business name which indicates its limited liability status, and which must appear at the end of the corporate name. Examples: Limited, Ltd., Incorporated, Inc., Corporation, Corp. Also called a “legal identifier”.

Corporate Liability

The liability of a corporation that is enforced by sanctions imposed against the corporation itself.

Corporate Name

The registered name under which the corporation must conduct business. The corporation must do all legal acts, including litigation, under its exact registered corporate name. The corporation may also have one or more separate registered Business Names or Trade Names (also known as fictitious names or "doing business as" names) to identify itself to the public.

Corporations Canada

The branch of Industry Canada that administers the Canada Business Corporations Act. Corporations Canada is the office which receives all federal corporation filings.

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