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Registering your sole proprietorship or incorporating your business in Canada can be challenging. Ownr is here to change all that.

I started my first sole proprietorship in 2012 and later proceeded to incorporate in 2019. Setting up both companies was not the easiest process at all! I was required to prepare a bunch of paperwork, and the governmental websites did not have very useful information to help me!

This is even more applicable when you are incorporating a business. I eventually had to use the services of a lawyer after giving up on navigating the process on my own.

You can use a corporate lawyer to reserve a business name, register a business, or complete the legal documentation required for a corporation. However, a corporate lawyer may cost at least $1,500!

This Ownr review will cover how to incorporate your business from home at an affordable fee. In addition, you get $50 discount on Ownr’s services. We will also give you a comparison between a sole proprietorship and a corporation to make it easier for you to choose when starting your business.

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WHO IS OWNR?

Ownr is an RBC Ventures company founded in 2017. Based in Toronto, the company uses its platform to help entrepreneurs register or incorporate their businesses.

As of this writing, over 18,000 businesses have been registered using Ownr. Ownr is currently available in Ontario, Alberta, and British Columbia.

In addition to Ownr, RBC Ventures has other companies on its portfolio including Ampli, Wellspent, Prepped, Arrive, and Dipp.

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HOW DOES OWNR WORK?

Simply put, Ownr takes the pain out of the business registration process. If you are launching a new business, you can choose to register as a sole proprietorship or corporation.

Whichever route you decide to take, Ownr can help you stick-handle the process while you focus on running your businesses’ day-to-day operations.

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REGISTER A SOLE PROPRIETORSHIP WITH OWNR

After opening an account, conduct a search for potential business names. When your business name has been reserved, simply fill out your business details online and pay the fee for sole proprietorship registration.

Ownr sends off your application for processing and you can get your business license via email within one business day in Ontario and Alberta. In British Columbia, business name reservation takes up to 15 business days.

The name of the business license document you receive varies by province:

• Ontario: Master Business License
• Alberta: Trade name Declaration
• British Columbia: Statement of Registration of Sole Proprietorship

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INCORPORATE A BUSINESS WITH OWNR

To incorporate your business, search for available online business names via your Ownr account. After you have secured a unique business name, complete your business details, and pay for registration.

Ownr finalizes and sends your incorporation application for processing and you can receive your business documents within one business day.

Ownr prepares your corporate formation documents aka digital minute book including First Director’s Resolution, Director’s Consent(s), First Shareholder’s Resolution, Notice(s) of Issuance, Subscription for Shares, Securities Register, Shareholders Ledger, and Corporate Bylaws.

This saves you from the hassle of looking for a lawyer to help you create these documents.

The business incorporation documents you receive will include:

• Newly Upgraded Automated Name Search (NUANS) Report and NUANS report cheat sheet
• Articles of Incorporation and Next Steps
• Corporation formation documents

You also receive your business number from the Canada Revenue Agency.

In addition to incorporating businesses provincially, Ownr also offers federal incorporation in Ontario.

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HOW MUCH DOES OWNR COST?

The fees for business registration vary by province and includes government filing fees.

Province	Sole Proprietorship	Provincial Incorporation	Federal Incorporation
Ontario	$89 + tax (incl. $29 Ownr fee and $60 govt. fee)	$619 + tax (incl. $319 Ownr fee and $300 govt. fee)	$619 + tax (incl. $419 Ownr fee and $200 govt. fee)
Alberta	$99 + tax (incl. $49 Ownr fee and $50 govt. fee)	$594 + tax (incl. $319 Ownr fee and $275 govt. fee)	N/A
British Columbia	$120.50 + tax (incl. $49 Ownr fee and $71.50 govt. fee)	$700.50 + tax (incl. $319 Ownr fee and $381.50 govt. fee)	N/A

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OWNR AND RBC REWARDS

When you register your business with Ownr and open an RBC business bank account, you receive a cash back amount based on your business type and province.

If your business is a sole proprietorship, RBC will refund your registration fees if you open a business bank account by December 31, 2020. The cash refund is based on how much you paid i.e. between $89 to $120.50 plus tax.

For business incorporations, you receive $319 back.

To claim your cash back, login to your account and click on the “refund me” button on your dashboard. Note that your business bank account must remain open for at least one year or you may have to pay back the refund.

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OWNR PERKS

After registering your business, Ownr offers 6-month access to a free branding tool, Tailor Brands. You can use it to create your business logo, business cards, and branded content for marketing on social media.

No previous experience is required to use Tailor Brands and you can have a unique logo in under 3 minutes.

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SOLE PROPRIETORSHIP VS. INCORPORATION

There are four main legal business structures in Canada including:

• Sole Proprietorship
• Corporations
• Partnership
• Cooperative

A sole proprietorship is the simplest business structure to setup. As the owner of the business, you are 100% responsible for its operations and carry unlimited liability.

In a partnership, the business is owned by two or more owners. Each member of the partnership is liable for debts of the company and a share of its profit.

A corporation is a separate legal entity from its owners. As such, your personal assets are separate from that of the company and you do not bear responsibility for its liabilities beyond your share of the company’s assets. This limited liability may not apply to personal guarantees e.g for a loan.

Corporations can be public or private and may be incorporated on a provincial or federal level.

A co-operative is controlled by a group of members who pool their resources together. It is democratically controlled and prioritizes meeting the needs (economic, social, and cultural) of its members as opposed to solely making a profit. A co-operative also offers limited liability.

Some of the main differences between a sole proprietorship and a corporation are:

	Sole Proprietorship	Corporation
Set up costs	Low	High
Liability	Unlimited	Limited. Limited liability may not apply to personal guarantees
Record keeping and Accounting costs	Easier accounting and minimal record keeping	Complicated; involves more paperwork and annual filings
Raising funds	Difficult to raise capital	Easier to raise capital e.g. through the sale of shares; easier to apply for a loan
Tax advantages	Business losses can be written off against personal income; income taxed at personal rate which may be high	Tax advantages through small business deduction and income splitting; potential for double taxation (company & shareholders); Not restricted to a calendar year-end for tax filing
Business continuity	Expires upon the death of the owner	Unlimited life until dissolved; ownership interest can be transferred
Decision making	Owner is in control of all decision making and keeps all the profit	Decision-making can be slow if there’s more than one shareholder
Credibility	Some businesses only want to do business with a corporation	May be taken more seriously by other businesses and prospects
Jurisdiction	Provincial	Provincial and/or federal

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Final Thoughts

Whether you end up choosing to register a sole proprietorship or incorporate your business, Ownr can help you achieve your dreams at a lower cost compared to using the services of a lawyer.

You could easily save $800+ when incorporating a business provincially or federally by using their service.

If you choose to open a business account at RBC at the same time, you could also get all or most of the fees you paid back!