Legislation of Canada

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List of laws and regulations

Act name
Scope of law
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Tax treaties entered

Algeria
Argentina
Armenia
Australia
Austria
Azerbaijan
Bangladesh
Barbados
Belgium
Bermuda
Brazil
Bulgaria
Cameroon
Chile
China
Colombia
Croatia
Cyprus
Czech Republic
Côte d'Ivoire
Denmark
Dominican Republic
Ecuador
Egypt
Estonia
Finland
France
Gabon
Germany
Greece
Guyana
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea (Republic of)
Kuwait
Kyrgyzstan
Latvia
Lebanon
Lithuania
Luxembourg
Malaysia
Malta
Mexico
Moldova (Republic of)
Mongolia
Morocco
Namibia
Netherlands
New Zealand
Nigeria
Norway
Oman
Pakistan
Papua New Guinea
Peru
Philippines
Poland
Portugal
Romania
Russian Federation
Senegal
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Tanzania
Thailand
Trinidad and Tobago
Tunisia
Turkey
Ukraine
United Arab Emirates
United Kingdom
United States
Uzbekistan
Venezuela
Vietnam
Zambia
Zimbabwe

Tax Exchange Information Agreement (TEIA)

Anguilla
Aruba
Bahamas
Bahrain
Brunei Darussalam
Cayman Islands
Cook Islands
Costa Rica
Curaçao
Dominica
Guernsey
Isle of Man
Jersey
Liechtenstein
Panama
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
San Marino
Sint Maarten
Turks and Caicos Islands
Uruguay
Virgin Islands (British)

Corporate info

Legal system
common law, based on English common Law
Types of entity
Sole proprietorship; General Partnership; Limited Liability Partnership; Corporation; Extraprovincial Company; Society; Cooperative Association; Branch Office
Shelf companies permitted
No
Incorporation timescale for a new company
1-2 days
Company suffix
Limited, Limitée, Incorporated, Incorporée or Corporation or the corresponding abbreviations, Ltd., Ltée, Inc. or Corp.
Sensitive words
“Parliament Hill”, “RCMP”, “Cooperative”, “United Nations”, “government”, “ministry”, “bureau”, “secretariat”, “commission”, “certified”, “British Columbia” or “BC”, “bank”, “trust”, “insurance”, “trust”, “stock exchange”, as well as well-known names, special characters, words suggesting connection with government, crown or royal family
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
certificate of incorporation; a copy of each entered order; central securities register; register of directors; a copy of each consent to act as a director; a copy of each written resignation; the minutes of every meeting of shareholders; a copy of each consent resolution of shareholders and each consent; the minutes of every meeting of directors; a copy of each consent resolution of the directors; a copy of each of the audited financial statements; etc.
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
No
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
No
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
Canadian dollar
Standard authorized share capital
No
Standard par value of shares
No
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
15-33%
Min. rate for corporate tax
38%
Corporate tax (in detail)
The base federal tax rate is 38%.
Capital gains tax
50% of the regular rate
Capital gains tax. Details
Half of the gains from the sale of assets are included in income taxed at regular tax rates.
VAT
5%
VAT. Details
The federal GST rate is 5%. GST is similar to VAT.
Withholding tax
25%/0%/25%
Other taxes
Social contributions, Property tax, Land transaction tax
Exchange control
No
Government fee
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
on the West Coast of Canada
Total area
944.735 sq. km
Population
38.556.180 (2021)
Capital
Victoria
National currency
Canadian dollar
Conditional reduction of currency
CAD
Against USD
0.79 (2022)
Climate, average max and min t°
mild, rainy oceanic, verging on dry-summer mediterranean, subtropical in small pockets. Due to the blocking presence of successive mountain ranges, the climate of the interior of the province is semi-arid. The annual mean temperature in the most populated areas of the province is up to 12°C
Time difference from Moscow
- 7 hours
Dialing code
+1
State language
English
Ethnic groups
European 76.7%, Asian 14.2%, Aboriginal 4.3%, Black 2.9%, Latin American 1.2%, multiracial 0.5%, other 0.3%
Literacy rate
99%
History
Canada was founded by Jacques Cartier in 1534. At the beginning of the 17th century the French established their first colonies. In 1610 England founded the city of St. John’s, Newfoundland. The Seven Years’ War between France and England led to the supremacy of Great Britain over these territories. In 1797 Canada was divided into Lower Canada and Upper Canada which were merged into the united Province of Canada in 1840. The Province of Canada, Nova Scotia and New Brunswick were united in 1866. In 1867 Canada was formed as a federal dominion of four provinces: Ontario, Quebec, New Brunswick, and Nova Scotia. With the agreement by the Canadian government to extend the Canadian Pacific Railway to British Columbia and to assume the colony's debt, British Columbia became the sixth province to join Confederation on July 20, 1871. In 1919 Canada joined the League of Nations. In 1945 it was one of the founding members of the United Nations. Finally, Canada gained its independence in 1982. At the present time it is a federal state consisting of ten provinces and three territories.
Credit rating
AA+
Government type
Constitutional monarchy
Executive branch
Government: Cabinet of ministers; Head of the Government: Prime MInister
Legislative branch
bicameral Parliament: Senate (105 members) and House of Commons (308 members). British Columbia has an 85-member elected Legislative Assembly
Judicial branch
Supreme Court of Canada, Federal Court of Appeal, Provincial courts of appeal, Federal Court, Tax Court, high courts and provincial courts
Unemployment
9.4% (2021)
GDP per capita rank
15 (2021)
Corruption perceptions index rank
13 (2021)

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