Move Medical Corp Provinces 

Relocating your medical professional corporation to a different province or territory in Canada involves several important considerations and steps. Here’s a rewritten summary of the original blog post: 

Relocating Your Medical Professional Corporation Across Provinces: Key Considerations 

Understanding the Complexity: 

• Moving a medical professional corporation across Canadian provinces or territories requires careful consideration of various regulatory requirements. 
• Consulting with legal, accounting, and tax advisors is crucial before making any decisions. 

Feasibility of Moving an Existing Corporation: 

• It’s possible to move your medical professional corporation to another province, but this depends on meeting the specific rules of the destination province. 
• Consider if moving is practical, as it might involve complex restructuring. 

Steps for Continuance: 

• “Continuance” allows a corporation to reincorporate under different provincial legislation. 
• The process varies by province, influenced by local business incorporation laws, medical profession regulations, and rules of the relevant college or professional body. 

Requirements to Consider: 

• Medical College or Professional Body Requirements: 
• Obtain a new medical practice license in the destination province. 
• Ensure your corporation meets the new province’s licensure requirements. 
• Submit draft articles of continuance for pre-approval. 
• Apply for a corporation license in the new province, including filing fees. 

• Legal Requirements: 
• Comply with the legal requirements for corporation licensure in the new province. 
• Conduct a name search to ensure compliance with business names legislation. 
• Get shareholder approval for the continuance. 
• Obtain consent from the relevant financial authority. 
• File necessary applications and documents with the corporate registries of both provinces. 

Costs Involved: 

• Costs vary based on licensing differences, filing fees, and compliance complexities between provinces. 
• Restructuring may be necessary, affecting costs, especially if the new province has different rules regarding shareholders like holding companies or family trusts. 
• Sometimes, forming a new corporation in the new province might be more efficient and cost-effective. 

Options for an Existing Corporation: 

• You can maintain corporations in different provinces, provided each meets local requirements. 
• Some provinces allow retaining your corporation even after moving, with conditions like maintaining a local license and address. 
• Decertification of the existing corporation is an option, followed by using it for non-professional business or investment, or dissolving it under applicable legislation. 

Financial Planning Implications: 

• Relocating your corporation can impact your financial planning, retirement, and estate plans due to varying provincial tax rates and legal differences. 
• Adjustments in investment strategies, including RRSP and TFSA, might be necessary