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Information for Licensed Members

Professional Corporation FAQs

What is the difference between a professional corporation and a business corporation?

Professional corporations have restrictions on their activities. The Ontario Business Act restricts professional corporations from carrying on a business other than the practice of the profession. Veterinary professional corporations are regulated by the Veterinarians Act and College By-Laws. 

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Can a family member be a shareholder in a professional corporation or an associated holding company?

No. The Ontario Business Corporation Act requires that all issued and outstanding shares of professional corporations be owned, directly or indirectly, by a member of the particular profession. 

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Can shares be held through a holding company?

Yes. According to College By-Laws, holding companies may own shares of a veterinary professional corporation, so long as all of the shares of the holding company are held by veterinarians holding a licence in the Province of Ontario.

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How do I change the name of my professional corporation?

The steps for a professional corporation name change are as followed: 
1.    Apply for a new professional corporation name with the College.
2.    Await name change approval from the College.
3.    Amend the professional corporation name with the Ontario Ministry of Government and Consumer Services within six months of name change approval. 
4.     Submit a Notification of Change to the College and include a copy of the Articles of Amendment as well as payment for the associated fee.

 

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Does my professional corporation name need to be on invoices?

As per the Ontario Business Corporations Act, the professional corporation name, in addition to the facility name, must appear on all invoices and consent forms. The professional corporation name does not replace the facility name.

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Does my home address have to be posted on the College website?

College By-Laws state that the business address and phone number of the professional corporation must be publically accessible. Therefore, if you are not an owner of a facility through which the professional corporation practices, then your home mailing address will be used. An alternative is to provide the College with a P.O. Box. 

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How do I request a Certificate of Status through the MGCS?

Please visit the MGCS website or call the toll free number (1-800-361-3223), for more information on obtaining a Certificate of Status. The College is not permitted to contact the MGCS on behalf of members or professional corporations.

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What are the fees for incorporation of a professional corporation?

  • There is currently no fee for a name application with the College.
  • The fee for an Application for Certificate of Authorization is $452.00 (HST inclusive).
  • The fee for an Application for Renewal of a Certificate of Authorization is $169.50 (HST inclusive).
  • The fee for a Notification of Change for a Professional Corporation is $226.00 (HST inclusive).
  • The Ontario Ministry of Government and Consumer Services (MGCS) sets fees for its own processes.

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Do I have to post the Certificate of Authorization in my facility?

No, you are not required to post the Certificate of Authorization for your professional corporation. The College does recommend storing the certificate in a safe place, since your professional corporation is not authorized to operate without it. The certificate also indicates the professional corporation’s expiry date. 

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