Keeping Your Doctor’s Office in Good Standing: Corporate Profiles

Running a medical practice involves more than just providing quality care; it also requires navigating the intricacies of corporate compliance. For doctors in Ontario, ensuring that your corporation’s information is accurate and up to date is essential for staying in good standing with regulatory bodies, protecting your practice, and fostering trust with your patients. This article will explore the importance of filing a Notice of Change and provide tips on how to keep your corporate records current.

What is a Notice of Change?

A Notice of Change is a filing used to update key information about your Ontario corporation, ensuring that your corporate records reflect the most accurate and current details. In Ontario, this process is essential for medical professionals operating as corporations to comply with the College of Physicians and Surgeons of Ontario (CPSO) regulations and other applicable laws.

What Can Be Updated with a Notice of Change?

Certain details in your corporation’s records can be updated using a Notice of Change, including:

• Registered Office Address: Update the physical location of your corporation.

• Official Email Address: Replace the mailing address with an updated email contact.

• NAICS Code: Adjust the business activity classification.

• Directors and Officers: Add, update, or remove directors and officers, including their addresses.

Why is Keeping Your Corporate Profile Updated Important?

1. Compliance with Regulatory Bodies: Ensuring your corporate profile is accurate helps you comply with the CPSO and other regulatory organizations. Non-compliance can lead to penalties, loss of privileges, or even legal action.

2. Building Trust with Patients: An up-to-date corporate profile conveys professionalism and accountability. Patients are more likely to trust a practice that demonstrates a commitment to compliance and transparency.

3. Avoiding Legal Issues: Inaccurate or outdated information can lead to disputes over your business name or operational status. Regularly updating your corporate profile helps mitigate these risks.

4. Facilitating Business Operations: Keeping your profile current ensures that all aspects of your practice run smoothly. For example, if your practice relocates or changes key officers, updating your profile promptly can help avoid operational disruptions.

How to File a Notice of Change

There are two ways to file a Notice of Change for your Ontario corporation:

1. Manual Filing: Submit the necessary government forms by mail. This method can take up to 25 business days, and confirmation of the changes may require ordering an Entity Profile Report for an additional fee.

2. Electronic Filing: Use the services of a private company like ONPro for a faster, same-day process. Before finalizing the filing, a draft is sent to you for review and approval. Once approved, the changes are submitted, and confirmation is provided.

Special Considerations

• Company Key: Introduced in Ontario in October 2021, the company key is required for filing changes manually. If your corporation’s address is outdated, it’s best to file a Notice of Change to correct the address before requesting a company key.

• CRA Updates: Changes to your corporation’s information, such as addresses or officer details, should also be updated with the Canada Revenue Agency (CRA) to avoid discrepancies.

Let’s Keep Your Practice Thriving!

Filing a Notice of Change is a critical step in maintaining your medical practice’s good standing. By prioritizing compliance, you not only protect your practice but also enhance your reputation among patients and peers alike. With ONPro by your side, updating your corporate information is seamless and efficient. Contact us today to learn how we can help keep your doctor’s office in compliance and thriving!

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