Many legal professionals such as paralegals and, especially, lawyers experience mental health difficulties such as heaving to deal with stress, anxiety, and depression to name a few. Much of these negative experiences can be attributed to the demands of the profession.
Why is it important to focus specifically on stress? A study done by the Canadian Bar Association showed that stress/burnout was the most prevalent issue plaguing legal professionals, with a whopping 94% of professionals facing this issue on some level.
The demands of the profession include long hours, tight deadlines, and major responsibilities. These constant demands alone can easily wear someone out, not to mention out-of-job demands that everyone has in their personal life. All these things can culminate into a person feeling overwhelmed and fatigued both mentally and physically.
Congratulation on deciding to set up your dental practice! Below is everything you need to know about the rules and regulations governing the process of setting up your business in Ontario.
Firstly, you need to incorporate it in Ontario. This will include all the standard steps of incorporating and organizing an Ontario corporation, with a few exceptions:
Exception #1: The name of your clinic
Your proposed corporate name must include the last name of the shareholder who is a member of the Royal College of Dental Surgeons of Ontario (the first name is optional).
In an endeavor to cool down the real estate market in Canadian hotspots, theGovernment of Ontariohas increased the Non-Resident Speculation Tax (NRST). It’s raised from 15% to 20% for foreign nationals, foreign corporations, and taxable trustees.
On January 1, 2023, updates to the Business Corporations Act (Ontario) (OBCA) will be coming into force, requiring all private Ontario corporations to maintain a register of all the individuals holding “significant control”. This is a well anticipated change to the OBCA as federally incorporated private entities have been required to maintain this register since 2019. Not only do these requirements come as an effort to increase corporate transparency, but they also serve to aid regulators determine where the ultimate control of a corporation lies.
Many changes took place during the pandemic, and with the massive lockdowns and curfews, people were unsure about how they were going to get through. Various Government offices in most parts of the world were shut for a lot of the days and were either working fewer hours or fewer days in a week. People were encouraged not to leave their homes and were told to handle most of their requirements if they were not major when the situation got better.
Another new development is the creation of the Ontario Business Registry. This new directory will allow businesses within the Ontario area or which engage in business relationships with Ontario-based businesses to access Ontario public services on a consistent basis. The Ontario Business Registry services will be available 24 hours per day and seven days a week, including weekends and holidays. The Ontario Business Registry will be extraordinarily beneficial to businesses that are involved in a wide range of public activities as their information will become much more accessible and convenient. The time frame in which such public business can be completed will also be shorter and more efficient. A major benefit of the Ontario Business Registry will be the manner in which the general public will be better equipped to deal with the fallout of the COVID-19 pandemic. A range of functions that were previously performed through direct personal contact with government agencies and other public services in Toronto can now be completed by anyone with an internet connection.
One of the most significant challenges of the pandemic has been the implementation of social distancing protocols. It’s led to the temporary closure of public spaces, which has inconvenienced tenants and caused financial hurdles for landlords.
With nine to five jobs offering less long-term security these days, many individuals are turning their ideas, passions, and side-hustles into business start-ups. However, once the enterprise begins to scale up, there are many financial and legal implications to take care of, which need to be handled professionally. In addition, having the correct business entity could be the difference between success and failure.
