A proposed new collaborative initiative between Destination Northern Ontario (DNO) and Community Futures Development Corporations (CFDCs) across the region provides a much-needed boost to small tourism operators looking to incorporate their businesses.
The Tourism Business Incorporation Program leverages funding from both organizations to assist sole proprietors and partnerships in the tourism sector with the often costly and complicated process of incorporating. This strategic financial innovation recognizes the importance of incorporation for businesses to access various public and private funding sources as they recover from the impacts of the COVID-19 pandemic.
The program provides financial assistance guidance and support to help businesses understand the implications of incorporation for their operations and financial reporting.
- Easier access to government funding programs
- Protection from personal liabilities
- Succession (selling your business) and taxation
Eligible tourism businesses interested in the program are encouraged to contact their local CFDC office for more information and to initiate the application progress. DNO is proud to partner with Community Futures on this initiative that supports the resilience of our vital tourism industry. As northern Ontario’s tourism sector continues its recovery, initiatives like the Tourism Business Incorporation Program demonstrate the region’s commitment to fostering an environment conducive to sustainable economic growth and development.