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  1. #1
    Newbie
    Join Date
    January 18th, 2005
    Posts
    8
    Hey,

    Up until now my sites have only made me a little income, but this year I will likely be earning an amount large enough that I would be getting taxed on it. So I think it's about time I became a business. Can anyone give me advice onthe process involved. I'm from BC, Canada.

  2. #2
    Full Member
    Join Date
    January 18th, 2005
    Posts
    480
    Yes,

    Call your attorney and/or account.

  3. #3
    ABW Ambassador
    Join Date
    January 18th, 2005
    Location
    Winterpeg, the Mosquito Capital of Canada
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    2,299
    Talk to revenue canada if you don't have an accountant that will offer up enough free advice to find out what steps you need to take. They will at least fill you in on basics of Canadian tax laws pertaining to your requirements. After that if you need to, it's time for a lawyer and/or accountants.

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  4. #4
    Newbie
    Join Date
    January 18th, 2005
    Posts
    33
    I incorporated my business in BC a few years ago and it was a very simple process, costing around $400. PM me if you wish and I can fill you in a little.

    There are huge benefits to be gained in Canada by being incorporated when your income hits a certain level.

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  5. #5
    Member
    Join Date
    January 18th, 2005
    Location
    Montreal
    Posts
    68
    I am setup as a sole proprietorship in Ontario. Took a few minutes to fill in some forms online and cost nothing. When It came down to it, it didn't make any sense for me to incorporate because a) I have no losses and very few expenses (and you can take them off your earnings, and even register to get GST back on related purchases) and b) I am the only employee (income would be taxed twice before it got to me). The only downside I suppose is that I am liable for anything the company does as there is no distinction, I am the company. Hope this helps.

  6. #6
    Member
    Join Date
    January 18th, 2005
    Location
    Montreal
    Posts
    68
    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by okephoto:
    There are huge benefits to be gained in Canada by being incorporated when your income hits a certain level.<HR></BLOCKQUOTE>

    Could you go into more details about the advantages of being incorporated? I am probably going to hit the 50% tax rate this year (not bad for a full time university student eh?), so any way to save on the bill would be a great help. Thanks.

  7. #7
    Member
    Join Date
    January 18th, 2005
    Posts
    171
    Being incorporated won't necessarily limit your liability, especially if you are the only employee. If Revenue Canada decides there has been some sort of tax fraud, they will come after you as if you were a sole prop.

    Definitely use google.ca and do your research first (hey, it's free)

    You could always put it all in RRSPs, leave the country for a few years, become a 'non-resident' and withdraw it all tax free.. but heck, that would be wrong

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