Entrepreneurship & Small Business

DIY Provincial (ON) or Federal Business Incorporation 1-2-3 & Save your money

  • Last Updated:
  • Nov 14th, 2018 12:20 pm
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Newbie
Oct 11, 2018
1 posts
Hello,

Can anyone guide me as to the best way to incorporate. I got a new job as a private consultant for a bank and they need my articles of incorporated. I am not sure to be the sole owner or to register it between myself and my wife as she will be taking care of the accounting and I will be paying her a salary. Also we both are in real estate as well. I am real estate broker and my wife a mortgage agent. Are we able to use the same corporation # for our real estate income?
Sr. Member
Dec 27, 2005
526 posts
63 upvotes
Toronto, ON
Hello All,

I'm looking to incorporate with 3 directors .

We are looking at a Numbered Company with a child company .

Is easier to do it online?
Newbie
Mar 6, 2010
77 posts
7 upvotes
Brampton
dhtlee wrote:
Aug 14th, 2018 7:07 pm

By being an incorporated contractor, I can pay myself $25k/yr, i.e. ~$20k (after taxes, EI and CPP) as my personal income. This leaves ~$125k in the corporation subjected to corporate tax. Let's assume I incur $10k expense + $2k accountant fees, so ~$113k taxable income = ~$96k in corporation after corporate tax.
Can someone please clarify this point for me - How can a contractor who is incorporated obviously, pay CPP and EI?

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