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Professional corporation - less tax when you pass away?
... find any specific info on the internet, so I hope I can get some input here. I have the option to earn my income by setting up my own professional corporation. I already know the pros and cons of doing so except for how the investments within the corporation are taxed when I die (or when my spouse ...
- mrbizi
- Jan 12th, 2021 10:43 pm
- Forum: Personal Finance
- Personal Finance
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Jan 12th, 2021 10:43 pm
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how to get my business number for a newly incorporated profit corporation in Ontario
I registered an incorporation for my contractor work through an online registration service. I received an Ontario Corporation Number after successful registration. However, my employer asked me for my business number. I tried to search on CRA website, i got the following answer. ...
- ilovetoyota
- Jan 12th, 2021 4:21 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Jan 12th, 2021 4:21 pm
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Rental Property and corporation
Hi everyone I am thinking of buying a rental property, but I had a question regarding incorporation. If I buy the property under my name, can I collect rents under a corporate entity? Structure would look something like this: - owner of property: me and wife. - shareholders ...
- pokemoncollector
- Jan 8th, 2021 8:51 pm
- Forum: Real Estate
- Real Estate
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Jan 8th, 2021 8:51 pm
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Operational questions concerning a corporation - Funding/Using a personal credit card
... use my personal credit card to buy supplies for the business. Once I incorporate - how would the credit card transactions be recorded on the corporations books- would the value of the supplies be recorded on the corporations books as a loan from myself? Is there another way to record a transaction ...
- immsk
- Jan 7th, 2021 2:56 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Jan 7th, 2021 2:56 am
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Recommendation for an Accountant for Filing Taxes for a Corporation & HST Rebate
Hello everyone, I was wondering if any of you could provide a referral for a good tax accountant as I need to file a tax return for our corporation for the 1st time and also for the HST rebate. If you can provide a rough estimate of what you guys normally pay for each of these services that ...
- timc1977
- Jan 1st, 2021 6:58 pm
- Forum: Real Estate
- Real Estate
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Jan 1st, 2021 6:58 pm
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Does an 'aged' federal Canadian corporation have any inherit value?
Hi there, a decade+ ago I created a federal Canadian corporation for my freelance IT / software development business. It was a nieve choice given that to this day I remain the only 'employee' / shareholder and given the added burden of filing corporate ...
- schwabe459289752
- Dec 3rd, 2020 6:08 pm
- Forum: Personal Finance
- Personal Finance
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Dec 3rd, 2020 6:08 pm
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Closing a Corporation
Hi - I am planning to dissolve my corporation and wanted to know what is the process and the formalities that I have to perform. Below is more information about my corporation: 1) Federal Incorporated 2) 1 person (me) as the Director with ...
- KillmeSlowly
- Nov 30th, 2020 12:24 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Nov 30th, 2020 12:24 pm
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Sole Proprietorship and Corporation
... it would be better to incorporate going forward and pay myself dividends or a small salary as my personal expenses are not too high and the corporation I will get taxed at a lower rate. When I spoke to my accountant, I was advised to keep the Sole Proprietorship to avoid having to change ...
- bogota84
- Nov 19th, 2020 10:15 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Nov 19th, 2020 10:15 am
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Professional corporation vs Provincial (ON) or Federal Business Incorporation
Hi folks, What's the major advantages of Professional corporation vs Provincial (ON) or Federal Business Incorporation. My profession in Ontario allows me to do a professional corporation, should I go that route or just take the provincial one, what ...
- MK1986
- Oct 9th, 2020 7:23 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Oct 9th, 2020 7:23 am
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Using home loan from corporation for buying a house
Hi,I am single shareholder/employee of my corporation and thinking about taking money out under home loan and putting it as downpayment on a house.I will be paying back the interest on that loan back to my corporation. Will CRA have any problem with such set up?
- romsan04
- Sep 29th, 2020 9:18 am
- Forum: Real Estate
- Real Estate
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Sep 29th, 2020 9:18 am
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Owning a rental property in a corporation
Hi - Wondering if anyone here has owned/recommends owning a rental property in a corporation? Are there any tax benefits to it?
- Hp4041
- Sep 23rd, 2020 10:56 pm
- Forum: Real Estate
- Real Estate
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Sep 23rd, 2020 10:56 pm
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Qualifying For Max Self Employed w/ Corporation
Looking for advice on how to qualify for the max amount possible. I own an ecommerce company that is registered as a corporation. I've been taking a dividend for the last 5 years and last two years paid my self 95k ... The company is strong and I leave a lot of the business income ...
- downbytheriver123
- Sep 16th, 2020 10:13 pm
- Forum: Real Estate
- Real Estate
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Sep 16th, 2020 10:13 pm
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related corporation and T2 tax filling
My spouse has a corporate (non-professional corporate) and I have an MPC (medical professional corporation). our accountant when setting up both corporation he added me as shareholder owns 100 class B shares in my spouse corporation and added my spouse as a shareholder ...
- gordon2020
- Jul 31st, 2020 6:05 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Jul 31st, 2020 6:05 pm
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Arbutus Biopharma Corporation and Moderna Inc. Case
Anyone been following this? This case started a few years ago but recently came back into the spotlight last week as shares of Arbutus soared on the anticipation that they will receive some form of compensation for the research of COVID vaccine that Moderna is doing. Then plummeted on Friday when Mo...
- jeffyjaixx
- Jul 25th, 2020 11:31 am
- Forum: Investing
- Investing
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Jul 25th, 2020 11:31 am
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Adding a shareholder to Ontario Corporation
I have an Ontario Corporation where I claim my business income. I want to add my wife into the corporation, but was wondering if there was a way I could amend the corporation or hold the shares in trust for her? I'd like to avoid having ...
- TaxationNoob
- Jul 17th, 2020 1:16 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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Jul 17th, 2020 1:16 am
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[Once] 2020/06/29 “Atlantic Canada Proud” ATLANTIC LOTTERY CORPORATION , Ig , 19+ Atlantic peeps
Participants can enter the contest by posting a photo on their Instagram feed with the hashtag #AtlanticCanadaProud. The Atlantic Canada Staycation Prize Pack includes a Canon EOS Rebel T7i EF-S 18-55 IS STM Kit, $500 in gas gift cards and $1,000 in Visa gift cards. To enter the contest, participant...
- ishfish
- Jun 20th, 2020 12:19 am
- Forum: Expired Contests
- Expired Contests
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Jun 20th, 2020 12:19 am
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Buy back lease in Corporation name (instead of personal)
... Mercedes has told me they can't do that and I will have to buy it back personally (since my name is on the lease) then transfer ownership to the corporation. I would be responsible for paying HST at point of sale with Mercedes. Then once I transfer ownership to the corporation I would be paying ...
- Tush171717
- May 27th, 2020 4:03 pm
- Forum: Automotive
- Automotive
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May 27th, 2020 4:03 pm
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Should I claim HST credits for stuff allocated to a shareholder loan?
I formed a corporation, I am the only shareholder. Until the corp gets some money, most expenses (maybe 10-15k over the next 4-6 months) will be incurred by myself and allocated to a shareholder loan. Does the corp claim HST credits ...
- DonkeyDoo
- May 12th, 2020 1:31 pm
- Forum: Personal Finance
- Personal Finance
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May 12th, 2020 1:31 pm
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when to file Tax return new corporation
Hello, when I must file tax for a corporation if I incorporate it in May 2020?this is a Federal corporation.Thanks
- Addy90
- May 4th, 2020 11:10 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
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May 4th, 2020 11:10 pm
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[Other] 2020/09/06 Kellogg's Marco Corporation The MLS Soccer Contest, Pur or NPE
“Instant Win Prizes” (details set out below) Approximate Retail Value (“ARV”) Quantity of Instant Win Prizes Available to be Won MLS VIP Experience – trip for 4 to see an MLS game in North America Up to $8,825.00 (based on Toronto to LA example) 5 A pair of MLS Game Tickets $220.00 5 MLS Gift Card (...
- Farseer
- May 4th, 2020 3:10 pm
- Forum: Expired Contests
- Expired Contests
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May 4th, 2020 3:10 pm