- Posts
- Forum
- Post By
-
Withdrawing small sum of money from corporation into personal account for business expenses
... to service providers etc.). I already do have incorporated business with some money sitting idle. Can I withdraw $500 from the corporation, expense it on new business requirements and then add this as expense to corporation during tax time?
- luking
- Jan 20th, 2023 7:48 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
Jan 20th, 2023 7:48 am
-
Home office expenses for corporation
... 2k) I found the following: "Business-use-of-home expense is charged against your shareholder loan account (as though you made a loan to your corporation by paying for its share of these expenses). This reduces your shareholder loan balance for the year and the amount of the salary/dividend ...
- Dark
- Jan 12th, 2023 6:30 pm
- Forum: Personal Finance
- Personal Finance
-
Jan 12th, 2023 6:30 pm
-
Buying house under corporation vs person - Cons and Pros?
1- What are the cons and pros of buying investment property under corporation or trust vs personal? 2- How do the tax work in buying time, selling time, and municipality taxes? 3- What is the effect of bankruptcy and liabilities in all three cases? 4- What ...
- snowhite445
- Jan 11th, 2023 3:52 pm
- Forum: Personal Finance
- Personal Finance
-
Jan 11th, 2023 3:52 pm
-
Withdraw money from Corporation to Close House
We have booked a house with builder and the closing is in middle of 2023. I was wondering if there is a Tax efficient option to withdraw money from my incorporation and use it for the house closing. I think i can take Shareholder loan but seems like i have to return it in a 1 year. Not very clear ho...
- Salute
- Jan 10th, 2023 6:09 am
- Forum: Personal Finance
- Personal Finance
-
Jan 10th, 2023 6:09 am
-
Advantages of a Corporation vs. Sole Prop (or nothing) for a Consulting Business?
Hi all, looking to get some advice here. High level, I'm currently working full-time but have an opportunity to assist a friend of mine's business as a part-time consultant (basically bill by the hour, help out when needed). For now, it'll likely just be this company but I am also exploring opportun...
- SimplyBacon
- Dec 27th, 2022 5:54 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
Dec 27th, 2022 5:54 pm
-
Investing Under The Corporation
I’m sure many of you here are owners of corporations and I’m wondering what you guys have done to invest the any excess money in that account that is not needed for operational costs. Looking to get some insight/tips to explore my own options. Tried to see if there were other threads that discussed ...
- Agent007
- Dec 2nd, 2022 10:37 pm
- Forum: Investing
-
personal corporation advice
I created a corporation for some consulting work I did during covid but I am currently not using it for anything. It is costing me around $600 every year to maintain between registration fees and tax prep. I have assets in it and ...
- kent1
- Nov 9th, 2022 7:42 pm
- Forum: Personal Finance
- Personal Finance
-
Nov 9th, 2022 7:42 pm
-
How do I give 100% of my provincial corporation to my federal corporation?
I have a Quebec corporation operating 1st. I made a separate Federal corporation recently. Can I simply "add" my federal corporation to my provincial corporation, then "remove" myself? How do I do this? Sell 100% ...
- Canade
- Nov 3rd, 2022 11:31 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
Nov 3rd, 2022 11:31 am
-
Bank account for a corporation
I'm looking for the best option for bank accounts for corporation.Checked few big ones, but they are not as descriptive, and missing all the details.Looking for some advice.
- dml6978
- Oct 3rd, 2022 10:13 am
- Forum: Personal Finance
- Personal Finance
-
Oct 3rd, 2022 10:13 am
-
Do I need to register my federal corporation to a province?
I registered a federal corporation. I have the name, numbers setup and searchable in Corporations Canada. I sell purely digital services. ALL my customers are in Ontario. My federal corporation's address is in Quebec. My personal address ...
- Canade
- Sep 26th, 2022 12:47 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
Sep 26th, 2022 12:47 pm
-
[Ontario] How to structure this? Rental properties held in a corporation
A friend (and I) want to know what would be the best entity to house rental properties in and googling, gets me to this page. How much is the cost to have an accountant/lawyer structure such company? Is it really that straightforward to be able to claim the small busienss deduction? Thank you. http:...
- alanbrenton
- Sep 16th, 2022 8:50 pm
- Forum: Real Estate
- Real Estate
-
Sep 16th, 2022 8:50 pm
-
Where to find out more about Trust, Tax-shelter, Dividends paid Canadian corporation
A good friend asked me if I knew an accountant who specialized in forming these corporations/trusts that allow to legally shield various types of income from taxes, or at least deferring them. I told him it's probably better to consult definitive sources like books, websites, to learn about them bef...
- alanbrenton
- Sep 16th, 2022 9:51 am
- Forum: Personal Finance
- Personal Finance
-
Sep 16th, 2022 9:51 am
-
Capital Gains from family to corporation
For real estate in Ontario, Say my mom wants to transfer ownership Of some real estate to me as an individual, I understand there will be no capital gains or land transfer tax to be paid. But does this change if my mom is transferring it to an incorporated holding company which I set up and am the s...
- olddog
- Aug 31st, 2022 6:31 pm
- Forum: Real Estate
- Real Estate
-
Aug 31st, 2022 6:31 pm
-
Investing Equity through a Corporation
... a time limit on how long I can keep this equity in my bank until i decide on how to invest it. I am wondering if I am able to put the money into a corporation and then invest through the corporation into some sort of interest income generating investment to reduce the tax impact. When investment ...
- amadeo
- Aug 28th, 2022 7:58 pm
- Forum: Personal Finance
- Personal Finance
-
Aug 28th, 2022 7:58 pm
-
Need to setup a corporation
Hello, I am looking to set up a corporation in Ontario to offer software consulting services to other businesses. I read somewhere that I can set up a corporation in Ontario on my own by filing up some forms. Is that still true? Also, can ...
- RaOne1
- Aug 13th, 2022 3:05 pm
- Forum: Personal Finance
- Personal Finance
-
Aug 13th, 2022 3:05 pm
-
Canadian Deposit Insurance Corporation
I’m a non-savvy investor. I’ve been wondering about the importance of limiting my investments to the CDIC threshold of $100,000.00. Specifically with regards to the big five banks. Is it really important? None of those banks have ever failed and if they ever did surely this would signal the end of t...
- AllenWayne
- Jul 23rd, 2022 11:19 am
- Forum: Personal Finance
- Personal Finance
-
Jul 23rd, 2022 11:19 am
-
Withdrawing money from corporation
... some profits after a good number of years and now we are considering of withdrawing some money out for ourselves. We all work as employees of our corporation and we do draw a salary. Besides increasing our salary or issuing bonuses/dividends to ourselves, are there other ways we can withdraw money ...
- Crestwood1
- May 25th, 2022 10:26 pm
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
May 25th, 2022 10:26 pm
-
Withdraw surplus cash from corporation as dividend - can you do it anytime by yourself?
I have a bit of cash sitting in corporation doing nothing. The financial year end is still several months away. I don't need the money in the corporation. I am wondering if it is possible to withdraw the surplus cash sitting in the corporation ...
- luking
- Apr 24th, 2022 3:05 pm
- Forum: Personal Finance
- Personal Finance
-
Apr 24th, 2022 3:05 pm
-
What kind of equities are better to keep in a corporation account - Dividend or Growth?
I am trying to figure out which would be best investment strategy for investing surplus cash in a corporation. And preferably less work during tax filing time. Growth stocks that don't pay any dividends Or dividend income stocks that hardly have any growth but do have high ...
- luking
- Apr 19th, 2022 11:16 am
- Forum: Investing
-
professional corporation
hi , I am a doctor and I have a professional corporation . I moved from Saskatchewan to Alberta. I contacted the college here in Alberta and said it doesn't meet the requirements . I talked to my accountant and he said that I can close the corporation ...
- gordon2020
- Apr 11th, 2022 2:07 am
- Forum: Entrepreneurship & Small Business
- Entrepreneurship & Small Business
-
Apr 11th, 2022 2:07 am