Need to set up a new corporation? We can help you get your business off the ground!
Advantages of Incorporation
Incorporating your business can generally protect your personal assets from lawsuits and debts of the business. If you have personally guaranteed those business debts you are still personally liable up to the guarantee amount. It is also important to understand that directors of corporations can be held personally liable for certain CRA debts like GST and Payroll Source Deductions.
Small Business Deduction
Most Corporations are eligible to receive the small business deduction that provides the corporation with reduced tax rates. Corporations that earn investment income (ie rental properties) and
Tax Deferral and Planning
Having a corporation allows you to split income with your spouse that could result in tax savings. You may also defer some personal tax by leaving excess funds in your corporation that you do not need to withdraw.