If your income tax return has been reassessed by the Canada Revenue Agency with the outcome that you owe significantly more taxes than you initially thought, here is a list of steps for filing a Notice of Objection
Prior to 2000, professionals such as Chartered Accountants and dentists were not allowed to incorporate their practises. This changed in the 2000 Ontario Budget when the Ontario government announced its intention to allow regulated professionals to incorporate their practices.
A Canadian Controlled Private Corporation is the most efficient legal structure to minimize taxes payable on business income. Here are the advantages
When starting a business, most people start as sole proprietorships. If you live in Ontario, you can register your business name through Service Ontario, either at one of their kiosks or online. The registration fee is $60.00 as of today’s writing.
If you expect your business to incur debt as part of its operations (for example, you would regularly purchase of inventory or equipment on credit) or your industry is known to be highly litigious (i.e., there may be a good chance you can be sued someday), then you should consider incorporating your business.
If you are operating a home-based business, you can deduct relevant home business expenses from your income. For simplicity, this post assumes that the business is a sole proprietorship.