Category Archives: Self Employment

Incorporating Your problems – Keep this in mind (Last Part 4 of 4)

Continuing on from the previous 3 posts, same caveat. This is the final chapter. Some people incorporate thinking that “they” (whoever “they” is) won’t be able to touch their assets. Keep in mind that the courts have, in the past, pierced the “corporate veil”. Incorporating to hide assets doesn’t always work. Some people incorporate thinking […]

Incorporating Your Problems – Part 3 of 4 – Taxation.

Still the same disclaimer as Part 1. First point: Corporations pay tax. Second point: CORPORATIONS PAY TAX I don’t care that your landscaper or sanitation engineer told you if you incorporate you won’t pay tax. Someone, somewhere will pay the tax. And if you have a bunch of losses in the corporation that you can’t […]

Incorporating Your Problems – Part 2 of 4: Dates to remember

Same disclaimer as before – memorize it. A corporation can have a fiscal and tax year-end that is any time in the first 12 months of operation. The due date for the first tax return (T2) is six months after that year end. You may be asked for the year-end when you register for the […]

Incorporating Your Problems – Part 1 of 4

This is a summary of a seminar I presented for my CPA chapter some years ago. Everything I’m saying is solely my own experience and based on when I was in practice, and only in the Province of British Columbia. It is not meant as advice. I’ve also tried to make this really simple, but […]