Registration

If you want to start your business, you would need to register your business.

There are two ways for registering (Incorporating)your business in Canada.

1) You can register as a registered business Federally.

2) You can register as a provincially.

 

There are advantages and disadvantage of Incorporation.

Advantages

1) Creditor protection

If you are unable to pay your creditors and you have not provided personal guarantee, your personal assets are protected.

2) Enhance business reputation

Your business would be viewed as trust worthy to deal with.

3) Opportunities for tax savings

If you intent to have the funds remain at the company level, you can postpone the taxes payable. By doing this you can grow your business with the extra cash.

Disadvantages

You have to file the corporate tax returns and other filings annually. You will have to pay your Tax Accountant to complete the paper work.

 


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