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Incorporating - anything to look for

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brown_bear
Member since: Nov 06

Posts: 542
Location: Somewhere in dreamland
Post ID: #PID

Posted on: 11-04-07 17:46:48

I have a related question - Can you claim a part of your apartment's rent as a business expense if you are operating your business (home office - self employed) or would it be illegal since the apartment is considered a residential area and one cannot operate business in a residential area?

jahnavi
Member since: Nov 05

Posts: 46
Location:
Post ID: #PID

Posted on: 11-04-07 17:55:59

Quote:
Originally posted by brown_bear

Can you claim a part of your apartment's rent as a business expense if you are operating your business (home office - self employed) ?

Yes.

JRF
Member since: Jul 04

Posts: 1853
Location: GTA, Ontario
Post ID: #PID

Posted on: 11-04-07 18:13:04

Makes sense. thanks.

Quote:
Originally posted by BlueLobster

Quote:
Originally posted by JRF

You mean while filing taxes or right at the start itself.

Quote:
Originally posted by BlueLobster

Get a good accountant! My two cents.

I would recommend at the start. Besides taxes, you need to file GST on a quarterly basis.

As well, the accountant would be able to best advise you on your setup right from the start so that you can reap the tax benefits of being incorporated. You don't want to find out at the end of your fiscal that you could've done something differenlty to save big on taxes.

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 12-04-07 20:15:43

May I help you guys. Lot of CDs have approcahed me. Any members is welcome to call me any time for any consulation and help.

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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)

disel
Member since: Aug 06

Posts: 19
Location: HW10/Eglinton
Post ID: #PID

Posted on: 07-07-07 18:58:30

Quote:
Originally posted by dp_jain

May I help you guys. Lot of CDs have approcahed me. Any members is welcome to call me any time for any consulation and help.

Is the consultation free?

souvik_k
Member since: May 04

Posts: 57
Location: Toronto
Post ID: #PID

Posted on: 09-07-07 13:49:12

Can landed immigrants set up an incorporated company. From what I have found out so far at least some directors(50%?) need to be Canadian citizens. I do not have any relatives/friends who are citizens. Are there any Legal ways around this?

Regards,
Souvik kar

Dude
Member since: Jul 03

Posts: 99
Location: Toronto, Canada
Post ID: #PID

Posted on: 09-07-07 14:45:45

If you are a landed immigrant you are a resident of Canada.... you don't need any any Citizens...........

You can go ahead with your incorporation.

Cheers

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Dude

Contributors: JRF(4) dp_jain(3) BlueLobster(2) jahnavi(1) disel(1) blabber(1) souvik_k(1) jughead(1) Dude(1) Charlie(1) brown_bear(1)

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Incorporating - anything to look for

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