yeah Chandresh
Children of wife number
Thanks

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DIE HARD !

I have another question.
If one receives money in personal name for sales made via website then what is best name to register the business in?
Should I use personal name for registration or I can still register a different name of business and show all income/expenses to be transferred to that account?

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DIE HARD !

it does not matter. if you are the sole proprieter you can use your personal name if so desired. You can also register under a different name and accept payments(even under your personal name) for your business.

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Corporations may be run from home. Under the law there is no restriction. By running corporation (particularly if the business activity does not require much space) may be run from in the start. You will be entitled to claim the expenses (Hydro, Gas, maintenance, insurance, repairs, mortgage interest) from income of corporations. If you does not want to treat your residence as principal residence to claim capital gain deduction in future, you may even claim Depreciation on property to the extent of its use in business.

For immigrants and new business enterpreneur it is advisable to start business (corporation or sole proprietor ship) from home and claim expenses proportionately.

It is always better to have busines registered with CCRA for
Payroll
GST
Income Tax

By registering for GST, youmay claim back the GST paid on expenses and purchases made for business. This will be financial benefit.

Corporation are preferable because of risk involved in the business.
In case the business does not do well or you want to go for different business activity, you may sell off easily as it is not under your own name, it has better marketability

In case of financial hardship, creditors will not come after you as corporation has separate legal liability than yours

In case of legal hardship, it does not impact your standing.

In case you need more information, please write to me at src="images/openbb/smiley/beer.gif" border="0" alt=":cheers:" />

you may receive payments for sales in your personal name however it is better to have payments in the name of the business you have registered to maintain true and correct statement of affairs. It saves legal hardships in case of legal disputes and claims.

It is always better to register the business under any name however to maintain separate and clear affairs for future reference.

I found a couple of links on Incorporation and I found this to be having a well rounded information . Since I am trying to get an Incorporation done I would put my queries here in furtherance to the other thread 'switching from permament job to contract '

Thanks Sant / Maharaj and above all JRF for proving valuable sources on the doubts .

Can someone recommend me a software / organization which helps in registering online . My search took me to a couple of them including

http://www.ontariobusinesscentral.ca" rel="nofollow">LINK OBC
http://www.corporationcentre.ca" rel="nofollow">LINK CorporationCenter
http://www.bdc-canada.com" rel="nofollow">LINK BDC

http://www.gov.on.ca : The Ontario Govt url which provides the information and guidance .

http://www.cra-arc.gc.ca/tax/business/sme/setting/corp-e.html : CRA link which guides registering directly .

Out of the above the last one CRA link facilitates direct registering - Has anyone tried this or any other online incorporating medium ?

I learnt a valuable information of keeping differnt categories of shares and giving a whole category to a particular director so that if you wish to shift money , you can declare dividends on that particular share category .

For those who have gone through Incorporation and are willing to share knowledge may I ask ~ what are the other things to look out for while incorporating esp in the Articles of Association - my objective is to distribute profits and retain them for future periods of non work ----- NOT to write losses .

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Fido.

As an update -

I have found that there are service providers authorized by Service Ontario to help us apply for Incorporation online . Amongst them cyberbahn.ca charges CAD 350/- for almost instant registration ( I used numbered company option)

They also have an effective helpline besides a sample for information to be filled in .

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Fido.