Dear all,

This month I took a big step and i started my own consulting business. My corporation will be paid its first ever check this week and I am planning to pay myself from now and onwards. I hope so.

I just want to confirm few things before I mess up the corporation taxes and also my own person taxes. The plan is show myself salaried as I do need future loans from the banks for various purposes like upgrading my home and car.

1. Under my business account do I need to creat a payroll account? and what will that do exactly if I am the only employee?

2. My corporation will charge GST to the customer? What do I do wit the GST amount? and do I need to minus the HST amounts I pay lets say pn phone, electricity, car repair, property interest and pay the difference to CRA. I think this is done quarterly.

3. How can I pay my own CPP and company matching CPP amount to CRA? What is the process?

All you support and help is highly appreciated.

Thanks, Azeem.

Get a qualified CPA to guide u on this - its better to file proper taxes and know the ropes than regret later.

Get a qualified CPA to guide u on this - its better to file proper taxes and know the ropes than regret later.

Thanks,