Incorporation


Jump to Page:
< Previous  [ 1 ]  [ 2 ]    Next >




Vijay Malhotra   
Member since: May 14
Posts: 2
Location:

Post ID: #PID Posted on: 26-06-14 11:15:16

Hi,

I'm new to Canada. I have a contracting job and am thinking of incorporation. Do I need an accountant for this? Or can I do this myself?

Thanks,
Vijay



febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 26-06-14 12:13:36

You can incorporate on your own. However, in order to handle your accounts, taxation, and intricacies you need an accountant. It's highly recommended. Talk to a few Accountants from your sources, and don't just Google them. Interview them, and compare the rates.

Also, you need a Business chequing account. Go with RBC Business eSavings if you're planning to conduct all your transactions online (without stepping into Branch in most cases). It's free of cost for electronic transactions. For in-branch ones, you need to pay a fee of 0.85/transaction.

Hope this helps.



Vijay Malhotra   
Member since: May 14
Posts: 2
Location:

Post ID: #PID Posted on: 26-06-14 12:52:20

Thanks very much, Febpreet. How much do you reckon an accountant cost me if I leave things simple? I expect to get paid once a month.



febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 26-06-14 14:04:02

From my experience, I would say between 700 and 1200 an year.



Amadan123   
Member since: Oct 13
Posts: 53
Location: Mississauga

Post ID: #PID Posted on: 30-06-14 10:51:27

Hello,

You don't necessarily need an accountant considering you've just incorporated. As a business owner, you should learn the ins and outs of financial accounting and corporate taxation as well, and not just delegate to an accountant. Since you've only just incorporated, you will not have to learn much. Perhaps when things get complex, then you can always delegate matters to qualified professionals.

The CRA's website is teeming with literature on corporate taxation. You can get started here: http://www.cra-arc.gc.ca/E/pub/tg/t4012/t4012-e.html.

I agree that it will take a lot of time and effort to learn this, especially as it may not be your original area of study, but it is a good alternative to paying out large sums of money regularly.

On the other hand, you could argue that an accountant is especially necessary at the incorporation stage to get you started on the right track. Your activity on the forums to ask the right questions is certainly a sign that you are doing your due diligence. All the best.

Madan Chartered Accountant team
www.madanca.com


-----------------------------------------------------------------
Madan Chartered Accountant team
http://www.madanca.com" rel="nofollow">LINK


san-hugo   
Member since: Aug 10
Posts: 2009
Location:

Post ID: #PID Posted on: 30-06-14 15:55:27


I would say concentrate on your contractual obligations than learning accountancy in a new land. let the professional do the job for following reasons:
- The pro will save you more than what you will save by doing it yourself. A pro will always know practical (and safe) ways to save tax.
- A mistake will lead to penalties more than savings...and stress..and time.
- you will have to run the frequent payrolls and expenses , it will be lot of work.
- In general the $300 is spent in a quarter. which should be worth of your 3-5 hours of work for a quarter of 450 hours. Give yourself a break !!

Similarly , I suggest every person including smart and employed ones, should use a tax consultant. Personally experienced difference in for the years i did it myself than the years I asked a tax consultant to do so. You can trust a desi pro on this.



geetakhanna   
Member since: May 10
Posts: 274
Location:

Post ID: #PID Posted on: 30-06-14 16:59:33

As an independent contractor, you will save a lot on taxes. It also makes you more "employable" - in IT for contract positions.

New immigrant centres have accountants/lawyers etc - whom you can consult without paying any fees. You should find out what charges are deductible as expenses (eg. Utilities/meals/pro-rated mortgage or rent etc.) - you must file these from the beginning, so that you are not scrambling at the end if the year while filing returns.

Register for HST - which is free and you can get it in 2weeks or so by email. All the best!





Jump to Page: < Previous  [ 1 ]  [ 2 ]    Next >

Discussions similar to: Incorporation

Topic Forum Views Replies
incorporation
Business 2324 5
incorporated business
Citizenship 1597 1
Lawyer for Incorporation
Business 1363 1
More Knowledge needed about Tax ( 1 2 )
Accounting and Taxation 2289 8
How to open a Incorporation comapny
Business 1934 5
How can i save taxes on incorporation ( 1 2 3 4 5 )
Accounting and Taxation 8653 29
Scope of Job for an Accountant in Canada
Jobs 2263 1
Incorporation Tax
Accounting and Taxation 2127 2
Sponsoring mother in law
Family Class 2489 4
Incorporating - anything to look for ( 1 2 3 )
Business 3984 16
Sole Proprietorship vs. Incorporated
Business 2068 2
TN visa or business trip for Inc in Canada
Accounting and Taxation 2004 2
Filing Corporate & Personal Income tax
Accounting and Taxation 1956 2
Incorporation
Jobs 2150 5
Incorporate -- any good contacts ?
Business 2213 3
Tax for a professional who works for his own corporation
Accounting and Taxation 1072 1
Forsa Contracting - Alert
General 2014 2
Hiring an Employee
Business 2000 3
Investment property - buy as personal investment or company investment
Real Estate & Mortgages 1517 1
Suggestions required
Just Landed 1961 6
Any IT contractor here -- Need advise ( 1 2 3 )
Accounting and Taxation 5472 16
Skilled worker PR class or PNP
Ask Immigration Expert 1132 2
Medical insurance while under incorporation
Insurance 2946 1
Incorporation Related Write-Offs Allowed By CRA
Accounting and Taxation 1751 6
Incorporation ( 1 2 )
Accounting and Taxation 1786 7
 


Share:
















Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.