Canadian Content: Incorporating a business

Mar 15, 2006 5 Replies
N

I am in the consulting business and would like to have some advice on incorporating. Basically, I want to spread the income among family members so that the tax on each one of us becomes less.



I have obtained the necessary forms from the local registry for incorporating and would like to know whether I should add my family members as directors or shareholders. At the end of the day, I want to pay dividends. Basically I want the family to end up paying less tax. Also please advice the advantages between a numbered company and one with a name. Also please address other issues of importance on annual tax returns and other things. Please advice and THANK YOU.



Anthony


Vote
Twitter Facebook LinkedIn
F

Read the Canadian law books Anthony. They should be found at any law library in Canada. Most are open to the public for free. Find the right law book on corporations, find the right page showing that law, and photocopy it.

That law applies to anyone in Canada starting up a corporation. It's best to go right to the law book rather than read what may be "an opinion about corporate law" that someone puts up here in the alt.lawyers newsgroup.

Vote
Twitter Facebook LinkedIn
S

YOu should consult an attorney specializing in corporations creation and an accountant. In person.

Stephanie

Vote
Twitter Facebook LinkedIn
!

With his current knowledge and experience he could waste weeks, months (years!) trying to find the information, then understand it, then make the decisions, and finally implement his decisions.

Agreed, he should not make his decisions based on advice in these newsgroups - EXCEPT for the following: consult a competent professional accountant.

"Future America" wrote :

Vote
Twitter Facebook LinkedIn
J

You should take the advise and see a professional accountant. You are treading into a mine field. If you pay dividends to someone under the age of 19, you will be hit with the kiddie tax (that is at the highest personal tax rate).

PROFESSIONAL ACCOUNTANT

Vote
Twitter Facebook LinkedIn
C

KIDDIE TAX???? What crap!

From: A Real PROFESSIONAL ACCOUNTANT!

*** Free account sponsored by SecureIX.com *** *** Encrypt your Internet usage with a free VPN account from
formatting link
***
Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required