All Questions
8
questions
3
votes
1
answer
110
views
Can I write off (deduct) expenses in a period where my corporation makes no money?
Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation.
There is a one month gap between contracts, which means I don't earn anything in that time....
- 16k
2
votes
2
answers
94
views
How to choose a year end date for your Ontario small business corporation?
While opening a small business corporation in Ontario, how do you select a proper year end date? Is it a random date ?
Or are there guidelines to it?
- 16k
1
vote
1
answer
56
views
Details on opening a small corporation in ontario
I want to open a small corporation in Ontario providing IT contracting services to banks. I will be the only employer/owner of this.
Where can I find details about how much taxes I need to pay, ...
- 16k
2
votes
0
answers
44
views
Ontario resident working contract job in British Columbia
If my corporation is registered in Ontario and I am an Ontario resident, then if I take a contract in Vancouver, will it be legal? Do I pay taxes once for British Columbia and once for Ontario?
- 16k
0
votes
1
answer
183
views
Why does paying out all corporate income as salary reduces the risk of being labeled a personal service business?
This blog article on PSB outlines the rules clearly. But in one of the comments it says:
However, if you are paying mostly salary to yourself, your risk is minimal even if assessed
What is the ...
- 16k
2
votes
1
answer
361
views
Should the cost of using public transit get deducted from my personal income or my corporations' income?
As a full time employee, certain costs are deductible from personal income. (e.g cost of public transit pass.)
When the full time employee becomes an independent contractor, do these expenses ...
- 16k
-2
votes
1
answer
297
views
What corporation tax am I required to pay as an independent contractor?
Refer to this link at Canada Revenue Agency.
I am unsure that for an Ontario resident who opens up a corporation, what corporation tax would I pay? Let's say I charge 60$/hr + 13% HST to my client. ...
- 16k
6
votes
2
answers
288
views
Shelter personal corporation dividends in a TFSA?
As I understand it, it is possible for people who own their own corporation/small business to pay themselves through dividends. Since they own 100% share in the business they receive 100% dividends.
...
- 243