This month on the Homeroom blog we will be providing you with some handy tips that we hope will help you overcome a common dilemma experienced by most small business owners: Deciding between trading as a sole proprietor or registering as a corporation.

Although there are several advantages to incorporating your business many owners are not aware of the fact that failing to incorporate at the right time can bring a lot of disadvantages and prove to be a costly mistake.

Additionally, once you have become incorporated you need to make sure you thoroughly understand and fulfill all of your responsibilities with the CRA otherwise you will end up paying high penalties.

In order to help you gain a better understanding of this topic we will discuss the following topics over the next few weeks:

Should I incorporate?

This post will discuss the costs involved, the criteria you should consider before taking the plunge and the common mistakes people make when deciding to incorporate.

I’m incorporated. Now what?

We will help you understand the process, what decisions you need to make and what reporting needs to take place.

How do I pay myself if I’m incorporated?

This topic is pretty self explanatory. Paying yourself is really important and once you incorporate you want to make sure you do it correctly.

We hope that our series on becoming incorporated will allow you to gain a better understanding of what being incorporated means for you as an individual business owner and for your business.

If you are considering becoming incorporated and would like to discuss your options face-to-face with Teya our business consultant and tax expert you can make an appointment by calling us directly on  604 739 9536  or by requesting an appointment through our contact us page.