Many incorporated business owners feel intimidated by the demands of tax season and the corporate filing requirements of the Canada Revenue Agency (CRA). This is completely natural.
While there are numerous benefits to incorporation, it also comes with complex obligations. The complexity and administrative burden of these requirements leave many businesses struggling to keep up.
That’s why we’ve created this guide – not just to help you get organized for tax season, but to help you make sense of your obligations under a corporate structure and to take advantage of the benefits!
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Here's what's included in your 41-page Ultimate Guide to Incorporated Small Business in Canada
- Advantages and disadvantages of sole-proprietorship, partnership and corporation business structures
- Answers to the common question "When should I incorporate my business?"
- The 4 main steps to incorporate your business
- Federal and provincial corporate tax rates for 2020 and 2021
- Corporate tax credits and deductions
- Corporate tax filing and payment deadlines
- What you need to get ready for your T2 tax return filing
- Administrative requirements for your incorporated business
- Minute books and annual returns (these are not tax returns!)
- Income splitting through your incorporated business
- Paying yourself a salary or dividends
- T2 tax preparation checklist that includes all of the key documents you need to optimize your return
- The impact COVID-19 support programs will have on your tax return (CEWS, TWS, CERS, CEBA)
- ...and more!