NEW BUSINESS

At SMCPA Professional Corporation, we are well-versed in Canadian tax laws and understand the challenges that come with starting a new business. We simplify the process by providing guidance and support, allowing you to focus on the development of your new venture.

When starting a new business, there are important considerations to address. We assist you in making informed decisions regarding the appropriate legal structure, such as whether to establish a sole proprietorship or incorporate your business. We provide expert advice on selecting a business name and determining whether to incorporate with a numbered corporation.

Our team will guide you in setting up your new business with the right structure, including determining the ideal fiscal year-end and GST/HST filing period. We offer strategic insights into the incorporation process, helping you choose between provincial or federal incorporation and deciding on the class of shares to achieve an efficient tax structure.

With our knowledge of Canadian tax laws and experience in new business start-ups, we provide the necessary support to ensure your new business is set up for success. Trust us to navigate the complexities and assist you in making sound decisions, allowing you to focus on the growth and development of your new venture with confidence.

Following is a list of items that need to be addressed when starting a new business.

  • Sole Proprietorship or Incorporation
  • Provincial or Federal incorporation
  • Numbered or Named Corporation
  • Trade Names and Business Name registration
  • Business Number
  • GST/HST Account Setup
  • Quick Method GST/HST Election
  • Payroll Deductions and Remittance Account setup
  • Canada Pension Plan CPP Contributions
  • Employment Insurance EI for Employed vs Self-employed
  • Employment income vs Dividend income
  • Shareholder’s Contributions & Paid Up Capital
  • Shareholders advances and loans
  • Corporate tax liabilities
  • Personal tax liabilities
  • Corporate and Personal integrated Tax Planning

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