Do you have a business, or are you just a hobbyist? There is a big difference. Many people only realize this once it’s too late, and they’ve already mistakenly misreported their income. So, what are the differences between business and hobby income? Keep reading to find out. Spoiler: Business income is taxed differently than hobby…

There are a lot of questions business owners have when it comes to incorporating their business. What are the pros and cons? How do you go about doing it? What are the advantages and disadvantages? Should you do it? In this blog post, we will answer all of those questions and more. We’ll discuss what…

Incorporating your business is a smart decision to make once you generate enough revenue from your business, as you’d have to pay lower tax. The amount of tax you are going to pay depends on which province you live in; however, once you see that your business is generating more than the money required for…

A Personal Real Estate Corporation, or PREC, allows a real estate agent to earn their business income through a corporation. Ontario Real Estate Association has compiled a guide to Personal Real Estate Corporations for Ontario REALTORS to assist their members in understanding the PREC regulations. Following are some of the important provisions, restrictions, and exemptions…

A Personal Real Estate Corporation, or PREC, allows a real estate agent to earn their business income through a corporation. This corporation is incorporated under the Ontario Business Corporations Act. The corporation has one single controlling shareholder (a broker or salesperson who owns ALL the equity shares). Following are some of the important benefits of…

If you’re business is currently registered as a sole proprietor, incorporating your business may be something you haven’t given much thought to. You may be wondering if incorporating is a good idea, or the timing of it. There are a number of good reasons why you should move your business to corporation status. Here are…

Every incorporated business in Canada must maintain the corporate minute book. The documents appended to this book are all corporate legal documents and may be referred throughout the life of a company. If you have an incorporated business in Canada, your company may have to furnish this minute book to its lawyers and accountants at…

Incorporating a business is not a legal obligation in Canada but it can bring legal protection to your business. As, personal taxes are high in Canada, it is recommended to incorporate a business so that you may potentially reduce your tax liability. The primary benefit of becoming a corporation in Canada is the separation of…

This article will give you a brief understanding of the importance of incorporating a business in Canada as well as give you a step-by-step process of how to incorporate. An incorporated business is a legal entity that is separate from its owners and shareholders. Canadian businesses can be incorporated at the federal or at the…