How to Incorporate My Business In Ontario
The process of incorporating a business can be quite difficult. A high level of detail needs to be taken into account when incorporating a business which is where we can help.
Why should I incorporate my business?
While there are many benefits to incorporating a business in Ontario, a few of the benefits include:
Shareholders are not responsible for a corporation’s debts. For example: if your corporation goes bankrupt, your shareholders only lose up to what they invested.
Unlike other business structures that stop existing when the owner dies, corporations live on until they wind up, amalgamate or give up their Charter.
Separate your personal and business finances
Tax advantages on your income
Corporations are taxed separately from their owners. Corporate tax rates are generally lower than personal income tax rates. If you’re operating your business as a sole proprietor, any income you earn gets taxed at your applicable personal income tax rate.
Easier access to funds
When you incorporate your business, you can access business loans and grants available only to corporations, making it easier to grow your business than if you’re trying to raise money as a sole proprietor.
Ready to incorporate your business? Let us help!