FastStart Your Corporation: The Essentials For Starting Your Small Business Corporation - Softcover

KHANNA, RONIKA

Softcover

ISBN 10: 1777969700 ISBN 13: 9781777969707

Publisher: Montreal Financial, 2021

Synopsis

Note: Purchase of this book includes a complimentary PDF version for easy digital reference. Instructions for redemption are included inside.

FastStart Your Corporation: A Practical Guide for Canadian Small Business Owners

Incorporating a business is a significant milestone, but it often brings more questions than answers. FastStart Your Corporation was written to bridge the gap between "thinking about incorporating" and "running a compliant, tax-efficient corporation" specifically written for Canadian business owners

This guide provides a structured walkthrough of the transition from a sole proprietorship or startup to a corporate entity. Rather than broad theory, it focuses on the each of the specific decisions an owner-manager must make in their first year.

What This Guide Covers:

• The Decision to Incorporate: An objective look at the tax advantages, legal protections, and the "break-even" point where incorporation makes financial sense.

• The "Employee" Trap: Detailed guidance on how to structure your contracts and operations so the CRA does not classify your corporation as a Personal Services Business (PSB).

• The Incorporation Process: A plain-language explanation of the steps required to set up your entity correctly from day one.

• Structuring Your Compensation: A deep dive into the most common question for owners: Should I pay myself a salary or dividends? Includes how to set up payroll and hire your first employees.

• Tax and Accounting Foundations:

  • Essential elements of Canadian corporate small business taxes.

  • Determining if (and how) you should register for GST/HST.

  • What to look for when hiring an accountant and how to set up your initial bookkeeping.

• The Quebec Context: A dedicated section focusing on the unique registration and provincial tax requirements for businesses operating in Quebec.

Who Will Benefit Most: This guide is for the independent professional, freelancer, independent contractor or small business owner who is ready to graduate to a corporation. If you're tired of guessing about tax rules or wondering how to pay yourself properly, this book provides a clear roadmap. It’s about more than just paperwork; it’s about setting up a solid financial foundation so you can focus on growing your business instead of worrying about compliance and Revenue Canada.

About this title

About the Author

Ronika Khanna is a Chartered Professional Accountant (CPA), Chartered Accountant (CA) and Chartered Financial Analyst (CFA) and the founder of Montreal Financial, an accounting, tax and financial consulting services business. After having worked as an accounting professional for several multinational companies, both in Montreal and Bermuda, she decided to launch her own business, focusing primarily on the accounting, tax and financial needs of small business owners, startups and independent contractors.To date, Ronika has helped many small and medium sized businesses, startups and self employed individuals, in a diverse range of industries, with their accounting setup and maintenance, financial reporting and tax obligations.

Edition details

• Publisher: Montreal Financial
• Publication date: 2021
• Language: English
• ISBN 10: 1777969700
• ISBN 13: 9781777969707
• Binding: Paperback
• Number of pages: 188
• Editor: Hanly Brock