Incorporation / Business Registration in Canada
Are you thinking of opening a small business in Ontario? Do you have an existing business that has grown to a point where it needs to be incorporated? Incorporation or business registration can be a complicated process to navigate, but the team at Clearwater is here to make the transition effortless.
At Clearwater, we have in-depth experience with business registration and incorporation in Ontario. We understand how to navigate the process, we know when you should incorporate, and what benefits it can bring your business.
Our team of experts can provide valuable, trusted advice to help you make the right decisions for the growth of your company.
If you are ready to start your new business, but unsure how to complete your business registration, we are here to support you. Clearwater helps new entrepreneurs reduce the stress associated with launching a new business, by offering services for business registration.
After meeting with you to gain an understanding of your small business objectives, we can help develop a plan for the following:
- Company name and business registration
- Tailored software and financial reports
- Payroll and HST registration
- And more
We will help you determine the best business structure for your goals to assist your budding enterprise take its first step forward. From there, our team of experts can provide a complete range of accounting and bookkeeping services as your business grows.
As a business grows and adapts, its structure will need to change as well. Small business incorporation may be an attractive vehicle for you, and one that may be necessary for your business to prosper.
Incorporating your small business, at any stage of its growth, is a very important decision as it will dictate what your small business is able to do in the future. You should always consult with a professional about the decision to incorporate.
Many small businesses begin as sole proprietorships or partnerships, and eventually become incorporated when growth warrants that change. Here are some of the main advantages to consider when incorporating a small business:
- Continuance — Continue to exist irrespective of ownership with an unlimited life-span.
- Income splitting — Reduces tax liability, and can involve family members.
- Limited liability — Reduces your own personal liability and protects your personal assets.
- Lower tax rate — Canadian-controlled private corporate tax is approximately 21% and personal income can be reinvested into the corporation or received as dividends.
- Raising funds — Incorporated companies can borrow and there’s an added ability to borrow from the corporation.
- Small business tax deduction — Approximately 16% of the first $200,000 of taxable income is deductible for incorporated businesses and may lower your tax rate.
The process for incorporating your business in Ontario can be time-consuming and complicated for business owners, but the team at Clearwater are here to provide trusted advice on the decision and help you navigate the process.
Contact our expert team for assistance incorporating your business today.