The decisions made in a business’s first year have a bigger effect on what you keep than anything a tax return can do afterwards. Whether to incorporate, how to pay yourself, when to register for HST. All of it is much cheaper to get right at the start than to unwind later. Worth an hour before you commit.
What we help with
- Incorporate or stay a sole proprietor, worked through with your actual numbers
- Federal or Ontario incorporation
- CRA business number, HST and payroll account setup
- Salary versus dividend planning
- Bookkeeping system setup in QuickBooks or Xero
- Grant and funding application support
Should you incorporate?
Not always. Incorporation brings real tax advantages once profits pass a certain point, but below that it mostly brings filing costs and paperwork you did not have before. The answer depends on what you earn, what you draw out, and whether liability is a concern in your line of work. We will tell you honestly if it is not worth it yet.
What it costs
Quoted per file, depending on what you need set up. An initial conversation about your situation costs nothing.
Book a call
Tell us what you are starting or changing and we will talk it through. Call 647-990-7258 or email raj@rubytax.ca.