This video & article will take you through 5 reasons an accountant should incorporate your business, so here we go.
Reason 1 – Why Accountant Incorporate Your Business Canada?: Integrate Tax Plan
The first of the reasons an accountant should incorporate your business is that your accountant will integrate your tax plan with the incorporation documents making it a seamless exercise, and this is something anyone with knowledge about accountant incorporate business Canada will vouch for.
What is a tax plan? A tax plan is designed to minimize your personal and your corporate income taxes by taking all of your specific facts into account. Who better than your accountant to know that?
Reason 2: Articles of Incorporation & income splitting
The second of the reasons an accountant should incorporate your business is that your accountant can make sure the articles of incorporation and incorporation documents allow for income splitting. Income splitting simply means taking the profits of the business and splitting it among various family members in order to reduce the overall tax.
The articles of incorporation and incorporation documents must have specific clauses to allow for income splitting which is why you need your accountant in the process.
Reason 3: Update minute books easily
The third reason you should hire an accountant is because he will know how to update your Minute Books annually with ease. Minute Books must be updated annually to allow for major transactions such as financing, investments, payment of dividends, and payment of bonuses. Your accountant knows these and can update your Minute Book very quickly and effortlessly.
Reason 4 – Why Accountant Incorporate Your Business Canada?: Understands Your Business
The fourth of the reasons an accountant should incorporate your business is because he understands the nature of your business. Your accountant can tell you which shareholders to add, how many directors should be on the incorporation, whether you require a holding company to credit proof your assets, and if a provincial corporation or a federal incorporation is better for you in your circumstances.
Reason 5: Save time & Money
The fifth reason you should hire an accountant to incorporate your business is because an accountant will save you time and money. If you hire a lawyer he can incorporate your business but you will have to have your accountant involved in the process, review the incorporation documents to make sure it fits your specific profile, tax plan, needs, and so forth.
This all adds up to more money and more time. So why not deal with the direct source, your accountant, and save yourselves some time and money?
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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.