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Whether you’re a sole proprietor or a corporation in Canada, generally if you earn more than $30,000 in a year, you will need to register for a GST/HST account and remit GST/HST payments to the CRA.

A corporation’s limited liability means that if the company is sued, personal assets of the owner or owners cannot be seized to settle the claims.

Whether you started as a sole proprietor or are launching a new venture, the reasons to incorporate can vary. You may want to:

Multiple owners whose ownership percentage is determined by how many shares they hold. There is typically lots of structure and formality in a publicly traded corporation, along with high administration costs.

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Because it is defined by law, a corporation can technically exist forever. This means that if the owner dies, the company can continue as an operating entity—unlike in partnerships or sole proprietorships where company assets may be tied up in estate and taxation issues.

If you incorporated your business in your province or territory, contact the appropriate governing body and follow the steps to dissolve your corporation.

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“We want to help small business owners understand their tax obligations and answer questions so they can meet those obligations. Anything a business owner chooses to discuss with a liaison officer is 100% confidential and will not be shared with any other areas of the CRA or anyone else. A visit from a Liaison Officer will not result in being reassessed or audited.” she says.

“You may also need to file forms associated with GST/HST or payroll to close or de-register those accounts. You will also need to complete and file any T4 or T4E slips and summaries within 30 days of the day your business ends.”

One of the benefits of owning a corporation, as opposed to a sole proprietorship, is that a business owner or shareholder can legally separate themselves from the corporation. This means that its owners can’t be held personally responsible for any debts or lawsuits the business incurs. Personal assets, like a house or vehicle, cannot be seized, unless the owner has given a personal guarantee. Incorporation also limits the liability of any shareholder who has not signed a personal guarantee—creditors can’t sue them for any of the business’s liabilities.

Courtney Tummon, a manager in the Liaison Officer Section of the Compliance Programs Branch at the Canada Revenue Agency (CRA), says business owners can receive customized information about their tax obligations via a free one-on-one visit with a CRA Liaison Officer.

Tax rates and earning thresholds may vary from year to year and from one province or territory to another. Up-to-date rates can be found on the Canada Revenue Agency’s website.

However, if a director fails to deduct, withhold, remit or pay tax amounts, for example, GST collected, CPP withheld, income tax and Employment Insurance from employees, they can be held personally responsible for making sure these monies are paid to the CRA.

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The chart below lays out the implications—from an operating, accounting, taxation and legal standpoint—of creating a corporation.

Corporate tax rates are more complex and variable than those of sole proprietors. Rates are subject to a series of reductions for eligible businesses. You’ll note that the basic federal tax rate for corporations is 38%, but most Canadian businesses are entitled to reductions that can reduce the rate to as low as 9%.

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As an owner of a corporation, you’ll need to consult an accountant or tax lawyer to understand your tax obligations—and benefit from appropriate corporate reductions.

When your business is incorporated, its profits and losses are not automatically passed along to you as a business owner. You can pay yourself a salary as an employee of your business (and be taxed at an individual rate for the income you receive) or you can pay yourself in dividends, which comes with a reduced tax rate.

It’s simple to set up a corporation in Canada. You can incorporate your business federally through Corporations Canada or incorporate in your province or territory.

Shared decision-making under the guidance of a board can hamper flexibility but it increases accountability and a company’s ability to raise capital.

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Publicly traded corporations must report their results publicly through audited financial statements and detailed disclosures.

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Every entrepreneur, individual and business is different. It’s important to choose the right business structure for your needs.

While there are some helpful tax advantages to incorporating, the accounting process is significantly more complex than for sole proprietorships. Recordkeeping must be meticulously managed to track every dollar coming in and out of the company, including transfers, assets and liabilities.

Once you’re incorporated, you’ll receive a nine-digit business number, which will serve as your business’s standard identifier with the CRA.

Revenues, expenses and cash flow management are all tracked internally by professionals, with additional professional support from outside.

Corporations also have few limits on the expenses they can deduct for taxation purposes. They pay taxes on earnings before tax at established tax rates.

The short answer is no. However, in order to open a business bank account or to secure a business loan or line of credit, you will need to register your business with the government. Sole proprietorships and general partnerships can do this without incorporating.

Subject to progressive tax rates (the tax rate goes up as income increases) established by federal, provincial and municipal authorities.

It’s advantageous to keep as much money in the business as possible, in order to pay the reduced corporate tax rate. If an owner is withdrawing in salary or in dividends all the earnings the business brings in, there is no advantage to incorporating, since net income that is distributed to owners is then taxed again at their personal rates. However, if money remains in the business to invest in equipment or other assets, real tax savings will be experienced, since a corporation pays taxes on its profits at a lower tax rate than individuals.

Of all the decisions that come with owning a business in Canada, one of the most important is choosing its structure. Making your company a sole proprietorship, general partnership or a corporation will involve different legal and tax obligations, as well as changing operational and accounting guidelines that you may need to follow.

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Corporations have few limits on the expenses they can deduct for taxation purposes. They pay tax on earnings before tax at established rates. Net income that is distributed to owners is then taxed again at their personal rates.

Once you’ve determined the correct path, you can fill out and submit your articles of dissolution online. Or you can complete and sign a Statement of Intent to Dissolve and submit it to Corporations Canada.

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You may want to consult an accountant or lawyer in your province or territory to discuss the best option for your business.

When you file your corporation’s final tax return, Tummon advises sending the CRA a copy of the articles of dissolution. “Otherwise, we would still consider the corporation to exist, and you would have to file a return, even if there is no tax payable.”

If you decide to register federally, you will also need to register your federal corporation in provinces and territories where you conduct your business.

A corporation is a legally established entity that can enter into contracts, own assets and incur debt, as well as sue and be sued—all separately from its owner(s).

Another benefit for corporations is having the flexibility of a fiscal year. While sole proprietors must calculate their earnings and expenses in the calendar year, if your business is incorporated, you can choose any month to begin a fiscal year. That means personal income can be deferred to another calendar year.

If your corporation has shareholders but no property or liabilities, shareholders can approve the dissolution by special resolution. If a corporation has no shareholders because no shares were issued, the directors can pass a resolution that authorizes its dissolution. If your corporation has property and liabilities, they need to be sold before the corporation can be dissolved.