Form a BC Canadian company for $351.50 CAD and $43.39 CAD yearly fee

Form a BC Canadian company for $351.50 CAD and $43.39 CAD yearly fee(corporateonline.gov.bc.ca)

11 points by shironineja 8 years ago | 7 comments

dev_throw 8 years ago |

> Corporate Online is available from 6:00 a.m. to 10:00 p.m. Monday through Saturday, including statutory holidays and from 1:00 p.m. to 10:00 p.m. on Sunday. Note that due to system maintenance, the Sunday opening at 1:00 p.m. is not guaranteed, although every effort will be made to ensure the system is available at that time.

I think the initiative is good, but in 2018, a website that only works during business hours is a travesty.

PakG1 8 years ago | |

The Canadian government's tax website is the same. I'm one of those really rare cases of someone who makes his money outside of the country but still wishes to maintain my Canadian residence, contribute to Canadian savings plans, and pay Canadian taxes when called for. Come tax time (or any other time when I need to access such websites), I'm usually staying up late in order to make it onto the website. And it's usually a worknight that I have to stay up late. Ah, still better than I would have expected in the past, won't complain too much. :)

sprice 8 years ago |

I'm a BC resident about to begin working remote for a US company.

I'm planning on setting up a sole proprietorship but am curious if there are advantages to incorporating.

I've only spoken briefly to an accountant (on the phone) and he recommended starting as a sole proprietorship and then looking at incorporating in the future.

shironineja 8 years ago | |

It comes down to liability in the event of an unsuccessful lawsuit:

Sole proprietorship - your personal assets may also be taken

Incorporation - only business assets are generally liable if insured accordingly

Corporations were formed so that trading merchants and ship captains didn't have to pay out when their lucrative expeditions killed off sailors and handlers.

https://www.ribbonfarm.com/2011/06/08/a-brief-history-of-the...

ephelon 8 years ago | |

Generally speaking, incorporating as an individual doesn't save you much in the way of tax unless you get creative. It does give you the ability to defer income which in turn defers some tax.

On the downside, there is much more paperwork and expense from lawyers and accountants.

Source: after being incorporated in BC for 11 years I decided to go back to employee status.

PakG1 8 years ago | |

I'm thinking of something similar. Very curious if you would provide updates on your final decision. I understand the basic advantages of incorporating (lower tax rate and limited personal liability if things go poorly). Curious what the advantages of going sole proprietorship would be if the costs of doing incorporation are this low.

kijin 8 years ago | | |

AFAIK Canada does not have U.S.-style LLCs with pass-through taxation. This means you're most likely to be taxed twice: corporate tax on your corporation's profits, and income tax on your salary and/or dividends.

The sum of these two taxes might or might not be lower than income tax on a sole proprietorship depending on your level of income and how you categorize your expenses. Usually, the more money you make, the cheaper it is to incorporate.