Incorporate your business, with the accounting set up right from day one
First we'll tell you honestly whether incorporating makes sense for you. If it does, we set up your Ontario corporation, register your CRA accounts and open your books, so your first year-end isn't a scramble.
Should you incorporate?
It's not right for everyone. Here's the short version.
| Reasons to incorporate | Reasons to wait |
|---|---|
| Profits you don't need to live on are taxed at a much lower small business rate | Extra cost every year: a T2 return and financial statements |
| Your personal assets are generally separated from business debts | More paperwork and separate bank accounts |
| More control over how and when you pay yourself | Losses stay in the company; you can't use them against personal income |
| Can look more established to clients and lenders | Little benefit if you spend everything the business earns |
Signs it’s time
You're earning more than you need to live on, and the rest is taxed at your top personal rate.
You're signing bigger contracts and want liability kept away from your home.
You're a dentist, doctor or other regulated professional ready for a professional corporation. See healthcare professionals.
You run a truck under your own authority and are adding drivers or equipment.
What we set up
- Ontario incorporation (articles of incorporation, corporate name or numbered company)
- Business Number and CRA program accounts: corporate tax, HST and payroll as needed
- WSIB registration where required
- Minute book basics and share structure discussion [legal work referred to a lawyer where needed]
- Business bank account checklist
- Bookkeeping set up in [QuickBooks Online / Xero]
- Your first-year deadline calendar
How it works
Step 1: Free call.
We look at your income and plans and tell you whether to incorporate now, later or not at all.
Step 2: Fixed quote.
Including government filing fees.
Step 3: We file.
Usually done within [X] business days [confirm].
Step 4: You're ready to trade.
Accounts registered, books open, deadlines in your calendar.
What changes after you incorporate
Incorporating changes how money moves, and that's where most new owners slip up in year one.
The company's money isn't your money.
Business income goes into the corporate bank account. You take money out as salary, dividends or a documented shareholder loan, not by transferring when you need it.
Two tax returns instead of one.
The company files a T2 every year, even with no income. You still file your personal return, now including any salary or dividends you took.
New deadlines.
Corporate tax is due two or three months after year-end, the T2 six months after. If you pay yourself a salary, payroll remittances start too. We put every date in your calendar.
Records the CRA expects.
Minutes approving dividends, a shareholder register, and books kept separately from your personal finances. We set up what an accountant can, and point you to a lawyer for the rest.
Price
See all pricing →FAQ
How long does it take?
Ontario incorporations filed online are usually quick once the details are settled. CRA account setup can take a little longer.
Numbered company or a name?
Either works. A name needs a search report and a bit more time; a numbered company is faster and you can add an operating name.
Can I move my existing sole proprietorship into a corporation?
Yes. There are tax steps to do it properly, and we handle them.
Do I need a lawyer?
For a simple setup, usually not. For shareholder agreements, partners or complex share structures, we'll refer you.
What does it cost to run a corporation each year?
Mainly the annual T2 return, financial statements and bookkeeping. See corporate tax and pricing.
Find out if incorporating pays off for you
