Better Tax Planning

• The accountant will integrate your tax plan with the incorporation documents making it a seamless exercise.
• A tax plan is designed to minimize your personal and your corporate income taxes by taking all of your specific facts into account.

Articles of Incorporation & income splitting

• 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.

Minute books update easily

• Accountant 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.

Better understanding of Your Business

• The 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.

Save time & Money

• The 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.

I really appreciate your reading this article about the reasons an accountant should incorporate your business.

Disclaimer

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. PS Professional Corporation will not be held liable for any problems that arise from the usage of the information provided on this page.