who has rights to change the name to TheRealCSnapper?

thats awesome bro. congrats again and all the best!

Tom Ford is awesome!!! Too peasant to afford.

buying rtw suits albeit high end label? fuck that.

at TF price you're touching on savile row trunk show in nyc prices. even an anderson sheppard isn't that much more over a TF.

I have two Incs.

You can incorp. online for around $500. No need to go the route of a lawyer. Just research, you will be a better business man afterwards.

Rake in 6-8months, and slowly learn taxes, rrsp contributions, write offs ..etc as you go.

Records, Organization, records

On a better day i'll write up all i know.

Get a good accountant, it's worth the money. There's to much information, loopholes, strategies etc...

Fucking kudos to Benzo, he the real shit.

There are some real asshats on this forum (not directed at OracerO in this case) that really put a damper on people who don't know their stuff ... (There are indeed asshat idiots on the flip side as well)

Cheers.

Fucking kudos to Benzo, he the real shit.

There are some real asshats on this forum (not directed at OracerO in this case) that really put a damper on people who don't know their stuff ... (There are indeed asshat idiots on the flip side as well)

Cheers.

Please consider the following comments:


This means nothing. This is the equivalent of saying that you have two flowerpots. What have you grown since buying the pots? What has been the yield of those plants? Unless you were/are intending to use them as a shelf Corp. or for some other amalg there is nothing of substance in this comment. This makes you sound ill-equipped to advise.


I don't know what you mean by "online", but I assume you mean some of the services who advertise that they can file the paperwork - which you can definitely file yourself by going through the registry. The registry fees would actually be less than 500 if you wanted to do it yourself....which I do not recommend (apparent bias is apparent, but given the relatively nominal dollar amount we're talking about here let's just assume this can be a nonissue).

As an aside, I note that you can also save money by cutting your own hair, performing your own major surgeries, as well as a number of other tasks which would I suppose be good from a monetary perspective however I submit that this is not necessarily a great idea - especially if you are intending to leave the house or, I suppose, remain alive.

Why would you rake in income for 6 to 8 months without having a vetted tax plan and incorporation which would dictate how that income was characterized,distributed? This is a cart before the horse comment and, again, should probably be revisited.

I'll add to this list: Business, Synergy, Teamwork, Friendship.

Why so glum, Chum? A better day is all about perspective. I actually really do want to read this write up.

Let me get this straight, a good accountant is worth the money but the lawyer who informs the accountant on nearly all aspects of the ongoing maintenance of the tax plan, will be drafting all of the post incorporation documents based on the share structure of the Corp. and will be maintaining the requirements under the Act, is not worth the money? I really want to go grocery shopping with you sometime.

Seriously though, I think that your words are well intended but completely irresponsible in a practical, rational, sense.

@therealbenzo
The "maintenance" of the tax plan is generally done by an accountant. I think you are bringing in more confusion (for the sake of proving your point, I understand) by talking large corp structure vs a contractor who generally interacts with the lawyer at inception about structure of corp and officer(s), spread of liability, bylaws, annual resolution etc...that's about it for a contractor.

Let's set the tone here.

There's no doubt you seem like you know you're shiznit Benzo, not everyone can afford 2-3k just to incorporate because he needs to cross all the x's and o's from the beginning.

The funny thing @realbenzo, I didn't read your first post till now. did you get all defensive because i gave "lawyers' an honorable mention about not needing them? lol

There are two schools of thought.
1: Research, get educated, cross all the dots and write on all the lines. Debate over every existence of every idea of every business/incorporation path to take. Debate even down to the the dumbest shit, ie. Naming things.
Or
2: Just do it. Get it done. Learn by placing your hand on the fire and constantly move forward.

Full disclosure, I am an accountant, but small business tax isn’t my specialty and I am going off based on memory, however I’ve had a numbered corp for years and did work as a Sole prop for years (in construction – where it’s a lot more common and easy to prove).

There are also those who ask questions in threads that were already answered creating more unnecessary confusion. What about those lazy asshats?

It's not lazy, it's trying to get a clearer answer from someone who appears to be in the know more than others...

You might not write off your shirt and tie, maybe because you've heard anecdotes or otherwise. Benzo might have a more suitable answer such as 'ideally, only if it's a uniform such as overalls, etc.'

Get off your high horse and click back for fucks sake. I value your expert view/answers, not always your opinion or off-handed trolling.

It's not lazy, it's trying to get a clearer answer from someone who appears to be in the know more than others...

You might not write off your shirt and tie, maybe because you've heard anecdotes or otherwise. Benzo might have a more suitable answer such as 'ideally, only if it's a uniform such as overalls, etc.'

Get off your high horse and click back for fucks sake. I value your expert view/answers, not always your opinion or off-handed trolling.

Word of caution, if you incorporate and work for someone rather than multiple clients (not at arms length) you will be deemed an employee and the incorporating will not give you any tax benefit.

what risky is saying is in your setup, you technically are an employee.
on paper you are a contractor, but if you are only doing business with this 1 place, you will not (read: should not) reap the benefits of going to a numbered business.

You need more than one client over the year or you will be deemed an employee. Even if its just friends with smaller companies that you can invoice to show that you had multiple clients.

If you are going to be a sole proprietor IC, confirm this with your employer (should be fine if others are in a similar arrangement) but understand that the employee versus independent contractor determination is a question of fact and the factors to be considered in any given case will be different. Generally, if you provide services through your corporation and, if not for the corporation, you could be considered an employee of the entity to which you provide the services, the corporation may be considered a personal services business (apart from some very specific tax planning arrangements, this is a bad thing). You do not want to earn income as an IC, only to be deemed a PSB (read:)employee by the CRA and have all deductions disallowed (your employer also has a dog-in-the-fight here, so they will likely have already turned their mind to this).

What CAN you write off as a single-client sole pro?
What SHOULD you write off as a single-client sole pro?

There is some truth to this. Junior startups are prone to stagnation as a result of over thinking things. IMO it’s a coping mechanism for the panic that sets in as things become real. IE: “WE NEED A WEBSITE AND IT MUST BE THIS DOMAIN NAME OR WE WILL NEVER BE ON DRAGONS DEN!!!.......then we discuss costs to manufacture.”

I try to instill in them a more balanced approach which seems to be successful.

Anyway, I speak at the business school here once a year and cover off the “must knows” for startups and those who are going to eventually work in the oilsands as ICs. I’ll make some time to put that into text and post up here for future reference as it should address most questions.

Anyway, I speak at the business school here once a year and cover off the “must knows” for startups and those who are going to eventually work in the oilsands as ICs. I’ll make some time to put that into text and post up here for future reference as it should address most questions.

Came out of ryerson of the entrepreneurship program, at the end of the year, i had a viable business and product that was close to shelving in all Canadian Tires.

I love that school. Done so much for me.

OracerO i'd love meet and compare notes. im service based but always like talking about how to grow what im doing.

CSI meet anyone? Downtown? Friday? Thursday night? wtf ?

@therealbenzo (why does everyone have 'real' in their name)

Now we both are entered into a pissing contest.

Why can't we all get along?

Now that some time has passed, how's it going?

OracerO i'd love meet and compare notes. im service based but always like talking about how to grow what im doing.