Bladestrike Posted August 12, 2020 Report Share Posted August 12, 2020 I need to set myself up as a company for some contract work (always been working for someone else the past 36 years). Any advice or guidance greatly appreciated. Quote Link to comment Share on other sites More sharing options...
shaggy Posted August 12, 2020 Report Share Posted August 12, 2020 Talk to a good accountant (you’ll need one anyway). You’ll need a GST #, and have to set up a corporation with your province. It’s been a long time since i had one and since dissolved it... Quote Link to comment Share on other sites More sharing options...
wrenchy Posted August 12, 2020 Report Share Posted August 12, 2020 Just use snap incorporations out of Kelowna . It'll cost you around 600$ and it's all done on line . I just use an accounting program and store my receipt in a big pile in the console of my truck . 1 Quote Link to comment Share on other sites More sharing options...
Bladestrike Posted August 14, 2020 Author Report Share Posted August 14, 2020 Thanks Guys! Much appreciated! Quote Link to comment Share on other sites More sharing options...
FiveCut Posted August 15, 2020 Report Share Posted August 15, 2020 Depending on your province you need an HST Number and Registered Business License. HST number from Service Canada and license number from your provincial business service bureau. You can register as an incorporation or limited company for liability reasons or go sole proprietorship if you’re just working for yourself under the umbrella of an AOC/AMO. An accountant is a good resource for any contracting to help you amortize your assets, file your quarterly return etc. Hope this helps. 1 Quote Link to comment Share on other sites More sharing options...
Bladestrike Posted August 15, 2020 Author Report Share Posted August 15, 2020 Excellent, thank you. Learning lots and slowly figuring it out. Quote Link to comment Share on other sites More sharing options...
GrayHorizons Posted August 15, 2020 Report Share Posted August 15, 2020 ive had my own company for 5 years now. its a constant learning experience...just wish I had a more personable accountant. someone who could help me more. Quote Link to comment Share on other sites More sharing options...
nuthin Posted August 16, 2020 Report Share Posted August 16, 2020 you will learn eventually but remember to keep 30% in the bank for the taxman 1 Quote Link to comment Share on other sites More sharing options...
R0T0R Posted August 16, 2020 Report Share Posted August 16, 2020 If you get QuickBooks and do quarterly remittance to said tax man (payroll,GST/HST and 5% of billables to corporate taxes) you’ll pay next to nothing at the end of the year. Payroll will likely be monthly at first. Have a good bookkeeper set up QBO and show you how to use it and you’re fine. I got my last years taxes submitted and it cost me just under 800. I did all the work, and it saved me tons. Quote Link to comment Share on other sites More sharing options...
Bladestrike Posted October 12, 2020 Author Report Share Posted October 12, 2020 Thanks for all the help guys. Dust is settled, my company is up and running and doing me well. Year end will tell me how good my accountant is.... 1 Quote Link to comment Share on other sites More sharing options...
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