Setting yourself up as a company

[Bladestrike]

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.

[shaggy]

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...

[wrenchy]

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 . 

[Bladestrike]

Thanks Guys!  Much appreciated!

 

[FiveCut]

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.

[Bladestrike]

Excellent, thank you.  Learning lots and slowly figuring it out.

[GrayHorizons]

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.

 

[nuthin]

you will learn eventually but remember to keep 30% in the bank for the taxman

[R0T0R]

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. 

[Bladestrike]

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....