Incorporation query
#1
Incorporation query
Part of the arrangements for my new job are that I incorporate. I don't have any big problem with this as, for most of my working life, I've been self employed or traded as a limited company.
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
#2
Re: Incorporation query
Part of the arrangements for my new job are that I incorporate. I don't have any big problem with this as, for most of my working life, I've been self employed or traded as a limited company.
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
- I don't think you can write off accounting fees, my bill for accounting says "Investment Advice"
- I paid about $800 for each Ontario corporation, $1500 does seem rather a lot.
#4
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Re: Incorporation query
Part of the arrangements for my new job are that I incorporate. I don't have any big problem with this as, for most of my working life, I've been self employed or traded as a limited company.
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
All professional fees in connection with a business are fully deductible.
#5
Re: Incorporation query
Where in BC are you? We have a very good accountant who might be able to help you. His rates are quite fair and we find his work to be very good. There are no charges for a business number from the government and you can easily get this yourself. If you want you use a name, not a number then you would need to search and register the name. All this can be done from here http://www.bcbusinessregistry.ca/introduction/index.htm
All professional fees in connection with a business are fully deductible.
All professional fees in connection with a business are fully deductible.
#7
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
Re: Incorporation query
Part of the arrangements for my new job are that I incorporate. I don't have any big problem with this as, for most of my working life, I've been self employed or traded as a limited company.
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
I intend to use an accountant to do my books each year as, in my experience, they usually save me more in tax than they charge in fees, and the fees are deductible anyway. Being in a new country as well I want the peace of mind that my tax affairs will be done right. Never messed with tax or customs, don't intend to start now.
I've been to see a local accountant who I feel would do a good job. He explained the ins and outs of incorporation and the benefits I might receive. The only problem is with his fees for incorporation. He has quoted me $1500 which I think is a bit high. As far as I know this includes the lawyers fees and GST registration and I am seeing him today to clarify this and one or two other points.
His 'year end' fees are quite reasonable but the incorporation rates seem high. I only intend to incorporate for BC.
Would any of you accountant types out there be able to offer me a bit of advice?
Many thanks, Ray
I got an incorporated business set up online with GST registration and a few knobs and whistles for just over $100. That was back in November last year and it's functioning ok...
That was with: http://www.bdc-canada.com
#8
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Re: Incorporation query
Our accountant is a bit far away for you.
#9
BE Forum Addict
Joined: Apr 2003
Posts: 3,015
Re: Incorporation query
I don't know about other provinces, but in Saskatchewan the directors have to consist of a majority of Canadian citizens. At least unless they have changed it in the last couple of years.
#10
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
Re: Incorporation query
I'm was just a 2nd class resident of 1 month and I'm the majority director. Although Ontario is a bit more advanced and more sophisticated in it's business programs than Sas-catch-you-an.
#11
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Incorporation query
There is a fee of about $350 to pay to the government so you need to be sure this is included in his quote. Also, have you asked for any special provisions to be included in the articles? This could increase the cost if he needs to get a lawyer to draft them. If not, why is he using a lawyer? Otherwise I can't see that a simple incorporation and filing of a business number application will take more than a couple of hours of his time.
#12
Forum Regular
Joined: Mar 2007
Location: Comox Valley June 2008 !
Posts: 75
Re: Incorporation query
Hi,
My OH needs to get incorporated when we reach BC in July. We were told the legal fees would be $1000ish plus the $350 for the government charges. This was in a meeting with a lawyer in Comox.
My OH needs to get incorporated when we reach BC in July. We were told the legal fees would be $1000ish plus the $350 for the government charges. This was in a meeting with a lawyer in Comox.