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A question for you canadian affiliates that are making some money. How is you company setup, are you incorporated, sole proprietor, partnership? How much tax do you end up paying? (about 30% if you earn above 50k?)
If you are a sole proprietor did you officially open you company or did you just pay your taxes at the end of the year?
Any advice you would like to post here would be appreciated or you can pm me.
i’m setup as a corp. in ontario, resident corps pay less tax on the first 300k, which i believe is 33% rate, which in the top bracket saves you are few points you end up pay something like 42% instead of 46. You can also bonus out your profits to yourself until your corp. taxes are due, june 30th. if your married and the spouse doesn’t make the same amount, make sure you pay them enough push them up the top rate, or you’ll pay more as a household than you need to.
i’m far from an expert and am about to sign on with my 3rd accountant since i got here. i’m now with someone at large international accounting company’s local office. So, ask for recommendations then interview 2 or 3 accountants, but consult a professional.
