The interweb has been good to me. I have been working on websites trying to make coin before I was even legally able to drink or buy a pack of smokes. Living in Canada I never had a real job with monthly earnings that would take care of my taxes for me automatically.
Now, 5 years since I first started experimenting with HTML, I have made over $700,000 - mostly from adult. But all this time I keep receiving wires and checks and never bothered to do my taxes. All was well when I was still a minor but now I think I have dug myself quite the hole.
If I were to pay all my taxes for the last 5 years I will get absolutely raped by the Canadian tax system, and close to half (yes half) my earnings will be forfeited.
I want to make a corporation and pay the low 20% tax rate.. but I dont know how that works exactly. I do not want to avoid paying taxes, I just dont want to pay an unfair amount of tax.
Please help me.. what are my options? I dont want to go to a lawyer/accountant right away in fear they will fuck me over. All my wires go directly to my bank, and I currently have some investments (GICs) with that bank that are about to mature soon. I earned about 280k last year, 150k the year before and I will probably earn around 400k this year.
Any help at all is highly appreciated.. what should I do??
