Quote:
Originally Posted by WiredGuy
The idea behind having a corporation is to shelter everything under it and you basically just take out cash for things you need to buy. The car you buy, company car. The house you live in, you own it and rent it to the company, etc. You will save money in the long run once you shelter everything you would normally do under your personal name within the corporation. That's when the expenses really mount up and then that lowers your overall profit.
In the end of the day, if you keep taking money out of the corp into your own pockets, your in no different position than before. The key to the corporation is to expense everything and anything possible.
WG
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WG is correct, and so is Bonga. The idea of the corp is to protect yourself, but there is no reason that it cannot own real estate, boats, cars or anything else you desire. If you aren't getting tax benefits through a corporation then you have a lousy fucking accountant. The best thing is to hire an accountant that used to work for the IRS in the USA, or whatever the tax dept is in Canada. They know every loophole there is and are worth there salary in gold. Still, if you are in Canada, you are fucked to a certain point, not even close to the tax benefits as in the USA, the corporate haven country. But hey, at least you have socialized medicine,
. God shave the queen and good luck to you.