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thebigmook

08-08-2007 01:50 PM

Canadians, Corporations and Taxes

Anyone know how much % tax you pay in Canada if you own a corporation?
I heard its around 22% for the first 200k, what about after that?

Also, say I were to create a corporation today. Could I transfer my earnings from Jan to now (earnings that are currently in my savings account) to the corporation and pay corporate taxes at the end of the year instead of personal tax?

Thanks

L0stMind

08-08-2007 01:56 PM

My only advice is to get an accountant. They have the experience to save you a ton of money.

My accountant pays for herself about 10x over every year. And that feeling every night of not worrying about paying my taxes and government knocking on my door is priceless.

SL|M!

08-08-2007 01:57 PM

Quote:

Originally Posted by thebigmook (Post 12897862)

if u are in mtl, i can hook u up with a good accountant

WiredGuy

08-08-2007 02:06 PM

Quote:

Originally Posted by thebigmook (Post 12897862)

I'm not sure off hand the exact rates but the caps are 300k for federal and 400k for provincial (ontario at least). You can do some manipulation of your current year's income but get an accountant to help you with this.
WG

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