MASTERTAX FINANCIAL SERVICES INC. provides full service for registration and incorporation of your business under federal or provincial legislation, obtaining CRA business number, WSIB ONTARIO Account, GST / HST Account, Corporation Number, Payroll, Export / Import accounts and assistance in opening a business bank account. Our services includes:
- For Individuals – Sole Proprietorship,
- Partnerships, (2 or more individuals)
- Incorporation, (Federal or Provincial)
- Charity Registration
- Non Profit Organization
- Payroll Accounts
- Ontario W.S.I.B Registration
- GST/ HST Registrations
DEFINITIONS of SOLE PROPRIETORSHIP: When and individual sets up a personal business and is taxed as self-employed.
ADVANTAGES OF SOLE PROPRIETORSHIP: The individual is in control of all decision making, and receives all profits of the business and responds to its obligations with Canada Revenue Agency.
PARTNERSHIP: A partnership is where two or more individuals are partners in the business (eg. 25%, 50%, etc.) and receives all profits of the business and responds to its obligations with Canada Revenue Agency.
ADVANTAGES OF PARTNERSHIP: A partnership allows to share the expenses and profit of the business and the loss usually can be written-off against the income of the partners.
CORPORATIONS:(Federal or Provincial) A Corporation is an independent legal entity, that is separate and distinct from the people who own, control, and manage it. In other words, corporation and tax laws view the corporation as a legal “person” that can enter into contracts, incur debts, and pay taxes apart from its owners. And in Canada There are two forms to incorporate it either federally or in the Province or territory you live.
ADVANTAGES OF INCORPORATION: Generally, a Canadian controlled private corporation CCPC it pays a much lower rate of federal tax. Also corporation’s shareholders are not liable for any debts incurred or judgments handed down against the corporation. Shareholders only risk their equity in the corporation. And Corporations may be able raise additional funds by selling shares in the corporation.
CHARITY ORGANIZATIONS:There are three types of registered charities in Canada. The designation a charity receives depends on its structure, its source of funding, and its mode of operation. Every registered charity is designated as a:
- charitable organization;
- public foundation, or
- private foundation.
NON FOR PROFIT: The Canada Not-for-profit Corporations Act provides federal not-for-profit corporations with a new set of rules that are modern, flexible and better suited to the needs of today’s not-for-profit sector. We can help you register a Non for Profit Corporation with the Canadian government.
PAYROLL ACCOUNT: A payroll program account is an account number assigned to an employer or trustee when you have employees and you need to pay them and report deductions with the Canada Revenue Agency.
W.S.I.B ONTARIO: Most businesses in Ontario must register with the WSIB within 10 days of hiring their first worker. PLEASE NOTE: If you do not work in the CONSTRUCTION INDUSTRY you are not automatically eligible for WSIB coverage and you may apply for Optional Insurance.
GST / HST BUSINESS ACCOUNT: Most businesses have to register for GST / HST number and individuals and organizations engaged in commercial activities in Canada who have worldwide, taxable sales of more than $30,000 must register for and collect the Harmonized Sales Tax (HST).
At MASTERTAX we are here to help you and if you have questions call today at Tel. 647-229-0343.