Quote:
Originally Posted by ScubaSteve
As a Chartered Accountant who does this for a living, and actually just incorporated my own personal company, there are pro's and cons to incorporating. It depends on the exact situation whether it's worth it or not.
Unless you are doing something complex, I wouldn't waste money on lawyers. If it's just a basic incorp, it costs about $500-600 at a registry. A good accountant could also help you determine the number of shares to issue, directors, etc, for about an hour of their time, which is alot cheaper than the lawyer (who would add minimal value in basic situations).
And once you are incorporated for the $500 bucks or so a year it will cost to file a T2 the separate liability is worth it, and adds alot of flexibility regarding the tax situation. Also don't go to the big accounting firms (I spend the first years of my career at the largest), for four times the price you will have an un-designated junior do your file, with the partner spending 10 mins reviewing to ensure no major screw ups were found. Find a reasonable priced, competent, local accountant and you're set.
Feel free to PM me if you have any questions.
Cheers,
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As a Chartered Professional Accountant who currently works at a Big 4 firm, I agree with Steve on this. While Chef is correct that we have more resources to fall back on for complicated scenarios, what you are describing is very straight forward.
Find a local guy or gal in your area that you get along with and you should be set up in quickly and economically.