Canadian Money Forum banner

1 - 3 of 3 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter #1
Hey,

Two years back, I started a bookstore in Ontario under sole proprietorship in my name. After the first quarter, the money earned was claimed under the tax. And it was a significant share I made that was paid as taxes. Eventually, my business suffered a loss. So my friends told me to change it to a corporation. They said if it had been an incorporated business, then they would have incurred the business losses.
So I'm frantically considering Ontario incorporation online under present circumstances and because the fees are lesser compared to payment through the agent. If it becomes a corporate, how are the taxes managed, and is there any incurring obligation or liability as a shareholder?
 

·
Registered
Joined
·
855 Posts
I think you need to consult an accountant about this. If you have taken a loss as a sole proprietor, you may be able to apply it to gains you had in the past or may have in the future as a sole proprietor. I am not sure if you can carry the loss forward if you incorporate at this time. But you need to check this out with a professional or do a lot of digging into tax law.
 

·
Registered
Joined
·
1,024 Posts
1 - 3 of 3 Posts
Top