Like most people, I first researched incorporating through lawyers and was shocked to see the cost. Did you know that most incorporation start ups don't require the expertise of a lawyer?
For a simple incorporation of a company with common shares structure and not many restrictions, both the lawyer and the accountant can set up the incorporation for you. The accountant is fully aware of the tax consequences and will know how to set it this up properly. The difference of this will be felt in your pocketbook.
Normally a lawyer will charge from $1,200 to $1,500 to get a simple incorporation processed (this will include the government imposed incorporation costs of $325). While at the same time, an accounting firm or notary will get it done for way cheaper (between $500 to $600). Speaking to an accountant
before incorporating is also very important (many companies miss this step), as it is all about how you set it up for tax purposes. An accountant should be able to differentiate and advise on how to structure your shares, and your company along with tax implications, whether you need umbrella companies, investment protection and whether you need to incorporate a company or not.
We suggest contacting Mydhili Furtado at TM & Associates for inquiries about incorporating or taxes. Her office line is 604 597 5699.
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