But he also did it for the image. People think that if you have the money to incorporate, you must have the clients too. You can incorporate either provincially, if your business is based in just one province, or federally, if your vision includes offices across the country. Federal incorporation also offers stronger protection for your company name. There is more paperwork involved in incorporating, and you must file two tax reports one for the corporation and a personal one for yourself.
Some people also opt to employ the services of a lawyer to help decipher the additional legalese.
Once you ve decided on your company structure, it s time to start filling out those forms. You can get almost everything done through a provincial business centre. Some provinces also offer online access to forms. If you re incorporating federally, you ll need to go through Industry Canada. You ll need this number for payroll deductions and GST, among other things.