Structuring Your Business

Deciding how to organize your business takes a great deal of planning, consideration, and guidance.

You can defer and even save a significant amount in taxes, resulting in improved profits and allowing you to invest more into your business by choosing the correct structure for your business.

We can answer any questions you might have about your business structure and how it will affect you financially. In order to answer these questions, we review your finances, operations, and goals, and provide guidance as your needs change. We are happy to advise you on:

We implemented a corporate structure, based on KWB’s advice, that has benefitted us every year since. Doug Miller, Granville Software Inc.

  • Holding companies
  • Sole proprietorships
  • Incorporating
  • Payroll setup
  • Share structure
  • Income splitting

Many business owners have their business finances tied closely to their family finances. You likely want your business to benefit your family, and the way you structure it can help you to provide a secure financial future for them. By setting up your business in a way that ensures financial protection, security, and savings, you will be setting your family up for success.

At KWB, we help you identify the best way to structure your business for maximum financial security and tax savings. If you would like to discuss your corporate structure options, please contact us.

Blog posts about Structuring Your Business

Oct 8 2012
Converting Your Business into Cash with Life Insurance

In the second part of our life insurance series you will find out how to help your estate access the wealth represented by your shares in your business and your shareholder loan through the proper use of insurance.

Jul 16 2012
Life Insurance Creates an Estate Value

Life insurance has many applications and in this first of a 3 part series you will see how it creates an estate value when little to no value previously existed. To learn more, read on.

Feb 16 2016
Income Splitting

Do you own a business - either incorporated or unincorporated - and have a spouse or one or more adult children with an income lower than your own? If so, you may be able to shift your income to these other family members, effectively moving the income from a high tax rate to a low tax rate and decreasing the overall tax burden on your family. This is called income splitting.

Jun 19 2012
The Value of a Unanimous Shareholders Agreement (USA)

The financial wealth of many individuals is represented by the shares of a privately-held corporation, and, as such, a shareholder agreement is an invaluable legal instrument when the corporation is being continued by other shareholders or family.

Jun 24 2014
Online Backups - Keeping it simple

Do you know someone who has lost critical and precious information that was stored on their computer? Are there things on your computer that you don’t want to lose such as financial or business records or personal information like family photos? We live in a digital world and we don’t have hard copies of anything

Jul 5 2016
Bookkeeping Services

Are you unable to make good decisions because your financial information is inaccurate or not provided to you on a timely basis? KWB Chartered Accountants offers bookkeeping and similar services. With timely and accurate information we can help you address your issues and make better decisions as a result. These are definitely tough times, and

Jun 21 2016
Controller Services

Are you looking for information to help you make good decisions?  Are you unsure of what's happening financially in your business? You need timely, accurate and complete financial information and the people who can figure out what it all means in order to survive in today's economy. Controllers should basically pay for themselves. The cost savings you

Mar 16 2016
Director's Liability

While the tax debts of a corporation belong to the corporation and the tax debts of an individual belong to that individual, there are some exceptions to the rules. Directors may be held personally liable for certain tax liabilities of the corporations they serve. When a corporation faces insolvency, remittances to the government may fall

Sep 9 2014
CRA My Account

Did you know that Canada Revenue Agency has an online service called My Account which provides you with secure access to your personal or business income tax information? This online service is available 21 hours a day. (Closed from 1:00 AM to 4:00 AM) The following provides details on the information available through My Account

Oct 17 2017
CPP Death Benefit and Survivor Payment

CPP death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor.  It must be applied for within 60 days of the decedent’s date of death. The CPP death benefit can be paid to: The estate of the decedent(if there is an estate) The person who paid the

Mar 17 2015
Applying for a Business Number

A Business Number is a nine-digit identifier provided by the Canada Revenue Agency (CRA) to each Canadian business. This number is given to register tax accounts and to make communication with CRA easier.  Each legal entity (sole proprietor, partnership, corporation or trust) requires one business number and each business number can be registered for

Apr 9 2015
Cost of Being Found to be a Personal Services Business (PSB)

We often hear about individuals who decide to incorporate while working as an employee for a business. But is it really beneficial to do so? Let’s look at an example. Joe works as an employee and earns employment income (a T4 slip) in Alberta. On July 1, he incorporates. Although he has incorporated, he continues

Dec 13 2016
Small Business Deduction

The current Small Business Deduction in Canada allows corporations to pay a lower rate of tax on their first $500,000 of active business income. Active business income includes income earned from a company’s regular operations, but excludes other income such as rental or investment income. Budget 2016 released by the federal government has introduced

Jan 3 2017
Changes to the Eligible Capital Property Rules Effective January 1, 2017

Eligible capital property (ECP) includes items such as goodwill, patents, trademarks, customer lists and other intangibles with no fixed lifespan. As of January 1, 2017, the new rules for eligible capital property will come into effect and will have a significant impact on tax deferral opportunities for companies that dispose of eligible capital property. Previous

Nov 9 2017
Jobber

Jobber is a cloud based software solution designed for small and medium sized field service businesses.  It has a number of features that are designed to help you run a better business by helping you manage finances, client requests and a busy team. Jobber integrates scheduling, quotes, invoices and payments all within one system