Incorporating

[Bob Jones]

Hi all,

I’m interested in incorporating and continuing to work with my firm (in order to minimize taxes) but collecting my income through a private corp. I’ve seen some lawyers do this in the past, and I’m looking for guidance/specifics about how to go about this. 
 

I assume I have to approach my boss, ask to transition to an “independent contractor” which they will have to go along with (as it’s likely an ESA breach), and if so then set up a private corp and basically submit invoices to my firm more equivalent to my regular wages + HST, and transfer that money to my private corp. Use the money in the corp to then pay for various expenses (mortgage, car payments, etc) and only withdrawing an nominal amount as a salary. 
 

Is that more or less the move?

 

thanks!

[Hegdis]

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