Newly Incorporated Tax Tips

Below is a list of key considerations and obligations to plan for if you are newly incorporated:

Corporate tax filing and taxes owing
Determine your year‑end date early so filing and tax payments can be planned in advance.

GST filing
Assess whether your services are subject to GST and consider voluntarily registering from the date of incorporation to allow you to claim input tax credits, which are refunds of GST paid.

Shareholder remuneration
The corporate bank account is not a tax‑free piggy bank. It is important to understand the tax implications of personal purchases and withdrawals made through the company and how these affect your personal tax return.

Payroll obligations
If you have employees, ensure payroll remittances are made by the required deadlines and that T4 slips are prepared and filed correctly.

Tax planning and cash management
Consider setting funds aside in a separate corporate savings account to plan for future corporate income tax and GST amounts owing.

Disclaimer
The information provided in this blog is for general informational purposes only and does not constitute accounting, tax, or legal advice. Tax laws and reporting requirements vary based on individual circumstances and are subject to change. Readers should not act on this information without seeking professional advice specific to their situation. Reading this blog does not create a client‑advisor relationship.