Should you Incorporate Your Small Business?
When a business is started, it can be structured as a proprietorship, partnership, or corporation.
A sole proprietorship is one person operating a business, without forming a corporation. The income of the business is then taxed in the hands of the owner (the proprietor), at personal income tax rates. The income is considered income from self-employment, and is included on the personal income tax return of the owner.
Article Written By: NA
Original Article Posted on: October 15, 2021
Link to Original Article: https://www.taxtips.ca/smallbusiness/incorporate.htm