Should you be incorporating your business or should you stay a sole proprietorship in Canada? That's one of the most popular questions I've been getting from all of my different small business and tax videos over the years. And finally, I'm here to provide some answers!
I ran my business as a sole proprietorship for 5 and a half years, even though I felt a lot of pressure from other business owners to incorporate. It's now been over a year since I incorporated my business, and I've gotta say, I'm so glad I waited (no regrets!).
Although I provide the pros and cons of incorporating, it's really a personal decision and one that working with an accountant can help you figure out. Hopefully, this video provides some insight and helps you make the right decision for you!
CHAPTERS
00:00 Introduction
02:29 My journey from sole proprietorship to corporation
03:25 Benefits of incorporating your business in Canada
08:23 Rule of thumb for incorporating your business in Canada
10:08 How RRSPs can factor into your decision
11:38 Reasons why you SHOULDN'T incorporate
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#canada #entrepreneurship #smallbusiness
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The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
