Our Incorporation calculator lets you work out the potential tax savings you could achieve by Incorporating.
This Calculator will compare the estimated taxes that if you operated as a Sole Proprietor versus the estimated taxes if you operated as an incorporated entity. Use this calculator to learn the estimated tax savings of choosing one form of organization over the other.
Select your Province, The annual income of your business and the amount of personal income you will need to withdraw from the corporation for your non deductible living expenses.
|How much do you earn?(in a year):|
|How much do you spend?(on non business related items)|
|This is the amount of money you will take out of the company personally to pay for personal lifestyle expense that are above and beyond the expenses paid for by the corporation.Your goal is to keep this amount as low as possible. If you aim for between $30,000 – $35,000 this will keep your personal taxes in the lowest tax bracket.|
The following are calculated using industry average values. Please adjust to suit your specific circumstances to get more accurate results.
|Education and Seminars|
|Books and Periodicals|
|Repairs and Maintanence|
Incorporate Your Business With CPA4IT
When done correctly, incorporating your business can lead to significant tax savings. Incorporating your business involves making many important decisions with substantial legal and tax implications. Thankfully, you don’t need to navigate this challenge alone. We have decades of experience helping small business owners register their businesses. Contact us today to get started.