|
 |
Some organizations will contract only with corporations. Some funders will only grant to not-for-profit organizations. If you want to work with them, you must incorporate.
If you are making an income large enough to provide you substantial disposable income, you may wish to incorporate. The tax on corporate profits is less than on personal incomes, and incorporation allows you to invest more after-tax money. If you are only going to pass money through your corporation, don't bother. Incorporation increases bookkeeping work, tax-filing requirements, legal and other fees.
Incorporating as a not-for-profit or charity involves further complications – meeting regulatory requirements, creation of a Board of Directors, additional reporting, perhaps an audit. To warrant this, you need a business plan that will attract money to support the organization.
TIP! The help of a tax specialist, chartered account or lawyer (specializing in income tax law) is usually necessary.
Article originally contributed by Oliphant + White
LINKS:
Publications Ontario, Mail Order Service
http://www.publications.gov.on.ca
Canada Ontario Business Service Centre
(See - Getting started/Business Guides/Taxation)
http://www.cbsc.org/ontario/english/index.cfm
Canada Revenue Agency
(See - Guide to Small Business)
http://www.cra-arc.gc.ca/E/pub/tg/rc4070/rc4070eq.html
Ministry of Economic development and Trade
(See - Starting a Small Business in Ontario)
http://www.ontariocanada.com/ontcan/en/starting/st_small_bus/st_small-bus-intro.jsp
RESOURCES:
The Ontario Government Bookstore
880 Bay Street
Toronto, Ontario M7A 1N8
|
|
|
