If you can’t find the answer to your question below, please contact us.
This will depend on the individual’s personal tax situation and their wants/needs. The advantages to wages include RRSP contribution room, Canada Pension and a deduction in your corporation.
The advantages to dividends include not paying into Canada Pension, investment opportunities and potential personal tax savings.
The advantages to incorporation are risk management, tax planning opportunities and access to capital. The advantages to remaining a sole proprietor are simplicity, lower costs and the deductibility of losses.
You have to register for GST when you meet both of the following criteria:
All businesses operating in Saskatchewan are required to register and obtain a PST number.
Individuals – April 30th
Deceased (January 1 to October 31) – April 30th
Deceased (November 1 to December 31) – 6 months after the date of death
Self-employed individuals (and spouse) – June 15th
Deceased (January 1 to December 15) – June 15th
Deceased (December 15 to December 31) – 6 months after the date of death
Trusts – 90 days after year
Corporation – 6 months after corporate year