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WHY SHOULD I INCORPORATE?

Presently a sole proprietor? Working in partnership or as an employee? If so, there are many reasons to consider incorporating your small business. Want to know the benefits of incorporating? Let’s examine what they are!

FEDERAL AND ONTARIO TAX RATES FOR 2014

5% on the first $43,953 of taxable income 22% on the next $43,954 of taxable income (over $43,953 up to $87,907)

UNDERSTANDING YOUR CREDIT REPORT

A credit report has a high level of personal information that is organized according to the following information: 1. The first section included is your personal information like your place of residence. 2. All inquiries on your credit report appear in this section. If you have applied for a credit card, any type of loan or have opened a new account at a bank, this will appear here.

UNIVERSAL CHILD CARE BENEFIT

To help pay for the cost of daycare for younger children, all families are entitled to receive $100 per month for each child under the age of six through the Universal Child Care Benefit (UCCB) program.

CHILDREN’S FITNESS TAX CREDIT

If you have a child under 16 enrolled in an eligible fitness program, you may be able to claim up to $500 of related expenses paid in the year under a non-refundable children's fitness tax credit.

CHILDREN’S ART TAX CREDIT

If you have a child under 16 enrolled in an eligible arts program, you may be able to claim up to $500 of related expenses paid in the year under a nonrefundable children's arts tax credit. Eligible children's programs involve activities that are artistic, cultural, recreational or developmental.