Pay less tax with incorporation

August 9th, 2009

I decided to retire early and start a small business that I can call my own. It started out as a small arts and crafts business which turned out to be profitable. I never intended to venture in the jewelry making business as it started out as a hobby and gifts for my friends to make it personal.  I would make different designs of jewelry made out of beads and show it off to my friends. Some of my friends loved my design and suggested that I go into business. Since my business is growing I decided that I need to take advantage of the tax benefits that is available for corporations. I decided that I have to go through Incorporation in Ontario so that I can earn more and pay less tax. Now I have more capital to expand my business.

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