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Updated about 7 years ago on . Most recent reply

User Stats

168
Posts
123
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Brianne H.
  • Investor
  • Calgary, Alberta
123
Votes |
168
Posts

Looking for a Canadian accountant familiar with corporations

Brianne H.
  • Investor
  • Calgary, Alberta
Posted

Hi, I'm hoping someone in the realm of BiggerPockets is a Canadian accountant, or has a good suggestion for one in the Calgary area, that I could ask a few questions to. I have a corporation that's already set up, but never been used. I would like to use it now (assuming this is the better option over just going with my personal name?) and I am anticipating needing to move about $50k from my personal account into this business. Is it as simple as setting up a small-business bank account and doing a transfer? What are all the tax implications? What are the tax rules surrounding "paying back" the 50k to my personal self? What are the income taxes when income comes into the business, and is it taxed again if it gets moved to my personal name? How do I set this up properly to start with so it doesn't cause issues down the road?

I know relatively little on this topic, so any suggestions or answers are appreciated! :-) thanks!

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