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I have been shopping around for accountants that have history with incorporating amazon authors. So far, I've received one quote so far.

She is charging around 1200 - 1500 to set up the incorporation then it would be around 2k per year to file yearly.

From other experienced Ontario author's, does this price sound reasonable to you?
If anyone that has experience with a great account in Ontario that does incorpations, would you please refer them to me in the thread or through pm? I would really appreciate it.
 

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What am I missing? My wife & I have been FT Indies since 2013 and we've been running our biz as sole proprietors. We do the deductions etc and pay our taxes upon filing each year. (Live in Kingston). What are the advantages of setting up a corp?
 

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What am I missing? My wife & I have been FT Indies since 2013 and we've been running our biz as sole proprietors. We do the deductions etc and pay our taxes upon filing each year. (Live in Kingston). What are the advantages of setting up a corp?
There are some personal liability and tax benefits when you incorporate.

I'm a sole proprietor as well and handle all business income and HST taxes on my own. (I'm in the GTA)
 

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Sorry but the truth is that setting up a corp doesn't really totally shield you as some would like you to believe. The govt will still go after the shareholder. Some people use a corp to defer taxes but, there is a cost benefit that should be assesed.

The cost for all the compliance stuff at $2k is probably the Toronto market price.

I question the advice you may have been given. You can run it is as a business without incorporating. Corporate tax returns cost a minimum of about $1,500.
 

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Sorry but the truth is that setting up a corp doesn't really totally shield you as some would like you to believe. The govt will still go after the shareholder. Some people use a corp to defer taxes but, there is a cost benefit that should be assesed.

The cost for all the compliance stuff at $2k is probably the Toronto market price.

I question the advice you may have been given. You can run it is as a business without incorporating. Corporate tax returns cost a minimum of about $1,500.
Wow. I established single member LLC) in the U.S. myself for $125.00 and file a Schedule C each year. That's it. I'd check out how to do it yourself before putting down that kind of money.
 

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I have been shopping around for accountants that have history with incorporating amazon authors. So far, I've received one quote so far.

She is charging around 1200 - 1500 to set up the incorporation then it would be around 2k per year to file yearly.

From other experienced Ontario author's, does this price sound reasonable to you?
If anyone that has experience with a great account in Ontario that does incorpations, would you please refer them to me in the thread or through pm? I would really appreciate it.
That's roughly what i was quoted a few years back. $1500 to setup, $2k a year to file.

I turned it down after advice from another accountant.

You really aren't saving taxes, you are only deferring and if your income goes up and down, there really is no point unless you want some form of protection. Most loopholes have and are being closed.

The tax man gets it now or later. But he gets it.

I just pay whatever im required each year and pay my account around $500 a year to file for myself and family.
 
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