As a startup, are you taking full advantage of tax breaks? GlobeBusiness
We all have to pay our fair share of taxes, but we shouldn’t pay more than we are legally obligated to. The Canadian tax system is byzantine and the way in which you carry out a transaction or structure your business affairs can cause you to pay excess taxes.Startup losses can reduce your taxes
So, you start out unincorporated because you anticipate startup losses and incorporate your business once it becomes profitable. Excellent tax planning! Avoid taxes on the transfer of assets into the corporation. Even though you own the corporation, it is a separate “legal person” and you carried out a taxable transaction. That’s unless you consulted with a Canadian tax lawyer who advised you to do the transfer under the provisions of Section 85 of the Income Tax Act, which allows for a tax-deferred transfer of assets by an individual into a corporation. This will avoid any taxes on the transfer into the corporation.
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