Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Incorporating your self to become a contractor

MoneyGuy · 11-30-2007, 04:18 PM

I'm a financial planner and I've incorporated myself. I had a lawyer do it for me 'cause I didn't have the time. It was a little pricy that way. Doing it yourself isn't all that hard

. I advise clients on this kind of thing. Generally, there are two basic reasons to incorporate: for the limited liability and for the ability to keep money inside the corp at corp tax rates. Unless you have a sizable sum of money after expenses (an accountant can tell you how much, but for most people it's probably somewhere around 30-40K or more each year) then the second reason doesn't really apply to you. For the limited liabilty, there would be benefit there for a contractor. I know there is at least one lawyer on this site who may be able to comment on that.

There are annual costs of usually a few hundred a year even if you incorporate yourself, so keep that in mind.

11-30-2007, 04:18 PM	#14
MoneyGuy Franchise Player Join Date: May 2006 Exp:	I'm a financial planner and I've incorporated myself. I had a lawyer do it for me 'cause I didn't have the time. It was a little pricy that way. Doing it yourself isn't all that hard . I advise clients on this kind of thing. Generally, there are two basic reasons to incorporate: for the limited liability and for the ability to keep money inside the corp at corp tax rates. Unless you have a sizable sum of money after expenses (an accountant can tell you how much, but for most people it's probably somewhere around 30-40K or more each year) then the second reason doesn't really apply to you. For the limited liabilty, there would be benefit there for a contractor. I know there is at least one lawyer on this site who may be able to comment on that. There are annual costs of usually a few hundred a year even if you incorporate yourself, so keep that in mind.