78 - Self Employed Individuals and Income Tax Implications

When you decide to start your own business, you must consider the type of business structure that best suits your needs. The most common forms are either a sole proprietorship or a corporation. Both have different tax benefits and implications. Licensed Insolvency Trustee, Glenn Steiner talks about the differences between sole proprietorship and corporations. The advantages and disadvantages of being a director of a corporation or choosing to be a sole proprietor. Topics covered in this podcast include:Tax filing and source deduction remittances to the CRAPersonal liabilities for debt as a sole proprietor vs a director of a corporationHow incorporating will protect your assets What happens to the company’s debt if the business failsCRA’s Directors Liability can decide you personally owe tax for your businessIf you have a business that is in financial trouble, contact a Licensed Insolvency Trustee. They are considered to be the best financial advisors in the country and the only ones licensed by the federal government of Canada. You can be assured they will give you the best unbiased advice about debt relief options.  About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee. Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.  Additional Resources Allan Marshall & Associates Licensed Insolvency Trustee3 Tax Debt Relief Options: Dealing With the Canada Revenue AgencyCanadian Business Bankruptcies Surge – Support Your Local Small Businesses