★ SOLE PROP vs CORPORATION · CANADIAN TAX MATH

Incorporate at $100k profit. Stay sole prop below.

The math typically tilts toward incorporation around $100k of profit. Below that, sole prop simplicity wins. Above, the Small Business Deduction (9% federal + ~3% provincial = ~12% corporate tax) beats your 30%+ personal rate. Here's your decision tree.

★ TAX COMPARISON ★

Sole Prop vs Corp · your numbers

Province

SOLE PROPRIETORSHIP

Profit$120,000
Personal tax (~35.0%)$42,000
NET TO YOU$78,000

CORPORATION

Salary to you$80,000
Retained in corp$40,000
Personal tax (salary)$17,600
Corp tax (~12.2%)$4,880
NET (PERSONAL + CORP)$97,520

✓ CORP SAVES

$19,520/yr

Recommend incorporation if savings > setup + annual accounting cost (~$1.5k/yr).

★ INCORPORATE

At your numbers, incorporation saves enough to justify $200-500 setup + $1-3k/yr accountant. Plus you get limited liability.

★ 8 DECISION FACTORS ★

Beyond tax math

Revenue / Profit
SOLE PROPBelow $80k
CORPAbove $100k
Liability Exposure
SOLE PROPLow (consulting)
CORPHigh (products, employees)
Income Need
SOLE PROPNeed all profit personally
CORPCan retain earnings
Setup + Annual Cost
SOLE PROP$0 + simple T1
CORP$200-500 setup + $1-3k/yr
Tax Filing Complexity
SOLE PROPJust personal T1
CORPT2 corp + personal T1
Selling the Business
SOLE PROPSell as assets
CORPSell shares · $1M+ LCGE
Multiple Owners
SOLE PROPEach owner = own sole prop
CORPShares · clear ownership
Credibility / Brand
SOLE PROPPersonal name
CORPInc / Ltd / Corp suffix
★ HOW TO INCORPORATE ★

5 steps · 1-2 weeks

1Choose: Federal or Provincial

Federal: do business anywhere in Canada · cost ~$200 · more credibility. Provincial: $200-450 · only that province.

2Name search + reserve

NUANS search ($30-50) ensures your name is unique. Or use a numbered company (e.g., 1234567 Canada Inc.).

3Articles of Incorporation

File articles + initial registered office address + initial directors. Online via Corporations Canada or provincial registrar.

4Get your CRA Business Number

Auto-assigned after incorporation. Register for GST/HST, payroll, corp tax accounts as needed.

5Open corporate bank account

Separate from personal. Required by law for legal liability protection. Take incorporation docs to bank.