contractor resources and information

getting incorporated

Incorporation is a key requirement for contractors and there are several advantages to operating as a corporation. Your accountant can provide you with more detail on these advantages and tax benefits.

Here are some references to help you get your incorporation done quickly.

1. registering your corporation

Getting incorporated can be done quickly and inexpensively by most lawyers and accountants, you can do it yourself if you visit your local registry office and you can even do it online.

Setting your business up as an independent contractor, registering a business name, incorporating your business, getting a business number - these may all seem like daunting tasks at first. The Government of Canada provides help for budding entrepreneurs on their Canada Business website that will help clarify some of the steps that you should take to set up your new business.

The Incorporators has an online Registry Network that provides entrepreneurs with quick access to their local government office branch for small business registration. Online incorporation can also be done for a reasonable cost.

2. GST registration and remittance

Everyone who gets incorporated must also have a GST registration number. Get all the forms you need to complete the registration as well as a complete list of all other required forms. Apply for a GST number on-line.

To apply for a GST Number via telephone call 1-800-959-5525.

GST/HST NETFILE is a new Internet-based filing service that allows certain business clients to file their goods and services tax/ harmonized sales tax (GST/HST) returns directly to the Canada Customs and Revenue Agency (CCRA) over the Internet.

3. workers compensation board (WCB) insurance

Workers' compensation is disability insurance that provides you and your workers with compensation benefits if they are injured on the job. It also protects a business from lawsuit by your injured workers. In Canada, these are under the jurisdiction of the provincial governments. Depending on the province you reside in you may or may not have to carry worker's compensation. Some of the companies that you may work for may also require that you have worker's compensation. Get your WCB coverage in Alberta, British Columbia or Ontario.

4. comprehensive general liability (CGL) insurance

In the fast paced world today, insurance is a very important element of any business. There are multiple types of insurance to cover many types of risk. In the professional consulting your company must be covered by Comprehensive General Liability (CGL) Insurance. This insurance can cover many different things but generally speaking covers bodily injury and property damage for which you may be deemed to be liable.

State Farm agent Paul Baraniuk Insurance Agency Ltd. will provide you with competitive pricing on General Liability insurance.

You can also call Paul at (403) 251-4577.