What you NEED to know about corporate taxes in Canada (As an Entrepreneur)

Attention entrepreneurs! Once you start a Canadian corporation there are a lot of tax implications that I was not aware of. Here's what I've learned after 5 years of operating my business MakeYourMarkToday.ca
I shares my mistakes and insights on corporate taxes in Canada after 5 years of running my own business. This episode I discuss my personal experiences and provide valuable tips and advice for fellow Canadian entrepreneurs on navigating the Canadian corporate tax system.
Whether you're just starting out or have been in business for a while, you won't want to miss this informative discussion. Tune in to learn more about corporate taxes and how they can impact your business in Canada.
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Music:
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Liability Disclaimer: www.moneywithmark.ca/disclaimer/
*This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only.

[@MoneyWithMark69]

Get my free cashflow tracking template here: www.moneywithmark.ca/resources/google-sheets-budget-template/#download

[@alysmalls]

Thanks for the vid! Interested in more videos like this and details about the problems you mentioned. I'm a new entrepreneur going through the same frustrations. Thank u for sharing 🙏

[@MoneyWithMark69]

Glad you liked it! I figured other entrepreneurs like yourself would find my struggles entertaining and sometimes informative 😅. What’s your business IG?

[@shashankshekhar2611]

My wife and have a small business since 2019. Here is our take 1. Incorporate 2. Get a local lawyer to provide liability language super clear in the incorp docs( incorp website template is good too) 3. When starting dont rely on interns or students for anything money or customer facing related 4. Get an accountant ( local as they charge less) and make them representative on CRA for the business. 5. Check with city and municipal laws for business licensing 6. Make sure fed, provisonal tax , payroll, gst is all set up ( your accountant will do all that 7. Keep calendar reminders for all the above payments throughout the year 8. Get business insurance 9. Withdraw only what you need to live and through regular paychecks and dividends 10. Never bill anything personal under biz expense, we have never done that and have zero trouble with CRA. 11. Annual book keeping is a real thing and make sure you have a professional take care of it , it doesnt cost much

[@MoneyWithMark69]

I'd take it one step further. Get a CPA not an accountant. That was my mistake.

[@MoneyWithMark69]

I'd take it one step further. Get a CPA not an accountant. That was my mistake.

[@shashankshekhar2611]

@@MoneyWithMark69 agreed, sorry that is what I meant :) good job on the channel, getting a card you have suggested in another video !

[@user-up4ug8jp6k]

Can you do another video on opening your first business and starting it in another tax advantage country?

[@MoneyWithMark69]

Oh great idea!! I'll actually document my journey doing that when I start it in 2024

[@MoneyWithKazeem]

Great video Mark!.

[@MoneyWithMark69]

Thank you!

[@TKGZONE]

so what happened when you miss the deadline or your late on like the gst stuff, and other taxes? Did you get audited or had to pay a fee for late payment or something?

[@MoneyWithMark69]

I did not get audited but I do have to pay interest on it. Luckily the interest is just a general number that they calculate which was a lot less than what I actually owe

[@InvestorDaniel-ek7vi]

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[@EbiaeJacob-sw2yd]

Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong

[@SmithSantos-eh9yj]

Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade

[@HeadquartersCryptosfxtra-mp6pn]

I strongly advise you against self trading, it's really dangerous and had brought so many investors down, you need someone with the knowledge and strategies, someone dedicated to the crypto currency market business and I will strongly recommend expert Mrs Roberta

[@RolandMike-vg7hz]

Wtf, y'all know Roberta's Choi too wow, she’s really a good trader, she’s my portfolio manager, her skills are top notch.didn’t take her for the famous type.

[@NathanielDuke-un3it]

Is her trading service here in Europe ?