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Incorporating a Business in Canada: Corporation vs. Sole Proprietorship

Should you be incorporating your business or should you stay a sole proprietorship in Canada? That's one of the most popular questions I've been getting from all of my different small business and tax videos over the years. And finally, I'm here to provide some answers! I ran my business as a sole proprietorship for 5 and a half years, even though I felt a lot of pressure from other business owners to incorporate. It's now been over a year since I incorporated my business, and I've gotta say, I'm so glad I waited (no regrets!). Although I provide the pros and cons of incorporating, it's really a personal decision and one that working with an accountant can help you figure out. Hopefully, this video provides some insight and helps you make the right decision for you! 📖 CHAPTERS 00:00 Introduction 02:29 My journey from sole proprietorship to corporation 03:25 Benefits of incorporating your business in Canada 08:23 Rule of thumb for incorporating your business in Canada 10:08 How RRSPs can factor into your decision 11:38 Reasons why you SHOULDN'T incorporate 📺 WATCH NEXT    • How to Register a Business in Canada ...      • Self-Employment Pros and Cons: DON'T ...      • Top 10 Tax Write-Offs for Small Busin...   🔗 AFFILIATE LINKS Borrowell https://jessicamoorhouse.com/borrowel... Wealthsimple Trade https://jessicamoorhouse.com/wealthsi... Questrade https://jessicamoorhouse.com/questrad... 1Password https://jessicamoorhouse.com/1passwor... Willful https://jessicamoorhouse.com/willful-aff Ownr https://jessicamoorhouse.com/ownr-aff Rakuten https://jessicamoorhouse.com/rakuten-aff 📌 RESOURCES ➡️ Want read what you just watched? Check out my blog post: https://jessicamoorhouse.com/the-pros... ➡️ Business services & professionals recommendations for Canadians https://jessicamoorhouse.com/favourit... ➡️ Budget spreadsheets if you have a side hustle or are a sole proprietor https://jessicamoorhouse.com 📈 WEALTH BUILDING BLUEPRINT FOR CANADIANS COURSE Learn more about my investing course https://jessicamoorhouse.com/course 💻 BUDGET SPREADSHEETS Download one of my budget spreadsheets to get your financial life together https://jessicamoorhouse.com/shop 📹 MY CAMERA/STUDIO EQUIPMENT Camera https://amzn.to/3WTzOtf Lens https://www.sigmaphoto.com/35mm-f1-4-... Mic https://amzn.to/3Mcg0ww Colour background lights https://amzn.to/3MdYEiU Key light https://amzn.to/3ySPqVW Side lights https://amzn.to/4fKEsTf Backlight https://amzn.to/4dxfa9I Backlight smart bulb https://amzn.to/4dPG2RT MORE ABOUT ME 🙋‍♀️ ABOUT ME https://jessicamoorhouse.com/about 📚 BOOK https://jessicamoorhouse.com/book 🎙 PODCAST https://jessicamoorhouse.com/podcast ✉️ NEWSLETTER https://jessicamoorhouse.com/subscribe 📸 INSTAGRAM   / jessicaimoorhouse   #canada #entrepreneurship #smallbusiness DISCLAIMER & DISCLOSURE The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/