Starting a business is both exciting and laborious. One of the first steps in starting a business is selecting between the three main business structures available in Ontario, a) Sole Proprietorship, b) Partnership and; c) Corporation. The following will guide your selection process, but it is always recommended to discuss your specific situation with both an accountant and a lawyer before proceeding further.
When you earn less income, you wish that you made more. When you earn more, you wish that you can keep more. Ontario, Canada is hands down one of the best places to live and raise a family but it’s also home to one of the highest marginal income tax rates in the world. The ability of Ontario real estate salespeople and brokers to form Personal Real Estate Corporation (PREC) under the Trust in Real Estate Services Act, 2020 (“TRESA”), as of October 1, 2020, may help those that earn more.
Buying your first home can be very stressful. In order to protect your legal interests, it is highly recommended to contact a lawyer as early in the transaction as possible. If you need answers immediately, we have compiled and answered the top 5 questions that we get asked by first time home buyers in our legal practice.