Looking for a Canadian accountant familiar with corporations

Looking for a Canadian accountant familiar with corporations

Investor · Calgary, Alberta · Member since 2016 · 168 posts · 123 votes

Hi, I'm hoping someone in the realm of BiggerPockets is a Canadian accountant, or has a good suggestion for one in the Calgary area, that I could ask a few questions to. I have a corporation that's already set up, but never been used. I would like to use it now (assuming this is the better option over just going with my personal name?) and I am anticipating needing to move about $50k from my personal account into this business. Is it as simple as setting up a small-business bank account and doing a transfer? What are all the tax implications? What are the tax rules surrounding "paying back" the 50k to my personal self? What are the income taxes when income comes into the business, and is it taxed again if it gets moved to my personal name? How do I set this up properly to start with so it doesn't cause issues down the road?

I know relatively little on this topic, so any suggestions or answers are appreciated! :-) thanks!

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  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    8y

    @Brianne H.

    Finding an accountant with real estate experience in Calgary should be easily achieved. You could try contacting the a local REI group or apartment owners association for a list of names. However, any accountant who practices business accounting should be able to help you get started.

    In the interim, you might pick-up and read a copy of George Dube and Steven Cohen's "Legal, Tax and Accounting Strategies for the Canadian Real Estate Investor" as a primer on the subject.

  • Accountant · Ottawa, Ontario · Member since 2013 · 55 posts · 12 votes
    8y
    @Brianne H. Hi Brianne- feel free to reach out if you still have any questions. Elliott
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