I want to open a small corporation in Ontario providing IT contracting services to banks. I will be the only employer/owner of this.

Where can I find details about how much taxes I need to pay, what can be deducted as expense, what is the best way to pay myself (salary/bonus/dividend etc) ?

Is there a brochure put out by Canada revenue agency on this?


The Canada Revenue Agency does indeed put out just the guide you want. It's at http://www.cra-arc.gc.ca/E/pub/tg/rc4070/rc4070-e.html - you should always take a good look at URLs to make sure they're really from the government and not from some for-profit firm that will charge you to fill out forms for free services.

It covers ways to structure your business (probably a sole proprietor in your case), collecting and submitting GST or HST, sending in payroll remittances (if you pay yourself a T4 salary), and income tax including what you can deduct.

It's a great place to start and you can use it as a source of keywords if you want to search for more details.

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