Form a BC Canadian company for $351.50 CAD and $43.39 CAD yearly fee (opens in new tab)

The Canadian government's tax website is the same. I'm one of those really rare cases of someone who makes his money outside of the country but still wishes to maintain my Canadian residence, contribute to Canadian savings plans, and pay Canadian taxes when called for. Come tax time (or any other time when I need to access such websites), I'm usually staying up late in order to make it onto the website. And it's usually a worknight that I have to stay up late. Ah, still better than I would have expected in the past, won't complain too much. :)

It comes down to liability in the event of an unsuccessful lawsuit:

Sole proprietorship - your personal assets may also be taken

Incorporation - only business assets are generally liable if insured accordingly

Corporations were formed so that trading merchants and ship captains didn't have to pay out when their lucrative expeditions killed off sailors and handlers.

https://www.ribbonfarm.com/2011/06/08/a-brief-history-of-the...

Generally speaking, incorporating as an individual doesn't save you much in the way of tax unless you get creative. It does give you the ability to defer income which in turn defers some tax.

On the downside, there is much more paperwork and expense from lawyers and accountants.

Source: after being incorporated in BC for 11 years I decided to go back to employee status.

I'm thinking of something similar. Very curious if you would provide updates on your final decision. I understand the basic advantages of incorporating (lower tax rate and limited personal liability if things go poorly). Curious what the advantages of going sole proprietorship would be if the costs of doing incorporation are this low.