New Year Goals

[Brice Burrell]

Tim that seems good advice. There's a lot of talk of these film guys all incorporating and bragging about how they're able to write everything off and all. It's always seemed a little too good to be true imo and a lot of people weren't really giving the answers to the questions i've had about the whole thing. Having just payed off all my debts I'm in no rush to create a potentially bigger debt pile due to mishandling my income.
PM on the way

Do you guys not have an LLC (limited liability company) option up there?

 

[tiralie]

Tim that seems good advice. There's a lot of talk of these film guys all incorporating and bragging about how they're able to write everything off and all. It's always seemed a little too good to be true imo and a lot of people weren't really giving the answers to the questions i've had about the whole thing. Having just payed off all my debts I'm in no rush to create a potentially bigger debt pile due to mishandling my income.
PM on the way

Do you guys not have an LLC (limited liability company) option up there?

Yes, but my understanding (limited-no pun intended) is that they are not the same as those in the US.
It was some time since I set up my original "company" but essentially all incorporated companies in Canada are defined as limited liability corporations. There are three classes or LLC in Canada. You can incorporate either provincially or federally. Essentially you incorporate in the province of residence unless there is some business or personal reason to incorporate in another and then decide whether you want to incorporate federally.
In Canada an LLC is a separate entity administered by the owners is subject to the same requirements in terms of filing for taxes etc as an individual is. In the case of a corporation you must file financial statements whether you are operating or not.
Tim