Do I need to be a shareholder in a single person corporation (in Ontario)?
I am researching various options as I self incorporate my business. As the incorporator, I am also the only director. Do I need to assign shares to myself immediately?
I haven't yet decided between earning through dividends, or as a salaried employee, but can I start using the money for personal needs, but later decide whether to claim as dividends, or as a salaried employee?
Bonus Question: Can I pay myself as a contractor (I already have an HST account), working under my corporation?
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This is only an answer to the Bonus Question - I just stumbled upon this article:
Can a Shareholder Be an Independent Contractor to Their Own Company?
So, apparently, this has been tried before. I think the gist of it is that:
... the courts will examine the contractual relationship or the behavior of the parties, such as were invoices issued and whether or not the worker registered for GST/HST purposes and made various other filings as an independent contractor.
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