Incorporating Your Business

All Canadian provinces have provisions of law that allow for the lifting of the corporate veil, in the event that the actions of the corporation reveal fraud, misrepresentations, and bad faith.

The corporate veil is lifted for such liability as deductions at source, GST, PST or HST remittance, and several months of employees’ salary. Therefore, a director may be held personally responsible for the actions of the corporation if these actions prove to be illegal and/or immoral.

In conclusion, the adventure of becoming a business owner can change your life and give you control of your career. However, operating through a corporation is highly recommended, and could make the difference between business success and failure.

ARB Team
Arbitrage Magazine
Business News with BITE.

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