The Incorporated Canadian

Ronika Khanna
  • 5.0 (2)
  • Entrepreneurship
  • Semimonthly Series

The Incorporated Canadian is the podcast for Canadian business owners who have incorporated — or are thinking about it. Hosted by Ronika Khanna, CPA, CFA, and founder of Montreal Financial, each episode covers the real questions incorporated Canadians face: how to pay yourself, minimize corporate tax, manage your corporate accounting, and build wealth inside your corporation. Straightforward guidance for the incorporated Canadian who wants to make smarter financial decisions. More resources for incorporated Canadians at https://www.montrealfinancial.ca/corporations

Season 1

  1. Episode 1

    Should You Incorporate? The Pros, Cons and Tax Reality

    Should You Incorporate? The Pros, Cons and Tax Reality One of the most common questions I get as a CPA and financial consultant is whether to incorporate. In this episode I walk through the key considerations so you can make an informed decision. In this episode: What a corporation is and how it differs from a sole proprietorshipLimited liability and when it mattersCredibility, professionalism and access to capitalHow corporate tax deferral actually works — with a real numbers exampleThe lifetime capital gains exemptionThe cons: administration, costs, complexity and lossesResources: More resources for incorporated Canadians: montrealfinancial.ca/corporationsSubscribe to my newsletter: montrealfinancial.ca/newsletter

    Should You Incorporate? The Pros, Cons and Tax Reality

  2. Episode 2

    Just Incorporated? 7 Things to Do in Your First 90 Days

    Just Incorporated? 7 Things to Do in Your First 90 Days You've taken the leap and incorporated your business — congratulations. But incorporation is just the beginning. In this episode I walk through the seven essential things you need to put in place within your first 90 days to make sure everything runs smoothly and you don't end up paying more than you should down the road. In this episode: Why incorporation requires a mindset shiftSetting up your corporate bank account and credit cardChoosing and setting up accounting softwareRegistering for sales taxes (GST, HST, QST)How to pay yourself — salary vs dividends overviewTracking expenses and keeping recordsUnderstanding your tax filing obligationsFinding the right accountantResources: More resources for incorporated Canadians: montrealfinancial.ca/corporationsSubscribe to my newsletter: montrealfinancial.ca/newsletter

    Just Incorporated? 7 Things to Do in Your First 90 Days

  3. Episode 3

    Salary vs Dividends — It's Not Just About Tax

    Salary or Dividends? It's Not Just About Tax One of the most common questions I get from incorporated business owners is whether to take a salary or dividends. But that's not quite the right question. The right question is: what's the best compensation strategy for your business and your circumstances? In this episode I walk through all the factors you need to consider to make that decision well. In this episode: Why the salary vs dividends question is more nuanced than most people thinkCash flow and stability — salary vs dividend differencesTax installments and timingRRSP contribution room and why it mattersCPP and QPP — the forced retirement savings argumentHow your corporate strategy affects your compensation choicePersonal financial goals — FHSA, RRSP, and mixed strategiesWhy Quebec incorporated professionals should pay close attentionThe tax concept of integration and what it means for your decisionResources: More resources for incorporated Canadians: montrealfinancial.ca/corporationsSubscribe to my newsletter: montrealfinancial.ca/newsletter

    Salary vs Dividends — It's Not Just About Tax

  4. Episode 4

    The 4 Tax Obligations Every Corporation Must Know

    The 4 Tax Obligations Every Corporation Must Know When you incorporate your business in Canada, your tax obligations change significantly. In this episode I walk through the four primary tax obligations that apply to all Canadian corporations — so you know what's coming and can plan accordingly. In this episode: Corporate income tax — filing deadlines, year end selection, and why earlier is betterDividends — T5 and RL-3 filing requirements and deadlinesSales taxes — GST, HST, and QST registration rules and when to register earlyPayroll — hiring yourself as an employee and why it might make senseCPP/QPP contributions and RRSP room implicationsQuebec-specific deadlines and rules throughoutResources: More resources for incorporated Canadians: montrealfinancial.ca/corporationsSubscribe to my newsletter: montrealfinancial.ca/newsletter

    The 4 Tax Obligations Every Corporation Must Know

  5. Episode 5

    The Shareholder Loan — What It Is and How Not to Get Burned

    The Shareholder Loan — What It Is and How Not to Get Burned If you're an incorporated Canadian business owner, chances are you have a shareholder loan account — even if you've never looked at it. It's one of the most important accounts on your balance sheet, and if it's not managed correctly, it can result in a significant and unexpected tax bill. In this episode I explain exactly how shareholder loans work and how to stay on the right side of the rules. In this episode: What a shareholder loan account is and how it worksThe two directions — lending to the corporation vs borrowing from itWhy borrowing from your corporation can trigger tax consequencesThe one fiscal year repayment rule — with a real numbers exampleThe series of loans trap CRA watches forHow dividends and salary interact with your shareholder loan balanceQuebec — two sets of eyes on your booksHow to check your balance right now and what to do about itWhy picking a withdrawal strategy is essentialResources: More resources for incorporated Canadians: montrealfinancial.ca/corporationsSubscribe to my newsletter: montrealfinancial.ca/newsletter

    The Shareholder Loan — What It Is and How Not to Get Burned

  6. Episode 6

    Corporate Investing 101: What Every Incorporated Canadian Should Know

    One of the biggest advantages of incorporating as a solo business owner is the ability to invest within your corporation. But the tax rules are different, the planning considerations are different, and there are key concepts you need to understand before you get started. In this episode I give you a clear high-level overview of how corporate investing works in Canada — including why it matters, how investment income is taxed inside a corporation, and the key concepts every incorporated Canadian should know about. What we cover: Why corporate investing matters and who it's forHow investing through a corporation actually worksTypes of investment income and how they're taxed differentlyRDTOH (Refundable Dividend Tax on Hand)The Capital Dividend Account (CDA)Passive income rules and the Small Business DeductionRRSP and TFSA considerationsAre you ready to invest inside your corporation?Want to go deeper? I've put together a masterclass with worked examples, planning considerations, and a full breakdown of the key concepts: learn.montrealfinancial.ca/investing-through-your-corporation-what-every-incorporated-canadian-needs-to-know Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    Corporate Investing 101: What Every Incorporated Canadian Should Know

  7. Episode 7

    5 Decisions You Have to Make Before You Incorporate

    Before you start the incorporation process, there are five key decisions you need to make — and getting them right from the start will save you time, money, and headaches down the road. In this episode I walk you through each decision so you can go into the incorporation process informed and set your corporation up properly from day one. What we cover: Federal vs. provincial incorporation — which is right for youNamed vs. numbered corporation — does it matter?How to choose a corporate nameShare structure and ownership — why you need to think about this carefully at the startChoosing your fiscal year end — and why December 31 isn't always the best choiceFree resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    5 Decisions You Have to Make Before You Incorporate

  8. Episode 8

    Setting Up Your Corporation's Accounting from Day One

    Setting up your corporation's accounting properly from day one can save you real time, money, and cleanup at year end — and it's one of the most common things new corporation owners either skip too long or overcomplicate. In this episode I walk you through exactly how to set it up right, so your books are actually working for you instead of catching up to you. What we cover: - Choosing accounting software — QuickBooks Online vs. Xero, and how to decide - DIY bookkeeping vs. outsourcing to an accountant - Setting up your chart of accounts, including the shareholder loan account - Separating personal and corporate finances — and why it matters more than you'd think - Record-keeping and bookkeeping cadence — what CRA actually requires Free resource: grab my Newly Incorporated Guide, which covers this and more: learn.montrealfinancial.ca/newly-incorporated-guide Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    Setting Up Your Corporation's Accounting from Day One

  9. Episode 9

    What Is a Personal Services Business and Are You at Risk?

    f your corporation looks a lot like a job with a fee attached — CRA might classify it as a Personal Services Business, one of the most expensive classifications a corporation can receive. In this episode, I walk through what a PSB is, the factors CRA actually weighs, and practical ways to reduce your risk. What we cover: What a Personal Services Business (PSB) is and why it mattersThe consequences of being classified as a PSBThe main factors CRA considers: control, clients, independence, financial riskReal examples: a clear PSB case and a clear independent businessGrey areas CRA weighs: revenue concentration, on-site work, the option to subcontractWhat happens if you work through an agencyPractical ways to reduce your riskEvery PSB situation depends on the specific facts of your case. If you want to work through your own, book a Strategy Session: montrealfinancial.ca/services/details CRA Guide – Employee or Self-Employed: canada.ca/en/revenue-agency/services/forms-publications/publications/rc4110/employee-self-employed.html Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    What Is a Personal Services Business and Are You at Risk?

  10. Episode 10

    How to Use AI for Your Small Business Finances (7 Real Use Cases)

    Most small business owners are either avoiding AI entirely when it comes to their finances, or throwing questions at ChatGPT or Claude and hoping for the best. In this episode, I walk through 7 specific ways I use AI in my own practice and with my clients for small business finance and tax related tasks. The episode shows you how save time on bookkeeping, understand financial statements, and make better decisions, along with where you still need to bring your own judgment to the table. What we cover: Turning a PDF bank statement into a usable Excel fileGetting plain-language explanations of financial terms like shareholder loans and retained earningsPreparing for a meeting with your accountant so you're not going in blindAnalyzing your profit and loss statement for trends and changes worth digging intoBuilding a monthly bookkeeping routine and checklistUsing AI as a brainstorming partner for financial decisionsDecoding a confusing CRA or Revenue Quebec letterWhere AI still needs a professional's judgment, and the privacy mistake to avoid when using it with your financial dataMasterclass: if you want to go deeper on all 7 of these, real bank statements, real prompts, real numbers, check out Using AI to Simplify Your Small Business Finances https://learn.montrealfinancial.ca/using-ai-to-simplify-your-business-finances Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    How to Use AI for Your Small Business Finances (7 Real Use Cases)

  11. Episode 11

    GST/HST for Canadian Corporations: What You Need to Know

    GST/HST for Canadian corporations: when you need to register, how the ITC calculation actually works, and how to file your return, plus some guidance on what to do if you're a Quebec corporation. If you're incorporated and generating revenue, this is one of the tax obligations that is essential to understand. This episode walks through it from registration to filing. What we cover: The common myth that incorporating automatically means you have to registerThe $30,000 threshold, and why registering earlier sometimes makes senseWhere you actually register, CRA versus Revenu QuébecHow to claim back GST/HST/QST you pay on your own expensesWhy the tax you collect isn't your money, and what to do with it until you remitHow the filing process and reporting periods workThe extra QST boxes if you're in QuebecCheck out my episode on the Quick Method, which is a simpler way to calculate what you owe, to see if you qualify: https://youtu.be/R2pmIIud1fQ Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    GST/HST for Canadian Corporations: What You Need to Know

  12. Episode 12

    6 Business Expenses Every Canadian Business Should Know (and One You Can't Claim)

    Most business expenses are deductible, but the rules around home office, car, and professional fees each work a little differently. In this episode, I walk through the expenses every business owner should know, including the one expense you generally can't claim. What we cover: Home office expenses and how to calculate your business-use percentageVehicle and mileage log requirements, plus the per-kilometer rate option for incorporated ownersSubscriptions, software, and professional duesPhone and internet expense allocationTraining courses and conferences, and the direct-expense vs. capital-cost distinctionProfessional fees: accounting, legal, translation, registrationThe one expense you generally can't claimWant to go deeper? My masterclass, The Small Business Guide to Maximizing Tax Deductions , covers this in more depth: https://learn.montrealfinancial.ca/the-small-business-guide-to-maximizing-tax-deductions-masterclass I also have a collection of posts on deductible expenses on the blog: https://www.montrealfinancial.ca/deductible-expenses Free resources for incorporated Canadians: montrealfinancial.ca/corporations Sign up for the newsletter: montrealfinancial.ca/newsletter

    6 Business Expenses Every Canadian Business Should Know (and One You Can't Claim)
  • 12 Episodes

Ratings & Reviews

5
out of 5
2 Ratings

About

The Incorporated Canadian is the podcast for Canadian business owners who have incorporated — or are thinking about it. Hosted by Ronika Khanna, CPA, CFA, and founder of Montreal Financial, each episode covers the real questions incorporated Canadians face: how to pay yourself, minimize corporate tax, manage your corporate accounting, and build wealth inside your corporation. Straightforward guidance for the incorporated Canadian who wants to make smarter financial decisions. More resources for incorporated Canadians at https://www.montrealfinancial.ca/corporations

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