How to Avoid Paying Taxes on Used Car in BC
If you were to purchase a used car directly from another person you are subjected to part with 12% PST.
Nominee Director
Nominee Director In Canada
A foreigner can’t run a business in Canada if his company has no resident directors. Hiring a local nominee solves the problem. Once you’ve hired one, you can become a director yourself or appoint another executive from abroad.
We provide Nominee director services in Canada for both brand-new companies and existing ones.
Who is Nominee Director?
A local person who puts his name on your papers and shares legal liability.
At least one of your directors has to be a Canada resident. Hire a Nominee — it’s a common and legal practice.
How can you get a Nominee Director for your company in Canada?
Your corporate service provider will also offer a Nominee director service. Taxccount has various packages that include Nominee Director services for a newly incorporated company or existing one.
Are there any risk ?
Hiring a nominee is legal according to Part IXA of Canada Companies Act. So you won’t break any laws.
A nominee director is banned from interfering with your decisions. He doesn’t come to the office, isn’t present at negotiations and has no say during internal meetings. The real directors run the company while the nominee is only there to comply with the law.
What is the benefits
A nominee director in Canada helps meet residency requirements, ensures regulatory compliance, protects owner privacy, and streamlines business operations without affecting ownership control.
Also it can enhance a company's credibility in the local market by providing a trusted local representative.
Why we offer Nominee Services in packages
A Nominee Director in Canada can not make any business decisions. But, if there’s any wrongdoing, for example, the reports are late or incorrect, he shares responsibility. That’s why you have to get an Accounting package with this service.
Does your company need a Nominee Director?
The answer is yes. A local director, meaning someone who is a resident of Canada (either a Canada citizen or Permanent Resident) would need to be appointed before you submit your application to register your company. However, as a foreigner, you can appoint someone to be a director and this would be your nominee director in .
Why is a nominee director needed? If you’re a foreigner wanting to form a company in Canada, you would most likely not be around all the time. The Canada government needs a contact person and someone to be held responsible in case the company is found to be acting irresponsible, for example, not paying taxes, violating corporate laws, etc. Without the rule of having a Nominee Director in place, it would be easy for foreign company owners to take off and leave the company. Hence, the Nominee Directors would have to take the necessary measures to make sure their company is compliant. Nominee directors have to carry out the same duties as regular directors. These include responsibilities like making sure that regulatory filings are submitted on time, ensuring that accounting records and annual accounts are kept up to date.
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What Our Client Say
Taxccount has been our primary tool for several years. They were the crucial component we were searching for! Our entire business has been made simpler by their bookkeeping, and tax season is no longer as difficult. Over the years, the accountants and bookkeepers have all offered us unmatched guidance and tax planning that has helped us save money and time. We anticipate continuing our relationship with Taxccount for many years.
Kris Sharma
We are quite grateful to the accountants at Taxccount. Being a small enterprise, we have got the sufficient finances or time to hire an in-house bookkeeper and we have spent years muddling through on our own. The first month after deciding to work with Taxccount for payroll and accounting services, it was as if a weight had been removed! Since we are involved in providing an ecosystem for businesses, Taxccount’s accounting services come in extremely handy for us and make our job much easier.
Sudhith PD
Our staff now depends heavily on Taxccount’s services. Without them, I can't fathom how well my business would operate. They assisted me in maintaining my highly erratic bookkeeping and organizing it so that when December rolls around, neither my employees nor I would be in a panic. We never imagined that the tax season would go well, but Taxccount made it much easier than in previous years. I can't speak highly enough about their professionalism and experience!
Daljeet Singh Bhatia
For the filing of our company's taxes, we rely on Taxccount’s tax-related services. We discovered that tax filing had suddenly become too hard for us to do alone as our business and workforce expanded. The tax accountants have greatly reduced our amount of taxable income by locating tax benefits for us that we never would have discovered on our own. They collaborated with us all year long to provide advice on potential strategies for long-term tax minimization. We were so pleased with the tax preparation and planning services provided to our business that I asked them to also handle the personal taxes for my family.
Prashant Sharma
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