Corporation Owned Rental Property
I'm looking at the possibility of incorporating a business in Ontario to own a rental property with a few others. While I understand the pros/cons, I wanted to see if I am missing something in what our corporation duties are (in comparison to personally owning). If it helps, we would not be taking any payments/dividends from the corp for many years and can tackle that issue later. Anything I am missing:
- Accountant to file year end taxes. Will use QuickBooks to keep track of our statements unless I can just keep track myself in excel.
- Ontario Incorporation fee
- Opening a corporate bank account
I don't personally think a lawyer is necessary (for the corp set up but will use for the house purchase obviously) but I'm happy to hear differing opinions on the value. Is there anything else I am missing if we go this route?