– Income tax 15% on the first $47,630 of taxable income, plus. 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus.
– VAT rate in Canada is the Canadian Federal GST of 5%
– Since only 50% of capital gains are included in taxable income, the marginal tax rate for capital gains is 15.25%, or 50% of the marginal tax rate for ordinary income and due to the dividend tax credit, the marginal tax rate for eligible dividends is just 7.56%.
Company formation in Canada and license application.
– Incorporation of the company
– Legal address in Canada for a year
– Registration with FINTRAC until obtaining full authorization
– Development of full package of inter AML policies and procedures (including AML Policy, Compliance program, KYC/KYB requirements, Ongoing monitoring requirements, Transaction reporting requirements, Compliance training program)
– Contact person for obtaining documents from the register for a year (company secretary)
– Power of attorney (translation, notarization)
– The act of registering the company at the notary
– State duties
– Bank account assistance
– Trademark registration
– Accounting. Fees depend on the number of transactions and general workload
Company formation – 5 weeks
Pre-registration with FINTRAC – up to 3 weeks
Registration with FINTRAC – up to 4 weeks
License obtainment – 2 month
Bank account opening – 7 weeks
The license issuer is Financial Transactions and Reports Analysis Centre of Canada.
List of requirements for the project implementation:
• Apostilled/Legalized copy of the passport of all the participants;
• Apostilled/Legalized Power of Attorney from all the participants to register a company;
• Apostilled certificate of criminal record from all the participants’ place of citizenship;
• Power of Attorney from the directors to employ people and to apply for the licenses;
• CV’s from all the participants;
• AML rules and procedures;
• Recommended initial share capital 10.000 USD;