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Business experience report: Passing my first annual resolutions

Posted: - Modified: | business

Because I incorporated my company instead of being a sole proprietor, I need to file annual returns, update my minute book, and have either a shareholder’s meeting or pass resolutions. Since it didn’t make sense to have a meeting by myself, I combined this template for shareholders’ resolutions and sample minutes of a shareholders’ meeting to come up with the resolutions below. (Not legal advice; please go talk to a lawyer if you need one.)

SHAREHOLDERS RESOLUTION OF _________

The undersigned, being all the shareholders of _________, hereby sign the following annual resolutions.

RESOLVED THAT:

1. These resolutions are in place of an annual meeting of shareholders of the company.

2. The financial statements of the company for the fiscal year ended __Date__, are received.

3. __Name__ continues as the director of the company.

4. No auditor be appointed for the current fiscal year of the company.

5. All by-laws, resolutions, contracts, acts and proceedings of the board of directors, shareholders and officers of the Corporation enacted, passed, made, done or taken since __date__ as the same are set forth or referred to in the minutes of the Corporation or in the financial statements submitted to the shareholders of the Corporation on this date are hereby approved, ratified, sanctioned and confirmed. The acts of the Board of Directors since the last annual meeting of shareholders are approved and ratified.

DATED: ___Date___

__________________________________________

__Name__

This week, I’ll file the federal annual return. Another milestone! Maybe next year I’ll learn how to pass resolutions for dividends, or make myself a proper employee of the company so that I can set up a private health services plan.

Business update: Tax update

Posted: - Modified: | business

I filed my taxes on November 2 by myself, since I wasn’t comfortable with the first accountant I hired. It turned out to be not that scary (aside from, well, making really big electronic payments) – I don’t mind balancing books, making sense of GIFI codes, or searching the Quickbooks/TurboTax websites for information.

A little over two weeks later, I received a Corporation Notice of Assessment that said I owed an additional $146, with no interest due if I paid it before December 31, 2012. (Good news: that means my tax payments made it into the correct account!) The difference was in the Ontario tax calculations. It was easy to send in another tax payment through my bank.

Someone from the Canada Revenue Agency has been trying to reach me in order to ask questions about my HST registration. We’ve been playing phone tag for a few days. I called the CRA to follow up on that and ask a couple of questions. I confirmed that I was eligible for quarterly instalments instead of monthly instalments. The CRA agent also pointed out that I needed to take into account that I just wrapped up a short tax year, so I recalculated all of my instalments and set up bigger payments. I double-checked that they don’t mind me overpaying my instalments for a little peace of mind. (I know, funny question! “Is it okay if I send you more money than I need to?”) Whew!

I’d still like to know an accountant whom I can e-mail quick questions or ask to review my books. In a few years, I’ll probably want to start taking money out of the corporation in order to take advantage of the basic personal exemption for taxes, and it would be great to have an accountant help me get that set up properly. In the meantime, it’s good to know that the CRA isn’t all that scary – no be-suited auditors breaking down our door! <laugh>

Submitted my application for Canadian citizenship!

Posted: - Modified: | canada

After allowing a few months just in case there was any doubt about the residency calculations, I’ve finally sent in my application for Canadian citizenship. This is important to me because I don’t want to ever get stuck on the wrong side of an immigration counter, or to sweat over renewals and paperwork like I did before. Both Canada and the Philippines permit dual citizenship, so I don’t have to give up being Filipino (as if that were possible! ) in order to have that certainty. It’ll be nice to be able to vote for bike lanes and libraries. :)

The government website says 80% of applications are processed within 19 months. Time enough to learn history and geography and politics.

I’ve lived in Toronto for a little over seven years now. I’m getting the hang of where things are, and have gotten to the point of also having old friends here. I know! Boggle. The multicultural diversity of Toronto means I don’t feel out of place, although I’m conscious that I don’t hear or speak as much Tagalog as I probably should. Always a little awkward with it even back home, except in the relaxed and freeflowing company of friends, and here, just unexpected conversations at banks and on the street. Facebook and blogs and Skype chats with family, news articles and charity and trips home… If I don’t have those spontaneous connections, I just have to make my own.

All people who move find their own balance.

Work permit reprieve

I was relieved to find out that extending my post-graduate work permit should be straightforward. The Government of Canada had recently extended the post-graduate work permit program from one year to a maximum of three years, although the work permit can’t last longer than the period of studies, so I can renew it for at most another year. It was difficult not being able to look beyond October of this year, and I’m glad that I have a little more leeway now. It’s still probably not going to be enough time to get my permanent residency application completely resolved, but I’ve assembled most of the paperwork and I’m just waiting for two more pieces. Yes, I’ve been remiss, but I’ve been focusing on other things. =) All in good time…