Q: Hey guy, as a Canadian selling on Amazon us, do I need an EIN number or do I only need to register as a co-operation. Because people were saying that if I registered for an EIN number I will get taxes twice or something. Let me know what you guy did at the beginning. Did you register or EIN or just as a co-operations and pay taxes directly to Canada even though you selling to us customer.
A: EIN is for employees. The reason the say you’ll get taxes twice is because your company (your product’s brand), will get paid, then you’ll pay yourself. Your company has to pay tax, then you have to pay personal tax. Instead, form a corporation. It’s the right way to do it anyways from the start, you’re set as the owner not employee. You’ll not just have a better tax saving strategy but also a layer of protection if someone dies your company.
If you have any more questions about Amazon, please do get in touch so we can assist you in getting the right information.
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