If I put up my house against a truck loan and incorporate...

Expect 30% as the norm for first time buyer. Base your offers on that. If you have "comparable credit" (other installment loans paid well) you might get a little lower.

 

I am new to trucking but have owned two construction companies. Changes to Incorp and bankruptcy laws have made it less easy to just walk away. Corporations no longer provide an iron curtain between you and the company’s debts/ liability! Incorporation by single individual means that if the company fails, or is sued and becomes liable, debtors have a right to compensation by % of Share holder responsibility. I.E, if you are the sole 100% stock holder in your little company, they can collect against you. Bankruptcy laws no longer allow dissolvement of debt. And just because you put it in your wife’s name does not protect you, your/her assets, as all of your assets are “Joint” assists, by law/marriage.
However! SBA has very competitive loans, for starting a business, especially if you are a “Woman” or other minority! So putting your company in her name IS smart. I would look into it, give them a call!
If you must absolutely use your home, under NO circumstances use it as collateral, as “MedicineMan” stated, all you have to be is 60 days late on a loan, and guess what, there at your door moving you out.
If you MUST, then just take out a home Equity loan, and use that and you get the Tax benefits.
If you want to be really creative, have your wife form a Corporation, and have her take out the home equity loan, then have her “Lease” the truck to you. This gives you and her maximum Tax benefits.
I never owned any equipment in my company, my wife owned it all, and I “Leased” it from her, the lease is tax deductable as an “Operating Expense”, and I got government contract because she was a minority.
Don't forget to get "Unemployment Insurance" on the loan, to protect you if your lose your CDL, Truck, etc!

Shop around! There are lots of banks looking to lend if your credit is good! Take a long look at any Finance company that wants your home as colat!

 

Sorry, Here in the states, We have what is called the SBA (Small Business Administration) who has grants/loans/services to help small business get started and expanded. Their grants/loans are gov. funded, and their rates are very economical. For some minority business they have grants, and you don't have to pay the money back. I think someone else mentioned putting things in your wifes name, and that is where I picked it up. I don't know if Canada has anything like the SBA?

 

Incorporating isn't a foolproof way of protecting your assetts IF you are driving the truck.. YOU can still be sued personaly in a lawsuit.. As the driver of the truck..

Now if you hire someone and put them in that is different.. Piercing the "corporate veil" isn't impossible but harder. It is also more expensive to inc. come tax time.. The accounting and paperwork is more intense.. I pay $750 a year for my accountant to do my taxes..

I suggest you sit down with someone who can weigh all options for you.. You might find it a lot simpler to form a LLC, or sole proprietorship, than a S-Corp.

I had intentions of getting bigger and becoming a small fleet.. That is why I incorporated.. Looking back shouldn't have done it, I never got bigger.. I decided to stay with my 1 truck... Always keep your business seperate from your personal assetts.. I recomend a completely seperate checking account, and try to get business credit and credit cards established so eventualy your business will have the ability to stand on it's own..