An incorporation is a legal process wherein a business entity is legally created in order to protect the owner(s) of the business from legal liability. The incorporation is governed under Provincial or Federal laws under which the corporation was established.
We will determine which is the appropriate regulations of your jurisdiction and governing body that regulates your profession. There are advantages to incorporating your business, but it isn’t necessary for everyone. Contact us to discuss if this is to your advantage.
In many cases, a professional body will permit their members to register their business as a Professional Corporation. Similar to a regular incorporation, this entity is restricted to providing specific types of professional services as is outlined by the profession regulators. Some of the professions that fall under this category are accountants, doctors, dentists, lawyers, chiropractors, pharmacists. For additional information, contact us to discuss.
Personal Real Estate Corporation
Effective October 1, 2020, realtors in Ontario are now able to incorporate and earn income through a Personal Real Estate Corporation (PREC). This provides new tax and income splitting opportunities for realtors. Contact us to find out if this is right for you.