Professional corporations can offer significant tax savings to professionals. We have worked with many professionals and their financial, tax and accounting advisers to incorporate, implementing corporate share structures that not only achieve the maximum tax savings but also provide the most flexibility for changing life circumstances.
Most of our professional clients come to us through the personal referrals of their financial advisors, accountants and professional (i.e. doctor, lawyer, dentist or accountant) colleagues. We are a go-to firm for professionals because we understand and accommodate the busy lives and complex affairs of professionals.
We also understand some of the unique issues applicable to professional working together in practice groups. For example, having worked with various medical practice groups, we appreciate the significance of potential HST and other tax liability for medical practice groups. For these professionals, we’ve developed structures and agreements to plan against unexpected tax exposure.
Members of the following professions are eligible to operate professional corporations:
- Chartered accountants under the Chartered Accountants Act; certified general accountants under the Certified General Accountants Association of Ontario Act; and lawyers under the Law Society Act (responsibility of the Ministry of the Attorney General);
- Audiologists, chiropodists including podiatrists, chiropractors, dental hygienists, dental surgeons, dental technologists, denturists, dieticians, massage therapists, medical laboratory technologists, medical radiation technologists, midwives, nurses, occupational therapists, opticians, optometrists, pharmacists, physicians and surgeons, physiotherapists, psychologists, speech language pathologists, and respiratory therapists under the Regulated Health Professions Act (responsibility of the Ministry of Health and Long-Term Care).
- Social workers and social service workers under the Social Work and Social Service Work Act (responsibility of the Ministry of Community and Social Services).
- Veterinarians under the Veterinarians Act (responsibility of the Ministry of Agriculture, Food and Rural Affairs).
Since business laws changed to permit professionals to incorporate, we have been providing financial legal advice to assist busy professionals incorporate and operate their practices using a corporation structure, alone or within a partnership or association of professional corporations.
If you are a professional under any of the above categories and have not yet incorporated, learn more about incorporating your business or give us a call for a free no obligation consultation regarding the significant tax and other advantages and costs of incorporating your professional practice.
