There are a number of profession organizations in Ontario that allow their members to practice through a corporation and to benefit from the special tax rules that apply to professional income earned in a corporation. Some of the professions which qualify include:
- Lawyers and Paralegals
- Physicians and certain other health professionals
- Dentists
- Veterinarians
- Pharmacists
- Architects
- Engineers
- Chartered and Certified General Accountants
- Social workers and social service workers
Key Features
- Professional corporation must be certified by the respective governing body.
- A professional corporation does not limit professional or malpractice liability.
- There are restrictions on who ...
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