Professional Corporation in Ontario
There are a number of professions in Ontario that entitle their members to practice their profession through a corporation, also known as a professional corporation. A professional corporation in Ontario allows the incorporating professional to access favourable tax and corporate benefits.
Who Can Incorporate?
If you are a practicing member of any of the following professions, you may qualify:
- Lawyers and Paralegals
- Other Health Professionals
- Social Workers and Social Service Workers
Profession incorporation has been available in Ontario since 2001. Since that time many professionals have formed professional corporations to reduce their taxes and preserve their wealth.
Why Professional Incorporation?
The three main reasons for professional incorporation in Ontario are: