Establishing a Professional Corporation

Neufeld Legal PC: Chris@NeufeldLegal.com - 403-400-4092 / 905-616-8864

Professionals seeking to optimize their business operations through corporate structuring and the potential tax advantages that it can provide, need to look at the advantages available through the incorporation of one's professional practice as a Professional Corporation. A professional corporation is a legal construct, much in the way of other commercial companies, though having specific restrictions and obligations as a result of being regulated by the governing professional body, and in turn the provincial statute that has been enacted to permit the profession to structure its business operations into a professional corporation.

So what are the advantages available through a professional corporation. Potential advantages include: reduced corporate tax rates, ability to claim small business deduction, preferred capital gains tax treatment on the disposition of corporate shares including use of life time capital gains exemption, allowing family members to hold non-voting shares so as to facilitate income splitting, and tax deferral opportunities.

At Neufeld Legal P.C., we have the experience and insight to assist you in structuring your professional practice as a Professional Corporation, whether you are a physician, health care provider, dentist, veterinarian, accountant, engineer, architect, lawyer or other professional (provided it is permissible pursuant to provincial law). To schedule a consultation to establish or deal with the operation of a professional corporation, contact tax lawyer Christopher R. Neufeld at Chris@NeufeldLegal.com or call 403-400-4092 (Calgary, Alberta) / 905-616-8864 (Toronto, Ontario).

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