Incorporating your practice is a complex issue requiring a detailed analysis that takes into account your age, your career prospects, your saving capacity and the regulations of your professional order.
An informed decision
Depending on your situation, incorporation may be an attractive option, particularly when you are in the savings phase and you are able to split your income with family members. But is it right for you?
Practising within a company
Practising your profession within a company can offer substantial tax advantages, but it can also have some drawbacks. Incorporating your practice will require disciplined management of your business. Ongoing monitoring with your accountant and your Wealth Management Advisor will be essential to the sound administration of your financial wealth.
Legislative provisions and professional regulations
In Quebec, the incorporation of professionals is governed by Bill 169 and the various regulations adopted by professional orders. Before incorporating, it’s important to check with your professional order concerning the conditions that apply to your situation. An experienced advisor can help you with this process.