What is a Personal Service Corporation?

Tax advantages are one of the primary reasons individuals incorporate their business, but if the CRA classifies your business as a "Personal Service Corporation" it may set you back. In a previous article, we outlined the benefits and drawbacks of incorporating your small business. Incorporating your business not only saves money during tax season but also protects your personal assets and reduces your liability. However, as a one-person company, the ramifications of incorporating are huge. A Personal Service Corporation tax [...]

Should you incorporate your business?

Should you incorporate your business? Incorporating is a major business decision. With pricey setup fees, paperwork, and regular reporting, it isn’t a straightforward choice to make. Yet some businesses feel the legal and tax advantages, along with other pros, outweigh the cons. Other business owners may not find it beneficial, especially with the work required to remain legal. However, if you would like to know if you should incorporate your business, we will walk you through it. When forming [...]

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