Professional Incorporations

Professional Incorporations – Continued #123

Legally Speaking

By Gerry Neely B.A. LL.B The response to the previous column discussing the lower rate of tax paid by a corporation carrying on an active real estate business confirmed that while everyone agrees that the federal deficit is too high, no one wants to be first in line to reduce it. The response also warrants

Professional Incorporations #122

Legally Speaking

By Gerry Neely B.A. LL.B As a result of changes in legislation, lawyers may now join the ranks of businessmen and other professionals who are allowed to incorporate their businesses or practices. Individual lawyers are now deciding whether the advantages of tax deferral, income splitting, estate planning, capital gains exemptions and potentially greater expense deductions