How you structure and implement your corporate structure can create a significant income advantage in private industry for a variety of professionals. You have some options to consider:
Professional Corporations are popular for the low rate of taxation applicable to these entities, currently assessed at 13.5%
Trusts allow for flexibility in the movement and use of your annual income as well as the investment capital you accumulate over the course of a year. Trusts create a level of autonomy for disbursements through your business, which can be a great advantage for professionals with families. Trusts can also limit the capital gains tax deduction if your business is ever sold.
Holding corporations create a safe and confidential avenue for the accumulation of investment financing to your business to support long-term goals up to, and including, retirement.
Special shares, also known as “limited participation” shares allow for the benefits of income splitting among qualifying family members without the same level of rigor as a trust. This creates the opportunity to achieve a specific limited time distribution of funds, such as when children are in College, without compromising the long term rights to the accumulated money.
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