Personal Services Corporation

Read more about the article Personal Services Corporation-What You Need to Know
Corporations / Tax Planning

Personal Services Corporation-What You Need to Know

If you are an IT consultant or work on a contract basis, you should be aware that in October 2012, the government increased the tax rates for personal services corporations by 13%! This change in the tax rate and the recent focus on IT contractors by the CRA can have a dramatic effect on your business if you fall into…

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February 5, 2013
Read more about the article Consulting Corporations Beware
Business

Consulting Corporations Beware

If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…

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June 15, 2012