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Professional Corporations in Ontario with a Lawyer

Unlock the Benefits of Professional Incorporation with Our Corporate Lawyers

Are you a professional in Ontario considering incorporating your practice? DiMinno Rizzi In Association specializes in guiding professionals through the process of establishing professional corporations. Our expert corporate lawyers understand the intricacies of the Ontario Business Corporations Act and can help you navigate the complexities of professional incorporation.

Why Choose a Professional Corporation in Ontario?

Incorporating your professional business brings numerous advantages, including:

  • Limited Liability Protection: Safeguard your personal assets from business liabilities
  • Tax Benefits: Take advantage of tax deferral opportunities and potential small business deductions
  • Income Splitting: Explore options for distributing income among family members
  • Lifetime Capital Gains Exemption: Potentially qualify for significant tax savings upon sale of your business

Learn more  about the advantages of a professional corporation. 

Understanding Professional Corporations in Ontario

Professional corporations in Ontario are governed by specific regulations that differ from standard Ontario corporations. As a professional, you need expert guidance to ensure compliance with both the Ontario Business Corporations Act and the rules set by your governing body.

Key Considerations for Professional Corporations

Professional corporations in Ontario are governed by specific regulations that differ from standard Ontario corporations. As a professional, you need expert guidance to ensure compliance with both the Ontario Business Corporations Act and the rules set by your governing body. 

For example, if you are a realtor, you must follow the Trust in Real Estate Services Act to create a Personal Real Estate Corporation (PREC). For medical professionals, you must follow the Regulated Health Professionals Act, and so on.

 

Click here for our FREE decision guide for those contemplating professional incorporation. 

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our professional corporation services

At DiMinno Rizzi In Association, we offer comprehensive services for professionals looking to incorporate in Ontario:

  • Guidance on professional corporation regulations mandated by your applicable governing body (e.g., Law Society, College of Physicians and Surgeons)
  • Assistance with business name registration and obtaining a Certificate of Authorization
  • Structuring your newly formed professional corporation to maximize tax benefits
  • Advice on professional liability insurance requirements
  • Strategies for transitioning from a sole proprietorship to a professional corporation

Why Choose DiMinno Rizzi In Association for Your Professional Corporation?

What Sets Our Incorporation Services Apart

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What Our Clients Say

  • “I have met many lawyers on my decades long real estate journey, and Antonio DiMinno is
    definitely one of the top attorneys I have come across. If you are serious about business, you have to give him a call!”

    Danielle Chiasson
    Real Estate Investing Company

  • “Best startup lawyer. I’m going to recommend him to all my friends. Helped me a ton with exiting my business.”

    Matthew Wong
    Technology Start-Up Owner

  • “Antonio assisted me in drafting service agreements for my consulting business. He understood my specific concerns and ensured that the agreements properly protected my interests. I recommend Antonio for your business’s legal needs!”

    Meghal Khakar
    Consultant Business Owner

Why Clients Choose DiMinno Rizzi In Association

Bespoke Service

Personalized, tailored, and business-savvy legal solutions.

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Ridiculous Value

We don’t compete on price, we compete on value. We guarantee you will get the best value for your money. Period.

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Invested in Your Success

Timing is everything, especially in business. We aim to be your long-term legal partner. Your success is our success.  

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We Walk the Walk

Unlike most lawyers, we are entrepreneurs and investors ourselves. We understand the practicalities of business.

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Clear - No Bs!

We explain the law in plain English. Practical, clear, and straight-forward advice for business owners by business owners. 

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Access to Our Roladex

When you hire us, you get plugged into our network of vetted professionals, business owners, and investors. 

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Take the First Step Towards Professional Incorporation

Don’t navigate the complexities of professional incorporation alone. Contact DiMinno Rizzi In Association today for expert guidance on establishing your professional corporation in Ontario.

For a limited time, we are offering free consultations. Don't miss out!

BOOK A FREE CONSULTATION

Frequently Asked Questions

What professions are eligible to form a professional corporation in Ontario?

In Ontario, professionals eligible to form a professional corporation include doctors, dentists, lawyers, accountants, veterinarians, engineers, architects, and psychologists, among others. Each profession is regulated by its respective governing body, which sets specific rules for incorporation. Contact us for guidance on your profession’s eligibility.

How long does it take to incorporate a professional corporation in Ontario?

The process of incorporating a professional corporation in Ontario typically takes 1-2 weeks. This timeline includes preparing necessary documents, obtaining approval from your regulatory body, and filing with the government. Factors such as the complexity of your structure and regulatory body’s processing time can affect the duration.

What are the annual filing requirements for a professional corporation in Ontario?

Professional corporations in Ontario must file an annual corporate tax return, financial statements, and an Annual Return with the Ministry of Government Services. Additionally, you must renew your Certificate of Authorization with your regulatory body annually. Specific requirements may vary by profession. We can assist with compliance.

Can I have multiple professionals in different fields within one professional corporation?

Federal corporations in Canada must file annual returns, maintain a registered office, keep corporate records up to date, file tax returns, and hold annual general meetings. They must also update Corporations Canada about any changes to directors, registered office address, or articles of incorporation. Compliance with the CBCA is ongoing.

What are the tax implications of incorporating my professional practice in Ontario?

Incorporating your professional practice in Ontario can offer tax advantages, such as the small business deduction, income splitting opportunities, and tax deferral. However, the specific benefits depend on your individual circumstances, income level, and how you structure your corporation. Consult with us and a tax professional for personalized advice.

What are the insurance requirements for a professional corporation in Ontario?

Professional corporations in Ontario typically require professional liability insurance, also known as errors and omissions insurance. The specific coverage requirements vary by profession and are often set by the regulatory body. Additional insurance types, such as general liability or property insurance, may also be necessary. We can advise on your profession’s requirements.

Can my Ontario professional corporation operate in other provinces or countries?

An Ontario professional corporation is generally limited to practicing within the province. To operate in other provinces or countries, you may need to establish separate entities or obtain additional licenses. Cross-border practice often involves complex regulatory and tax considerations. Consult with us to explore your options for expanding your practice.