Archive for 2013

Ontario Land Transfer Tax for Commercial Properties

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Ontario Land Transfer Tax for Commercial Properties

To calculate the total LTT payable for Commercial properties, on the purchase price, use the following chart:

0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $250,000
plus 1.5% of the amount in excess of $250,001

The tax on residential properties is calulated as below:

0.5% amounts up to and including $55,000
1.0% amounts exceeding $55,000 up to and including $250,000
1.5% amounts exceeding $250,000
2.0% amounts exceeding $400,000 where the land contains ...

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Key Features of PC

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Key Features of Professional Corporations

Ensuring professional liability is not limited by incorporation:

In general, the corporate form insulates shareholders in their personal capacity from corporate liability. The professional corporation provisions ensure that personal professional liability of those professionals who choose to operate their practices through a professional corporation will not be limited.

Role of professional governing bodies:

The governing bodies of regulated professions will be responsible for the certification or licensing of professional corporations that fall under their jurisdiction. In addition, the governing ...

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Corporations for Professionals

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There are a number of profession organizations in Ontario that allow their members to practice through a corporation and to benefit from the special tax rules that apply to professional income earned in a corporation. Some of the professions which qualify include:

  • Lawyers and Paralegals
  • Physicians and certain other health professionals
  • Dentists
  • Veterinarians
  • Pharmacists
  • Architects
  • Engineers
  • Chartered and Certified General Accountants
  • Social workers and social service workers

Key Features

  • Professional corporation must be certified by the respective governing body.
  • A professional corporation does not limit professional or malpractice liability.
  • There are restrictions on who ...
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