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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 ...

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 ...

As a taxation measure granted under the City of Toronto Act,2006, Toronto City Council approved a new Municipal Land Transfer Tax effective February 1, 2008 that will be applied to purchases on all properties in the city of Toronto in addition to the Province’s Land Transfer Tax.

Teranet currently collects the Land Transfer Tax on behalf of the Province of Ontario. The City of Toronto designated Teranet to collect the Municipal Land Transfer Tax when your property transaction is registered by ...