June 2016 we sent out an alert regarding the changes in the
Income Tax Act which stated that the tax advantages of a common
corporate structure used by professionals, using two professional
corporations, will be eliminated for fiscal years starting after
March 22, 2016. As a result, we recommended that professionals
using this structure consider amalgamating their professional
corporations. It is now to time look into starting this
To amalgamate two professional corporations for the new year,
prior authorization will need to be obtained from your regulating
body and documents will need to be filed before January 1, 2017.
While January may seem very far away now, given we anticipate many
professionals will be seeking to amalgamate their professional
corporations given the new tax rules, we recommend you start the
process as soon as possible to ensure there is enough time to
prepare all the necessary documents and obtain all the necessary
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Join Teresa Haykowsky for a two-day legal workshop aimed at Chief Education Officers / Superintendents of Schools, School Directors, and senior school board officials (Deputy and Assistant Superintendents, Directors of Human Resources), school board trustees and Board Chairs.
Who Should Attend: This workshop will be of interest Board Chairs and individual school board trustees, directors of Charter schools and independent schools, Chief Education Officers, School Directors, Secretary Treasurers, and senior central office personnel (including Deputy/Assistant Superintendents and Directors of Human Resources, and Corporate Secretaries).
Who Should Attend: This seminar is designed for in-house counsel and human resource professionals and any employer interested in learning more about current topics in human rights, workplace accommodation and the adjudication of workplace disputes.
Alberta is going through a difficult economic period. These times can be challenging and while owners struggle to get their business through the rough patch, they want to preserve the assets and capital they have built up.
Recently, I was contacted by a small business owner who had an unpleasant conversation with a CRA collections officer about an outstanding GST/HST assessment against his small company (of which he was a director).
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).