Every small business strives to successfully grow, flourish, and succeed for years, decades, and potentially centuries. By incorporating your business, you can reap the benefits of continuity.
Corporations continue to exist regardless of the death of a shareholder. Even if the ownership of the business evolves, or a shareholder potentially leaves, you can rest assured that the corporation will go on.
This is one of the most advantageous benefits of incorporating your business.
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3. Tax and Income Benefits
Corporations often enjoy a lower tax rate. Consequently, you can save and defer taxes. Your business may also qualify for federal SBD (small business deduction).
In addition, you can benefit from the LCGE (lifetime capital gains exemption), which allows owners to sell the Shares of Qualified Small Business Corporation and enjoy an impressive gain (sans tax) upon selling.
At Duggal Professional Corporation, we’re your go-to accounting, tax, and business advisors in Edmonton.
Need a hand? Reach out to our experts for year-end financial reporting, tax compliance and filing, payroll, business consultancy and reporting, bookkeeping and GST filing, and start-up requirements and planning services. By covering all the bases, we help your business succeed in the long run.
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