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smart tax planning ... improves your bottom line!
JRPCis a Toronto based Chartered Accounting (CA) firm offering a wide variety of accounting, tax, financial and planning services to its diverse range of clients, including assistance with incorporating professional service firms. Being an incorporated professional service entity itself, JRPC has guided many professionals in setting up their initial corporation thus providing a path for saving taxes while helping to minimize expenses and maximize returns.
JRPC caters to a wide range of professionals and has helped many individuals achieve their financial goals. Incorporating has helped many of our clients accumulate wealth by employing various key strategies such as tax-deferral and income-splitting. Our clients include doctors, lawyers, dentists, architects, chiropractors, therapists, and engineers.
JRPC caters to a wide range of professionals and has helped many individuals achieve their financial goals. Incorporating has helped many of our clients accumulate wealth by employing various key strategies such as tax-deferral and income-splitting. Our clients include doctors, lawyers, dentists, architects, chiropractors, therapists, and engineers.
What Is A professional Corporation
A professional corporation provides professional services where a member of a profession governed by its professional body allows its members to practice through a corporation instead of a sole proprietorship or partnership. Each professional governing body has its own set of rules requiring certain formalities to be followed.
Client Comments
"JRPC has been my only accountant since I first started my law firm over 15 years ago. JRPC has always been readily available for my firm in all decision making situations and has aided me tremendously as the firm grew in both staff and business activity. Their advice, in taxation, operations, employee health plans/relations et al., has always been timely, exacting and correct. I highly recommend them, without reservation, to all, regardless of size of operation or type of business."
Owner-manager, Legal Services, 4 employees
Owner-manager, Legal Services, 4 employees
“My business has had the benefit of Jonathan Ruben and his trusted team’s professional advice since the inception of the business. I continue to be impressed by his dedication, knowledge and monthly updates. I would not hesitate to recommend him and always do.”
Owner-manager, Legal Services, 3 Employees
Owner-manager, Legal Services, 3 Employees
"I have wholly relied upon JRPC for all of my accounting and tax needs from the mid 90's as a sole practitioner to present as a medium size firm, along with an operating company and a family trust. Jonathan and his team consistently scores high marks with their responsiveness and suggested value driven strategies for tax deferral and income splitting yielding significant permanent tax savings. I have no hesitation recommending JRPC to professionals and entrepreneurs looking to ally themselves with a CA firm that will focus on the most salient issues and provide concise recommendations on a timely basis, thus facilitating the growth of their practices and businesses."
Owner-manager, Legal Services, 15 Employees
Owner-manager, Legal Services, 15 Employees
"With their guidance, JRPC has allowed me to surpass my goals each year both professionally and personally. My business, personal and family financial goals are met by a team of experts who are there for us 24/7. The personal attention and communication we receive is unlike any other business. Our business and family is blessed to have met such a firm that we can trust 110% not only with our money, but more importantly, our lives. We know we will be able to surpass our goals, meet our family’s future financial needs and retire comfortably with their guidance. Thank you again for your great care of both our business and family."
Owner-manager, health services, 35 employees
Owner-manager, health services, 35 employees
“Since early in my career, JRPC has been a valuable ally in many respects as I grow and develop an operating company and my professional corporation. Their holistic and proactive approach to tax issues and business operations is elite, and enhanced by their timely and efficient communication and follow-up. I recommend them without hesitation to both professionals and those in any field of business.”
Owner-manager, health services, 20employees
Owner-manager, health services, 20employees
Quick Facts
The professional corporation may not carry on a business other than the practice of the profession; however, this shall not be construed to prevent the corporation from carrying on activities that are related to, or ancillary to, the practice of the profession, including the temporary investment of surplus funds earned by the corporation.
In general, incorporating protects shareholders in their personal capacities 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.
The name of the professional corporation must include the words "Professional Corporation" or "Société Professionnelle" and cannot be a number name.
The professional incorporation legislation allows one or more members of the same profession to be shareholders in a professional corporation. All officers and directors of the professional corporation are required to be shareholders of the corporation.
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 bodies will be able to "look through" professional corporations and hold the professional shareholders accountable for their actions.