If you’ve already incorporated your business, you are likely benefiting from some of the advantages of incorporation, including limited liability, tax deferral of funds reinvested in your business and the ability to initiate family planning. Your incorporated business may stand to benefit even further if it is considered a small business corporation.
Here are four reasons why you want to ensure your corporation attains and maintains its status as a small business corporation (SBC) or qualified small business corporation (QSBC).
Helping you reach your long-term financial goals is our priority at Grant Thornton. When done in advance, tax planning can both support and guide your decisions in a way that will maximize returns and help you avoid unexpected pitfalls. For more information, contact us.