Many independent professionals, in many provinces, as of just recently, may now incorporate. Note the emphasis on many provinces – this is because each province has its own Corporations Act and they can vary widely in the application of their guidelines and regulations. As well many professions have their own provincial licensing body setting out additional rules, regulations, process and forms specifying the procedures for incorporation for a member of that profession in that particular province.

Regulated versus Non-regulated

For non-regulated professions (professions that do not have a provincial licensing body) the process, rules and guidelines of how to incorporate are straightforward. Get tax and accounting advice as to what the business implications of whether to incorporate are, make your decision, and then follow the guidelines set out in the Provincial Corporations Act.

For regulated professions (professions that have a provincial licensing body) the process is more complex. First you should review the guidelines specified by your provincial governing body as to the process and requirements for incorporation (note that these can vary widely between different professions and provinces so be sure to check these first), then armed with this information get tax and accounting advice as to what the business implications are, couple these 2 separate processes into helping you make your decision, and then follow the guidelines laid out in your provincial governing body together with the guidelines laid out in the Provincial Corporations Act.

For more information on “Regulated versus Non-Regulated” click on this link which will open a window to further details.
http://www.cicic.ca/factsheets/factsheet2en.stm#2

The Next Step
If at this point in time you want to investigate further the new opportunities available to incorporate, contact a CA4IP representative who can point you in the right direction to get further information on your provincial governing body as well as gather some brief information from you to assess the worthiness and benefit of whether you should consider incorporating.