Changing from a Private Corporation to a CCPC. Can we switch for 2018 and going forward? What are the negative impacts this may have in the long run?

Alberta2015 · ‎October 30, 2019

We are a small business, incorporated a few years ago. Always selected private corporation on our business tax return but found that we meet all the criteria of a CCPC. It would be an advantage for us to use the small business deduction but can we make the switch with no repercussion or penalties? What are the disadvantages/negative impact this could have on our business? Need a little guidance in making this decision. Thanks.

william_newfeld · ‎October 30, 2019

Hello,

This is a question more geared toward the fiscal portion of the return and do not wish to lead you in error, i would suggest contact the CRA tax tip line in order to better understand the advantages and disadvantages the CRA tax tip line phone is 1-800-267-6999.

Alberta2015 · ‎October 30, 2019

Thank you for the advice.

Changing from a Private Corporation to a CCPC. Can we switch for 2018 and going forward? What are the negative impacts this may have in the long run?

Self-employed

Self-employed