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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?
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.
‎October 30, 2019
7:34 PM