topic 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? in Self-employed https://turbotax.community.intuit.ca/community/self-employed/discussion/changing-from-a-private-corporation-to-a-ccpc-can-we-switch-for-2018-and-going-forward-what-are-the/01/930051#M5438 <P>We are a small business, incorporated a few years ago.&nbsp; Always selected private corporation on our business&nbsp;tax return&nbsp;but found that we meet all the criteria of a CCPC.&nbsp; It would be an advantage for us&nbsp;to use the small business deduction but can we make the switch with no repercussion or penalties?&nbsp; What are the disadvantages/negative impact this could have on our business?&nbsp;&nbsp;Need a little guidance in making this decision.&nbsp; Thanks.<BR /></P> Thu, 31 Oct 2019 02:34:00 GMT Alberta2015 2019-10-31T02:34:00Z 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? https://turbotax.community.intuit.ca/community/self-employed/discussion/changing-from-a-private-corporation-to-a-ccpc-can-we-switch-for-2018-and-going-forward-what-are-the/01/930051#M5438 <P>We are a small business, incorporated a few years ago.&nbsp; Always selected private corporation on our business&nbsp;tax return&nbsp;but found that we meet all the criteria of a CCPC.&nbsp; It would be an advantage for us&nbsp;to use the small business deduction but can we make the switch with no repercussion or penalties?&nbsp; What are the disadvantages/negative impact this could have on our business?&nbsp;&nbsp;Need a little guidance in making this decision.&nbsp; Thanks.<BR /></P> Thu, 31 Oct 2019 02:34:00 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/changing-from-a-private-corporation-to-a-ccpc-can-we-switch-for-2018-and-going-forward-what-are-the/01/930051#M5438 Alberta2015 2019-10-31T02:34:00Z Hello, This is a question more geared toward the fiscal p... https://turbotax.community.intuit.ca/community/self-employed/discussion/hello-this-is-a-question-more-geared-toward-the-fiscal-p/01/930052#M5439 <P>Hello,</P><P>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&nbsp;<STRONG>1-800-267-6999.</STRONG></P> Thu, 31 Oct 2019 02:34:01 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/hello-this-is-a-question-more-geared-toward-the-fiscal-p/01/930052#M5439 william_newfeld 2019-10-31T02:34:01Z Thank you for the advice. https://turbotax.community.intuit.ca/community/self-employed/discussion/thank-you-for-the-advice/01/930053#M5440 Thank you for the advice. Thu, 31 Oct 2019 02:34:01 GMT https://turbotax.community.intuit.ca/community/self-employed/discussion/thank-you-for-the-advice/01/930053#M5440 Alberta2015 2019-10-31T02:34:01Z
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topic 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? in Self-employed
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<P>We are a small business, incorporated a few years ago.&nbsp; Always selected private corporation on our business&nbsp;tax return&nbsp;but found that we meet all the criteria of a CCPC.&nbsp; It would be an advantage for us&nbsp;to use the small business deduction but can we make the switch with no repercussion or penalties?&nbsp; What are the disadvantages/negative impact this could have on our business?&nbsp;&nbsp;Need a little guidance in making this decision.&nbsp; Thanks.<BR /></P>
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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?
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<P>We are a small business, incorporated a few years ago.&nbsp; Always selected private corporation on our business&nbsp;tax return&nbsp;but found that we meet all the criteria of a CCPC.&nbsp; It would be an advantage for us&nbsp;to use the small business deduction but can we make the switch with no repercussion or penalties?&nbsp; What are the disadvantages/negative impact this could have on our business?&nbsp;&nbsp;Need a little guidance in making this decision.&nbsp; Thanks.<BR /></P>
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Hello, This is a question more geared toward the fiscal p...
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<P>Hello,</P><P>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&nbsp;<STRONG>1-800-267-6999.</STRONG></P>
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