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.
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.