Several years ago, most professions governed by colleges or
institutes were granted the ability to incorporate. Since that
time, thousands of professionals across Canada have incorporated
their practices. For newer graduates, whether, and when, to
incorporate will be an important decision.
The first question will be: am I able to use a professional
corporation? If you are a salaried employee, the answer is no.
Salaried income may not be earned through a professional
corporation, so this will be an important consideration. As
professionals begin their career, many will begin as salaried
employees. This is especially true for lawyers and accountants who
practice in firms. However, as they progress in careers, they may
be asked to become a partner or limited capital partner and their
role will change. A large majority of health care professionals
will become self-employed early in their careers. Some may have
some salary income (e.g. working for a hospital part-time) and
