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Question - Quinn's proprietorship earned $160,000 in pre-tax profits this year. Quinn does not require personal funds from the business.
Personal tax rates (federal plus provincial) in Quinn's province are:
On the first $49,000 20%
On the next $48,000 30%
On the next $54,000 40%
On the next $63,000 45%
On income over $214,000 50%
(All rates are assumed for this question.)
The combined federal and provincial rate of tax for Canadian-controlled private corporations in Quinn's province is 13% on the first $500,000 of income.
Quinn has been considering incorporating the business.
Required -
A. Calculate the after-tax profits for the business as i) a proprietorship, and ii) a corporation. Show all calculations.
B. Name the type of tax planning that Quinn would be engaging in if the company was changed from a proprietorship to a corporation.
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