Are you a Consultant? Then you are probably a PSB (Personal Services Business)
Our strategy can help you minimize the risks of being a PSB and avoid CRA consequences!
CBW works with a team of experienced professionals including accountants and tax lawyers who can provide essential services to business owners to help them thrive in this ever-changing marketplace.
Our service offers a unique structure for subcontractors that can minimize the risks of being declared a Personal Services Business (PSB).
Why do you need to minimize the PSB risk?
- You will not eligible to claim the Small Business Deduction
- You will not be eligible to claim many standard business deductions
- You may owe the CRA tax penalties from previous claims of disallowed business deductions and for back payroll taxes (CPP, EI)
- You will now pay much higher tax because of the recent tax rate increase to personal services businesses