Can lawyers, doctors, and accountants incorporate in Ontario?

Yes — many licensed professionals in Ontario can incorporate through what is called a "professional corporation." Eligible professions include lawyers, physicians, dentists, nurses, pharmacists, chartered professional accountants, engineers, and several others. Each profession has its own rules governed by the relevant regulatory body (the Law Society of Ontario for lawyers, the College of Physicians and Surgeons for doctors, etc.).

A professional corporation operates under the Ontario Business Corporations Act but with additional restrictions. For example, only members of the regulated profession can generally hold shares in the corporation. The corporation can carry on the professional practice, and income earned flows into the corporation, where it may be taxed at corporate rates that are lower than the top personal rate.

Critically, professional corporations do not shield practitioners from personal liability for professional negligence (malpractice). Your professional regulatory obligations, including liability for your own work, remain the same. However, corporate tax deferral and income-splitting opportunities (where permitted by the profession's rules) can offer significant financial advantages.

Setting up a professional corporation requires both standard incorporation steps and approval or registration with your regulatory body. A business lawyer familiar with your profession can guide you through both processes.