An individual carries on a retail business as a sole proprietor. The business earns $150,000 annually, all of which is needed by the individual for personal living expenses. The individual is considering incorporating the business. Which of the following statements is correct?\ \ \ The application of the SBD will result in a significant deferral of income tax payments.\ \ \ There may be a small income tax advantage associated with incorporation.\ \ \ The application of the SBD will result in a significant reduction in overall income tax.\ \ \ The application of the gross up and tax credit procedures for taxable dividends will result in a significant reduction in overall income tax.