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 On the next $48,000 On the next $54,000 On the next $63,000 On income over $214,000 20% 30% 40% 45% 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 $ of income Quinn has been considering incorporating the business 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 On the next $48,000 On the next $54,000 On the next $63,000 On income over $214,000 20% 30% 40% 45% 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 $ of income Quinn has been considering incorporating the business