Wanda Ho has annual employment income in excess of $300,000. Because of this, any additional income that she receives will be subject to a combined federal/provincial tax rate of 51%. Several years ago, she began to carry on a business as a sole proprietor. She anticipates business income of $142,000 for the 2021 taxation year. In her province of residence: the corporate income tax rate is 2.5% on income eligible for the small business deduction and 13% on other corporate income the dividend tax credit is 20% of the dividend gross up for non-eligible dividends and 30% for eligible dividends Required i) Ms. Ho has asked your advice as to whether she should incorporate the business. Advise her with respect to any tax deferral that will be available on income retained by the corporation and on any tax savings that will be available if all of the after-tax income is distributed as taxable dividends. ii) List Five advantages of incorporating her business Wanda Ho has annual employment income in excess of $300,000. Because of this, any additional income that she receives will be subject to a combined federal/provincial tax rate of 51%. Several years ago, she began to carry on a business as a sole proprietor. She anticipates business income of $142,000 for the 2021 taxation year. In her province of residence: the corporate income tax rate is 2.5% on income eligible for the small business deduction and 13% on other corporate income the dividend tax credit is 20% of the dividend gross up for non-eligible dividends and 30% for eligible dividends Required i) Ms. Ho has asked your advice as to whether she should incorporate the business. Advise her with respect to any tax deferral that will be available on income retained by the corporation and on any tax savings that will be available if all of the after-tax income is distributed as taxable dividends. ii) List Five advantages of incorporating her business