When your business is thriving, and you make more money than needed to cover your personal expenses, this is the time to consider incorporating your business (transferring your business to a company).
From a purely tax perspective, you do not want to be taxed on all your business income in your personal name. You are taxed more than 25% on the income from your business (It gets higher as you fall into higher income brackets), whereas your corporation will only be taxed 12% for the income earned in the corporation. That is a massive difference in dollars available for you to expand your business.
For a corporation to only be liable for 12% tax it must be a Canadian Controlled Private Corporation and eligible for the Small Business Deduction. This also only applies to the first C$500,000 profit of the corporation.