Tax Deductions for Canadian Doctors, Physicians, and Surgeons
Every year, many doctors miss out on important tax savings simply because they did not know what they could claim. Two of the most common mistakes I see many doctors make is either not deducting enough business expenses on their tax returns or deducting too many expenses and thus exposing themselves to the risks of a CRA audit. […]
How do tax instalments payments work for physicians?
If you are a self-employed physician, you will need to pay your taxes in quarterly tax instalments for physicians. Here’s how to figure out what you owe. The transition to practice can be both exciting and stressful. On the business side, there are a number of financial planning issues you’ll need to address. One of […]
How does medical practice incorporation work?
Wondering if you should incorporation of your medical practice? Here’s everything you need to know about incorporating in Canada. How does medical practice incorporation work? You should read this guide if you’re a physician in Canada who is: Why physicians incorporate their medical practice Many businesses incorporate to take advantage of certain benefits, but there’s […]
Credit score : A guide for international medical graduates
If you’re an international medical graduate starting a post in Canada, you’ve got a lot to organize. Besides all the usual tasks associated with starting a job, you’ll need to get your finances set up in a different country. Credit Score for international medical graduates If you’re hoping to secure housing, take out a personal […]
How dividends are taxed in Canada
Dividends are a useful way to pay yourself through your company. Here’s how dividends are taxed in Canada to make sure you’re optimizing your tax savings. Dividends can be a good way to pay yourself through your company, and indeed, many physicians choose to pay themselves in dividends from their medical professional corporation, rather than […]
Should I incorporate my medical practice?
Every self-employed physician should ask themselves these questions to help decide whether to incorporate their medical practice. Get started. Every self-employed physician has an important decision to make as they move ahead with their career: whether to incorporate their medical practice. Incorporation is the process of creating a separate legal entity, the corporation, that becomes […]