4 things life insurance can do for incorporated physicians
In medical school or residency, buying life insurance was a smart move to protect loved ones, especially if your debts outstripped your financial resources at the time. But once family finances become more secure, in step with a successful medical practice, the role of life insurance may shift to safeguard other goals: to build net […]
Court Case Reveals Tax Tips & Tricks on Income Splitting
What is Income Splitting and Why Should You Care? As you may know, Canada operates under a progressive tax system. In simple terms, the more you earn, the more you pay in taxes. Seems fair, right? But what if there was a legal and straightforward way to distribute your family’s income more efficiently, potentially saving […]
20 Biggest Tax Mistakes That Trigger A CRA Audit.
After working with hundreds of self-employed or incorporated business owners in Ontario — we’ve noticed a pattern that These are the most common tax mistakes that trigger a CRA Audit. All of these business owners were making the same BIG tax mistakes that would cost them their hard- earned money. Mistake #1. Choosing the wrong […]
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 […]