John Moore, CA
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John Moore, CA
Wolrige Mahon LLP
9th Floor 400 Burrard Street
Vancouver BC V6C 3B7jmoore@wm.ca
604 691 6876Categories
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Category Archives: Medical Residents
Income Splitting With A Professional Corporation Can Save You Thousands
Income splitting with wages can save you thousands of dollars. Income splitting with dividends from a professional corporation can save you tens, even hundreds, of thousands of dollars. My last post explained how income splitting works. In this post, I am going to provide examples of the … Continue reading
Transition to Practice Workshop for BC Medical Residents
I just conducted a workshop for the Professional Association of Residents of British Columbia (PAR-BC) on transitioning to practice for medical residents. We covered a range of topics including: Professional and Personal Registration Practice Alternatives Business of Medicine Income Tax Considerations Incorporation I … Continue reading
Incorporation Benefit – Income Splitting
In my ongoing series on professional incorporation, I’ve discussed what a professional corporation is (a distinct legal entity) and which professions allow incorporation (doctors, dentists, lawyers and realtors among many others). I’ve shown how the lower corporate tax rates can assist a … Continue reading
Posted in Architects, Business Professionals, Businesses, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Income Tax, Incorporation, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Veterinarians
Tagged Dividends, Financial Planning
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Incorporation – Taxation of Salary and Dividends
In my last post, I discussed the lower tax rates on professional income earned in a corporation. In BC, any professional income that you earn personally in excess of $132,000 is taxed at 43.7%. In a professional corporation, the first $500,000 … Continue reading
Posted in Architects, Business Professionals, Businesses, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Income Tax, Incorporation, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Veterinarians
Tagged Dividends, Salary, Salary vs. Dividends
3 Comments
Incorporation Benefit – Lower Income Tax Rates
As I noted previously, there are several benefits to incorporating your practice. One of the greatest advantages of a professional corporation is access to lower income tax rates. In Canada, we have a progressive tax system. As you earn more … Continue reading
Posted in Architects, Business Professionals, Businesses, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Income Tax, Incorporation, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Uncategorized, Veterinarians
Tagged income tax rates in canada
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Professional Corporations – Why Incorporate?
In my last post, I discussed which professions can incorporate in British Columbia. But why would you want to incorporate your practice? Because the other doctors or dentists in your clinic have incorporated, or the other lawyers in your office have … Continue reading
Professional Corporations in British Columbia
What is a professional corporation? A corporation is a separate legal entity. It can earn income, enter into contracts, purchase real estate, investments and other property, and pay taxes. There are two main types of companies in Canada. A public company generally … Continue reading
Posted in Architects, Business Professionals, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Incorporation, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Uncategorized, Veterinarians
Tagged regulated health professions, separate legal entity
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Incorporation – A Brief Introduction
INCORPORATION. It’s a term that most business owners and professionals are familiar with. Almost everyone knows of someone who has incorporated, is thinking about it, has been told to do it, or wants nothing to do with it. Over the years, … Continue reading
Incorporation for Physicians – Information for Medical Residents and Doctors
Incorporation is a term most physicians and other professionals are familiar with, but may not fully understand. Almost every physician knows someone who has incorporated, is thinking about incorporation, or has been advised to incorporate. But what is incorporation? Why incorporate? When? … Continue reading
Posted in Doctors, Health Professionals, Income Tax, Incorporation, Medical Residents
Tagged Discussion Group, Forum
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BCMA T4A Slip and Income Tax Returns
It’s tax time, and I’ve been getting lots of questions from doctors about their T4A slips. Each year the British Columbia Medical Association (BCMA) issues T4A slips to physicians who have participated in the benefit programs administered by the BCMA. … Continue reading
Posted in Doctors, Health Professionals, Income Tax, Medical Residents
Tagged Accountant, BCMA, Benefits, Canada Revenue Agency, CRA, Personal Income Tax, Tax
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Dealing With Debt – Medical Residents
Debt is an issue faced by most at some point – governments, businesses and individuals including, of course, medical students and residents. Becoming a doctor is an expensive venture, but it is an investment in yourself which will pay you … Continue reading
Transition to Practice for Medical Residents
Back in November, I presented a workshop to the Professional Association of Residents of British Columbia (PAR-BC) on transitioning from residency to practice. With the final year of residency coming to a close in June for many, how to prepare for … Continue reading
Contributory Professional Retirement Savings Plan (CPRSP) – Part II
I recently finished a series of posts on the negotiated benefits that are available to BC physicians, and have been working on a new series about professional incorporation. Actually, it’s more like I am trying to work on a new series. I’m … Continue reading
Posted in Doctors, Health Professionals, Medical Residents
Tagged Accountant, BCMA, Benefits, Financial Planning, RRSP, Tax
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BC Doctors – CPRSP Deadline
The deadline to make an RRSP contribution for a deduction on your 2011 personal income tax return is February 29, 2012. However, the deadline to submit your claim for a CPRSP payment to be deposited to your RRSP by February 29 … Continue reading
Posted in Doctors, Health Professionals, Medical Residents
Tagged BCMA, Benefits, RRSP
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Parental Leave Program (PLP)
The British Columbia Medical Association (BCMA) administers five major benefit programs that are available to practicing BC physicians and surgeons. This is the final post in a series describing the various benefit programs. In previous posts I have discussed the Continuing Medical Education … Continue reading
Posted in Doctors, Health Professionals, Medical Residents
Tagged BCMA, Benefits, Maternity
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