Category Archives: Veterinarians

Using a Professional Corporation for Investing

Posted on November 21, 2013 by John Moore

There are several income tax advantaged investment vehicles in Canada, the best known being the Tax Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). Using these tools for investing gives you more funds in the future compared … Continue reading →

Posted in Architects, Business Professionals, Chiropractors, Dentists, Doctors, Engineers, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Veterinarians | Tagged investing, Retirement, RRSP, saving, TFSA | Leave a comment

Incorporation Benefit – Tax Deferral

Posted on October 21, 2013 by John Moore

Because a company is taxed at a much lower rate on business income than an individual, there is the potential for a large tax deferral. Consider a professional who earns $300,000, but only needs $200,000 before tax for personal use. … Continue reading →

Posted in Architects, Business Professionals, Businesses, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Income Tax, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Realtors, Uncategorized, Veterinarians | Tagged kiddie tax, maternity leave, sabbatical, tax deferral | 1 Comment

Income Splitting With A Professional Corporation Can Save You Thousands

Posted on March 6, 2013 by John Moore

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 →

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 income splitting | 11 Comments

Incorporation Benefit – Income Splitting

Posted on November 8, 2012 by John Moore

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 →

Incorporation – Taxation of Salary and Dividends

Posted on October 29, 2012 by John Moore

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 →

Incorporation Benefit – Lower Income Tax Rates

Posted on October 22, 2012 by John Moore

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 | Leave a comment

Professional Corporations – Why Incorporate?

Posted on October 19, 2012 by John Moore

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

Posted on September 26, 2012 by John Moore

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 | 3 Comments

Incorporation – A Brief Introduction

Posted on September 25, 2012 by John Moore

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 →

Posted in Architects, Business Professionals, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Incorporation, Lawyers, Medical Residents, Mortgage Brokers, Optometrists, Professional Corporation, Realtors, Veterinarians | Tagged professional corporations | 2 Comments

Employee Gifts

Posted on December 22, 2011 by John Moore

With Christmas right around the corner, it seems appropriate to take a quick look at the taxation of employee gifts. Nobody is ever going to confuse Canada Revenue Agency (CRA) with Santa Clause, but at least CRA does provide some small relief from … Continue reading →

Posted in Architects, Business Professionals, Businesses, Chiropractors, Dentists, Doctors, Engineers, Health Professionals, Income Tax, Lawyers, Mortgage Brokers, Optometrists, Realtors, Veterinarians | Tagged $500, Benefits, Canada Revenue Agency, CRA, Employees, Gifts | Leave a comment