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John Moore CPA,CA
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Category Archives: Doctors
First Income Tax Return after Completing Medical Residency
Originally posted on The Medical Accountant:
Transitioning to medical practice from residency is a big step. Completing the requirements of the program, writing certification exams, finding work, getting licensed, applying for hospital privileges, setting up CMPA coverage, etc. There is…
Posted in Doctors, Income Tax, Medical Residents
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BC Physicians – BCMA CPRSP Deadline – January 20, 2014
The deadline to make an RRSP contribution for a deduction on your 2013 personal income tax return is March 3, 2014. However, the deadline to submit your claim for a CPRSP benefit payment to be deposited to your RRSP by March … Continue reading
Posted in Doctors
Tagged BCMA, CPRSP contribution, Personal Income Tax, RRSP, RRSP contribution
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Using a Professional Corporation for Investing
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
Financial Blog for BC Physicians
The aim of this blog is to provide accounting, tax and financial information for various professionals. However, much of the information has been geared towards physicians. While a lawyer or dentist will be interested in articles on tax planning and … Continue reading
Posted in Doctors, Medical Residents
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Incorporation Benefit – Tax Deferral
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
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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
BCMA CPRSP Deadline – January 21, 2013
The deadline to make an RRSP contribution for a deduction on your 2012 personal income tax return is March 1, 2013. However, the deadline to submit your claim for a CPRSP payment to be deposited to your RRSP by March 1 is … Continue reading
Posted in Doctors
Tagged BCMA, CPRSP contribution, Personal Income Tax, RRSP, RRSP contribution
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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
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2012 BCMA CPRSP Entitlement
The British Columbia Medical Association (BCMA) has recently released the 2012 entitlement amounts for the Contributory Professional Retirement Savings Plan (CPRSP). If you are an eligible physician in British Columbia, you should have received notification of your entitlement. The BCMA will … Continue reading
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
The Professional Edge 