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John Moore CPA,CA
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Category Archives: Medical Residents
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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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
1 Comment
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
5 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
11 Comments
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
The Professional Edge 