by adminaccountantcpa | Oct 7, 2019 | Medical Professionals
It’s common for physicians to employ their family members (kids or spouse) in their practice. The main benefit of this approach is the tax savings because the children or the spouse are taxed at a lower rate as compared to the doctor. Keep in mind that the amounts...
by adminaccountantcpa | Sep 4, 2019 | Medical Professionals, Tax Information
Doctors and medical residents typically incur a large amount of debt when they attend school. Work for these professionals mean hectic schedules and long hours leaving very little time for financial planning. At the same time, a healthy cash flow is desirable because...
by adminaccountantcpa | Feb 26, 2019 | Medical Professionals, Tax Information
Here are some of the main tax measures which will affect the 2019 tax returns of physicians. 1.Decrease in Small Business Tax Rate As we all know, the Federal small business tax rate decreased from 10% to 9% causing the combined Federal and Ontario small business tax...
by adminaccountantcpa | Jan 30, 2019 | Medical Professionals
Getting right into it, here are the top benefits of incorporating your medical practice. 1. Life Insurance Once you’ve incorporated your practice, you can pay for a life insurance policy directly from the corporation. This is one of the biggest advantages of...
by adminaccountantcpa | Nov 7, 2018 | Medical Professionals, Tax Information
If you’re one of many self-employed physicians practicing in Ontario then you need to be aware of some further responsibilities with regards to your taxes. Here are some things to keep in mind. 1. When to Pay your Taxes As a self-employed physician, make sure that you...
