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2011 BC Personal Income Tax Calculator
I have a confession. I don’t know much about programming. Why would I? I’m an accountant. I know about spreadsheets and taxes and financial planning. Not programming. Thanks to Microsoft Office Web...
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BC Physicians – CPRSP and Pension Plan Contributions
The Contributory Professional Savings Plan (CPRSP) helps fund retirement for BC physicians by funding Registered Retirement Savings Plan (RRSP) and Individual Pension Plan (IPP) contributions. Proof of...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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:...
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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...
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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...
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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...
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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...
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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...
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Save More with a Professional Corporation
Like the TFSA and RRSP, the professional corporation is an important tool for investing and saving. By incorporating your practice or business and investing unused funds within the corporation, you...
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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...
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