Small Business
Incorporation for Physicians
When starting a medical practice, a key consideration is whether to incorporate. The decision depends on your individual financial situation and varies for each practitioner.
When starting a medical practice, a key consideration is whether to incorporate. The decision depends on your individual financial situation and varies for each practitioner.
In Canada, incorporation at the federal or provincial level provides advantages, including liability protection for shareholders, as corporations have a separate legal existence from their owners.
As an employer, you must withhold statutory deductions from employees’ wages and remit those, along with your required contributions, to the federal government.
Annual GST filers must make four installment payments throughout the year, as the CRA requires regular payments rather than waiting for the full amount at year-end.
Every GST registrant must file a periodic return, reporting taxable sales and calculating the GST/HST to be remitted to the federal government for the reporting period.
To ease the burden of record-keeping and documentation for small businesses, the CRA offers two simplified methods for calculating and claiming ITCs and remitting GST/HST.
The HST is an extension of the GST, combining it with provincial sales tax in harmonized provinces to create a single, higher tax rate, replacing the PST.
Starting a business is hard work. Learn more about the administrative and tax paperwork required by various government bodies.
Not all income is taxed the same way. Certain types, like capital gains, receive preferential tax treatment to encourage activities such as business investment.
A capital gain or loss is the difference between an asset’s sale price and its original purchase price. Only half, called a “taxable capital gain,” is included in income for tax purposes.
Millions of Canadians receive dividend income each year. It represents a share of a corporation’s after-tax profits distributed to its shareholders.
Interest income is the simplest form of investment income but the least tax-advantageous, as it does not receive special tax treatment in Canada.
Taxpayers seeking investment options, whether inside or outside registered plans, face various choices, with new and complex investments emerging.
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