Tag Archives: self-employed doctors

Paying Salaries to Family Members Working in Your Practice

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 paid to the family members need to…
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Tax Measures Impacting Physicians in 2019

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 rate to become 12.5% from January 1, 2019.…
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Benefits of Incorporating for 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 incorporating and will help you avoid taxes on the personal side. 2. Reduced…
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