It starts with a Plan.
CPA Firm Specializing in Proactive Tax Planning and Accounting for doctors, lawyers, and incorporated professionals in Alberta and BC.
Pay less tax. Protect your wealth. Grow with confidence.
What’s Inside The New-To-Practice Physician Tax & Money Playbook
You just finished residency. For the first time in your career, you are earning real money, and within weeks, advisors, bankers, and insurance brokers will all have strong opinions about what you should do with it.
The decisions made in the first few years of practice do have consequences; but that is exactly why this playbook was written!
This plain-language guide covers the ten financial decisions that matter most in the first three years of independent practice in Canada, and is designed to help you evaluate tax and money decisions from a simple, practical perspective — let’s do it now, not yet, or no thanks.
What’s inside
- Should I incorporate a professional corporation — and if not now, when?
- How should I pay myself from my professional corporation? Salary, dividends, or hybrid?
- Can I pay my spouse and kids a salary from my professional corporation? TOSI and income splitting rules
- I have a large medical LOC — should I pay it down or invest the money?
- Should I have a Holdco — when does it makes sense?
- I received a large tax bill after filing my tax return. Should I be making tax remittances and installments?
- I’m buying a home as a new physician. Are there any mortgages that I qualify for as a new doctor?
- I get pitched investments and insurance policies that I don’t fully understand. When is the right time to buy investments or specialized insurance policies?
- Year 1, 2, and 3 action plans based on best practices
- What should I be looking for in an advisor when building an advisory team?