Loading Website ...

Question

Hi

I’m a new Physician to Victoria and some of my colleagues suggest I incorporate my new practice (just started) in order to pay my wife a salary, perhaps as a way of splitting income.

I also have 2 young children to plan for.

Do you offer tax planning advice for new doctors starting out in practice?

Thanks

XXXXX

Answer

Hi XXXXX

We can definitely help with your new corporate structure and ongoing tax planning. For a quick review of some of the benefits of incorporating your practice click here.

Although you may not be able to split a significant amount of income with your wife by paying her a salary (unless she was working for you), you may be able to save by issuing her dividends as a non-voting shareholder of your new corporation.

We also have tax strategies we can implement that involve the use of Trust and additional corporations for more extensive tax and financial planning.

Please give me a call at 250-381-2400 and we can discuss further.

Cheers

Phil

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

2 Responses to “New Doctor in BC Looking for a Tax Accountant”

  1. Jack says:

    Mr. Hogan

    I’m a new Doctor to BC and am considering incorporating this year. I’m married with one child on the way.

    If I plan on withdrawing all of the income from a potential corporation in 2015 would I bother (considering I wouldn’t benefit from any deferral of tax) incorporating or wait until I’m able to reinvest some of my earnings?

    Thanks

    Jack

    • Phil Hogan Phil Hogan, CA says:

      Hi Jack

      Deferring income in your corporation definitely allows for some current tax savings, however if you’re going to withdraw all current income this advantage will be lost.

      That being said you would still have the opportunity to split income with your wife, however it wouldn’t necessarily be advantageous if her income is high.

      Can you call me to discuss?

      Please give me a call at the office at 250-381-2400 and we can discuss how to get started.

      Cheers

      Phil

Leave a Reply

Your email address will not be published. Required fields are marked *

Philip Hogan

Contact Philip Hogan

Contact Me

The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

OTHER ARTICLES

More from this Author

Our dynamic Team are always contributing the latest tips and techniques to keep you in the know with all things tax, accounting, and bookkeeping. See more from this author below.