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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
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
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.
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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
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