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Question

Hi Mr. Hogan

I recently moved to Victoria from Calgary with my husband and 3 kids. I’m a physician (radiologist) who will be working full time at Victoria General Hospital.

I was told by some fellow colleagues that it may be beneficial if I incorporated myself going forward.

Is this something you can help me navigate? A brief summary of my situation is as follows:

– Married with 3 kids

– Husband doesn’t work and looks after the kids. Has a small amount of dividend income each year.

– I’ll be making between $300,000 and $350,000 for 2015 and beyond.

If it’s easier to discuss this over the phone or in your office can you please call me at XXX-XXX-XXXX to arrange a time.

Answer

Hi XXXXX

Thanks for your email.

There can certainly be many financial and tax benefits to incorporating your professional activities. Depending on your situation your may be able to save a significant amount of tax by splitting your income with your husband as well as taking advantage of specific trust structures to pay income to the kids.

It should only take about an hour of time to walk though your options. Based on the information above it sounds like you’ll be a great candidate for incorporation.

I’ll try to give you a call by tomorrow to discuss in more detail.

Thanks

Phil

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Philip Hogan

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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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