Medicine professional corporations
Physicians and other regulated healthcare professionals can face profession-specific corporate rules in addition to tax law. Share ownership, naming and permitted activities need to be reviewed alongside compensation and retained earnings.
The transition years
The move from residency or training into practice is often where the largest planning opportunities appear. Incorporation timing, instalments, professional dues, debt and RRSP room can all move at once.
Expenses that are easy to miss
- Professional dues, licensing, insurance and continuing education
- Home-office and vehicle costs where there is genuine business use
- Technology, professional services and practice-related expenses
- Instalment obligations in the first high-income years
Looking ahead
A professional corporation can become a long-term retirement asset. Retained earnings, passive investment income, insurance and eventual wind-up or transition should be planned together.