If you are a shareholder of a private corporation, a loan from your corporation can be an easy way to access cash for your personal needs, at least in the short term.
As an incorporated professional, your tax planning is a year-round process. Here are three tax strategies to help make your professional corporation tax-efficient:
As a health care professional, your personal income may be high enough to be taxed at Ontario’s highest personal marginal tax rates.
An often-overlooked issue for incorporated healthcare professionals is the potential for the value of their professional corporation shares to be taxed twice (i.e. “double tax”).
Determining your optimal salary/dividend mix should be reviewed at least annually considering the following.
If your healthcare practice is setup as a professional corporation, there are tax strategies that you can consider as both a shareholder and an employee of your professional corporation.
In the day-to-day of practising your profession and helping your patients, the business discussions of how you structure and operation your practice can sometimes take a back-seat.