When you’re caring for patient needs, the last thing you need on your mind is how much tax you’ll need to pay. It distracts you from the matter at hand and is probably not why you wanted to become a physician in the first place. It’s natural to want to retain more of the money you earn. To that end, the decision to incorporate is one of the first stages NSPC can help you with.
Incorporation entitles medical professionals to be taxed as a corporation rather than as an individual. More than 90% of physicians in Canada function as small businesses, and there are many benefits to doing so. You can lower your tax burden, divide your income between yourself and your partner, and differ paying taxes by keeping money inside the corporation allowing you to keep more of your money.
However, you will need to comply with the corporate tax system that requires you to track your income and spending throughout each tax year. It also creates a separate legal structure that must follow a variety of regulations. For this reason, many physicians choose to use an experienced CPA or a qualified accounting firm that knows the system inside out.
Superior Accounting Services For Physicians And Healthcare Professionals
At NSPC, we offer a range of hands-on accounting services, such as
We insist on integrity and honesty in our services so you can be at ease placing your trust in us. Plus, you can be assured everything has been executed to the highest possible standards by our professional knowledgeable team.
There’s no need to spend valuable time on the computer when a trusted partner as an accountant is at your service. You can drop a quick message to them and ask the burning question you need an answer to. At NSPC, you’ll receive trustworthy advice from people who are experienced and certified to deal with your finances.
While there are some similarities in managing the accounts of different professions and businesses, there are also important differences. In the health and medical profession, your accountant needs to know about various types of taxes. For example, when dealing with accounting for dentists, pulling out teeth is not taxable, but whitening them is.
We at NSPC stay informed of all the latest changes across the medical industry, and that gives us an advantage over the rest.
NSPC engages with you and proactively advises you, rather than simply state what the rules are and filing your tax returns, contributing to better decision making.
We treat all of our clients as we would like to be treated ourselves. This also means understanding the services you provide to your patients, what your circumstances are, and where you’d like to get to in life.
We make sure to adapt to the needs of our clients as your income, desires, and business activities change.
To learn more about what NSPC can do for you, feel free to contact us or can call us at 403-244-5855.