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Are Physicians Self-Employed in Canada?

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As a physician in Canada, you may wonder how best to set up your practice to maximize your profits and minimize your tax burden. Many physicians operate as self-employed workers. However, this is not the best way to run a medical business in Canada. You will pay a much lower tax rate if you incorporate your medical company, freeing up funds so you can pay down debt, invest in your clinic, and improve your lifestyle.

For more information about incorporating a medical business and whether this is an option for you, please reach out to our knowledgeable lawyers right away. We have helped many clients find greater financial freedom through restructuring their medical practices and have the know-how and experience to assist you.

What are the Benefits of Incorporating a Medical Practice?

Incorporating a medical business means creating a separate entity that differentiates your business income from your personal funds. This process has some incredible advantages for doctors in Canada as it allows you to pay the lower small-business tax rate and manage your income stream.

Many doctors have a great deal of debt racked up from their time in medical school which could take years to pay off. But imagine if you could set aside thousands of dollars more each year because of a lower tax rate. You could pay off your debt years earlier by incorporating your medical business! Call us today to get started.

Do You Need a Lawyer to Incorporate a Business?

Many self-employed doctors choose to incorporate their businesses to take advantage of the tax benefits and flexibility of owning their practice through a corporation. However, some physicians may not be eligible to create a corporation because they are employees or partners in another practice. A business lawyer will be able to analyze the situation you are in now and help you decide if incorporating your medical practice is right for you.

If you decide to pursue incorporation, you will need capable and confident lawyers with experience handling these complex legal matters. Your lawyers will know how to draft the proper documents, so you are protected now and in the future.

Can Our Medical Business Lawyers Help You?

If you think incorporating would be helpful for your medical business, please reach out to us right away to find out more. We have the experience necessary to quickly evaluate your practice and see whether incorporating would be beneficial. As a physician, you have taken years to study medicine to offer the best care for your patients. You don’t need the added stress of learning how to navigate the tricky legal field of business law to incorporate your business. Please rely on our expertise so you can get back to what’s really important: taking excellent care of your patients.

Contact us today at (438) 805-5515 for a consultation where we can discuss the details of your medical practice and give you the legal advice you need.

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