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A critical question that many individuals have in Montreal, especially medical business owners, is whether their income is taxable or not. With the high debts that can accrue during medical school, it is important to save all the money you can and put it towards paying down that debt. Minimizing your tax burden is a great way to save money and invest it in your business.
Physicians and dentists who want a lighter tax burden have the option of incorporating their practices. This creates a corporation that is a separate entity and is generally taxed at a much lower rate than the Canadian tax rate for individuals. Our lawyers understand the nuances of medical business law, and we can help you set up the right structure to minimize your taxes. Contact us today to get started!
What are Common Forms of Income Subject to Taxation in Quebec?
Taxable income is money you have earned that the government requires you to pay taxes on.
Some common forms of taxable income in Quebec are:
- Employment income
- Employment benefits with monetary value
- Income from the ownership of tangible property
- Income extracted from a corporation
- A portion of the income from the profit of a sale of appreciated assets, depending on the industry of the individual who sold the property
Other business ventures may be included as taxable income, although these are less common. Money obtained illegally may also be taxed, and criminals who are found to have evaded taxes can face additional charges. Our lawyers can evaluate your situation and help you determine what taxes and income to report.
What Income is Non-Taxable?
- There are several forms of income that are not considered taxable in Canada, including:
- Gifts, except for instances where the gift included capital property such as real estate
- Inheritance
- Investment income earned in a tax-free savings account (TFSA)
- Lottery winnings, unless they are paid annually
- Income from disability or war veteran payments
- Strike pay
For help determining whether your income should be taxed, please reach out to our capable and compassionate legal team.
Can Our Business Tax Lawyers Help You?
At our law firm, we understand that your dedication is to your patients and that the technical legal aspects of taxes fall outside the realm of experience for many medical professionals. We will explain complex legal concepts in terms you can understand so you will be a full participant in the decisions regarding your taxes.
Our lawyers have helped many clients minimize their tax burden by restructuring their businesses in such a way that allows their income to be taxed at a much lower rate. Contact us today to see how we can help you at (438) 805-5515.
