Supporting physicians new to practice
Insights and advice to help set your practice up for success
Address financial challenges and seize opportunities
Starting your practice as a physician comes with a unique set of financial challenges and opportunities. It is important to understand the critical financial aspects of transitioning from residency to practice so that you can thrive both in your career and personal life.
Our Professionals team has the experience to help you navigate the financial aspects of starting your practice so that you can address challenges and seize new opportunities. Whether you are wondering about income management, tax obligations, or the benefits of incorporation — our advisors are here to help guide you on your journey and set your practice up for success.
Tips for physicians new to practice
Our recent webinar provides essential tips to help guide physicians on their financial journey.
What's your challenge?
Changes in income and expenses
Transitioning into practice brings significant financial shifts, and you need to understand how to manage fluctuating income and new expenses.
Complex recordkeeping
It can be challenging to track the income and expenses of your practice and organize receipts to ensure compliance.
Understanding tax obligations
You need to understand how much tax your practice owes — and how to manage instalments to avoid penalties.
Incorporation vs. sole proprietorship
It can be difficult to determine which business structure works best for your unique situation and what tax deferral opportunities and income strategies are available.
Identifying savings opportunities
You need to understand the advantages of saving vehicles such as RRSPs, TFSAs, and FHSAs and how each can fit into your overall financial plan.
How we help
Navigate financial shifts
Our team can help you track your income and expenses, identify opportunities for tax deductions, and understand how much money you need to set aside to cover your taxes.
Bookkeeping support
We can provide best practices for tracking your income and expenses and organizing your receipts to ensure both compliance and financial clarity.
Tax insights
Our team has the experience to help you navigate complex tax obligations, including understanding how much you owe and how to manage instalments.
Defined business structure
We can help you determine whether incorporation or sole proprietorship is the right decision for your practice and help you set up a business structure that meets your career and personal goals.
Financial planning
Our team can help you understand the complexities of income strategies such as salaries or dividends and the advantages of various savings vehicles to help you manage your finances.
Contact us for more information about starting your practice
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Jeremy Stimson CPA, BAFM
Senior Manager, Assurance and Accounting