Health Professionals

The Doctor’s Financial Lifecycle Part 2: Transitioning From Salaried to Self-Employed

The Doctor’s Financial Lifecycle Part 2: Transitioning From Salaried to Self-Employed

Becoming a doctor is no easy feat. We can tell you a few things about the business side of your practice and help get you on the road to financial security.
We can help you navigate the tax issues that distinguish the salaried resident from the self-employed physician. You should know about paying income tax installments, allowable business deductions, and filing returns. And, should you incorporate?

The Doctor’s Financial Lifecycle Part 1: Medical Residency

The Doctor’s Financial Lifecycle Part 1: Medical Residency

Anyone embarking on a career as a self-employed physician has lots to think about. While retirement might seem light years away, it isn’t too soon to start thinking about it, so, we’re offering you this starter kit on how you might want to save and protect some of your hard-earned money.

Employees and the Cost of Owning a Small Business

Employees and the Cost of Owning a Small Business

When the Department of Finance announced earlier this year that it was planning to end “income sprinkling,” GGFL was at the vanguard of local protest. It’s not news to anyone that the protests have grown and the issue has since become a major thorn in the federal government’s side. Along with the nation’s accountancy community and, collectively, our millions of clients, we anxiously await what we expect and hope will be significant changes to the proposed legislation.

Webinar: Proposed Changes to Tax Planning: The Impact to Health Professionals

Webinar: Proposed Changes to Tax Planning: The Impact to Health Professionals

On July 18, the Department of Finance released their discussion paper announcing proposed changes to tax planning using private corporations. Last week, on September 20, GGFL’s Health Professional’s Partner Donna Ho and Tax Manager Kody Wilson hosted a webinar highlighting the potential impact to health professionals, including doctors and dentists, from the proposed changes. These […]

Why removing tax breaks for doctors is bad medicine

Why removing tax breaks for doctors is bad medicine

Under current tax legislation, physicians are entitled to split their income with family members, effectively making spouses and children shareholders in their professional corporations. This is known as income splitting, or “income sprinkling.”

In its communications, the federal Department of Finance is portraying these advantages as unfair to other middle class taxpayers, the bulk of whom are salaried employees.

Salary and Dividend Plans for Medical Professional Corporations in 2017

Salary and Dividend Plans for Medical Professional Corporations in 2017

ATTENTION: The Department of Finance paper released July 18, 2017 targets the tax advantages of using private corporations and trusts to sprinkle investment income among family members. The Federal government is seeking input on proposed tax legislation to curb these advantages.

NOTE: This only applies to 2017. We will update this article once the Federal government formally announces their plans in their 2018 Budget.

Incorporation of Professionals in Ontario

Incorporation of Professionals in Ontario

Depending on your profession, you may be eligible to have a professional incorporation in Ontario. This article details the status of a number of such particular professions, some of the details behind the legislation that allows this (the Ontario Business Corporations Act), the methods and mechanics of incorporation, and the issues to consider when incorporating. Most importantly, throughout the article, we will detail the benefits of professionally incorporating in Ontario, and how it can help you.

GGFL Named ‘Best of the Best’ by INSIDE Public Accounting

GGFL Named ‘Best of the Best’ by INSIDE Public Accounting

GGFL has been named one of INSIDE Public Accounting’s ‘Best of the Best Accounting Firms’ for North America.  GGFL was one of just 50 firms in North America to receive the honour from the 540 firms that participated in the in-depth survey and analysis.  Only five accounting firms in Canada were among the recipients of the […]