Incorporating a company means bringing your project to life by creating a legal entity separate from you. This approach limits your financial and legal risks by separating the company’s assets from your personal property. What’s more, it offers better financing opportunities and the possibility of benefiting from tax benefits. The incorporation of physicians in Quebec, on the other hand, is slightly different, representing a crucial step in the optimization of their professional practice.
This article delves into the motivations behind this process and highlights the advantages offered by Lexstart, a reference choice for healthcare professionals.
I. Incorporation of physicians in Quebec
A) EXPLANATION OF THE LEGISLATIVE CONTEXT SURROUNDING THE INCORPORATION OF PHYSICIANS IN QUEBEC
Physicians incorporation in Quebec is a common financial practice that enables healthcare professionals to structure their business activities while benefiting from tax benefits. By incorporating their practice, physicians can separate their professional income from their personal income, thereby reducing their overall tax rate. In addition, being incorporated protects against creditors and enables better estate planning.
However, it is essential that physicians understand the legal and tax requirements associated with incorporation, as well as the limitations of this strategy. Indeed, it is important to recognize any limitations or restrictions that may exist in using incorporation as a financial strategy. This may include aspects such as specific tax rules, corporate governance conditions, or other considerations.
By carefully navigating this incorporation process, physicians can optimize their financial situation while focusing on delivering quality care to their patients.
B) TAX BENEFITS ASSOCIATED WITH INCORPORATION FOR HEALTHCARE PROFESSIONALS
Let’s return to the tax benefits available to physicians when they incorporate in Quebec. Incorporation offers a range of significant tax benefits for physicians in Quebec. By structuring their practice as a business corporation, these healthcare professionals can benefit from a reduction in their overall tax rate.
Indeed, unlike personal income, professional income generated by the corporation may be subject to a lower tax rate, enabling physicians and other healthcare professionals to retain a larger share of their earnings. In addition, incorporation allows practitioners to defer taxes by retaining a portion of profits in the company, which can be advantageous for the future growth and development of their practice.
This structure also allows for more astute tax planning, such as sharing income with family or using different payment methods to obtain greater tax benefits. It is also possible to structure the medical corporation with a management company and/or a family trust. The doctor will need to discuss this with their wealth manager or tax advisor to determine the optimum structure.
In addition, incorporation offers flexibility in the deduction of professional expenses, as well as access to certain tax credits reserved for corporations. In short, incorporation offers attractive tax benefits that can help healthcare professionals maximize their income while complying with tax obligations.
II. Why incorporate with Lexstart?
At Lexstart, we’re here to support you every step of the way. Specialized in incorporation for all types of entrepreneurs, including healthcare professionals, discover our offer dedicated to the incorporation of physicians.
Our attentive lawyers are ready to answer any questions you may have, and our customer service team is always available by phone.
At Lexstart, we’re proud of our team of quality lawyers, ready to support you every step of the way. Our business lawyers, Fady Zadah, Zoé Barral and Paola Lafrance, put their expertise at your disposal to guide you through the launch of your business. Get the best advice and personalized assistance with one of them at your side.
Our platform offers a simple, fully online legal solution, but our commitment doesn’t stop there! We aspire to be accessible to all entrepreneurs, including healthcare professionals looking to incorporate. That’s why we charge reasonable rates and encourage as many entrepreneurs as possible to embark on this wonderful adventure.
III. The benefits of incorporating physicians with Lexstart
We are delighted to inform you that, in partnership with the National Bank of Canada, we are now offering a refund of $1,000 CAD on the cost of incorporation for physicians. For several years now, Lexstart has enjoyed a fruitful partnership with the National Bank of Canada. This collaboration enables physicians who choose to incorporate with Lexstart to benefit from an exceptional offer, reducing the cost of our incorporation service from $2,000 CAD to just $1,000 CAD after reimbursement.
Not only is this offer exceptional, it’s all-inclusive! In addition to the $1,000 incorporation, you’ll benefit from a 2-hour consultation with one of our lawyers. This opportunity will allow you to finalize the creation of your company, to be accompanied and to receive the best possible advice. But that’s not all! We can also put you in touch with a tax specialist who can advise you on the best means of remuneration (salary vs. dividend) and assist you in setting up your management company if necessary, so that we can offer you a complete, tailor-made solution for your entrepreneurial project.
If you have any questions before you get started, our customer service team is available at any time of day to answer your questions via online chat or by calling us. You can also schedule a free call with one of our customer service team, who will be happy to assist you.
Still not convinced? In short, for only $1,000 CAD after refund, you get an incorporation, a consultation with one of our lawyers, a referral to a tax specialist, and a 15-minute call with our account manager. So what are you waiting for to seize this great opportunity?
Conclusion
In conclusion, the incorporation of physicians in Quebec has proven to be a judicious approach to optimizing their professional practice. Choosing Lexstart as your partner in this transition not only guarantees quality legal expertise, but also offers significant tax and financial advantages. By choosing to incorporate with Lexstart, you are placing your trust in the future of medical practice in Quebec.
