Should I Incorporate? Find out in just a few minutes by answering some quick questions and get personalized results based on your situation.I am a:*DentistPhysicianOther medical professionalWhy is this important? Depending on what type of medical practitioner you are, the benefits and disadvantages of incorporation vary.I'm buying/planning on buying a dental practice:*YesNoWhy is this important? If you're planning on buying a dental practice incorporation is usually recommended before completing a purchase.I'm a salaried employee (I receive a T4):*YesNoWhy is this important? If you're a salaried employee, you're not eligible to incorporate, but if you're thinking about buying a dental practice in the future it's recommended to transition to a situation that allows you to incorporate prior to making a purchase.I'm a salaried employee (I receive a T4):*YesNoWhy is this important? If you're a salaried employee you aren't eligible to incorporate.Select all that apply to you:* I plan on buying a home in the next three years I have unused RRSP contribution room/haven't maxed out my RRSP this year None of the aboveWhy is this important? If you're planning to buy a home and haven’t saved a down payment it may make sense to defer incorporation until after you've saved an appropriate down payment. Also, it may make sense to prioritize maximizing RRSP contributions before incorporating.Select all that apply to you:* I'm still in my residency I'm a salaried employee (I receive a T4) I plan on buying a home in the next three years I have unused RRSP contribution room/haven't maxed out my RRSP this year I'm buying/plan on buying a medical practice None of the aboveWhy is this important? We usually recommend incorporation before purchasing a practice. If you're planning to buy a home and haven’t saved a down payment it may make sense to defer incorporation until after you've saved an appropriate down payment. Also, it may make sense to prioritize maximizing RRSP contributions before incorporating. If the majority of your income is salaried, or if you're a recent graduate incorporation probably isn’t the right option for you at this time.Select all that apply to you:* I'm a salaried employee (I receive a T4) I plan on buying a home in the next three years I have unused RRSP contribution room/haven't maxed out my RRSP this year I'm buying/plan on buying a practice None of the aboveWhy is this important? We usually recommend incorporation before purchasing a practice. If you're planning to buy a home and haven’t saved a down payment it may make sense to defer incorporation until after you've saved an appropriate down payment. Also, it may make sense to prioritize maximizing RRSP contributions before incorporating. If the majority of your income is salaried incorporation probably isn’t the right option for you at this time.In terms of my professional career:*I've been practicing less than 2 yearsI've been practicing 2 to 5 yearsI've been practicing for 5+ yearsI plan on retiring in the next 5 yearsWhy is this important? Incorporating often makes the most sense early in your career, but it may be prudent to first explore other strategies before incurring the costs of incorporation. If you're planning on retiring in the next 5 years, we likely wouldn't recommend setting up a professional corporation now as the cost to set up and maintain it may outweigh the advantages.My anticipated income after expenses in the next 12 months is:*Less than $150,000$151,000 to $500,000Over $500,000My spouse is in the same profession as I am:*YesNoI require the majority of my professional income to fund my living expenses:*YesNoWhy is this important? If your annual gross income is subject to top marginal tax rates, you’ll be able to take advantage of lower corporate tax rates, and employ tax deferral strategies that could benefit you in the long run. If you’re in the same profession as your spouse, then there is an opportunity to incorporate together. And if you’re using the majority of your professional income for living expenses, benefits from tax deferral strategies may be minimal. The more you withdraw from your company for personal expenses, the more personal tax you'll pay and the less you'll stand to benefit from incorporation.I plan on going back to school:*YesNoI plan on taking an extended leave (6+ months) for travel, sabbatical or other in the next 5 years:*YesNoI plan on taking parental leave:*Yes, within the next 5 yearsYes, but not for 5 years or moreNoI plan to move outside of Canada in the next 5 years:*YesNoWhy is this important? If you’re planning on going back to school or taking an extended leave, a professional corporation can be a good way to save for tuition and income replacement. Incorporation primarily benefits Canadian residents so if you’re planning on moving outside the country long-term or permanently, consider the costs to maintain the corporation.My citizenship is:*CanadianAmericanDual Canadian/AmericanDual Canadian/otherWhy is this important If you're a Canadian citizen incorporation might be a good option for you. However, if you're an American citizen (or dual Canadian/American), incorporation adds a layer of complexity which can minimize any benefit of having a company.It's great that you're thinking about incorporation, but since the majority of your income is salary, it's probably not the right option for you at this time. That said, if you're thinking about buying a dental practice in the future we'd highly recommend learning about the benefits of incorporation before purchasing a practice. Let our team help you look at other ways to save and plan for the future. We'll look at your entire financial picture as well as your responses to these questions and talk to you about whether or not incorporation will makes sense in the future. In most cases if you purchase a practice it will make sense to be incorporated first.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.It's great that you're thinking about incorporation, but since the majority of your income is salary, it's probably not the right option for you at this time. Let our team help you look at other ways to save and plan for the future. We'll look at your entire financial picture as well as your responses to these questions and talk to you about whether or not incorporation will makes sense in the future. In most cases if you purchase a practice it will make sense to be incorporated first.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.It's great that you're thinking about incorporation, but since the majority of your income is salary, it's probably not the right option for you at this time. Let our team help you look at other ways to save and plan for the future. We'll look at your entire financial picture as well as your responses to these questions and talk to you about whether or not incorporation will makes sense in the future.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.It's great that you're thinking about incorporation, but based on where you’re at in your career, it might not make financial sense right now.We can help you look at ways to wind down an existing practice or transition to retirement income and plan for what's next! We'll look at your entire financial picture and talk to you about whether or not incorporation will makes sense in the future.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.If you're just starting out and still in your residency, incorporation probably doesn't make sense for you right now. But good on you for thinking about it, because incorporating in the near future may be in your best interests depending on what your long term career goals are.Our team can help you create a plan to pay off any student debt and save for the future, and help you find other ways to plan for the next step in your career. We'll look at your entire financial picture and determine if incorporation will make sense in the future.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.It's great that you're thinking about incorporation, however as an American citizen, incorporation may not be a good fit due to added regulatory requirements. There are still some situations where it may be advantageous though.There's lots of other options available to you, so let us review your situation and help you create a financial plan that works for you. There are many other ways to save and plan for the future that can provide tax advantages.Taking the time to answer these questions puts you one step closer to a solid financial plan. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.Great news! Based on what you've told us incorporation likely makes sense for you.The benefits of setting up and structuring a professional corporation in the right way for your individual situation could be significant over the remainder of your career.At TPC Financial it’s our responsibility to ensure that your corporate structure is effective in helping you accomplish your goals. If it makes financial sense, we’ll make it easy to implement the structure that works for you.Taking the time to answer these questions puts you one step closer incorporation. As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you. It's great that you're thinking about incorporation, but professional corporations primarily benefit Canadian residents so it's probably not something we'd recommend for you at this time.If you’re planning on moving outside the country long-term or permanently, we likely wouldn’t recommend incorporation as the costs to maintain the corporation would likely outweigh the benefits. That said, we'd be happy to review at your complete financial picture and discuss other ways you can plan for the future.As a next step, we recommend talking to one of our advisors. You can start this process now by submitting the info you filled into this questionnaire and we’ll follow-up with you.Ready to let TPC Financial help you plan for the future? We're here to help and look forward to hearing from you!Provide your name and contact details and we'll be in touch within 2-3 business days to set up a meeting.Disclaimer: while your responses to questions about your personal and professional situation help us determine whether incorporation is right for you, we recommend discussing it in detail with one of our financial advisors before making an absolute determination.Name First Last Email PhoneCommentsConsent* I agree to be contacted by TPC FinancialPhoneThis field is for validation purposes and should be left unchanged.
