Should I Incorporate? - TPC Financial

Step 1 of 9

Are you a dentist or recent graduate interested in incorporation? Find out if incorporation is right for you in just a few minutes by answering some quick questions and get personalized results based on your situation.
When you're done you'll be able to submit your responses and set up an optional, complimentary, no-obligation discussion with one of our advisors.

I'm buying/planning on buying a dental practice:*
- Yes
- No
Why 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):*
- Yes
- No
Why is this important? If you're a salaried employee, it's unlikely you'll benefit from incorporation, 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):*
- Yes
- No
Why is this important? If you're a salaried employee you are unlikely to benefit from incorporation.

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 above
Why 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.

In terms of my professional career:*
- I've been practicing less than 2 years
- I've been practicing 2 to 5 years
- I've been practicing for 5+ years
- I plan on retiring in the next 5 years
Why 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 $500,000
- Over $500,000
Why 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.
My spouse is in the same profession as I am:*
- Yes
- No
Why is this important?If you’re in the same profession as your spouse, then there is an opportunity to incorporate together.
I require the majority of my professional income to fund my living expenses:*
- Yes
- No
Why is this important? 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:*
- Yes
- No
Why is this important? If you’re planning on going back to school a professional corporation can help shift income from high-earning years to low earning years while in school.
I plan on taking an extended leave (6+ months) for travel, sabbatical or other in the next 5 years:*
- Yes
- No
Why is this important? If you’re planning on taking an extended leave a professional corporation can allow for continuity in income while you're away from work.
I plan on taking parental leave:*
- Yes, within the next 5 years
- Yes, but not for 5 years or more
- No
Why is this important? If you’re planning on taking parental leave incorporation can add flexibility to your business/personal finances that is difficult to achieve without a company.
I plan to move outside of Canada in the next 5 years:*
- Yes
- No
Why is this important? 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:*
- Canadian
- American
- Dual Canadian/American
- Dual Canadian/other
Why 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 complexities 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. Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session to look at your entire financial picture.
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. Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session to look at your entire financial picture.
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! Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session to look at your entire financial picture.
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. However, it may be advantageous in certain situations.
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. Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session to look at your entire financial picture.
Great news! Based on what you've told us incorporation likely makes sense for you.
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.
Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session to look at your entire financial picture.
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.
Submit your answers to the quiz and we'll be in touch in 2-3 days to schedule a complimentary, no obligation introductory session.
Name*
First Last
Email*
Phone
Comments
Want to learn more? We wrote the book on professional incorporation in Canada. Check out our books and receive a 50% discount on your purchase when you use code 'Incorporation2022'.
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.
Consent*
I agree to be contacted by TPC Financial
Name
This field is for validation purposes and should be left unchanged.