The opportunity to save tax is certainly attractive, yet it’s necessary to analyze your personal financial situation and consider the risks and rewards before committing to a course of action. Integrate your corporation’s assets within your overall wealth management plan and take full advantage of opportunities to increase your net worth.
Incorporation adds a level of complexity to estate planning, so you’ll need to take certain steps to ensure that the Canada Revenue Agency isn’t inadvertently a chief beneficiary of your estate!
Most physicians who incorporate their practice do so primarily for the tax advantages. Once the decision to incorporate has been made, however, there are additional strategies that can help you to derive more value from that decision.