Free for physicians
The Incorporated Physician's First Year Checklist
Twenty three things to put in place in the first twelve months of a medicine professional corporation, in the order they need to happen. Written for Ontario doctors and the spouses who usually end up managing the paperwork.
- What has to happen in the first thirty days
- Choosing a fiscal year end, and what it does to your first tax bill
- Setting up banking, billing and payroll without creating problems for year end
- The salary and dividend questions to settle before December
- Expenses that belong in the corporation, and the ones that will be challenged
- A one page filing calendar for your corporate and personal deadlines
Where should we send it?
One email with the PDF attached. No sequence, no calls, unless you ask.
We do not share your details with anyone. Unsubscribe any time.
What is inside
Six sections across nine pages, written so you can work through it in an evening and hand the filing calendar to whoever does your books.
Before you file
The decisions that have to be made before the corporation exists: whether to incorporate at all this year, who holds which shares, and what the corporation will be called.
The first thirty days
Certificate of authorization, CRA program accounts, banking, and redirecting billings into the corporation without creating a gap in your income.
Setting the year end
Why December 31 is usually the wrong answer for a new medicine professional corporation, and how to work out a better date.
Paying yourself
Salary, dividends and the mix between them, including what each one does to your RRSP room, your CPP and your mortgage application.
Expenses
What a medicine professional corporation can reasonably claim, what needs documentation, and the categories that reliably attract questions from CRA.
Your filing calendar
Corporate and personal deadlines on one page, including the payment dates that arrive earlier than the filing dates and catch people out.
Who wrote it
Maple Consults Services Inc. is a Toronto accounting practice working with medical doctors on bookkeeping, corporate tax and incorporation. The checklist is the same one we work through with new clients, with the client specific parts taken out.