In this episode of The Rich Fulfilling Life Show, Saad Nadeem and Usman Jamal dive deep into the crucial question: Should doctors in Canada incorporate their practice? They explore the overwhelming tax benefits of incorporation, offering valuable insights into the best business practices for physicians considering this route. Saad and Usman break down the advantages and potential drawbacks, discuss the ideal timing for incorporation, and how to create a Medical Professional Corporation (MPC). Whether you’re a physician considering incorporation or just curious about the topic, this episode is packed with expert advice and actionable tips.
Time Stamps
2:25 – Your 2 options to get paid as a physicians
4:05 – The biggest benefit of incorporating
8:00 – When is the right time to incorporate
10:00 – How to incorporate
12:30 – Additional benefits on incorporating
14:25 – The lowdown on family holding companies
16:50 – Drawbacks of incorporating
Key Moments:
- Two Ways Physicians Get Paid (2:25)
– Overview of compensation methods: salaried vs. incorporated. - Biggest Benefit of Incorporation (4:05)
– Tax advantages and why incorporation can boost your financial efficiency. - When to Incorporate (8:00)
– Timing considerations to maximize benefits and avoid pitfalls. - How to Incorporate (10:00)
– Step-by-step guidance on setting up your Medical Professional Corporation (MPC). - Additional Benefits (12:30)
– Beyond taxes—other advantages of incorporation like asset protection and estate planning. - Family Holding Companies Explained (14:25)
– What they are and how they can fit into your overall strategy. - Drawbacks of Incorporating (16:50)
– Potential downsides and scenarios where incorporation may not be ideal.
New episodes every Friday
