Overview
Bruce & Monahan: Chartered Professional Accountants
November 20, 2:00–4:00 p.m.
Virtual Lecture, discussion, case studies, and Q&A session via Zoom
Have you heard your colleagues talk about incorporating their business and wondered if you should be doing the same? This presentation will help answer this question for you! Familiarize yourself with the topic of incorporation and prepare yourself to maximize your after-tax income as a psychologist in private practice. Whether you are a psychologist working part time or full time in private practice, learning more about the advantages and disadvantages of incorporating would benefit you. The presentation will provide you with an explanation of when is the right time to incorporate your business and explain the tax benefits of incorporation, including tax deferrals and potential income splitting opportunities. We will also discuss scenarios when it would not be an advantage to incorporate. You will also walk away with a general understanding of the steps to incorporation and the tax compliance requirements of your new corporation.
Learning Objectives
- The pros and cons of incorporating from a tax savings versus cost perspective.
- When is the right time to incorporate depending on stage in career and level of income.
- Corporate taxation vs personal taxation.
- Opportunities for income splitting with spouses/partners.
- Steps to incorporation.
- Tax compliance requirements for a corporation.
Presenters
Bruce & Monahan is a Halifax-based chartered professional accounting firm offering accounting, tax and business advisory services to clients throughout Atlantic Canada. Established in 1979, Bruce & Monahan’s relationship-focused approach works to intimately understand and strategically advise clients with personalized, partner-level service.
Cost
$50 for APNS Members
$65 for non-APNS Members
$15 for students