Your Trusted Financial Partner Throughout Residency and Beyond
Specialized Accounting and Financial Resources Tailored for Medical Residents
How do I keep track of all my expenses?
It’s crucial to manage both personal and professional expenses effectively. Learn how to categorize your expenses and utilize tracking tools.
Expense Tracker Worksheet
Download our free, easy-to-use expense tracker worksheet.
Download Our WorksheetWebinar: Managing Expenses
Learn how to categorize and manage your personal and professional expenses.
Watch Webinar RecordingWhat are the potential tax implications of working outside of Canada?
Working abroad has significant tax implications depending on your residency status and the country you’re working in. You may be subject to taxation in both Canada and the foreign country. Consulting a tax professional is essential.
How do I determine how quickly I should pay off my debts?
To decide how aggressively to pay off your debts, evaluate factors like interest rates, loan terms, and your cash flow. Focus on high-interest debt first and create a timeline for repayment.
Should I pay down my debt or invest?
Explore the advantages of paying down debt versus investing in your future as a medical resident. The right choice depends on your interest rates, financial goals, and tolerance for risk.
Income Earned from Interest, Dividends or Capital Gains – Which Costs You More In Tax?
Watch our webinar to discover smart investment strategies for medical residents.
Watch Webinar RecordingWho should review my offer of employment, my independent contract, or my commercial lease?
Before signing any legal agreements, it’s essential to have both a lawyer and accountant review the document. They will ensure you fully understand the financial obligations and legal implications of the agreement.
What are tax instalments, and what should I do when I get an instalment reminder from the government?
Tax instalments are periodic payments toward your expected annual tax bill. If you receive a reminder, verify the amount, and ensure it’s paid on time to avoid penalties.
Setting up automatic payments can help ensure you never miss an instalment. For larger tax liabilities, consider working with an accountant to manage payments efficiently.
How much should I set aside for taxes this year?
Plan ahead by setting aside a portion of your income for taxes. Learn how to estimate your taxes as a medical resident.
Tax Estimation Calculator
Use our tax calculator to estimate how much you should set aside this year.
Estimate My Taxes NowTax Planning Checklist
Simplify your tax season with our comprehensive tax planning checklist.
Visit Tax Planning ChecklistHow do I determine a personal expense from a practice-related expense?
Personal expenses relate to your personal life, while practice-related expenses tie directly to your professional activities. Clear separation of these categories is essential for tax purposes.
Set up separate accounts for personal and business expenses to simplify tracking, and consider software tools that automate categorization for you.
Which tax structure is best for my circumstances: Sole proprietorship or incorporation?
A sole proprietorship offers simplicity but includes personal liability, while incorporation offers benefits like limited liability and tax advantages. Your decision should be based on income level, growth potential, and risk tolerance.
When is it NOT a Good Time to Incorporate
This webinar will be useful to those seeking a structured framework to navigate the decision of medical practice incorporation.
Watch Webinar RecordingWhen is it a Good Time Not to Incorporate?
Learn about the top reasons to delay incorporation
Read ArticleHow much will I need to live on?
Creating a realistic budget is essential for maintaining financial stability as a medical resident. Consider your living expenses, debt repayments, and savings goals when planning how much you’ll need each month.
Retirement Planner Worksheet
Download our free, easy-to-use retirement planner worksheet.
Download Our WorksheetHow much should I save for a down payment on a house?
Saving for a down payment depends on the home’s price and the percentage required by lenders. Aim for a 20% down payment to avoid mortgage insurance. Use our tools to create a savings plan based on your housing goals.