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Your Trusted Financial Partner Throughout Residency and Beyond

Specialized Accounting and Financial Resources Tailored for Medical Residents

Commonly Asked Questions

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 Worksheet

Webinar: Managing Expenses

Learn how to categorize and manage your personal and professional expenses.

Watch Webinar Recording

What 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 Recording

Who 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 Now

Tax Planning Checklist

Simplify your tax season with our comprehensive tax planning checklist.

Visit Tax Planning Checklist

How 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 Recording
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When is it a Good Time Not to Incorporate?

Learn about the top reasons to delay incorporation

Read Article

How 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 Worksheet

How 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.

Testimonials

What Medical Residents Are Saying

Jonathan has been instrumental in helping manage my corporation. I appreciate his timely help, his dedication to educating me on accounting and his flexibility.

Dr. Michael VerboraChief Medical Officer, Aleafia Health | Medical Director, FieldTrip Health

Jonathan has transformed my understanding of taxation and medical accounting in an efficient and enjoyable manner. He has even sent personalized videos to explain next steps. His efficient use of technology has really made a huge impact on our interactions.

Ahmed TaherPresident, Resident Section at Canadian Association of Emergency Physicians

As a young health professional, I need a tax accountant that takes the time (a lot of time) to help me through tax planning and business decisions. Jonathan always makes himself available if you need advice on urgent matters, and is up-to-date on the latest technologies with online meetings and video calls.

Aaron LangdonDentist at Dr. Joe & Associates Family and Cosmetic Dentistry

How it works

Step 1: Meet Us During an Initial Consultation

When you book a consultation with us, here’s what you can expect. First, we’ll examine your financial and tax history. Then, we’ll identify and clarify your short-term and long-term practice goals.

Step 2: Get A Customized Treatment Plan

After diagnosing your unique situation, we’ll share your tax options and our recommendations. Based on your needs, you can choose a tax service and any add-ons

Step 3: Develop Healthy Financial Habits

From our customized tax organizer, to our easy-to-use client portal, we’ll teach you how to stay on top of your practice finances with proven processes and technology.

Step 4: Ongoing Access to Strategic Advice and Support

Whether you want to discuss the implications of buying a practice or just need help dealing with a surprise CRA inquiry, Jonathan and his bookkeeping team are here to help. All support, no judgement.