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Healthcare Accounting
January 20, 2023
Benefits of an IPP for Physicians
January 20, 2023
Published by SupportShayn at January 20, 2023
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Canadian physicians and surgeons are eligible for many tax savings and often are unaware of which deductions apply to them. Many physicians and healthcare practitioners end up with large expenses every year when it comes to federal and provincial taxes. Our team helps healthcare practitioners reduce the amount they pay in taxes and save more on eligible deductions.

Whether you are a self-employed physician or a hospital employee, you can increase your savings by claiming the proper deductions.

Deductions for Your Practice
Self-employed physicians receive a plethora of deductions for business-related expenses. If you own your own practice or are thinking about incorporating your practice, there are many tax benefits you can qualify for such as

  • Salaries paid to staff members
  • Malpractice premiums
  • Home office expenses
  • Medical equipment
  • Professional dues
  • Contract fees
  • And more.

There are countless tax deductions for Canadian doctors and many are likely paying more in taxes than they need to. Working with a team that is knowledgeable about the healthcare industry and experts in tax savings allows physicians and healthcare practitioners

Deductions for Your Retirement/Savings
Healthcare practitioners spend their entire careers helping improve the health and well-being of their patients so our team works with healthcare workers to properly plan and secure a safe and robust retirement plan.

A registered retirement savings plan (RSRP) can increase your savings for retirement with tax-deductible contributions. With an 18% contribution limit of earned income, you may have unused contribution capacity from prior years that can be carried forward indefinitely. You can increase your retirement savings by opening up an Individual Pension Plan (IPP), if eligible. IPP will allow higher deductions for your practice too thus lowering your business taxes.

The Canada Pension Plan (CPP) qualifies for non-refundable tax credits. The maximum contribution is dependent on your maximum pensionable earnings. If you are a self-employed physician, you would contribute the employee and employer share because the employer would technically match the contribution.

Work With Us
Tax laws change every year, so working with a trusted professional that understands your industry and is willing to go through your unique situation and find every eligible deductible for you is a best practice.

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Integrated Financial Management Solutions (IFMS) is an Accounting firm with offices in Toronto and Whitby. The success of every business depends not only on the products and services they offer but also on their business management skills and professional knowledge.

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    Suite 207 3850 Finch Avenue East Toronto, Ontario M1T 3T6
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