by Peter Cusimano
Lawyer - Barrister & Solicitor
Jurisdiction: Ontario (Canada)
Are you a doctor practising in Ontario? Physicians practicing in the province of Ontario are permitted to incorporate their medical practices and operate as a “Medicine Professional Corporation”.
If you are a recent graduate or you are currently practising as a sole practitioner or in a practice group, or you are about to move into Ontario, you may wish to consider incorporating your medical practice and carry on practice as a medicine professional corporation.
The main benefit to incorporating is that under the right circumstances you will be able to reduce your tax burden. If you have adult children who are about to enter post-secondary education or are currently studying at university or college and you are helping to support them, you should consider incorporation of your medical practice.
The process of creating a medicine professional corporation involves a few steps including:
- Incorporation of the Medicine Professional Corporation with Ontario government and related steps.
- Completion of the Application for the Certificate of Authorization.
- Obtaining a “Certificate of Status” for your corporation.
- Completion of the Statutory Declaration (if you are in the Greater Toronto Area, I will attend at your office to complete this step).
- Filing of all documents with the College of Physicians and Surgeons of Ontario (CPSO).
- Dealing with the CPSO in case of any issues or problems with the Application for Renewal.
- Reporting back to you upon receipt of the Certificate of Authorization from the CPSO.
I deal with many doctors on a regular basis as my clients, helping them with the legal aspects of their medical practice. If you want to consider incorporating your medical practice, please contact me.