Dear doctor, you must have a very good reason to NOT incorporate your professional practice, right?

Since incorporation was allowed for physicians, many have taken the opportunity to do so. Many have not. While incorporation is not an answer to everyone’s situation, it is however a good tax planning solution for most. Those who have not incorporated for the reason of “I do not have any retained earnings left in my corporation at the end of the year” should really reconsider. Incorporation is really just the first step. Having retained earnings or not at year’s end is really irrelevant strategically speaking if the end goal is financial security and wealth building. Listen to understand this vantage point.