Canadian Tax Calculator

  

·         For doctors in Canada, taxes are as important in Canada as it is in the persons home country.

·         Your Canadian tax calculation will have different portions, and we discuss that below.

·          Your personal tax will be made up of a federal portion as well as a provincial portion.

·         The personal tax portion calculation is different for each province.

·         The federal personal tax portion is the same for all the provinces.

• Every time you are buying a product, a tax will be calculated on that.
• The federal portion of the goods tax is called "General sales tax"(GST). This is now 5% all over Canada
• The provincial portion of the goods tax is called "Provincial sales tax". (PST). This varies from province to province. Most are at 7%. Alberta don’t have PST
• You can practice as a proprietor business or as a professional corporation. To practice as a professional corporation, you will have very positive tax advantages. You will have to talk to your accountant in Canada, if you should practice as a professional corporation.
• The registration of a corporation is about $1200.This is with the Registries of Corporations. You will also have a registration fee of about $120 per year as long as the corporation is active. You will need an accountant to draw up yearly statements for the corporation.