Incorporating a Medical Practice in Canada

This chapter provides a comprehensive explanation of the reasons behind incorporating a medical practice in Canada and the associated benefits. It discusses tax benefits, liability protection, income splitting, and the need for legal assistance. The chapter explores the decision-making process and factors to consider when deciding whether or not to incorporate.

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Episode notes

Today’s episode features a series of in-depth segments, and includes a visit from our two favourite Marks; Mark Soth (aka The Loonie Doctor) and Mark McGrath! To kick things off we break down volatility and investor behaviour by looking back at our conversation with Scott Cederburg and what his research demonstrates about the topic. We then hear from Mark Soth about the project that he and Ben have been working on; the soon-to-be-released Money Scope podcast. Find out what you can expect from their financial curriculum, like the topics they’ll be covering and how the structure of their episodes is specifically designed to educate. Next up we have our Mark to Market Segment, with Mark McGrath providing a detailed overview of everything you need to know about physicians incorporating. We then cover a recap of our conversation with Gerard O'Reilly, before sharing our thoughts on why this episode is worth multiple listens. Following that you’ll hear Cameron share his review of Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan, along with his key takeaways from the book. Finally, in our after-show section, we discuss some of the fantastic guests we have coming up, our recommended reading to prepare for those episodes, community updates, plus a few other goodies!

Key Points From This Episode:

The biggest takeaways on volatility and investor behaviour from Scott Cederburg’s research; unpacking performance chasing, return gaps, fund expense ratios, and more. (0:02:06)
An overview of the project that Mark Soth and Ben have been working on, the Money Scope podcast; why they started it, what it covers, and who it’s for. (0:14:13)

Details on Money Scope’s format and the supplementary case study episodes. (0:19:12)
Our Mark to Market segment on physicians incorporating; a rundown of the complexities, common misconceptions, and benefits to be aware of. (0:26:32)

How much you should be retaining in a corporation to make it worthwhile. (0:33:30)

A look back at our conversation with Gerard O'Reilly and why this episode is a must-listen. (0:37:58)
Cameron’s review of Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan, along with his top takeaways. (0:40:10)
Our after-show section; guests to look forward to, recommended reading, community highlights, and more. (0:46:23)

Links From Today’s Episode:

Episode 198: Gerard O’Reilly — https://rationalreminder.ca/podcast/198

Episode 224: Scott Cederburg — https://rationalreminder.ca/podcast/224

Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268

‘The Folly of Hiring Winners and Firing Losers’ — https://www.cannonfinancial.com/uploads/main/The_Folly_of_Hiring_Winners_and_Firing_Losers1725.pdf

The Money Scope Podcast — https://moneyscope.ca/

The Money Scope Podcast on YouTube — https://www.youtube.com/@moneyscopepod

Brave New Work: Are You Ready to Reinvent Your Organization? — https://www.amazon.com/Brave-New-Work-Reinvent-Organization/dp/0525536205

Aaron Dignan — http://www.aarondignan.com/

The Ready — https://www.theready.com/

The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend — https://www.amazon.com/Fund-Bridgewater-Associates-Unraveling-Street/dp/1250276934

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/