Canadian self-employed professionals at risk with proposed tax reform
July 21, 2017
The Canadian Medical Association (CMA) and its 85,000 physician members are closely examining tax changes proposed by the federal Department of Finance. Self-employed professionals are at risk when governments change the tax rules without comprehensive measures to alleviate the impact.
The vast majority of physicians in Canada operate as self-employed professionals, managing expenses and overhead. They also do not benefit from health benefits, pension plans, or other benefits afforded to salaried individuals. The proposed tax reform will have serious ramifications for physicians, like all independent professionals.
Given the importance of the proposed reforms to physicians whose practice is structured as a private corporation, the CMA is working with taxation experts to review and assess in detail the consultation document issued by the Department of Finance.
The CMA will present a comprehensive brief to the federal government outlining the serious and unfair implications of the changes. This brief will also underscore the importance of tax planning for independent professionals, such as physicians.
Dr. Granger Avery,
Canadian Medical Association