Incorporate your business
There are specific steps physicians must take to incorporate a medical practice. The College of Physicians and Surgeons of BC has information about how to set up a medical corporation and determining eligibility.
Learn how to incorporate your business.
Medicus Pension Plan™
The Medicus Pension Plan™ is a multi-employer pension designed exclusively for incorporated physicians, brought to you by MD Financial and Scotiabank.
Learn more about the Medicus Pension Plan™.
Getting started with the Canada Revenue Agency (CRA)
It is important to follow the steps required to establish your business processes with the CRA.
CRA business registration
A federal business number is used to interact with the CRA and other government programs.
Set up CRA Business Registration.
Set up payroll deductions if you have employees
Proper payroll management ensures compliance and avoids penalties.
Learn more about setting up payroll, taxes, and registrations.
Corporation income tax
Incorporated businesses are required to meet certain obligations, such as reporting all income and expenses, and notifying the CRA when there is a change of directors.
Learn about the corporation income tax program account.
GST/HST
Depending on the services you are providing, collecting GST/HST may apply (administrative and cosmetic services for example).
Learn about GST/HST for businesses.
Business structures and CRA interactions
Interactions with the CRA will vary depending on the structure of your business.
Access the federal government checklist for small businesses.
Register your business in BC
To operate your medical practice legally and efficiently in BC, it’s crucial to register your business with the appropriate provincial and municipal authorities.
Register with the BC Business Registry
Officially establish your business with the provincial government. This process provides you with a business number, which is essential for tax filings and legal identification.
Register with the BC Business Registry.
Apply for a municipal/city business license
Depending on the location of your practice, you’ll need to obtain a business license from the municipality or city where you will be operating.
Apply for a Municipal/City business license.
Register with WorkSafeBC
If you plan to hire employees, registration with WorkSafeBC is mandatory. This ensures protection for you and your staff in case of work-related injuries or illnesses.
Learn more about registering with WorkSafeBC and other workplace requirements.