Finances, Incorporating and Other Advice for Healthcare Graduates

Congratulations on entering the next phase of your healthcare journey!

You've put in countless hours, dedicated years of education, and have finally become a licensed healthcare professional. As you look forward, there are many decisions to be made, like setting up your own Healthcare Professional Corporation (HPC) or, in other words, incorporating. Incorporating essentially separates you as an individual and creates a legal corporation that pays your salary and follows different tax rules and protocols. TD offers financial advice and many banking products to help you as you enter this new stage in your career.

Benefits of Incorporation as a Healthcare Professional

Incorporating can offer numerous benefits, such as potential tax advantages and increased control over your finances. Incorporating can help set the foundation for running your own practice one day, allowing you to shape your career and provide top-notch care tailored to your unique vision. Let’s break this down even more:

Potential Tax Advantages: Incorporating allows you to take advantage of lower corporate tax rates. Instead of being taxed at a high personal rate, you may benefit from tax deferrals and income splitting (depending on your province’s regulations).
Limited Liability Protection: Incorporating can help protect your personal assets from business-related financial liabilities. That being said, as a healthcare professional, you are still held personally liable for any malpractice or negligence claims.

It’s worth noting that incorporating often comes with additional legal & accounting fees and more administrative responsibilities. If you have any doubts, consider meeting with an accountant for tax advice. If incorporating sounds right for you, TD offers up to $300 when you incorporate a business or register a business name and then open a TD Small Business Chequing Account. Conditions apply. Learn more here.

Banking Products to Support Your HPC

As you lay the foundation of your corporation, understanding the financial tools available to you at TD can make all the difference.

TD Deposit Accounts: Managing your earnings is crucial, especially when running a corporation. TD Business Chequing accounts are designed to make business banking easier. With features like online access and transactions, you'll have the tools to efficiently manage your corporation's cash flow.
TD Business Line of Credit and Loans: A TD line of credit offers the flexibility to cover day-to-day expenses as they arise, so you can manage cash flow more comfortably. A TD term loan can be used to cover larger purchases. Loans mostly come in handy when you’re ready to start your own practice ownership journey.
TD Business Credit Cards: Take charge of your business spending with TD Business Credit Cards. TD Business Credit Cards help you draw the line between business and personal spending. Separate your business expenses from personal expenses for easy tracking while you create a business credit history. You can benefit from cash back, travel rewards, or a low interest rate.

Tackling Student Loan Debt Head-On

Balancing student loan repayments while establishing your corporation may seem daunting, but with the right approach, it's manageable.

Prioritize Higher-Interest Debt: Focus on repaying loans with higher interest rates first. This strategy will reduce the total interest paid over time and help you clear debt faster.
Tuition Remission Applications: Check if you qualify for tuition remission or forgiveness programs specific to healthcare professionals. These programs can significantly reduce your debt load quickly.

Personalized Financial Guidance

Navigating the complexities of debt repayment and financial planning can be overwhelming, but you're not alone. We recommend setting up an appointment with a TD Account Manager, Small Business. Our advisors can provide business banking advice and direct you to a specialist, like a financial planner, for help in a specific area of professional management.

More Ways TD Can Help Your Corporation Thrive

Business Banking Products: Explore accounts, loans, lines of credit and more with preferred pricing for healthcare professionals.
Wealth Management Services: Get tailored credit solutions, debt management strategies, insights on how to build wealth and more through TD Wealth. Our private bankers offer personalized financial support to help you through your professional journey.
Offers: Contact an Account Manager, Small Business to learn about all our offers at TD, and which may be right for you

Ready to Get Started?

Starting your career as a licensed healthcare professional is an exciting milestone, filled with opportunities to make a meaningful impact on patients' lives. Whether you're preparing to incorporate or simply exploring your financial options, TD is committed to supporting you every step of the way.

Connect with us or meet with a TD Account Manager, Small Business today and enter the healthcare industry with confidence.

Connect with our dedicated team of specialized Regional Managers who can provide support based on your banking needs.

Book an appointment

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