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You need to register with the College in order to open a PC. Yea all above board. It is not a shell company. Google canada medical professional corporations |
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But what you dont need you keep in the PC and can invest through the PC. |
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On retirement, you can do controlled slow withdrawal over the years to make sure the personal tax bracket is not high. The role of mpc is really to help doctors manage their clinic funds. It helps to encourage savings for retirement too indirectly since most of ur monies will be in the mpc. Of course when u withdraw for personal use, u are still subjected to the tax Thanks for sharing! On the other hand singapore’s dividend are not taxable. So the point of companies is really to avoid personal income tax, enjoy lower corporate tax. in summary canada mpc works as a deferred tax system (you eventually still got to pay ur personal taxes when you withdraw) while sg shell companies works as tax avoidance tool, (benefiting from marginal difference between sg corporate and personal tax, and tax free dividends) |
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I’m intending to specialise, so it really doesn’t bother me. I would see why people would find faults with it. Especially when it delays you from being able to enter private practice where you could potentially pull quite bit locuming |
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In Singapore the income tax rates are already so low. In Canada the rates are higher. Which is why we have things like RRSP as well. You can google that. Also TFSA. Tax deferred programs do save a lot because you can invest money that is not taxed yet which makes a substantial difference. In Singapore it is tax evasion! |
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In Canada personal income tax rates are high for high income earners. Being able to defer tax makes substantial difference. In Singapore income tax rates are some of the lowest in the world. So those shell companies are strategies for tax evasion. Easily busted by IRAS |
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In Canada personal income tax rates are high for high income earners. Being able to defer tax makes substantial difference. In Singapore income tax rates are some of the lowest in the world. So those shell companies are strategies for tax evasion (not avoidance). |
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Tax rate already so low in Singapore. |
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In any "free" healthcare system, there will be those who will inadvertently abuse it, even the "locals" who live off welfare. |
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The people need to understand about collective good, and not abuse the system It is a safety net if people do not abuse it Unfortunately Most Asians have not reach that level of civil mindedness and hence will abuse free healthcare as we are greedy |
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