How is life as a doctor in Singapore?

Originally Posted by Unregistered

Canadian physician here too.

Set up a professional corporation. Pay corporate taxes on your billings. 14%. Then pay yourself what you need for living.

It will be much less than 52%.

With or without the professional corp, my marginal tax rate remains at 52% as I pay myself a higher salary, so I stand by my statement that the government takes $0.52 for every additional $1 that I make.

For $250k post-tax income in Canada, I have to receive a pre-tax salary of $465k. There is an additional 50% capital gains tax at my marginal tax rate too.

For $250k post-tax income in Singapore, I only have to receive a salary of $300k. And there is 0% capital gains tax in Singapore (for now at least).

Originally Posted by Unregistered

Canadian physician here too.

Set up a professional corporation. Pay corporate taxes on your billings. 14%. Then pay yourself what you need for living.

It will be much less than 52%.

Furthermore, I don't like the idea of my money being "locked up" in a corporation that is subjected to change on short notice (like the changes to small business taxes by Bill Morneau in 2018).

With Trudeau being so liberal distributing free money in the form of CERB CEWS CESB etc., I have no doubt that they will find other ways to increase taxes further to fund the deficit. One of which will likely target CCPCs once more.

Originally Posted by Unregistered

A senior consultant post in a public hospital will yield 300,000sgd or 200,000usd.

After taxes, u will get about 160,000usd

Thank u

Not possible to open pte practice.
Q

Is there any overhead on that $300k sgd?

Originally Posted by Unregistered

With or without the professional corp, my marginal tax rate remains at 52% as I pay myself a higher salary, so I stand by my statement that the government takes $0.52 for every additional $1 that I make.

For $250k post-tax income in Canada, I have to receive a pre-tax salary of $465k. There is an additional 50% capital gains tax at my marginal tax rate too.

For $250k post-tax income in Singapore, I only have to receive a salary of $300k. And there is 0% capital gains tax in Singapore (for now at least).

Sounds like you should move to Singapore then. Good luck!

Originally Posted by Unregistered

Furthermore, I don't like the idea of my money being "locked up" in a corporation that is subjected to change on short notice (like the changes to small business taxes by Bill Morneau in 2018).

With Trudeau being so liberal distributing free money in the form of CERB CEWS CESB etc., I have no doubt that they will find other ways to increase taxes further to fund the deficit. One of which will likely target CCPCs once more.

Sounds like Singapore is the best place for you. What's keeping you from moving to Singapore?

Low taxes. Low cost of living. Perfect for you.

Originally Posted by Unregistered

Sounds like Singapore is the best place for you. What's keeping you from moving to Singapore?

Low taxes. Low cost of living. Perfect for you.

My partner's job and family. And the requirement to undergo supervision for another 1-2 years after practising independently for so many years, but I guess this will help with the steep learning curve to get used to a new medical system.

I am also considering the States as they are more similar, but the mid-level creep is getting real there.

Originally Posted by Unregistered

My partner's job and family. And the requirement to undergo supervision for another 1-2 years after practising independently for so many years, but I guess this will help with the steep learning curve to get used to a new medical system.

I am also considering the States as they are more similar, but the mid-level creep is getting real there.

Hope you also enjoy the 2 tier medical system in SG.

Originally Posted by Unregistered

Hope you also enjoy the 2 tier medical system in SG.

By two-tiered, do you mean private vs. public medical systems?

Although the Canadian government hates to admit it, there is actually also a two-tiered system in Canada albeit not as rampant as Singapore or USA.

Those who are willing to spend, or those in high powered positions (think Wall Street of Canada) frequently subscribe to private medical clinics which offer the opportunity to see specialists and have procedures done without having to wait several months, full body imaging and a whole range of personalized screening tests on a yearly basis.

We can debate the utility of detecting incidentalomas or false positive tests, but these individuals are undoubtedly receiving a superior, personalized medical care compared to the average Joe. Private healthcare is especially rampant in Quebec and British Columbia.

No matter where you are, there will always be a two-tiered system. The more fortunate will always find a way to get around. This is life. "If you can't beat them, join them".

Originally Posted by Unregistered

By two-tiered, do you mean private vs. public medical systems?

Although the Canadian government hates to admit it, there is actually also a two-tiered system in Canada albeit not as rampant as Singapore or USA.

Those who are willing to spend, or those in high powered positions (think Wall Street of Canada) frequently subscribe to private medical clinics which offer the opportunity to see specialists and have procedures done without having to wait several months, full body imaging and a whole range of personalized screening tests on a yearly basis.

We can debate the utility of detecting incidentalomas or false positive tests, but these individuals are undoubtedly receiving a superior, personalized medical care compared to the average Joe. Private healthcare is especially rampant in Quebec and British Columbia.

No matter where you are, there will always be a two-tiered system. The more fortunate will always find a way to get around. This is life. "If you can't beat them, join them".

Precisely which is why you NEED to move to Singapore!

Tell your partner you need to move there!

Originally Posted by Unregistered

Furthermore, I don't like the idea of my money being "locked up" in a corporation that is subjected to change on short notice (like the changes to small business taxes by Bill Morneau in 2018).

With Trudeau being so liberal distributing free money in the form of CERB CEWS CESB etc., I have no doubt that they will find other ways to increase taxes further to fund the deficit. One of which will likely target CCPCs once more.

Are you aware of CPF deductions in Singapore? Your money is locked up in there too!