Starting a Business

Starting a business can be a daunting prospect, but Doctors of BC can help you navigate what you need to run your business smoothly. In this section, you will find useful information on a range of resources and services to support you as you establish your business with confidence.

Writing a business plan is an important step to take to ensure your time and energy are spent wisely from the very beginning. The ScotiaAdvice+ Business Plan Writer is an interactive planning tool that can help guide you through the business plan writing process.

Incorporating a business creates a separate legal entity called a corporation or company, and there are steps you need to take to incorporate a medical practice. The College of Physicians and Surgeons of BC has information about how to set up a medical corporation, including determining eligibility, fees, and other requirements.

For incorporated doctors:

The Medicus Pension Plan™, a multi-employer pension plan designed exclusively for incorporated physicians by MD Financial and Scotiabank, is now open for registration to incorporated physicians in British Columbia.

Incorporated physicians can register here for an opportunity to enrol in the plan this year or to be first on the registration list for 2024. A limited number of registration spots are available in 2023, with more coming in 2024.

If you are not an incorporated physician and want to learn more about incorporation, you can talk to an MD Advisor by calling the MD Service Centre at 1-800-267-2332.

It is important to follow the steps required to establish your business processes with the Canadian Revenue Agency (CRA).

• Access our PDF: Top Four Things to Get You Started with the CRA, to learn about CRA Business Registration, payroll deductions, corporation income tax, and GST/HST.
• Consulting a qualified professional is an important step when starting a new business and navigating the Canada Revenue Agency (CRA). Doctors of BC members can access exclusive rates from accounting services with MNP LLP through ClubMD (login required).
• Interactions with the CRA will vary depending on the structure of your business.
  • Sole proprietorship
  • Partnerships
  • Corporations
• Access the federal government checklist for small businesses: This checklist can be used for specialists and family physicians.
• Find a qualified bookkeeping/accounting professional using the Canadian Bookkeepers Association’s member directory, or by contacting MNP LLP.
• Keep an eye on the Events page for opportunities to learn from industry experts on topics like taxes, audits, billing, and more.

• Access MD Financial Management’s library of webinars with topics ranging from incorporation to filing taxes to saving for retirement.
• The CMA Practice Management Curriculum (PMC) offers free seminars to help family doctor and specialist residents prepare for the transition to practice.

Get physician-centric financial advice and tailored banking solutions to meet your personal and business needs for your medical practice from Scotiabank Healthcare+.

• The ClubMD program provides you with exclusive discounts for a variety of products and services, including a discount on legal and financial services.
• MD Financial Management and Scotiabank Healthcare+
  MD and Scotiabank are focused on improving the lives of their physician clients and their families—helping them to achieve their financial goals at every life and career stage—from the first day of medical school to practicing in their field and throughout retirement so they can enjoy their families and what matters most. Together, MD’s unparalleled understanding of physicians’ unique financial needs and Scotiabank’s deep banking expertise allow them to provide you with a robust suite of comprehensive financial services tailored to your needs throughout your entire career.
• MNP LLP (Doctors of BC login required)
  MNP keeps a pulse on the industry and shares their findings with you, including opportunities for tax savings, regulatory changes and other factors that may impact the health of your practice. In addition to traditional accounting and assurance services, MNP’s dedicated medical service professionals enhance the health of your practice by providing a full range of business advisory services, including tax planning, management advice, human resources management, valuations, succession and retirement planning, wealth management, and financial planning.

• Government of BC—Starting a business
• BC business registry
• Doctors of BC professional expense insurance
• Westland commercial insurance
• CRA business registration
• Application for MSP facility number
• Checklist for opening a new practice
• Tips for commercial lease negotiations
• Internal fraud and financial control checklist