How to generate an income report for tax purposes
How does a doctor get an income tax slip (T4 or T4a)?
There are no T4 slips generated by MoH (Ministry of Health). Generally speaking, the CRA considers doctors in Canada to be either self-employed or you have set up a corporation that is paying you a salary. In either case, please work with your accountant to confirm which situation you are in.
If you are in the self-employed bucket, in order to obtain the payment amounts for your tax year, you will need to create a tax report for your practice.
Proper tax planning is important for any professional. Please read our financial wellness and tax advice guide for physicians to gain more advice on how to manage your practice.