Chiropractor

Incorporation For Chiropractors

PROPERLY ALIGNING YOUR BUSINESS STARTS HERE

Chiropractors know that proper alignment is important to ensure their patients’ health and longevity, and the same goes for their business. When it’s time to take your career to the next level by establishing your own chiropractic practice, incorporating will give you access to benefits that will ensure a long and healthy life for your practice.

The Benefits of Incorporation For Chiropractors

Incorporating your chiropractic practice can help you retain more of the revenue your practice generates by giving you access to considerable tax savings. Incorporating your chiropractic practice also protects you, your chiropractic license, and any business shareholders from personal liability, and gives you better access to business financing and credit options.

Is Incorporation Right for You?

If you are debating the idea of incorporating your chiropractic practice, it's essential to be informed about what that entails to determine if it aligns with your current situation and long-term goals.

Incorporating a chiropractic practice can help manage liabilities and reduce your overall tax burden. However, it does introduce an additional layer of complexity to your business. A good team of professionals including a lawyer and an accountant can help you manage these additional complexities so you don’t get buried in administrative paperwork and filings.

When you incorporate you’ll have to file a separate income tax return for your practice, in addition to your personal tax return.

It's also crucial to be aware of the fees involved when initiating and maintaining your chiropractic corporation. You will need to pay initial fees to set up your corporation as well as yearly renewal fees.

With all that in mind, it is important to make sure that you are comfortable taking on these added costs and responsibilities. If you are not sure if incorporating is the right decision for you, contact us and we would be happy to provide advice.

5 Steps to Incorporating as a Chiropractor in BC

At Parr Business Law, we're dedicated to guiding you through the entire incorporation process, ensuring a seamless transition for your chiropractic practice. Here's a simplified, step-by-step breakdown of the process:

1

Obtain a Certificate of Incorporation

To start the process, you'll need to secure a Certificate of Incorporation. This document should include:

— Your chosen corporate name.

— A registered physical office address and mailing address within British Columbia.

— A comprehensive list of directors and their respective addresses.

— A clear outline of the share structure for your corporation.

2

Create an Account with the College of Chiropractors

The initial step involves setting up an account with the College of Chiropractors of British Columbia.

3

Add Your Health Profession Corporation Permit

Navigate to the "Services" section and select "Add/Update Health Profession Corporation (HPC) Permit."

4

Submit Your Application

Complete the Health Profession Corporation (HPC) Permit application and upload a true copy of your Certificate of Incorporation.

5

Pay the Required Fees

Make an online payment of the $150 corporation permit application fee.

Steps to Renewing Your Health Profession Corporation Permit

All corporations must renew their permit before July 31st. If you don’t renew your permit before this date then your corporation will be cancelled on August 1st and you will have to re-apply. The steps to renewing your license are relatively straightforward and are as follows:

1) Log into Your College of Chiropractors Account

2) Log in College of Chiropractors of British Columbia Account that you created when you applied for incorporation.

3) Select Renew
Click on the button titled “Renew.”

4) Pay Fees
Pay the $75 renewal fee online through your account.

FAQs

  • Without incorporation, chiropractors are subject to personality liability and will pay considerably more in taxes than necessary. They may also find that their options for business financing and credit are limited.

  • In British Columbia, the first step is applying for a Health Profession Corporation Permit. You’ll also need to pay an application fee to the College of Chiropractors of British Columbia. We will assist you with all required steps and ensure that your incorporated practice is compliant.

  • Ensure that you’re a registered chiropractic doctor through the CCBC and that your registration is up to date and in good standing.

    We will support you with all other compliance steps.

  • Typically 2 weeks.

Need Advice on Incorporating Your Chiropractic Practice?

SCHEDULE A FREE 15-MINUTES CONSULT CALL

When it’s time to incorporate your Canadian chiropractic practice, Parr Business Law can help you navigate the incorporation process with confidence and clarity. Our lawyers have the specialized knowledge to provide you with reliable and candid legal advice so you can protect your personal assets and save on taxes. Schedule a free consultation call with us today to learn more.