Now that April 30 is in the rearview mirror, most Canadians breathe a sigh of relief — but if you’re an incorporated or self-employed physician, this is not the time to go idle.
The weeks following tax season are among the most strategic for high-earning professionals to recalibrate and realign with broader financial goals. At Imperial Lifestyle Management, we work with family doctors across Ontario who understand that true wealth isn’t built on annual compliance — it’s constructed through proactive, year-round planning.
Here’s your elite post-filing financial checklist.
1. Scrutinize Your CRA Notice of Assessment — And Go Beyond It
Your Notice of Assessment (NOA) isn’t just a summary of your tax filing. It’s a diagnostic tool — one that can expose planning opportunities or surface overlooked risks.
Use this moment to:
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Validate your return against the CRA’s figures
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Note carryforwards and losses that may shape future planning
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Flag anything that requires follow-up or correction now — before interest or penalties begin to accrue
This is about more than accuracy. It’s about leverage.
2. Secure and Structure Your Financial Records
Whether you filed solo or through a professional, this quieter financial season is the perfect time to tighten your records.
We recommend:
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Digitally archiving all submitted tax documents in a secure, backed-up environment
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Organizing receipts tied to recurring deductions (CME, dues, tech, travel)
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Creating streamlined systems that reduce time spent on tax prep next year
Efficiency is the foundation of elite financial execution.
3. Align Your Corporate Year-End With Personal Wealth Strategy
If your medical corporation’s fiscal year-end is December 31, your T2 deadline looms on June 30. This moment demands precision.
Key actions include:
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Reviewing how compensation was split between dividends, salaries, and bonuses
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Ensuring retained earnings are structured to support your long-term objectives
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Coordinating a financial review that bridges your corporate and personal wealth strategies
Even if your year-end is elsewhere on the calendar, post-April is an ideal checkpoint to ensure everything is aligned and optimized.
Final Thought: Filing Isn’t the Finish Line — It’s a Launchpad
For elite medical professionals, tax season isn’t the end. It’s a momentum-builder — a trigger to refine, re-strategize, and advance your long-term vision.
At Imperial Lifestyle Management, we help physicians integrate tax optimization into a full-scale financial planning framework — one that supports lifestyle, legacy, and long-term wealth.
Want to transform compliance into a catalyst for growth? Book your consultation today at imperiallife.ca
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