Welcome


The Practice of Professional Psychology in Ontario

The information contained here is a reflection of our personal experience as we navigated the process of incorporation. Always check with your trusted financial advisor before making any final decision.

You are more than welcome to contact me.



  • Newsletter No. 3: Revised July (18) 2024
    • Surplus income and incorporation
    • Personal taxation versus corporate taxation
    • Corporate, registered, and non-registered investing
    • Self funded and employer funded RRSPs
    • Taxable benefits
  • Newsletter No. 5: Revised August (9) 2024
    • Incorporation basics
    • Numbered corporations are not allowed
    • Newly Upgraded Automated Name Search (NUANS)
    • Articles of incorporation
    • Share classes, rights and privileges, and restrictions
    • Transfer and ownership of shares
  • Newsletter No. 9: April (30) 2018
    • Filing articles of incorporation
    • Corporate organization
    • Bylaws
    • Corporate year end
    • Share certificates and directors
    • Corporate books and registers
    • Initial corporate return
  • Newsletter No. 10: May (30) 2018
    • Certificate of authorization from the College of Psycholgists of Ontario
    • Information required to compete the application for certification
    • Declaration, supporting documentation, and undertaking
    • Corporation profile report
  • Newsletter No. 11: June (18) 2018
    • Creating corporate financial accounts
    • Purchasing corporate shares
    • Planning for director or shareholder death
    • Probate and secondary wills
    • Non-taxable death benefit
    Newsletter No. 12: July (13) 2018
    • Employee salary
    • Employment and workplace insurance
    • Income tax and Canada Pension
    • Business number and tax accounts
    • CRA My Business Account
    • Paying your remittances
    • Paying your corporate tax
    • Bookkeeping
  • Newsletter No. 13: August (1) 2018
    • Corporate investing
    • Active and passive income
    • Investment income
    • Capital gains
    • Capital dividend account
    • Refundable tax credit
    • Refundable dividend tax on hand
    • Dividends
    • Interest
    • Foreign investments
  • Newsletter No. 16: November (1) 2018
    • Small business deduction
    • Federal proposals 2017
    • Areas of concern
    • Relevance to professional psychology practices
    • Passive investments
    • Refundable tax credit
    • Federal budget 2018
    • Passive investment threshold
  • Newsletter No. 17: December (1) 2018
    • Review of new rules for corporate investments
    • Active and passive investments
    • Eligible and non-eligible dividends
    • T5 Statement of investment income
    • General rate income pool
  • Newsletter No. 18: January (2) 2019
    • Investments
    • Registered accounts
    • Registered retirement savings plans
    • Employer contributions
    • Tax-free savings accounts
    • Growth and stability
    • Interest and inflation
    • Bonds and debentures
  • Newsletter No. 22: May (1) 2024
    • History of private practice in Ontario
    • Reduction of public funding for psychological services 1990-2000
    • Current projected supply and demand
  • Newsletter No. 23: May (8) 2024
    • Regulated Health Professions Act (1991)
    • Psychologists Registration Act (1960)
    • Challenges to the autonomy of the practice of psychology
  • Newsletter No. 24: May (21) 2024
    • Ontario Motorists Protection Plan
    • Bill 164 (1994)
    • Injured workers and chronic pain
    • First responders and the Community Mental Health Program
    • Private insurance
  • Newsletter No. 26: June (26) 2024
    • Webinar: Business of Psychology: June (21) 2024
    • Mistakes Made, Lessons Learned: Investing across your Professional Career Presented by: Dr. Jeffrey McKillop and Carolyn Brydon CFA, CFP
    • The Value of Working with a Financial Advisor: Carolyn Brydon CFA, CFP
    • Ontario Securities Commission Profiles of Retirement (January 10, 2024)
    • Further Reading:
      • Acemoglu, D., & Robinson, J. A. (2013). Why nations fail: The origins of power, prosperity, and poverty. Profile Books.
      • Ahamed, L. (2009). Lords of finance: The bankers who broke the world. Penquin Books.
      • Batnick, M. (2018). Big mistakes: The best investors and their worst investments. Bloomberg Press.
      • Bernoulli, D. (1738). Exposition of a new theory on the measurement of risk.
      • Bernstein, P. L. (1991). Capital ideas: The improbable origins of modern Wall Street. Wiley.
      • Bernstein, P. L. (1996). Against the Gods: The remarkable story of risk. Wiley.
      • Bernstein, P. L. (2000). The power of gold: The history of an obsession. Wiley.
      • Bernstein, P. L. (2007). Capital ideas evolving. Wiley.
      • Chancellor, E. (2022). The price of time: The real story of interest. Atlantic Monthly Press.
      • Chivers, T. (2024). Everything is predictable: How Bayesian statistics explain our world. Atria Books.
      • Faux, Z. (2023). Number go up: Inside crypto's wild rise and staggering fall. Penguin Random House.
      • Ferguson, N. (2008). The ascent of money: A financial history of the world. Penguin Press.
      • Gould, S. J. (1981). The mismeasure of man. W.W. Norton.
      • Labatut, B. (2024). The Maniac. Penguin Press.
      • Leigh, A. (2024). How economics explains the world: A short history of humanity. Mariner Books.
      • Lewis, M. (2015). Flash boys: A Wall Street revolt. Penguin Press.
      • Lewis, M. (2017). The undoing project: A friendship that changed our minds. W. W. Norton.
      • Lewis, M. (2023). Going infinite: The rise and fall of a new tycoon. W. W. Norton.
      • Malkiel, B. G. (2019). A random walk down Wall Street (10th ed.). W. W. Norton.
      • Marx, K., & Engels, F. (2011). The communist manifesto. Signet Classics. (Original work published 1848)
      • McWilliams, D. (2024). Money: A story of humanity. Simon & Schuster.
      • Milevsky, M. A. (2012). The 7 most important equations for your retirement: The fascinating people and ideas behind planning your retirement income.. Wiley.
      • Mlodinow, L. (2009). The drunkard's walk: How randomness rules our lives.. Penguin Press.
      • Montgomery, S. L., & Chirot, D. (2015). The shape of the new: Four big ideas and how they made the modern world. Princeton University Press.
      • Olen, H. (2013). Pound foolish: Exposing the dark side of the personal finance industry. Portfolio/Penguin.
      • Quammen, D. (2018). The tangled tree: A radical new history of life. Simon & Schuster.
      • Shubin, N. (2021). Some assembly required: Decoding four billion years of life, from ancient fossils to DNA. Penguin Random House.
      • Silver, N. (2013). The signal and the noise: The art and science of prediction. Penguin Press.
      • Taleb, N. N. (2005). Fooled by randomness: The hidden role of chance in life and in the markets (2nd ed.). Random House.
      • Taleb, N. N. (2008). The black swan: The impact of the highly improbable. Penguin Press.
      • Thaler, R. H. (2015). Misbehaving: The making of behavioral economics. W. W. Norton & Company.