As a general rule, any expense that is required to earn income is deductible for tax purposes. As a physician, you are mandated to maintain memberships with a number of associations in order to practice. The number of associations will vary depending on your area of practice but all the amounts paid are 100% deductible in the year the membership is paid. This would include your dues to CPSO, OMA, RCPSO, and any local or hospital associations you are a member of.
If you are a member of a foreign-based association in order to gain access to educational/research information these amounts may also be deductible for tax purposes assuming the same resources are not available through another source in Canada.
Furthermore, malpractice liability insurance is required to keep status in Canada and this amount is also 100% tax-deductible.
This is also true for those in residency/fellowship. The dues are typically discounted as they may not be a full member but the amounts paid are 100% deductible in the year paid. Typically residents may only be a member of CPSO unless there are other specialty associations required.
Have more questions on what else you can deduct on your taxes besides professional dues? Contact one of our experts here today!
