Accountant for Chiropodists
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We are accountants for Chiropodists in Toronto, Mississauga, Vaughan, Oakville, Brampton, Milton and the Ontario region. This area of medical practice has several challenges and we have the experience to deal with such matters.
Block Fee's Packages:
- Electronic cloud based Bookkeeping
- CRA online access business and personal
- Advance Tax Planning
- Corporate Return (T2) and HST filings
- Financial Statements (Compilation)
- Personal return (T1) Complimentary
Incorporation
We work closely with lawyers to provide to get you incorporated. It is critical for have it setup properly as the practices gain value and these businesses qualify for the life time capital gains exemption (LCGE) amount of $850,000 per shareholder.
HST Returns
As the sales of chiropody services are zero rated but some purchases and sales are subject to HST Chiropody clinics can claim input tax credits on rent and related expenses. Proper accounting is necessary to apply for refunds as CRA regularly conducts reviews and audits before giving refunds.
Full Accounting Services
Monthly electronic bookkeeping (pro-active management of expenses and business decisions to find solutions to reduce taxable income between corporation and personal. Separating business vs. personal. Payroll management for hygienists, staff.
Tax Planning
Salary vs. Dividends, income splitting strategies, shareholder loans, home loans, etc. Avoiding tax triggers for purchasing additional properties, etc. In Ontario a Chiropodist can be the only common share holder. With the tax rule changes we need to assess whether a spouse could be a nonvoting shareholder depending on the involvement in the practice. Up to $45,000 in non-eligible dividends can be withdrawn from the corporation tax free by the owner. If a spouse works more than 20 hours per week they may also qualify under the new TOSI rules.
Buying and Selling Practice
We assist our clients with business loans thru financial institutions and other means for setting up their clinics or to purchase existing ones. This service includes the best way to structure the purchase and sale of practices. Our relationship with lawyers, certified business valuators, financial institutions and financial advisors are put to work for the benefit of the Chiropodists.
Holding Companies
As revenues grow in the Chiropody Corporation it is essential to consider holding companies to make additional purchases of assets and not pull it out of the corporation to cause tax triggers. This includes purchasing of building for the clinic, etc.
Filing Corporate Returns
Annual filing of Corporate returns and keeping corporation compliant with CRA. We handle all CRA dealings for both personal and corporate with online access.
Packages
Salaried Employee’s & Residency Students
Electronic T1 (personal tax return) filing
Tax saving strategies (RRSP) and allowable deductions
Dealing with CRA inquiries and reviews
Open communication with accountant throughout year for pro-active management
Sole proprietors (non incorporated – professional returns)
Electronic T1 (professional personal tax return) filing
Tax saving strategies (RRSP) and allowable expenses and deductions.
Dealing with CRA inquiries and reviews
Open communication with accountant
Electronic bookkeeping (separation of professional vs. Personal expenses) pro-active vs. End of year.
Incorporated Pharmacists
Electronic T1 (personal tax return) filing – complimentary
Corporate return T2 electronic filing
Financial statements (notice to reader)
HST returns
Dealing with CRA (audits, reviews) – Online Access
Tax strategies – payroll vs. Dividend, shareholder loans, maximizing allowable deductions, personal vs. Business split. Access to accountant throughout the year and proactive management of your practice.
** Fees will cover compliance engagements and prices will vary based on your unique circumstances, billings, number of clinics owned, and additional dealings with CRA on existing matters and your stage of the practice will influence your package. We will inform you to come up with your unique package so you have a package that will be a block fee’s for the year. Our billing is monthly and we have a system especially designed for proactive management of the accounting cycle for Chiropodists.
Get the expert help that you need with your accounting and taxes. Contact our Mississauga Tax Accountant for Medical Professionals.
Chiropodists Tax Accountant Mississauga, Toronto, Ottawa, London, Burlington, Markham
