We currently are accountants for Pharmacists in Toronto, Mississauga, Vaughan, Oakville, Burlington, Brampton, Guelph, Milton and the Ontario region.
Buying and Selling practice: We assist Pharmacists in purchasing and selling their practices both from within our own client base and our networks. We also assist with due diligence and financing requirements with lending institutions.
Incorporation: Share structure for income splitting (Voting vs Non-voting), share classes, shareholder agreements. We work closely with lawyers to provide the ideal structures for your corporation. It is critical for Pharmacists to consider the corporate structures as the practices gain value and these businesses qualify for the life time capital gains exemption amount of $800,000 per shareholder.
Full Accounting: 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. Pharmacists can pay themselves and family members who work with them thru salaries and dividends (owners). The pharmacist can pay themselves $38,000 of tax free dividends on the personal side if no other income is present.
Filing Corporate returns: Annual filing of Corporate returns and keeping corporation compliant with CRA. We handle all CRA dealings for both personal and corporate.
HST Returns: As the sales of pharmaceutical drugs are zero rated but the over the counter has HST, pharmacies 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.
Financial Statements: Annual financial statements for lending institutions, etc.
Holding Companies: As revenues grow in the Pharmacy 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.
Website for Ontario College of Pharmacists: http://www.ocpinfo.com/
Sole proprietors (non incorporated – professional returns) – $600 **
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 – $2900 **
Electronic t1 (personal tax return) filing – complimentary
Corporate return t2 electronic filing
Financial statements (notice to reader)
Dealing with cra (audits, reviews)
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, 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 medical professionals.