We are accountants for specialists (Cardiologists, Ophthalmologists, Internal Medicine, Surgeons, Gastroenterologists, etc.) serving Toronto, Mississauga, Oakville, Brampton, Burlington, Milton, Vaughan, Kitchener, and Ontario region and Saskatchewan. The personal tax rate in Ontario is over 50% for the highest income earners vs 15% for the first $500,000 in a corporation and 25% thereafter.
Medical Corporation: 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.
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.
Tax Planning: Salary vs. Dividends vs Bonuses: Income splitting strategies, shareholder loans, home loans, etc. Avoiding tax triggers for purchasing additional properties, etc. The corporate tax rate for the first $500,000 in taxable income is 15% and then over and above this is 25%. Sometimes a bonus helps to reduce taxes but each scenario must be considered. In Ontario, and other provinces a physician can be the only common share holder and can make his spouse and children and parents non-voting share holders who are eligible for dividends of up to $38,000 on the personal side without tax implications. It is critical to manage and set it up properly. Children under 18 does not apply in this scenario but children in University can qualify.
Filing Corporate returns: Annual filing of Corporate returns and keeping corporation compliant with CRA. We handle all CRA dealings for both personal and corporate.
Financial Statements: Annual financial statements for lending institutions, etc.
Holding Companies: As revenues grow in the Medical 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 is especially true as revenues grow for specialists they need to avoid personal taxes that are at upwards of 50% vs 15% for small business corporations up to $500,000 and 25% thereafter.
Website for the College of Physicians and Surgeons of Ontario http://www.cpso.on.ca/
Sole proprietors (non incorporated – professional returns) – $650 **
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 specialist physicians – $3500 **
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, annual billing, 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.